PBP vs. CCJ

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 CCJ (Cameco Corporation) is a stock. Over the past 10 years, PBP returned 7.09%/yr vs 25.74%/yr for CCJ. At a 0.41 correlation, their price movements are largely independent.

Performance

PBP vs. CCJ - Performance Comparison

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

Returns By Period

In the year-to-date period, PBP achieves a 4.48% return, which is significantly lower than CCJ's 10.35% return. Over the past 10 years, PBP has underperformed CCJ with an annualized return of 7.09%, while CCJ has yielded a comparatively higher 25.74% 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%

CCJ

• 1D: 2.01%
• 1M: -12.51%
• YTD: 10.35%
• 6M: 10.35%
• 1Y: 52.94%
• 3Y*: 47.60%
• 5Y*: 36.72%
• 10Y*: 25.74%

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

PBP vs. CCJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
CCJ Cameco Corporation	10.35%	78.38%	19.47%	90.49%	4.35%	63.19%	51.47%	-21.08%	23.58%	-8.20%

Correlation

The correlation between PBP and CCJ is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (5Y) Calculated over the trailing 5-year period	0.38
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Dec 20, 2007	0.41

Return for Risk

PBP vs. CCJ — Risk / Return Rank

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

PBP

PBP Risk / Return Rank: 85
PBP Sharpe Ratio Rank: 85
PBP Sortino Ratio Rank: 87
PBP Omega Ratio Rank: 91
PBP Calmar Ratio Rank: 73
PBP Martin Ratio Rank: 88

CCJ

CCJ Risk / Return Rank: 72
CCJ Sharpe Ratio Rank: 73
CCJ Sortino Ratio Rank: 71
CCJ Omega Ratio Rank: 69
CCJ Calmar Ratio Rank: 75
CCJ Martin Ratio Rank: 75

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. CCJ - Risk-Adjusted Trends Comparison

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

	PBP	CCJ	Difference
Sharpe ratio: Return per unit of total volatility	2.40	0.96	+1.43
Sortino ratio: Return per unit of downside risk	3.44	1.68	+1.76
Omega ratio: Gain probability vs. loss probability	1.52	1.20	+0.32
Calmar ratio: Return relative to maximum drawdown	3.26	1.83	+1.43
Martin ratio: Return relative to average drawdown	16.95	4.43	+12.52

PBP vs. CCJ - Sharpe Ratio Comparison

The current PBP Sharpe Ratio is 2.40, which is higher than the CCJ Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of PBP and CCJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PBP vs. CCJ - Drawdown Comparison

The maximum PBP drawdown since its inception was -43.43%, smaller than the maximum CCJ drawdown of -87.53%. Use the drawdown chart below to compare losses from any high point for PBP and CCJ.

Drawdown Indicators

	PBP	CCJ	Difference
Max Drawdown Largest peak-to-trough decline	-43.43%	-87.53%	+44.10%
Max Drawdown (1Y) Largest decline over 1 year	-5.22%	-29.13%	+23.91%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-40.01%	+24.59%
Max Drawdown (5Y) Largest decline over 5 years	-18.61%	-40.01%	+21.40%
Max Drawdown (10Y) Largest decline over 10 years	-33.31%	-57.22%	+23.91%
Current Drawdown Current decline from peak	-0.57%	-24.71%	+24.14%
Average Drawdown Average peak-to-trough decline	-6.68%	-46.07%	+39.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	11.99%	-10.99%

Volatility

PBP vs. CCJ - Volatility Comparison

The current volatility for Invesco S&P 500 BuyWrite ETF (PBP) is 2.14%, while Cameco Corporation (CCJ) has a volatility of 17.90%. This indicates that PBP experiences smaller price fluctuations and is considered to be less risky than CCJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBP	CCJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.14%	17.90%	-15.76%
Volatility (6M) Calculated over the trailing 6-month period	5.84%	39.91%	-34.07%
Volatility (1Y) Calculated over the trailing 1-year period	7.10%	55.17%	-48.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.88%	50.01%	-38.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.67%	46.75%	-33.08%

Dividends

PBP vs. CCJ - Dividend Comparison

PBP's dividend yield for the trailing twelve months is around 11.20%, more than CCJ's 0.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CCJ Cameco Corporation	0.17%	0.19%	0.22%	0.20%	0.39%	0.29%	0.46%	0.67%	0.53%	4.33%	3.82%	3.24%
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

Can I hold both PBP and CCJ in my portfolio?

PBP and CCJ have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PBP or CCJ?

CCJ has higher volatility (17.90%) compared to PBP (2.14%). In terms of maximum drawdown, PBP dropped -43.43% vs CCJ's -87.53%.

Which has better risk-adjusted returns?

PBP currently has the higher Sharpe Ratio (2.40 vs 0.96), 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.