PBP vs. FTHI
PBP (Invesco S&P 500 BuyWrite ETF) and FTHI (First Trust BuyWrite Income ETF) are both Derivative Income funds. PBP is passively managed, while FTHI is actively managed. Over the past 10 years, PBP returned 7.18%/yr vs 8.66%/yr for FTHI. A 0.59 correlation means they provide meaningful diversification when combined. PBP charges 0.29%/yr vs 0.85%/yr for FTHI.
Performance
PBP vs. FTHI - Performance Comparison
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Returns By Period
In the year-to-date period, PBP achieves a 4.40% return, which is significantly lower than FTHI's 4.88% return. Over the past 10 years, PBP has underperformed FTHI with an annualized return of 7.18%, while FTHI has yielded a comparatively higher 8.66% annualized return.
PBP
- 1D
- -0.63%
- 1M
- 0.27%
- YTD
- 4.40%
- 6M
- 4.40%
- 1Y
- 16.57%
- 3Y*
- 11.64%
- 5Y*
- 7.58%
- 10Y*
- 7.18%
FTHI
- 1D
- -0.71%
- 1M
- -0.04%
- YTD
- 4.88%
- 6M
- 4.13%
- 1Y
- 15.40%
- 3Y*
- 14.28%
- 5Y*
- 10.33%
- 10Y*
- 8.66%
PBP vs. FTHI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PBP Invesco S&P 500 BuyWrite ETF | 4.40% | 8.49% | 19.83% | 11.59% | -11.82% | 19.97% | -3.31% | 14.60% | -5.57% | 11.98% |
FTHI First Trust BuyWrite Income ETF | 4.88% | 11.03% | 19.02% | 20.72% | -4.37% | 13.95% | -7.13% | 18.16% | -9.72% | 14.41% |
Correlation
The correlation between PBP and FTHI is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.73 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Jan 7, 2014 | 0.59 |
The correlation between PBP and FTHI shifts across timeframes, from 0.59 (all time) to 0.74 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
PBP vs. FTHI — Risk / Return Rank
PBP
FTHI
PBP vs. FTHI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 BuyWrite ETF (PBP) and First Trust BuyWrite Income ETF (FTHI). 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 | FTHI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +0.90 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.32 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 3.19 | 2.83 | +0.36 |
| Martin ratioReturn relative to average drawdown | 16.54 | 12.09 | +4.45 |
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Drawdowns
PBP vs. FTHI - Drawdown Comparison
The maximum PBP drawdown since its inception was -43.43%, which is greater than FTHI's maximum drawdown of -32.65%. Use the drawdown chart below to compare losses from any high point for PBP and FTHI.
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Drawdown Indicators
| PBP | FTHI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.43% | -32.65% | -10.78% |
Max Drawdown (1Y)Largest decline over 1 year | -5.22% | -5.47% | +0.25% |
Max Drawdown (3Y)Largest decline over 3 years | -15.42% | -15.92% | +0.50% |
Max Drawdown (5Y)Largest decline over 5 years | -18.61% | -16.70% | -1.91% |
Max Drawdown (10Y)Largest decline over 10 years | -33.31% | -32.65% | -0.66% |
Current DrawdownCurrent decline from peak | -1.03% | -0.71% | -0.32% |
Average DrawdownAverage peak-to-trough decline | -6.68% | -3.67% | -3.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.00% | 1.28% | -0.28% |
Volatility
PBP vs. FTHI - Volatility Comparison
The current volatility for Invesco S&P 500 BuyWrite ETF (PBP) is 2.37%, while First Trust BuyWrite Income ETF (FTHI) has a volatility of 2.70%. This indicates that PBP experiences smaller price fluctuations and is considered to be less risky than FTHI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBP | FTHI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.37% | 2.70% | -0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 5.97% | 7.32% | -1.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.17% | 9.08% | -1.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.88% | 13.43% | -1.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.67% | 14.29% | -0.62% |
PBP vs. FTHI - Expense Ratio Comparison
PBP has a 0.29% expense ratio, which is lower than FTHI's 0.85% expense ratio.
Dividends
PBP vs. FTHI - Dividend Comparison
PBP's dividend yield for the trailing twelve months is around 11.36%, more than FTHI's 8.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTHI First Trust BuyWrite Income ETF | 8.72% | 8.70% | 8.61% | 8.50% | 9.06% | 4.37% | 4.76% | 4.21% | 4.76% | 4.00% | 4.41% | 4.98% |
PBP Invesco S&P 500 BuyWrite ETF | 11.36% | 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 FTHI have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FTHI has higher volatility (2.70%) compared to PBP (2.37%). In terms of maximum drawdown, PBP dropped -43.43% vs FTHI's -32.65%.
On 10-year performance, FTHI leads with 8.66% vs 7.18% for PBP. On fees, PBP is cheaper at 0.29% per year. On volatility, PBP has been the lower-risk option at 2.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FTHI has performed better with a 8.66% return vs 7.18%. 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 0.85% for FTHI.
PBP has the higher dividend yield at 11.36%, compared with 8.72% for FTHI.
They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.29% for PBP and 0.85% for FTHI.
PBP currently has the higher Sharpe Ratio (2.32 vs 1.71), 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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