GQI vs. PBP

Last updated Jun 4, 2026

GQI (Natixis Gateway Quality Income ETF) and PBP (Invesco S&P 500 BuyWrite ETF) are both Derivative Income funds. GQI is actively managed, while PBP is passively managed. Over the past year, GQI returned 23.37% vs 18.32% for PBP. A 0.71 correlation means they provide meaningful diversification when combined. GQI charges 0.34%/yr vs 0.29%/yr for PBP.

Performance

GQI vs. PBP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Natixis Gateway Quality Income ETF (GQI) 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, GQI achieves a 8.04% return, which is significantly higher than PBP's 4.90% return.

GQI

• 1D: -0.02%
• 1M: 4.10%
• YTD: 8.04%
• 6M: 9.09%
• 1Y: 23.37%
• 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)

GQI vs. PBP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GQI Natixis Gateway Quality Income ETF	8.04%	15.36%	15.99%	0.68%
PBP Invesco S&P 500 BuyWrite ETF	4.90%	8.49%	19.83%	1.57%

Correlation

The correlation between GQI 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 (All Time) Calculated using the full available price history since Dec 14, 2023	0.71

The correlation between GQI and PBP has been stable across timeframes, ranging from 0.71 to 0.71 - a consistent structural relationship.

GQI vs. PBP - Sectors Allocation Comparison

Sectors	GQI	PBP
Technology	35.5%	39.5%
Consumer Cyclical	11.4%	10.2%
Communication Services	11.4%	10.9%
Financial Services	10.3%	11.4%
Industrials	8.9%	7.8%
Healthcare	8.9%	8.6%
Consumer Defensive	6.5%	4.7%
Energy	5.3%	3.3%
Utilities	0.8%	2.6%
Basic Materials	0.6%	1.8%
Real Estate	0.5%	1.8%

Return for Risk

GQI vs. PBP — Risk / Return Rank

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

GQI

GQI Risk / Return Rank: 77
GQI Sharpe Ratio Rank: 76
GQI Sortino Ratio Rank: 78
GQI Omega Ratio Rank: 76
GQI Calmar Ratio Rank: 68
GQI Martin Ratio Rank: 86

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.

GQI vs. PBP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Natixis Gateway Quality Income ETF (GQI) 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.

	GQI	PBP	Difference
Sharpe ratio: Return per unit of total volatility	2.47	2.68	-0.21
Sortino ratio: Return per unit of downside risk	3.50	3.86	-0.36
Omega ratio: Gain probability vs. loss probability	1.45	1.60	-0.14
Calmar ratio: Return relative to maximum drawdown	3.37	3.52	-0.15
Martin ratio: Return relative to average drawdown	18.50	18.66	-0.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GQI vs. PBP - Sharpe Ratio Comparison

The current GQI Sharpe Ratio is 2.47, which is comparable to the PBP Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of GQI 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

	GQI	PBP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.47	2.68	-0.21
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	1.26	0.35	+0.92

Drawdowns

GQI vs. PBP - Drawdown Comparison

The maximum GQI drawdown since its inception was -16.56%, smaller than the maximum PBP drawdown of -43.43%. Use the drawdown chart below to compare losses from any high point for GQI and PBP.

Drawdown Indicators

	GQI	PBP	Difference
Max Drawdown Largest peak-to-trough decline	-16.56%	-43.43%	+26.87%
Max Drawdown (1Y) Largest decline over 1 year	-6.96%	-5.22%	-1.74%
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	-0.15%	-0.17%	+0.02%
Average Drawdown Average peak-to-trough decline	-1.66%	-6.69%	+5.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.27%	0.98%	+0.29%

Volatility

GQI vs. PBP - Volatility Comparison

Natixis Gateway Quality Income ETF (GQI) has a higher volatility of 1.71% compared to Invesco S&P 500 BuyWrite ETF (PBP) at 0.93%. This indicates that GQI'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

	GQI	PBP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.71%	0.93%	+0.78%
Volatility (6M) Calculated over the trailing 6-month period	6.93%	5.53%	+1.40%
Volatility (1Y) Calculated over the trailing 1-year period	9.52%	6.87%	+2.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.13%	11.86%	+1.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.13%	13.66%	-0.53%

GQI vs. PBP - Expense Ratio Comparison

GQI has a 0.34% expense ratio, which is higher than PBP's 0.29% expense ratio.

Dividends

GQI vs. PBP - Dividend Comparison

GQI's dividend yield for the trailing twelve months is around 8.74%, less than PBP's 11.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GQI Natixis Gateway Quality Income ETF	8.74%	8.97%	7.77%	0.31%	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 GQI and PBP in my portfolio?

GQI 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.

Which is riskier, GQI or PBP?

GQI has higher volatility (1.71%) compared to PBP (0.93%). In terms of maximum drawdown, GQI dropped -16.56% vs PBP's -43.43%.

Which ETF is better, GQI or PBP?

On 1-year performance, GQI leads with 23.37% 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, GQI or PBP?

Over the 1-year period, GQI has performed better with a 23.37% return vs 18.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GQI or PBP?

PBP is cheaper with a 0.29% expense ratio, compared with 0.34% for GQI.

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

PBP has the higher dividend yield at 11.16%, compared with 8.74% for GQI.

What is the main difference between GQI and PBP?

They also come from different issuers: Natixis and Invesco. Their fees differ too: 0.34% for GQI and 0.29% for PBP.

Which has better risk-adjusted returns?

PBP currently has the higher Sharpe Ratio (2.68 vs 2.47), 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.