FIVY vs. PBP

Last updated Jun 4, 2026

FIVY (YieldMax Dorsey Wright Hybrid 5 Income ETF) and PBP (Invesco S&P 500 BuyWrite ETF) are both Derivative Income funds - FIVY tracks the Nasdaq Dorsey Wright Tactical Hybrid Option Income Strategy Index while PBP tracks the Cboe S&P 500 BuyWrite Index. Both are passively managed. Over the past year, FIVY returned -6.42% vs 18.32% for PBP. A 0.56 correlation means they provide meaningful diversification when combined. FIVY charges 0.88%/yr vs 0.29%/yr for PBP.

Performance

FIVY vs. PBP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Dorsey Wright Hybrid 5 Income ETF (FIVY) and Invesco S&P 500 BuyWrite ETF (PBP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIVY achieves a -6.31% return, which is significantly lower than PBP's 4.90% return.

FIVY

• 1D: -1.54%
• 1M: -1.09%
• YTD: -6.31%
• 6M: -9.72%
• 1Y: -6.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBP

• 1D: -0.17%
• 1M: 2.03%
• YTD: 4.90%
• 6M: 6.44%
• 1Y: 18.32%
• 3Y*: 11.58%
• 5Y*: 8.10%
• 10Y*: 7.14%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FIVY vs. PBP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FIVY YieldMax Dorsey Wright Hybrid 5 Income ETF	-6.31%	-1.07%	-9.94%
PBP Invesco S&P 500 BuyWrite ETF	4.90%	8.49%	1.64%

Correlation

The correlation between FIVY and PBP is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (All Time) Calculated using the full available price history since Dec 18, 2024	0.56

The correlation between FIVY and PBP has been stable across timeframes, ranging from 0.52 to 0.56 - a consistent structural relationship.

FIVY vs. PBP - Sectors Allocation Comparison

Sectors	FIVY	PBP
Technology	44.9%	39.5%
Communication Services	24.3%	10.9%
Healthcare	17.0%	8.6%
Financial Services	13.8%	11.4%
Basic Materials	-	1.8%
Consumer Cyclical	-	10.2%
Consumer Defensive	-	4.7%
Energy	-	3.3%
Industrials	-	7.8%
Real Estate	-	1.8%
Utilities	-	2.6%

Return for Risk

FIVY vs. PBP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FIVY

FIVY Risk / Return Rank: 7
FIVY Sharpe Ratio Rank: 7
FIVY Sortino Ratio Rank: 7
FIVY Omega Ratio Rank: 7
FIVY Calmar Ratio Rank: 7
FIVY Martin Ratio Rank: 7

PBP

PBP Risk / Return Rank: 82
PBP Sharpe Ratio Rank: 81
PBP Sortino Ratio Rank: 85
PBP Omega Ratio Rank: 90
PBP Calmar Ratio Rank: 70
PBP Martin Ratio Rank: 86

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FIVY vs. PBP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Dorsey Wright Hybrid 5 Income ETF (FIVY) and Invesco S&P 500 BuyWrite ETF (PBP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	FIVY	PBP	Difference
Sharpe ratio: Return per unit of total volatility	-0.21	2.68	-2.89
Sortino ratio: Return per unit of downside risk	-0.09	3.86	-3.95
Omega ratio: Gain probability vs. loss probability	0.99	1.60	-0.61
Calmar ratio: Return relative to maximum drawdown	-0.20	3.52	-3.72
Martin ratio: Return relative to average drawdown	-0.41	18.66	-19.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIVY vs. PBP - Sharpe Ratio Comparison

The current FIVY Sharpe Ratio is -0.21, which is lower than the PBP Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of FIVY and PBP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FIVY	PBP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.21	2.68	-2.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.69	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.36	0.35	-0.70

Drawdowns

FIVY vs. PBP - Drawdown Comparison

The maximum FIVY drawdown since its inception was -32.77%, smaller than the maximum PBP drawdown of -43.43%. Use the drawdown chart below to compare losses from any high point for FIVY and PBP.

Drawdown Indicators

	FIVY	PBP	Difference
Max Drawdown Largest peak-to-trough decline	-32.77%	-43.43%	+10.66%
Max Drawdown (1Y) Largest decline over 1 year	-32.77%	-5.22%	-27.55%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.42%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.61%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.31%	—
Current Drawdown Current decline from peak	-20.05%	-0.17%	-19.88%
Average Drawdown Average peak-to-trough decline	-13.11%	-6.69%	-6.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.84%	0.98%	+14.86%

Volatility

FIVY vs. PBP - Volatility Comparison

YieldMax Dorsey Wright Hybrid 5 Income ETF (FIVY) has a higher volatility of 7.47% compared to Invesco S&P 500 BuyWrite ETF (PBP) at 0.93%. This indicates that FIVY's price experiences larger fluctuations and is considered to be riskier than PBP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIVY	PBP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.47%	0.93%	+6.54%
Volatility (6M) Calculated over the trailing 6-month period	21.19%	5.53%	+15.66%
Volatility (1Y) Calculated over the trailing 1-year period	30.28%	6.87%	+23.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.80%	11.86%	+20.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.80%	13.66%	+19.14%

FIVY vs. PBP - Expense Ratio Comparison

FIVY has a 0.88% expense ratio, which is higher than PBP's 0.29% expense ratio.

Dividends

FIVY vs. PBP - Dividend Comparison

FIVY's dividend yield for the trailing twelve months is around 50.96%, more than PBP's 11.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIVY YieldMax Dorsey Wright Hybrid 5 Income ETF	50.96%	46.51%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PBP Invesco S&P 500 BuyWrite ETF	11.16%	11.12%	9.36%	3.35%	1.33%	6.21%	1.41%	5.04%	2.59%	10.86%	2.56%	6.19%

Frequently Asked Questions

Can I hold both FIVY and PBP in my portfolio?

FIVY and PBP have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIVY or PBP?

FIVY has higher volatility (7.47%) compared to PBP (0.93%). In terms of maximum drawdown, FIVY dropped -32.77% vs PBP's -43.43%.

Which ETF is better, FIVY or PBP?

On 1-year performance, PBP leads with 18.32% vs -6.42% for FIVY. On fees, PBP is cheaper at 0.29% per year. On volatility, PBP has been the lower-risk option at 0.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FIVY or PBP?

Over the 1-year period, PBP has performed better with a 18.32% return vs -6.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FIVY or PBP?

PBP is cheaper with a 0.29% expense ratio, compared with 0.88% for FIVY.

Which ETF pays a higher dividend yield, FIVY or PBP?

FIVY has the higher dividend yield at 50.96%, compared with 11.16% for PBP.

What is the main difference between FIVY and PBP?

FIVY tracks Nasdaq Dorsey Wright Tactical Hybrid Option Income Strategy Index, while PBP tracks Cboe S&P 500 BuyWrite Index. They also come from different issuers: YieldMax and Invesco. Their fees differ too: 0.88% for FIVY and 0.29% for PBP.

Which has better risk-adjusted returns?

PBP currently has the higher Sharpe Ratio (2.68 vs -0.21), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.