HWM vs. PBP
HWM (Howmet Aerospace Inc.) is a stock, while PBP (Invesco S&P 500 BuyWrite ETF) is Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index. Over the past 10 years, HWM returned 33.28%/yr vs 7.09%/yr for PBP. At a 0.49 correlation, their price movements are largely independent.
Performance
HWM vs. PBP - Performance Comparison
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Returns By Period
In the year-to-date period, HWM achieves a 29.23% return, which is significantly higher than PBP's 4.48% return. Over the past 10 years, HWM has outperformed PBP with an annualized return of 33.28%, while PBP has yielded a comparatively lower 7.09% annualized return.
HWM
- 1D
- 0.03%
- 1M
- -3.09%
- YTD
- 29.23%
- 6M
- 33.60%
- 1Y
- 54.66%
- 3Y*
- 79.69%
- 5Y*
- 50.00%
- 10Y*
- 33.28%
PBP
- 1D
- 0.49%
- 1M
- 0.91%
- YTD
- 4.48%
- 6M
- 5.65%
- 1Y
- 16.94%
- 3Y*
- 11.30%
- 5Y*
- 7.94%
- 10Y*
- 7.09%
HWM vs. PBP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HWM Howmet Aerospace Inc. | 29.23% | 87.95% | 102.71% | 37.84% | 24.16% | 11.67% | 21.03% | 83.54% | -37.43% | 48.40% |
PBP Invesco S&P 500 BuyWrite ETF | 4.48% | 8.49% | 19.83% | 11.59% | -11.82% | 19.97% | -3.31% | 14.60% | -5.57% | 11.98% |
Correlation
The correlation between HWM and PBP is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.26 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.49 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Dec 20, 2007 | 0.49 |
Over the past year, the correlation between HWM and PBP has dropped to 0.26 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.
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Return for Risk
HWM vs. PBP — Risk / Return Rank
HWM
PBP
HWM vs. PBP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Howmet Aerospace Inc. (HWM) 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.
| HWM | PBP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.65 | ||
| Sortino ratioReturn per unit of downside risk | -0.93 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.52 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 3.46 | 3.26 | +0.20 |
| Martin ratioReturn relative to average drawdown | 9.77 | 16.95 | -7.17 |
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Drawdowns
HWM vs. PBP - Drawdown Comparison
The maximum HWM drawdown since its inception was -88.30%, which is greater than PBP's maximum drawdown of -43.43%. Use the drawdown chart below to compare losses from any high point for HWM and PBP.
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Drawdown Indicators
| HWM | PBP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.30% | -43.43% | -44.87% |
Max Drawdown (1Y)Largest decline over 1 year | -15.89% | -5.22% | -10.67% |
Max Drawdown (3Y)Largest decline over 3 years | -19.41% | -15.42% | -3.99% |
Max Drawdown (5Y)Largest decline over 5 years | -21.61% | -18.61% | -3.00% |
Max Drawdown (10Y)Largest decline over 10 years | -64.81% | -33.31% | -31.50% |
Current DrawdownCurrent decline from peak | -3.26% | -0.57% | -2.69% |
Average DrawdownAverage peak-to-trough decline | -31.00% | -6.68% | -24.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.61% | 1.00% | +4.61% |
Volatility
HWM vs. PBP - Volatility Comparison
Howmet Aerospace Inc. (HWM) has a higher volatility of 11.03% compared to Invesco S&P 500 BuyWrite ETF (PBP) at 2.14%. This indicates that HWM'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
| HWM | PBP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.03% | 2.14% | +8.89% |
Volatility (6M)Calculated over the trailing 6-month period | 25.03% | 5.84% | +19.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 31.46% | 7.10% | +24.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.20% | 11.88% | +20.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 39.82% | 13.67% | +26.15% |
Dividends
HWM vs. PBP - Dividend Comparison
HWM's dividend yield for the trailing twelve months is around 0.18%, less than PBP's 11.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HWM Howmet Aerospace Inc. | 0.18% | 0.21% | 0.24% | 0.31% | 0.25% | 0.13% | 0.05% | 0.39% | 1.42% | 0.88% | 40.49% | 1.22% |
PBP Invesco S&P 500 BuyWrite ETF | 11.20% | 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
HWM and PBP have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HWM has higher volatility (11.03%) compared to PBP (2.14%). In terms of maximum drawdown, HWM dropped -88.30% vs PBP's -43.43%.
PBP currently has the higher Sharpe Ratio (2.40 vs 1.75), 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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