PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
PBP vs. BUYW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PBP vs. BUYW

Last updated Aug 2, 2026
Documentation

PBP (Invesco S&P 500 BuyWrite ETF) and BUYW (Main Buywrite ETF) are both Derivative Income funds. PBP is passively managed, while BUYW is actively managed. Over the past 3 years, PBP returned 11.92%/yr vs 8.70%/yr for BUYW. Their 0.55 correlation means they have sometimes moved together and sometimes differently. PBP charges 0.29%/yr vs 1.29%/yr for BUYW.

Performance

PBP vs. BUYW - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, PBP achieves a 7.80% return, which is significantly higher than BUYW's 4.80% return.

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%

BUYW

1D
-0.21%
1M
0.36%
6M
4.27%
YTD
4.80%
1Y
9.05%
3Y*
8.70%
5Y*
—
10Y*
—
ALL TIME*
9.92%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

BUYW

Main Buywrite ETF
$5.69M$5.12M$4.85M

PBP

Invesco S&P 500 BuyWrite ETF
$1.16M$1.09M$978.18K

PBP vs. BUYW - Yearly Performance Comparison

2026 (YTD)2025202420232022
PBP
Invesco S&P 500 BuyWrite ETF		7.80%8.49%19.83%11.59%-2.90%
BUYW
Main Buywrite ETF		4.80%9.08%9.82%12.80%1.94%

Correlation

The correlation between PBP and BUYW is 0.51, 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.

0.51

Correlation (3Y)
Balances recent behavior with more history.

0.52

Correlation (All Time)
Calculated using the full available price history since Sep 12, 2022

0.55

The correlation between PBP and BUYW has been stable across timeframes, ranging from 0.51 to 0.55 - a consistent structural relationship.

PBP vs. BUYW - Sectors Allocation Comparison

Sectors
PBP
BUYW

Technology

38.5%
25.9%

Financial Services

12.2%
15.0%

Communication Services

9.3%
6.5%

Healthcare

9.1%
13.8%

Consumer Cyclical

8.8%
6.0%

Industrials

7.7%
4.6%

Consumer Defensive

4.6%
3.1%

Energy

3.4%
12.4%

Utilities

2.7%
10.9%

Real Estate

1.9%
1.0%

Basic Materials

1.8%
1.0%

Technology

PBP
38.5%
BUYW
25.9%

Financial Services

PBP
12.2%
BUYW
15.0%

Communication Services

PBP
9.3%
BUYW
6.5%

Healthcare

PBP
9.1%
BUYW
13.8%

Consumer Cyclical

PBP
8.8%
BUYW
6.0%

Industrials

PBP
7.7%
BUYW
4.6%

Consumer Defensive

PBP
4.6%
BUYW
3.1%

Energy

PBP
3.4%
BUYW
12.4%

Utilities

PBP
2.7%
BUYW
10.9%

Real Estate

PBP
1.9%
BUYW
1.0%

Basic Materials

PBP
1.8%
BUYW
1.0%

Compare stocks, funds, or ETFs

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

Invesco S&P 500 BuyWrite ETF

Main Buywrite ETF

Often compared with PBP:
PBP vs. SPYPBP vs. XYLDPBP vs. JEPIPBP vs. VOOPBP vs. FTHIPBP vs. SCHDPBP vs. JEPQ
Often compared with BUYW:
BUYW vs. GPIQBUYW vs. JEPIBUYW vs. ROCYBUYW vs. FTHIBUYW vs. BUFFBUYW vs. PUTWBUYW vs. SPY

Return for Risk

PBP vs. BUYW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
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: 8787
Calmar Ratio Rank
PBP Martin Ratio Rank: 9494
Martin Ratio Rank
BUYW
BUYW Risk / Return Rank: 8585
Overall Rank
BUYW Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
BUYW Sortino Ratio Rank: 8383
Sortino Ratio Rank
BUYW Omega Ratio Rank: 8282
Omega Ratio Rank
BUYW Calmar Ratio Rank: 8787
Calmar Ratio Rank
BUYW Martin Ratio Rank: 9494
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.

PBP vs. BUYW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 BuyWrite ETF (PBP) and Main Buywrite ETF (BUYW). 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.

PBPBUYWDifference
Sharpe ratioReturn per unit of total volatility
2.42
1.82

+0.60

Sortino ratioReturn per unit of downside risk
3.49
2.71

+0.78

Omega ratioGain probability vs. loss probability

1.51

1.35

+0.16

Calmar ratioReturn relative to maximum drawdown

3.45

3.42

+0.02

Martin ratioReturn relative to average drawdown

17.72

18.22

-0.50

PBP vs. BUYW - Sharpe Ratio Comparison

The current PBP Sharpe Ratio is 2.42, which is higher than the BUYW Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of PBP and BUYW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

PBP vs. BUYW - Drawdown Comparison

The maximum PBP drawdown since its inception was -43.43%, which is greater than BUYW's maximum drawdown of -9.36%. Use the drawdown chart below to compare losses from any high point for PBP and BUYW.

Loading charts...

Drawdown Indicators

PBPBUYWDifference

Max Drawdown

Largest peak-to-trough decline

-43.43%

-9.36%

-34.07%

Max Drawdown (1Y)

Largest decline over 1 year

-5.22%

-2.59%

-2.63%

Max Drawdown (3Y)

Largest decline over 3 years

-15.42%

-9.36%

-6.06%

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%

-0.21%

+0.21%

Average Drawdown

Average peak-to-trough decline

-6.64%

-0.59%

-6.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.02%

0.49%

+0.53%

Volatility

PBP vs. BUYW - Volatility Comparison

Invesco S&P 500 BuyWrite ETF (PBP) has a higher volatility of 2.15% compared to Main Buywrite ETF (BUYW) at 1.10%. This indicates that PBP's price experiences larger fluctuations and is considered to be riskier than BUYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

PBPBUYWDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.15%

1.10%

+1.05%

Volatility (6M)

Calculated over the trailing 6-month period

6.10%

3.91%

+2.19%

Volatility (1Y)

Calculated over the trailing 1-year period

7.43%

4.86%

+2.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.85%

8.34%

+3.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.66%

8.34%

+5.32%

PBP vs. BUYW - Expense Ratio Comparison

PBP has a 0.29% expense ratio, which is lower than BUYW's 1.29% expense ratio.

Dividends

PBP vs. BUYW - Dividend Comparison

PBP's dividend yield for the trailing twelve months is around 11.39%, more than BUYW's 5.92% yield.

PositionTTM20252024202320222021202020192018201720162015
BUYW
Main Buywrite ETF		5.92%5.89%5.93%5.95%0.50%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

PBP and BUYW have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PBP has higher volatility (2.15%) compared to BUYW (1.10%). In terms of maximum drawdown, PBP dropped -43.43% vs BUYW's -9.36%.

On 3-year performance, PBP leads with 11.92% vs 8.70% for BUYW. On fees, PBP is cheaper at 0.29% per year. On volatility, BUYW has been the lower-risk option at 1.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, PBP has performed better with a 11.92% return vs 8.70%. 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 1.29% for BUYW.

PBP has the higher dividend yield at 11.39%, compared with 5.92% for BUYW.

They also come from different issuers: Invesco and Main. Their fees differ too: 0.29% for PBP and 1.29% for BUYW.

PBP currently has the higher Sharpe Ratio (2.42 vs 1.82), 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

Find the right allocation for PBP and BUYW

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer