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PBP vs. BUYW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PBP vs. BUYW

Last updated Jun 4, 2026

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 11.58%/yr vs 8.73%/yr for BUYW. A 0.55 correlation means they provide meaningful diversification when combined. 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.

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Returns By Period

In the year-to-date period, PBP achieves a 4.90% return, which is significantly higher than BUYW's 3.39% return.

PBP

1D
-0.17%
1M
2.03%
YTD
4.90%
6M
6.44%
1Y
18.32%
3Y*
11.58%
5Y*
8.10%
10Y*
7.14%

BUYW

1D
0.35%
1M
0.99%
YTD
3.39%
6M
4.27%
1Y
9.76%
3Y*
8.73%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

PBP vs. BUYW - Yearly Performance Comparison

2026 (YTD)2025202420232022
PBP
Invesco S&P 500 BuyWrite ETF		4.90%8.49%19.83%11.59%-4.01%
BUYW
Main Buywrite ETF		3.39%9.08%9.82%12.80%1.46%

Correlation

The correlation between PBP and BUYW is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.46

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

0.51

Correlation (All Time)
Calculated using the full available price history since Sep 13, 2022

0.55

The correlation between PBP and BUYW has been stable across timeframes, ranging from 0.46 to 0.55 - a consistent structural relationship.

PBP vs. BUYW - Sectors Allocation Comparison

Sectors
PBP
BUYW

Technology

39.5%
24.0%

Financial Services

11.4%
15.3%

Communication Services

10.9%
16.9%

Consumer Cyclical

10.2%
6.4%

Healthcare

8.6%
13.0%

Industrials

7.8%
4.4%

Consumer Defensive

4.7%
3.2%

Energy

3.3%
13.6%

Utilities

2.6%
1.3%

Real Estate

1.8%
1.0%

Basic Materials

1.8%
1.0%

Technology

PBP
39.5%
BUYW
24.0%

Financial Services

PBP
11.4%
BUYW
15.3%

Communication Services

PBP
10.9%
BUYW
16.9%

Consumer Cyclical

PBP
10.2%
BUYW
6.4%

Healthcare

PBP
8.6%
BUYW
13.0%

Industrials

PBP
7.8%
BUYW
4.4%

Consumer Defensive

PBP
4.7%
BUYW
3.2%

Energy

PBP
3.3%
BUYW
13.6%

Utilities

PBP
2.6%
BUYW
1.3%

Real Estate

PBP
1.8%
BUYW
1.0%

Basic Materials

PBP
1.8%
BUYW
1.0%

Compare stocks, funds, or ETFs

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Invesco S&P 500 BuyWrite ETF

Main Buywrite ETF

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Return for Risk

PBP vs. BUYW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PBP
PBP Risk / Return Rank: 8282
Overall Rank
PBP Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
PBP Sortino Ratio Rank: 8585
Sortino Ratio Rank
PBP Omega Ratio Rank: 9090
Omega Ratio Rank
PBP Calmar Ratio Rank: 7070
Calmar Ratio Rank
PBP Martin Ratio Rank: 8686
Martin Ratio Rank
BUYW
BUYW Risk / Return Rank: 7171
Overall Rank
BUYW Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
BUYW Sortino Ratio Rank: 6666
Sortino Ratio Rank
BUYW Omega Ratio Rank: 6666
Omega Ratio Rank
BUYW Calmar Ratio Rank: 7575
Calmar Ratio Rank
BUYW Martin Ratio Rank: 8989
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. 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.

PBPBUYWDifference
Sharpe ratioReturn per unit of total volatility
2.68
2.03

+0.65

Sortino ratioReturn per unit of downside risk
3.86
3.08

+0.78

Omega ratioGain probability vs. loss probability

1.60

1.40

+0.19

Calmar ratioReturn relative to maximum drawdown

3.52

3.79

-0.26

Martin ratioReturn relative to average drawdown

18.66

20.24

-1.58

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. BUYW - Sharpe Ratio Comparison

The current PBP Sharpe Ratio is 2.68, which is higher than the BUYW Sharpe Ratio of 2.03. 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.

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Sharpe Ratios by Period

PBPBUYWDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.68

2.03

+0.65

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.69

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.52

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.35

1.17

-0.82

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.

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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

-0.17%

-0.21%

+0.04%

Average Drawdown

Average peak-to-trough decline

-6.69%

-0.61%

-6.08%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.98%

0.48%

+0.50%

Volatility

PBP vs. BUYW - Volatility Comparison

The current volatility for Invesco S&P 500 BuyWrite ETF (PBP) is 0.93%, while Main Buywrite ETF (BUYW) has a volatility of 1.02%. This indicates that PBP experiences smaller price fluctuations and is considered to be less risky than BUYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PBPBUYWDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.93%

1.02%

-0.09%

Volatility (6M)

Calculated over the trailing 6-month period

5.53%

4.03%

+1.50%

Volatility (1Y)

Calculated over the trailing 1-year period

6.87%

4.85%

+2.02%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.86%

8.47%

+3.39%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.66%

8.47%

+5.19%

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 11.16%, more than BUYW's 5.91% yield.

PositionTTM20252024202320222021202020192018201720162015
BUYW
Main Buywrite ETF		5.91%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		11.16%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 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BUYW has higher volatility (1.02%) compared to PBP (0.93%). In terms of maximum drawdown, PBP dropped -43.43% vs BUYW's -9.36%.

On 3-year performance, PBP leads with 11.58% vs 8.73% for BUYW. On fees, PBP is cheaper at 0.29% per year. Their volatility is very similar. 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 11.58% return vs 8.73%. 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 11.16%, compared with 5.91% for BUYW.

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

PBP currently has the higher Sharpe Ratio (2.68 vs 2.03), 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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