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IWMW vs. PBP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IWMW vs. PBP

Last updated Aug 5, 2026
Documentation

IWMW (iShares Russell 2000 BuyWrite ETF) and PBP (Invesco S&P 500 BuyWrite ETF) are both Derivative Income funds - IWMW tracks the Cboe FTSE Russell IWM 2% OTM BuyWrite Index while PBP tracks the Cboe S&P 500 BuyWrite Index. Both are passively managed. Over the past year, IWMW returned 27.46% vs 18.68% for PBP. Their 0.67 correlation means they have sometimes moved together and sometimes differently. IWMW charges 0.39%/yr vs 0.29%/yr for PBP.

Performance

IWMW vs. PBP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2000 BuyWrite ETF (IWMW) 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

In the year-to-date period, IWMW achieves a 16.00% return, which is significantly higher than PBP's 8.69% return.

IWMW

1D
0.93%
1M
2.47%
6M
13.33%
YTD
16.00%
1Y
27.46%
3Y*
—
5Y*
—
10Y*
—
ALL TIME*
12.47%

PBP

1D
0.09%
1M
2.54%
6M
7.54%
YTD
8.69%
1Y
18.68%
3Y*
12.58%
5Y*
8.26%
10Y*
7.28%
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)

IWMW

iShares Russell 2000 BuyWrite ETF
$588.35K$501.88K$531.86K

PBP

Invesco S&P 500 BuyWrite ETF
$1.01M$1.10M$947.56K

IWMW vs. PBP - Yearly Performance Comparison

2026 (YTD)20252024
IWMW
iShares Russell 2000 BuyWrite ETF		16.00%7.82%5.85%
PBP
Invesco S&P 500 BuyWrite ETF		8.69%8.49%15.11%

Correlation

The correlation between IWMW and PBP is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

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

0.68

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

0.67

The correlation between IWMW and PBP has been stable across timeframes, ranging from 0.67 to 0.68 - a consistent structural relationship.

IWMW vs. PBP - Sectors Allocation Comparison

Sectors
IWMW
PBP

Healthcare

20.3%
9.1%

Financial Services

17.6%
12.2%

Technology

14.5%
38.5%

Industrials

14.1%
7.7%

Consumer Cyclical

9.2%
8.8%

Real Estate

6.7%
1.9%

Energy

5.5%
3.4%

Basic Materials

4.4%
1.8%

Utilities

2.8%
2.7%

Consumer Defensive

2.6%
4.6%

Communication Services

2.2%
9.3%

Healthcare

IWMW
20.3%
PBP
9.1%

Financial Services

IWMW
17.6%
PBP
12.2%

Technology

IWMW
14.5%
PBP
38.5%

Industrials

IWMW
14.1%
PBP
7.7%

Consumer Cyclical

IWMW
9.2%
PBP
8.8%

Real Estate

IWMW
6.7%
PBP
1.9%

Energy

IWMW
5.5%
PBP
3.4%

Basic Materials

IWMW
4.4%
PBP
1.8%

Utilities

IWMW
2.8%
PBP
2.7%

Consumer Defensive

IWMW
2.6%
PBP
4.6%

Communication Services

IWMW
2.2%
PBP
9.3%

Compare stocks, funds, or ETFs

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

iShares Russell 2000 BuyWrite ETF

Invesco S&P 500 BuyWrite ETF

Often compared with IWMW:
IWMW vs. IWMIWMW vs. IVVWIWMW vs. SCHDIWMW vs. QQQIIWMW vs. SPYIWMW vs. IWMLIWMW vs. IWMI
Often compared with PBP:
PBP vs. SPYPBP vs. XYLDPBP vs. JEPIPBP vs. VOOPBP vs. FTHIPBP vs. SCHDPBP vs. JEPQ

