FTKI vs. PBP

Last updated Jun 4, 2026

FTKI (First Trust Small Cap BuyWrite Income ETF) and PBP (Invesco S&P 500 BuyWrite ETF) are both Derivative Income funds. FTKI is actively managed, while PBP is passively managed. Over the past year, FTKI returned 18.90% vs 18.32% for PBP. A 0.64 correlation means they provide meaningful diversification when combined. FTKI charges 0.85%/yr vs 0.29%/yr for PBP.

Performance

FTKI vs. PBP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Small Cap BuyWrite Income ETF (FTKI) 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, FTKI achieves a 9.41% return, which is significantly higher than PBP's 4.90% return.

FTKI

• 1D: -0.19%
• 1M: 0.46%
• YTD: 9.41%
• 6M: 9.82%
• 1Y: 18.90%
• 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)

FTKI vs. PBP - Yearly Performance Comparison

	2026 (YTD)	2025
FTKI First Trust Small Cap BuyWrite Income ETF	9.41%	4.33%
PBP Invesco S&P 500 BuyWrite ETF	4.90%	8.33%

Correlation

The correlation between FTKI and PBP is 0.55, 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	0.55
Correlation (All Time) Calculated using the full available price history since Feb 28, 2025	0.64

The correlation between FTKI and PBP has been stable across timeframes, ranging from 0.55 to 0.64 - a consistent structural relationship.

FTKI vs. PBP - Sectors Allocation Comparison

Sectors	FTKI	PBP
Financial Services	21.8%	11.4%
Technology	14.9%	39.5%
Industrials	12.8%	7.8%
Consumer Cyclical	11.2%	10.2%
Energy	9.6%	3.3%
Healthcare	9.0%	8.6%
Real Estate	7.4%	1.8%
Basic Materials	4.3%	1.8%
Communication Services	3.2%	10.9%
Consumer Defensive	2.1%	4.7%
Utilities	2.1%	2.6%

Return for Risk

FTKI vs. PBP — Risk / Return Rank

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

FTKI

FTKI Risk / Return Rank: 63
FTKI Sharpe Ratio Rank: 59
FTKI Sortino Ratio Rank: 61
FTKI Omega Ratio Rank: 61
FTKI Calmar Ratio Rank: 70
FTKI Martin Ratio Rank: 64

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.

FTKI vs. PBP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Small Cap BuyWrite Income ETF (FTKI) 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.

	FTKI	PBP	Difference
Sharpe ratio: Return per unit of total volatility	1.96	2.68	-0.72
Sortino ratio: Return per unit of downside risk	2.81	3.86	-1.05
Omega ratio: Gain probability vs. loss probability	1.37	1.60	-0.23
Calmar ratio: Return relative to maximum drawdown	3.41	3.52	-0.11
Martin ratio: Return relative to average drawdown	11.54	18.66	-7.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FTKI vs. PBP - Sharpe Ratio Comparison

The current FTKI Sharpe Ratio is 1.96, which is comparable to the PBP Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of FTKI 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

	FTKI	PBP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	2.68	-0.72
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	0.73	0.35	+0.38

Drawdowns

FTKI vs. PBP - Drawdown Comparison

The maximum FTKI drawdown since its inception was -15.17%, smaller than the maximum PBP drawdown of -43.43%. Use the drawdown chart below to compare losses from any high point for FTKI and PBP.

Drawdown Indicators

	FTKI	PBP	Difference
Max Drawdown Largest peak-to-trough decline	-15.17%	-43.43%	+28.26%
Max Drawdown (1Y) Largest decline over 1 year	-5.56%	-5.22%	-0.34%
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	-0.97%	-0.17%	-0.80%
Average Drawdown Average peak-to-trough decline	-2.59%	-6.69%	+4.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	0.98%	+0.66%

Volatility

FTKI vs. PBP - Volatility Comparison

First Trust Small Cap BuyWrite Income ETF (FTKI) has a higher volatility of 2.54% compared to Invesco S&P 500 BuyWrite ETF (PBP) at 0.93%. This indicates that FTKI'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

	FTKI	PBP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.54%	0.93%	+1.61%
Volatility (6M) Calculated over the trailing 6-month period	7.44%	5.53%	+1.91%
Volatility (1Y) Calculated over the trailing 1-year period	9.69%	6.87%	+2.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.31%	11.86%	+3.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.31%	13.66%	+1.65%

FTKI vs. PBP - Expense Ratio Comparison

FTKI has a 0.85% expense ratio, which is higher than PBP's 0.29% expense ratio.

Dividends

FTKI vs. PBP - Dividend Comparison

FTKI's dividend yield for the trailing twelve months is around 11.51%, more than PBP's 11.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTKI First Trust Small Cap BuyWrite Income ETF	11.51%	8.99%	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 FTKI and PBP in my portfolio?

FTKI and PBP have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTKI or PBP?

FTKI has higher volatility (2.54%) compared to PBP (0.93%). In terms of maximum drawdown, FTKI dropped -15.17% vs PBP's -43.43%.

Which ETF is better, FTKI or PBP?

On 1-year performance, FTKI leads with 18.90% vs 18.32% for PBP. 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, FTKI or PBP?

Over the 1-year period, FTKI has performed better with a 18.90% return vs 18.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FTKI or PBP?

PBP is cheaper with a 0.29% expense ratio, compared with 0.85% for FTKI.

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

FTKI has the higher dividend yield at 11.51%, compared with 11.16% for PBP.

What is the main difference between FTKI and PBP?

They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.85% for FTKI and 0.29% for PBP.

Which has better risk-adjusted returns?

PBP currently has the higher Sharpe Ratio (2.68 vs 1.96), 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.