FTHI vs. PBP
FTHI (First Trust BuyWrite Income ETF) and PBP (Invesco S&P 500 BuyWrite ETF) are both Derivative Income funds. FTHI is actively managed, while PBP is passively managed. Over the past 10 years, FTHI returned 8.66%/yr vs 7.18%/yr for PBP. A 0.59 correlation means they provide meaningful diversification when combined. FTHI charges 0.85%/yr vs 0.29%/yr for PBP.
Performance
FTHI vs. PBP - Performance Comparison
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Returns By Period
In the year-to-date period, FTHI achieves a 4.88% return, which is significantly higher than PBP's 4.40% return. Over the past 10 years, FTHI has outperformed PBP with an annualized return of 8.66%, while PBP has yielded a comparatively lower 7.18% annualized return.
FTHI
- 1D
- -0.71%
- 1M
- -0.04%
- YTD
- 4.88%
- 6M
- 4.13%
- 1Y
- 15.40%
- 3Y*
- 14.28%
- 5Y*
- 10.33%
- 10Y*
- 8.66%
PBP
- 1D
- -0.63%
- 1M
- 0.27%
- YTD
- 4.40%
- 6M
- 4.40%
- 1Y
- 16.57%
- 3Y*
- 11.64%
- 5Y*
- 7.58%
- 10Y*
- 7.18%
FTHI vs. PBP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FTHI First Trust BuyWrite Income ETF | 4.88% | 11.03% | 19.02% | 20.72% | -4.37% | 13.95% | -7.13% | 18.16% | -9.72% | 14.41% |
PBP Invesco S&P 500 BuyWrite ETF | 4.40% | 8.49% | 19.83% | 11.59% | -11.82% | 19.97% | -3.31% | 14.60% | -5.57% | 11.98% |
Correlation
The correlation between FTHI and PBP is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Jan 7, 2014 | 0.59 |
The correlation between FTHI and PBP shifts across timeframes, from 0.59 (all time) to 0.74 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
FTHI vs. PBP — Risk / Return Rank
FTHI
PBP
FTHI vs. PBP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust BuyWrite Income ETF (FTHI) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FTHI | PBP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.61 | ||
| Sortino ratioReturn per unit of downside risk | -0.90 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.50 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 2.83 | 3.19 | -0.36 |
| Martin ratioReturn relative to average drawdown | 12.09 | 16.54 | -4.45 |
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Drawdowns
FTHI vs. PBP - Drawdown Comparison
The maximum FTHI drawdown since its inception was -32.65%, smaller than the maximum PBP drawdown of -43.43%. Use the drawdown chart below to compare losses from any high point for FTHI and PBP.
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Drawdown Indicators
| FTHI | PBP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -32.65% | -43.43% | +10.78% |
Max Drawdown (1Y)Largest decline over 1 year | -5.47% | -5.22% | -0.25% |
Max Drawdown (3Y)Largest decline over 3 years | -15.92% | -15.42% | -0.50% |
Max Drawdown (5Y)Largest decline over 5 years | -16.70% | -18.61% | +1.91% |
Max Drawdown (10Y)Largest decline over 10 years | -32.65% | -33.31% | +0.66% |
Current DrawdownCurrent decline from peak | -0.71% | -1.03% | +0.32% |
Average DrawdownAverage peak-to-trough decline | -3.67% | -6.68% | +3.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.28% | 1.00% | +0.28% |
Volatility
FTHI vs. PBP - Volatility Comparison
First Trust BuyWrite Income ETF (FTHI) has a higher volatility of 2.70% compared to Invesco S&P 500 BuyWrite ETF (PBP) at 2.37%. This indicates that FTHI'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.
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Volatility by Period
| FTHI | PBP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.70% | 2.37% | +0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 7.32% | 5.97% | +1.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.08% | 7.17% | +1.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.43% | 11.88% | +1.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.29% | 13.67% | +0.62% |
FTHI vs. PBP - Expense Ratio Comparison
FTHI has a 0.85% expense ratio, which is higher than PBP's 0.29% expense ratio.
Dividends
FTHI vs. PBP - Dividend Comparison
FTHI's dividend yield for the trailing twelve months is around 8.72%, less than PBP's 11.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTHI First Trust BuyWrite Income ETF | 8.72% | 8.70% | 8.61% | 8.50% | 9.06% | 4.37% | 4.76% | 4.21% | 4.76% | 4.00% | 4.41% | 4.98% |
PBP Invesco S&P 500 BuyWrite ETF | 11.36% | 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
FTHI and PBP have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FTHI has higher volatility (2.70%) compared to PBP (2.37%). In terms of maximum drawdown, FTHI dropped -32.65% vs PBP's -43.43%.
On 10-year performance, FTHI leads with 8.66% vs 7.18% for PBP. On fees, PBP is cheaper at 0.29% per year. On volatility, PBP has been the lower-risk option at 2.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FTHI has performed better with a 8.66% return vs 7.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PBP is cheaper with a 0.29% expense ratio, compared with 0.85% for FTHI.
PBP has the higher dividend yield at 11.36%, compared with 8.72% for FTHI.
They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.85% for FTHI and 0.29% for PBP.
PBP currently has the higher Sharpe Ratio (2.32 vs 1.71), 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.
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