PAPI vs. PBP
Compare and contrast key facts about Parametric Equity Premium Income ETF (PAPI) and Invesco S&P 500 BuyWrite ETF (PBP).
PAPI and PBP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PAPI is an actively managed fund by Morgan Stanley. It was launched on Oct 16, 2023. PBP is a passively managed fund by Invesco that tracks the performance of the Cboe S&P 500 BuyWrite Index. It was launched on Dec 20, 2007.
Performance
PAPI vs. PBP - Performance Comparison
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PAPI vs. PBP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PAPI Parametric Equity Premium Income ETF | 8.31% | 6.33% | 8.90% | 5.36% |
PBP Invesco S&P 500 BuyWrite ETF | -1.04% | 8.49% | 19.83% | 4.21% |
Returns By Period
In the year-to-date period, PAPI achieves a 8.31% return, which is significantly higher than PBP's -1.04% return.
PAPI
- 1D
- 0.54%
- 1M
- -2.62%
- YTD
- 8.31%
- 6M
- 9.20%
- 1Y
- 11.50%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PBP
- 1D
- 2.04%
- 1M
- -2.62%
- YTD
- -1.04%
- 6M
- 5.76%
- 1Y
- 11.29%
- 3Y*
- 10.74%
- 5Y*
- 7.48%
- 10Y*
- 6.70%
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PAPI vs. PBP - Expense Ratio Comparison
Both PAPI and PBP have an expense ratio of 0.29%.
Return for Risk
PAPI vs. PBP — Risk / Return Rank
PAPI
PBP
PAPI vs. PBP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Parametric Equity Premium Income ETF (PAPI) 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.
| PAPI | PBP | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.82 | 0.80 | +0.02 |
Sortino ratioReturn per unit of downside risk | 1.23 | 1.27 | -0.04 |
Omega ratioGain probability vs. loss probability | 1.16 | 1.25 | -0.08 |
Calmar ratioReturn relative to maximum drawdown | 1.08 | 1.12 | -0.04 |
Martin ratioReturn relative to average drawdown | 4.62 | 6.40 | -1.78 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PAPI | PBP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.82 | 0.80 | +0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.63 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.49 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.02 | 0.32 | +0.69 |
Correlation
The correlation between PAPI and PBP is 0.37, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
PAPI vs. PBP - Dividend Comparison
PAPI's dividend yield for the trailing twelve months is around 7.50%, less than PBP's 11.63% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PAPI Parametric Equity Premium Income ETF | 7.50% | 7.59% | 7.07% | 1.45% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PBP Invesco S&P 500 BuyWrite ETF | 11.63% | 11.12% | 9.36% | 3.35% | 1.33% | 6.21% | 1.41% | 5.04% | 2.59% | 10.86% | 2.56% | 6.19% |
Drawdowns
PAPI vs. PBP - Drawdown Comparison
The maximum PAPI drawdown since its inception was -14.27%, smaller than the maximum PBP drawdown of -43.43%. Use the drawdown chart below to compare losses from any high point for PAPI and PBP.
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Drawdown Indicators
| PAPI | PBP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.27% | -43.43% | +29.16% |
Max Drawdown (1Y)Largest decline over 1 year | -11.59% | -10.20% | -1.39% |
Max Drawdown (5Y)Largest decline over 5 years | — | -18.61% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.31% | — |
Current DrawdownCurrent decline from peak | -2.82% | -3.29% | +0.47% |
Average DrawdownAverage peak-to-trough decline | -2.57% | -6.75% | +4.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.72% | 1.79% | +0.93% |
Volatility
PAPI vs. PBP - Volatility Comparison
The current volatility for Parametric Equity Premium Income ETF (PAPI) is 3.21%, while Invesco S&P 500 BuyWrite ETF (PBP) has a volatility of 4.09%. This indicates that PAPI experiences smaller price fluctuations and is considered to be less risky 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
| PAPI | PBP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.21% | 4.09% | -0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 7.51% | 5.97% | +1.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.14% | 14.26% | -0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.96% | 11.95% | +0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.96% | 13.69% | -1.73% |