Return for Risk

IWMW vs. PBP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
IWMW
IWMW Risk / Return Rank: 8686
Overall Rank
IWMW Sharpe Ratio Rank: 8686
Sharpe Ratio Rank
IWMW Sortino Ratio Rank: 8383
Sortino Ratio Rank
IWMW Omega Ratio Rank: 8989
Omega Ratio Rank
IWMW Calmar Ratio Rank: 8989
Calmar Ratio Rank
IWMW Martin Ratio Rank: 8686
Martin Ratio Rank
PBP
PBP Risk / Return Rank: 9292
Overall Rank
PBP Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
PBP Sortino Ratio Rank: 9393
Sortino Ratio Rank
PBP Omega Ratio Rank: 9494
Omega Ratio Rank
PBP Calmar Ratio Rank: 8585
Calmar Ratio Rank
PBP Martin Ratio Rank: 9393
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.

IWMW vs. PBP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 BuyWrite ETF (IWMW) 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.

IWMWPBPDifference
Sharpe ratioReturn per unit of total volatility
2.21
2.58

-0.37

Sortino ratioReturn per unit of downside risk
2.99
3.72

-0.73

Omega ratioGain probability vs. loss probability

1.43

1.55

-0.11

Calmar ratioReturn relative to maximum drawdown

3.97

3.59

+0.38

Martin ratioReturn relative to average drawdown

13.75

18.47

-4.72

IWMW vs. PBP - Sharpe Ratio Comparison

The current IWMW Sharpe Ratio is 2.21, which is comparable to the PBP Sharpe Ratio of 2.58. The chart below compares the historical Sharpe Ratios of IWMW 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

IWMW vs. PBP - Drawdown Comparison

The maximum IWMW drawdown since its inception was -21.82%, smaller than the maximum PBP drawdown of -43.43%. Use the drawdown chart below to compare losses from any high point for IWMW and PBP.

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Drawdown Indicators

IWMWPBPDifference

Max Drawdown

Largest peak-to-trough decline

-21.82%

-43.43%

+21.61%

Max Drawdown (1Y)

Largest decline over 1 year

-6.94%

-5.22%

-1.72%

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

-3.60%

-6.64%

+3.04%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.00%

1.01%

+0.99%

Volatility

IWMW vs. PBP - Volatility Comparison

iShares Russell 2000 BuyWrite ETF (IWMW) has a higher volatility of 3.21% compared to Invesco S&P 500 BuyWrite ETF (PBP) at 2.20%. This indicates that IWMW'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

IWMWPBPDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.21%

2.20%

+1.01%

Volatility (6M)

Calculated over the trailing 6-month period

9.40%

6.13%

+3.27%

Volatility (1Y)

Calculated over the trailing 1-year period

12.61%

7.37%

+5.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.81%

11.86%

+3.95%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.81%

13.67%

+2.14%

IWMW vs. PBP - Expense Ratio Comparison

IWMW has a 0.39% expense ratio, which is higher than PBP's 0.29% expense ratio.

Dividends

IWMW vs. PBP - Dividend Comparison

IWMW's dividend yield for the trailing twelve months is around 20.25%, more than PBP's 11.30% yield.

PositionTTM20252024202320222021202020192018201720162015
IWMW
iShares Russell 2000 BuyWrite ETF		20.25%20.98%17.73%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		11.30%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

IWMW and PBP have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IWMW has higher volatility (3.21%) compared to PBP (2.20%). In terms of maximum drawdown, IWMW dropped -21.82% vs PBP's -43.43%.

On 1-year performance, IWMW leads with 27.46% vs 18.68% for PBP. On fees, PBP is cheaper at 0.29% per year. On volatility, PBP has been the lower-risk option at 2.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 1-year period, IWMW has performed better with a 27.46% return vs 18.68%. 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 0.39% for IWMW.

IWMW has the higher dividend yield at 20.25%, compared with 11.30% for PBP.

IWMW tracks Cboe FTSE Russell IWM 2% 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: 0.39% for IWMW and 0.29% for PBP.

PBP currently has the higher Sharpe Ratio (2.58 vs 2.21), 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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