KGLD vs. PBP

Last updated Aug 2, 2026

KGLD (Kurv Gold Enhanced Income ETF ) and PBP (Invesco S&P 500 BuyWrite ETF) are both Derivative Income funds. KGLD is actively managed, while PBP is passively managed. Over the past year, KGLD returned 18.91% vs 19.22% for PBP. Their 0.30 correlation means their historical movements had little consistent relationship. KGLD charges 1.00%/yr vs 0.29%/yr for PBP.

Performance

KGLD vs. PBP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kurv Gold Enhanced Income ETF (KGLD) 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, KGLD achieves a -6.67% return, which is significantly lower than PBP's 7.80% return.

KGLD

• 1D: -1.50%
• 1M: -1.76%
• 6M: -18.16%
• YTD: -6.67%
• 1Y: 18.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.74%

PBP

• 1D: 0.22%
• 1M: 1.70%
• 6M: 6.52%
• YTD: 7.80%
• 1Y: 19.22%
• 3Y*: 11.92%
• 5Y*: 8.34%
• 10Y*: 7.27%
• ALL TIME*: 5.33%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
KGLD Kurv Gold Enhanced Income ETF	$2.66M	$2.33M	$2.61M
PBP Invesco S&P 500 BuyWrite ETF	$1.16M	$1.09M	$978.18K

KGLD vs. PBP - Yearly Performance Comparison

	2026 (YTD)	2025
KGLD Kurv Gold Enhanced Income ETF	-6.67%	29.75%
PBP Invesco S&P 500 BuyWrite ETF	7.80%	9.98%

Correlation

The correlation between KGLD and PBP is 0.31, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.31
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.30

Return for Risk

KGLD vs. PBP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

KGLD

KGLD Risk / Return Rank: 28
KGLD Sharpe Ratio Rank: 31
KGLD Sortino Ratio Rank: 29
KGLD Omega Ratio Rank: 34
KGLD Calmar Ratio Rank: 25
KGLD Martin Ratio Rank: 23

PBP

PBP Risk / Return Rank: 92
PBP Sharpe Ratio Rank: 92
PBP Sortino Ratio Rank: 93
PBP Omega Ratio Rank: 94
PBP Calmar Ratio Rank: 87
PBP Martin Ratio Rank: 94

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.

KGLD vs. PBP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kurv Gold Enhanced Income ETF (KGLD) 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.

	KGLD	PBP	Difference
Sharpe ratio: Return per unit of total volatility	0.74	2.42	-1.68
Sortino ratio: Return per unit of downside risk	1.09	3.49	-2.40
Omega ratio: Gain probability vs. loss probability	1.16	1.51	-0.35
Calmar ratio: Return relative to maximum drawdown	0.76	3.45	-2.68
Martin ratio: Return relative to average drawdown	1.63	17.72	-16.09

KGLD vs. PBP - Sharpe Ratio Comparison

The current KGLD Sharpe Ratio is 0.74, which is lower than the PBP Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of KGLD 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.

Drawdowns

KGLD vs. PBP - Drawdown Comparison

The maximum KGLD drawdown since its inception was -28.32%, smaller than the maximum PBP drawdown of -43.43%. Use the drawdown chart below to compare losses from any high point for KGLD and PBP.

Drawdown Indicators

	KGLD	PBP	Difference
Max Drawdown Largest peak-to-trough decline	-28.32%	-43.43%	+15.11%
Max Drawdown (1Y) Largest decline over 1 year	-28.32%	-5.22%	-23.10%
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	-26.95%	0.00%	-26.95%
Average Drawdown Average peak-to-trough decline	-8.98%	-6.64%	-2.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.19%	1.02%	+12.17%

Volatility

KGLD vs. PBP - Volatility Comparison

Kurv Gold Enhanced Income ETF (KGLD) has a higher volatility of 6.32% compared to Invesco S&P 500 BuyWrite ETF (PBP) at 2.15%. This indicates that KGLD'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

	KGLD	PBP	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.32%	2.15%	+4.17%
Volatility (6M) Calculated over the trailing 6-month period	24.14%	6.10%	+18.04%
Volatility (1Y) Calculated over the trailing 1-year period	29.22%	7.43%	+21.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.40%	11.85%	+16.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.40%	13.66%	+14.74%

KGLD vs. PBP - Expense Ratio Comparison

KGLD has a 1.00% expense ratio, which is higher than PBP's 0.29% expense ratio.

Dividends

KGLD vs. PBP - Dividend Comparison

KGLD's dividend yield for the trailing twelve months is around 15.46%, more than PBP's 11.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KGLD Kurv Gold Enhanced Income ETF	15.46%	4.59%	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	11.39%	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 KGLD and PBP in my portfolio?

KGLD and PBP have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KGLD or PBP?

KGLD has higher volatility (6.32%) compared to PBP (2.15%). In terms of maximum drawdown, KGLD dropped -28.32% vs PBP's -43.43%.

Which ETF is better, KGLD or PBP?

On 1-year performance, PBP leads with 19.22% vs 18.91% for KGLD. On fees, PBP is cheaper at 0.29% per year. On volatility, PBP has been the lower-risk option at 2.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KGLD or PBP?

Over the 1-year period, PBP has performed better with a 19.22% return vs 18.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KGLD or PBP?

PBP is cheaper with a 0.29% expense ratio, compared with 1.00% for KGLD.

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

KGLD has the higher dividend yield at 15.46%, compared with 11.39% for PBP.

What is the main difference between KGLD and PBP?

They also come from different issuers: Kurv and Invesco. Their fees differ too: 1.00% for KGLD and 0.29% for PBP.

Which has better risk-adjusted returns?

PBP currently has the higher Sharpe Ratio (2.42 vs 0.74), 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.