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PBP vs. AMAT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PBP vs. AMAT

Last updated Jun 13, 2026

PBP (Invesco S&P 500 BuyWrite ETF) is Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index, while AMAT (Applied Materials, Inc.) is a stock. Over the past 10 years, PBP returned 7.09%/yr vs 38.86%/yr for AMAT. A 0.52 correlation means they provide meaningful diversification when combined.

Performance

PBP vs. AMAT - Performance Comparison

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

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Returns By Period

In the year-to-date period, PBP achieves a 4.48% return, which is significantly lower than AMAT's 121.28% return. Over the past 10 years, PBP has underperformed AMAT with an annualized return of 7.09%, while AMAT has yielded a comparatively higher 38.86% annualized return.

PBP

1D
0.49%
1M
0.91%
YTD
4.48%
6M
5.65%
1Y
16.94%
3Y*
11.30%
5Y*
7.94%
10Y*
7.09%

AMAT

1D
2.64%
1M
30.08%
YTD
121.28%
6M
119.38%
1Y
226.52%
3Y*
60.05%
5Y*
34.02%
10Y*
38.86%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PBP vs. AMAT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PBP
Invesco S&P 500 BuyWrite ETF		4.48%8.49%19.83%11.59%-11.82%19.97%-3.31%14.60%-5.57%11.98%
AMAT
Applied Materials, Inc.		121.28%59.60%1.13%67.97%-37.54%83.64%43.29%89.86%-34.92%59.86%

Correlation

The correlation between PBP and AMAT is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.45

Correlation (3Y)
Calculated over the trailing 3-year period

0.48

Correlation (5Y)
Calculated over the trailing 5-year period

0.53

Correlation (10Y)
Calculated over the trailing 10-year period

0.51

Correlation (All Time)
Calculated using the full available price history since Dec 20, 2007

0.52

The correlation between PBP and AMAT has been stable across timeframes, ranging from 0.45 to 0.53 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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Invesco S&P 500 BuyWrite ETF

Applied Materials, Inc.

Often compared with PBP:
PBP vs. SPYPBP vs. XYLDPBP vs. JEPIPBP vs. VOOPBP vs. SCHDPBP vs. FTHIPBP vs. JEPQ
Often compared with AMAT:
AMAT vs. LRCXAMAT vs. ASMLAMAT vs. TOELYAMAT vs. TXNAMAT vs. VOOAMAT vs. TERAMAT vs. QQQ

Return for Risk

PBP vs. AMAT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PBP
PBP Risk / Return Rank: 8585
Overall Rank
PBP Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
PBP Sortino Ratio Rank: 8787
Sortino Ratio Rank
PBP Omega Ratio Rank: 9191
Omega Ratio Rank
PBP Calmar Ratio Rank: 7373
Calmar Ratio Rank
PBP Martin Ratio Rank: 8888
Martin Ratio Rank
AMAT
AMAT Risk / Return Rank: 9797
Overall Rank
AMAT Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
AMAT Sortino Ratio Rank: 9696
Sortino Ratio Rank
AMAT Omega Ratio Rank: 9696
Omega Ratio Rank
AMAT Calmar Ratio Rank: 9898
Calmar Ratio Rank
AMAT Martin Ratio Rank: 9898
Martin Ratio Rank
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. AMAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 BuyWrite ETF (PBP) and Applied Materials, Inc. (AMAT). 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.

PBPAMATDifference
Sharpe ratioReturn per unit of total volatility
2.40
4.65

-2.26

Sortino ratioReturn per unit of downside risk
3.44
4.13

-0.69

Omega ratioGain probability vs. loss probability

1.52

1.59

-0.07

Calmar ratioReturn relative to maximum drawdown

3.26

10.67

-7.41

Martin ratioReturn relative to average drawdown

16.95

30.41

-13.46

PBP vs. AMAT - Sharpe Ratio Comparison

The current PBP Sharpe Ratio is 2.40, which is lower than the AMAT Sharpe Ratio of 4.65. The chart below compares the historical Sharpe Ratios of PBP and AMAT, 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

PBP vs. AMAT - Drawdown Comparison

The maximum PBP drawdown since its inception was -43.43%, smaller than the maximum AMAT drawdown of -85.22%. Use the drawdown chart below to compare losses from any high point for PBP and AMAT.

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Drawdown Indicators

PBPAMATDifference

Max Drawdown

Largest peak-to-trough decline

-43.43%

-85.22%

+41.79%

Max Drawdown (1Y)

Largest decline over 1 year

-5.22%

-21.37%

+16.15%

Max Drawdown (3Y)

Largest decline over 3 years

-15.42%

-49.88%

+34.46%

Max Drawdown (5Y)

Largest decline over 5 years

-18.61%

-55.14%

+36.53%

Max Drawdown (10Y)

Largest decline over 10 years

-33.31%

-55.14%

+21.83%

Current Drawdown

Current decline from peak

-0.57%

0.00%

-0.57%

Average Drawdown

Average peak-to-trough decline

-6.68%

-38.78%

+32.10%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.00%

7.49%

-6.49%

Volatility

PBP vs. AMAT - Volatility Comparison

The current volatility for Invesco S&P 500 BuyWrite ETF (PBP) is 2.14%, while Applied Materials, Inc. (AMAT) has a volatility of 20.52%. This indicates that PBP experiences smaller price fluctuations and is considered to be less risky than AMAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PBPAMATDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.14%

20.52%

-18.38%

Volatility (6M)

Calculated over the trailing 6-month period

5.84%

38.83%

-32.99%

Volatility (1Y)

Calculated over the trailing 1-year period

7.10%

49.03%

-41.93%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.88%

44.20%

-32.32%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.67%

42.94%

-29.27%

Dividends

PBP vs. AMAT - Dividend Comparison

PBP's dividend yield for the trailing twelve months is around 11.20%, more than AMAT's 0.34% yield.

PositionTTM20252024202320222021202020192018201720162015
AMAT
Applied Materials, Inc.		0.34%0.69%0.93%0.75%1.05%0.60%1.01%1.36%2.14%0.78%1.24%2.14%
PBP
Invesco S&P 500 BuyWrite ETF		11.20%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

PBP and AMAT have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

AMAT has higher volatility (20.52%) compared to PBP (2.14%). In terms of maximum drawdown, PBP dropped -43.43% vs AMAT's -85.22%.

AMAT currently has the higher Sharpe Ratio (4.65 vs 2.40), 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.

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