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IVVW vs. PBP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IVVW vs. PBP

Last updated Aug 4, 2026
Documentation

IVVW (iShares S&P 500 BuyWrite ETF) and PBP (Invesco S&P 500 BuyWrite ETF) are both Derivative Income funds - IVVW tracks the Cboe S&P 500 Enhanced 1% OTM BuyWrite Index while PBP tracks the Cboe S&P 500 BuyWrite Index. Both are passively managed. Over the past year, IVVW returned 19.78% vs 20.10% for PBP. Their 0.80 correlation means they have sometimes moved together and sometimes differently. IVVW charges 0.25%/yr vs 0.29%/yr for PBP.

Performance

IVVW vs. PBP - Performance Comparison

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

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Returns By Period

The year-to-date returns for both investments are quite close, with IVVW having a 8.19% return and PBP slightly higher at 8.59%.

IVVW

1D
1.03%
1M
2.36%
6M
6.69%
YTD
8.19%
1Y
19.78%
3Y*
—
5Y*
—
10Y*
—
ALL TIME*
13.86%

PBP

1D
0.74%
1M
2.45%
6M
6.98%
YTD
8.59%
1Y
20.10%
3Y*
12.54%
5Y*
8.37%
10Y*
7.27%
ALL TIME*
5.37%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

IVVW

iShares S&P 500 BuyWrite ETF
$2.08M$2.12M$2.68M

PBP

Invesco S&P 500 BuyWrite ETF
$1.22M$1.10M$980.98K

IVVW vs. PBP - Yearly Performance Comparison

2026 (YTD)20252024
IVVW
iShares S&P 500 BuyWrite ETF		8.19%11.71%12.76%
PBP
Invesco S&P 500 BuyWrite ETF		8.59%8.49%15.11%

Correlation

The correlation between IVVW and PBP is 0.84, meaning they have usually moved in the same direction, including during past declines.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.84

Correlation (All Time)
Calculated using the full available price history since Mar 15, 2024

0.80

The correlation between IVVW and PBP has been stable across timeframes, ranging from 0.80 to 0.84 - a consistent structural relationship.

IVVW vs. PBP - Sectors Allocation Comparison

Sectors
IVVW
PBP

Technology

36.9%
38.5%

Financial Services

12.5%
12.2%

Communication Services

9.7%
9.3%

Healthcare

9.4%
9.1%

Consumer Cyclical

8.9%
8.8%

Industrials

7.8%
7.7%

Consumer Defensive

4.8%
4.6%

Energy

3.4%
3.4%

Utilities

2.6%
2.7%

Real Estate

2.0%
1.9%

Basic Materials

1.8%
1.8%

Technology

IVVW
36.9%
PBP
38.5%

Financial Services

IVVW
12.5%
PBP
12.2%

Communication Services

IVVW
9.7%
PBP
9.3%

Healthcare

IVVW
9.4%
PBP
9.1%

Consumer Cyclical

IVVW
8.9%
PBP
8.8%

Industrials

IVVW
7.8%
PBP
7.7%

Consumer Defensive

IVVW
4.8%
PBP
4.6%

Energy

IVVW
3.4%
PBP
3.4%

Utilities

IVVW
2.6%
PBP
2.7%

Real Estate

IVVW
2.0%
PBP
1.9%

Basic Materials

IVVW
1.8%
PBP
1.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares S&P 500 BuyWrite ETF

Invesco S&P 500 BuyWrite ETF

Often compared with IVVW:
IVVW vs. IVVIVVW vs. BALIIVVW vs. IWMWIVVW vs. SPYIVVW vs. IVWIVVW vs. VOOIVVW vs. JEPAX
Often compared with PBP:
PBP vs. SPYPBP vs. XYLDPBP vs. JEPIPBP vs. VOOPBP vs. FTHIPBP vs. SCHDPBP vs. JEPQ

Return for Risk

IVVW vs. PBP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
IVVW
IVVW Risk / Return Rank: 9191
Overall Rank
IVVW Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
IVVW Sortino Ratio Rank: 9090
Sortino Ratio Rank
IVVW Omega Ratio Rank: 9393
Omega Ratio Rank
IVVW Calmar Ratio Rank: 8686
Calmar Ratio Rank
IVVW Martin Ratio Rank: 9393
Martin Ratio Rank
PBP
PBP Risk / Return Rank: 9494
Overall Rank
PBP Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
PBP Sortino Ratio Rank: 9595
Sortino Ratio Rank
PBP Omega Ratio Rank: 9595
Omega Ratio Rank
PBP Calmar Ratio Rank: 9090
Calmar Ratio Rank
PBP Martin Ratio Rank: 9595
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IVVW vs. PBP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 BuyWrite ETF (IVVW) 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.

IVVWPBPDifference
Sharpe ratioReturn per unit of total volatility
2.32
2.74

-0.42

Sortino ratioReturn per unit of downside risk
3.20
3.98

-0.78

Omega ratioGain probability vs. loss probability

1.49

1.59

-0.10

Calmar ratioReturn relative to maximum drawdown

3.42

3.86

-0.45

Martin ratioReturn relative to average drawdown

17.74

19.88

-2.14

IVVW vs. PBP - Sharpe Ratio Comparison

The current IVVW Sharpe Ratio is 2.32, which is comparable to the PBP Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of IVVW 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.

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Drawdowns

IVVW vs. PBP - Drawdown Comparison

The maximum IVVW drawdown since its inception was -16.79%, smaller than the maximum PBP drawdown of -43.43%. Use the drawdown chart below to compare losses from any high point for IVVW and PBP.

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Drawdown Indicators

IVVWPBPDifference

Max Drawdown

Largest peak-to-trough decline

-16.79%

-43.43%

+26.64%

Max Drawdown (1Y)

Largest decline over 1 year

-5.81%

-5.22%

-0.59%

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

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-1.68%

-6.64%

+4.96%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.12%

1.01%

+0.11%

Volatility

IVVW vs. PBP - Volatility Comparison

iShares S&P 500 BuyWrite ETF (IVVW) has a higher volatility of 3.05% compared to Invesco S&P 500 BuyWrite ETF (PBP) at 2.24%. This indicates that IVVW'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

IVVWPBPDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.05%

2.24%

+0.81%

Volatility (6M)

Calculated over the trailing 6-month period

7.34%

6.14%

+1.20%

Volatility (1Y)

Calculated over the trailing 1-year period

8.58%

7.38%

+1.20%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

12.57%

11.86%

+0.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

12.57%

13.67%

-1.10%

IVVW vs. PBP - Expense Ratio Comparison

IVVW has a 0.25% expense ratio, which is lower than PBP's 0.29% expense ratio.

Dividends

IVVW vs. PBP - Dividend Comparison

IVVW's dividend yield for the trailing twelve months is around 18.82%, more than PBP's 11.31% yield.

PositionTTM20252024202320222021202020192018201720162015
IVVW
iShares S&P 500 BuyWrite ETF		18.82%18.55%13.72%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		11.31%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

IVVW and PBP have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IVVW has higher volatility (3.05%) compared to PBP (2.24%). In terms of maximum drawdown, IVVW dropped -16.79% vs PBP's -43.43%.

On 1-year performance, PBP leads with 20.10% vs 19.78% for IVVW. On fees, IVVW is cheaper at 0.25% per year. On volatility, PBP has been the lower-risk option at 2.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, PBP has performed better with a 20.10% return vs 19.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IVVW is cheaper with a 0.25% expense ratio, compared with 0.29% for PBP.

IVVW has the higher dividend yield at 18.82%, compared with 11.31% for PBP.

IVVW tracks Cboe S&P 500 Enhanced 1% OTM BuyWrite Index, while PBP tracks Cboe S&P 500 BuyWrite Index. They also come from different issuers: iShares and Invesco. Their fees differ too: 0.25% for IVVW and 0.29% for PBP.

PBP currently has the higher Sharpe Ratio (2.74 vs 2.32), 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.

Portfolio Optimizer

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