PBP vs. FYEE

Last updated Apr 2, 2026

Compare and contrast key facts about Invesco S&P 500 BuyWrite ETF (PBP) and Fidelity Yield Enhanced Equity ETF (FYEE).

PBP and FYEE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PBP is a passively managed fund by Invesco that tracks the performance of the Cboe S&P 500 BuyWrite Index. It was launched on Dec 20, 2007. FYEE is an actively managed fund by Fidelity. It was launched on Apr 9, 2024.

Performance

PBP vs. FYEE - Performance Comparison

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

PBP vs. FYEE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PBP Invesco S&P 500 BuyWrite ETF	-0.63%	8.49%	13.16%
FYEE Fidelity Yield Enhanced Equity ETF	-2.09%	15.76%	13.20%

Returns By Period

In the year-to-date period, PBP achieves a -0.63% return, which is significantly higher than FYEE's -2.09% return.

PBP

• 1D: 0.41%
• 1M: -2.60%
• YTD: -0.63%
• 6M: 5.67%
• 1Y: 11.15%
• 3Y*: 10.89%
• 5Y*: 7.57%
• 10Y*: 6.74%

FYEE

• 1D: 0.48%
• 1M: -3.24%
• YTD: -2.09%
• 6M: 2.22%
• 1Y: 17.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBP vs. FYEE - Expense Ratio Comparison

PBP has a 0.29% expense ratio, which is higher than FYEE's 0.28% expense ratio.

PBP

Invesco S&P 500 BuyWrite ETF

FYEE

Fidelity Yield Enhanced Equity ETF

Return for Risk

PBP vs. FYEE — Risk / Return Rank

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

PBP

PBP Risk / Return Rank: 50
PBP Sharpe Ratio Rank: 40
PBP Sortino Ratio Rank: 43
PBP Omega Ratio Rank: 64
PBP Calmar Ratio Rank: 42
PBP Martin Ratio Rank: 62

FYEE

FYEE Risk / Return Rank: 64
FYEE Sharpe Ratio Rank: 60
FYEE Sortino Ratio Rank: 60
FYEE Omega Ratio Rank: 72
FYEE Calmar Ratio Rank: 56
FYEE Martin Ratio Rank: 73

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. FYEE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 BuyWrite ETF (PBP) and Fidelity Yield Enhanced Equity ETF (FYEE). 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.

	PBP	FYEE	Difference
Sharpe ratio Return per unit of total volatility	0.79	1.10	-0.31
Sortino ratio Return per unit of downside risk	1.25	1.60	-0.35
Omega ratio Gain probability vs. loss probability	1.24	1.28	-0.03
Calmar ratio Return relative to maximum drawdown	1.15	1.52	-0.37
Martin ratio Return relative to average drawdown	6.53	7.97	-1.44
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. FYEE - Sharpe Ratio Comparison

The current PBP Sharpe Ratio is 0.79, which is comparable to the FYEE Sharpe Ratio of 1.10. The chart below compares the historical Sharpe Ratios of PBP and FYEE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PBP	FYEE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.79	1.10	-0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.95	-0.62

Correlation

The correlation between PBP and FYEE is 0.77, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

PBP vs. FYEE - Dividend Comparison

PBP's dividend yield for the trailing twelve months is around 11.58%, more than FYEE's 8.27% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBP Invesco S&P 500 BuyWrite ETF	11.58%	11.12%	9.36%	3.35%	1.33%	6.21%	1.41%	5.04%	2.59%	10.86%	2.56%	6.19%
FYEE Fidelity Yield Enhanced Equity ETF	8.27%	7.08%	5.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

PBP vs. FYEE - Drawdown Comparison

The maximum PBP drawdown since its inception was -43.43%, which is greater than FYEE's maximum drawdown of -18.79%. Use the drawdown chart below to compare losses from any high point for PBP and FYEE.

Drawdown Indicators

	PBP	FYEE	Difference
Max Drawdown Largest peak-to-trough decline	-43.43%	-18.79%	-24.64%
Max Drawdown (1Y) Largest decline over 1 year	-10.20%	-11.60%	+1.40%
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	-2.89%	-4.26%	+1.37%
Average Drawdown Average peak-to-trough decline	-6.75%	-2.40%	-4.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	2.21%	-0.41%

Volatility

PBP vs. FYEE - Volatility Comparison

The current volatility for Invesco S&P 500 BuyWrite ETF (PBP) is 4.10%, while Fidelity Yield Enhanced Equity ETF (FYEE) has a volatility of 4.93%. This indicates that PBP experiences smaller price fluctuations and is considered to be less risky than FYEE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBP	FYEE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	4.93%	-0.83%
Volatility (6M) Calculated over the trailing 6-month period	5.98%	8.49%	-2.51%
Volatility (1Y) Calculated over the trailing 1-year period	14.26%	15.88%	-1.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.95%	14.31%	-2.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.68%	14.31%	-0.63%