PBP vs. AIYY

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco S&P 500 BuyWrite ETF (PBP) and YieldMax AI Option Income Strategy ETF (AIYY).

PBP and AIYY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. 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. AIYY is an actively managed fund by YieldMax. It was launched on Nov 27, 2023.

Performance

PBP vs. AIYY - Performance Comparison

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

PBP vs. AIYY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PBP Invesco S&P 500 BuyWrite ETF	-1.04%	8.49%	19.83%	2.24%
AIYY YieldMax AI Option Income Strategy ETF	-34.26%	-58.98%	-14.74%	-1.63%

Returns By Period

In the year-to-date period, PBP achieves a -1.04% return, which is significantly higher than AIYY's -34.26% return.

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%

AIYY

• 1D: 4.30%
• 1M: 1.87%
• YTD: -34.26%
• 6M: -47.05%
• 1Y: -59.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBP vs. AIYY - Expense Ratio Comparison

PBP has a 0.29% expense ratio, which is lower than AIYY's 0.99% expense ratio.

AIYY

YieldMax AI Option Income Strategy ETF

PBP

Invesco S&P 500 BuyWrite ETF

Return for Risk

PBP vs. AIYY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PBP

PBP Risk / Return Rank: 56
PBP Sharpe Ratio Rank: 46
PBP Sortino Ratio Rank: 49
PBP Omega Ratio Rank: 69
PBP Calmar Ratio Rank: 47
PBP Martin Ratio Rank: 67

AIYY

AIYY Risk / Return Rank: 1
AIYY Sharpe Ratio Rank: 0
AIYY Sortino Ratio Rank: 0
AIYY Omega Ratio Rank: 0
AIYY Calmar Ratio Rank: 1
AIYY Martin Ratio Rank: 1

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PBP vs. AIYY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 BuyWrite ETF (PBP) and YieldMax AI Option Income Strategy ETF (AIYY). 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.

	PBP	AIYY	Difference
Sharpe ratio Return per unit of total volatility	0.80	-1.07	+1.86
Sortino ratio Return per unit of downside risk	1.27	-1.64	+2.91
Omega ratio Gain probability vs. loss probability	1.25	0.78	+0.47
Calmar ratio Return relative to maximum drawdown	1.12	-0.88	+2.01
Martin ratio Return relative to average drawdown	6.40	-1.54	+7.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBP vs. AIYY - Sharpe Ratio Comparison

The current PBP Sharpe Ratio is 0.80, which is higher than the AIYY Sharpe Ratio of -1.07. The chart below compares the historical Sharpe Ratios of PBP and AIYY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PBP	AIYY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.80	-1.07	+1.86
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	0.32	-0.94	+1.26

Correlation

The correlation between PBP and AIYY is 0.45, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PBP vs. AIYY - Dividend Comparison

PBP's dividend yield for the trailing twelve months is around 11.63%, less than AIYY's 206.09% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
AIYY YieldMax AI Option Income Strategy ETF	206.09%	168.33%	98.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

PBP vs. AIYY - Drawdown Comparison

The maximum PBP drawdown since its inception was -43.43%, smaller than the maximum AIYY drawdown of -79.48%. Use the drawdown chart below to compare losses from any high point for PBP and AIYY.

Drawdown Indicators

	PBP	AIYY	Difference
Max Drawdown Largest peak-to-trough decline	-43.43%	-79.48%	+36.05%
Max Drawdown (1Y) Largest decline over 1 year	-10.20%	-68.33%	+58.13%
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	-3.29%	-78.53%	+75.24%
Average Drawdown Average peak-to-trough decline	-6.75%	-38.30%	+31.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.79%	39.17%	-37.38%

Volatility

PBP vs. AIYY - Volatility Comparison

The current volatility for Invesco S&P 500 BuyWrite ETF (PBP) is 4.09%, while YieldMax AI Option Income Strategy ETF (AIYY) has a volatility of 10.87%. This indicates that PBP experiences smaller price fluctuations and is considered to be less risky than AIYY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBP	AIYY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.09%	10.87%	-6.78%
Volatility (6M) Calculated over the trailing 6-month period	5.97%	37.98%	-32.01%
Volatility (1Y) Calculated over the trailing 1-year period	14.26%	55.64%	-41.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.95%	50.60%	-38.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.69%	50.60%	-36.91%