PBP vs. GPIX

Last updated Jun 4, 2026

PBP (Invesco S&P 500 BuyWrite ETF) and GPIX (Goldman Sachs S&P 500 Premium Income ETF) are both Derivative Income funds. PBP is passively managed, while GPIX is actively managed. Over the past year, PBP returned 18.32% vs 25.55% for GPIX. A 0.74 correlation means they provide meaningful diversification when combined. Both charge a 0.29% expense ratio.

Performance

PBP vs. GPIX - Performance Comparison

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

Returns By Period

In the year-to-date period, PBP achieves a 4.90% return, which is significantly lower than GPIX's 9.91% 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%

GPIX

• 1D: -0.48%
• 1M: 4.27%
• YTD: 9.91%
• 6M: 10.34%
• 1Y: 25.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBP vs. GPIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PBP Invesco S&P 500 BuyWrite ETF	4.90%	8.49%	19.83%	6.29%
GPIX Goldman Sachs S&P 500 Premium Income ETF	9.91%	16.25%	21.77%	13.45%

Correlation

The correlation between PBP and GPIX is 0.76, 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	0.76
Correlation (All Time) Calculated using the full available price history since Oct 27, 2023	0.74

The correlation between PBP and GPIX has been stable across timeframes, ranging from 0.74 to 0.76 - a consistent structural relationship.

PBP vs. GPIX - Sectors Allocation Comparison

Sectors	PBP	GPIX
Technology	39.5%	35.5%
Financial Services	11.4%	11.6%
Communication Services	10.9%	11.5%
Consumer Cyclical	10.2%	10.1%
Healthcare	8.6%	8.4%
Industrials	7.8%	8.4%
Consumer Defensive	4.7%	4.9%
Energy	3.3%	3.5%
Utilities	2.6%	2.4%
Real Estate	1.8%	2.0%
Basic Materials	1.8%	1.8%

Return for Risk

PBP vs. GPIX — Risk / Return Rank

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

PBP

PBP Risk / Return Rank: 82
PBP Sharpe Ratio Rank: 81
PBP Sortino Ratio Rank: 85
PBP Omega Ratio Rank: 90
PBP Calmar Ratio Rank: 70
PBP Martin Ratio Rank: 86

GPIX

GPIX Risk / Return Rank: 75
GPIX Sharpe Ratio Rank: 76
GPIX Sortino Ratio Rank: 75
GPIX Omega Ratio Rank: 79
GPIX Calmar Ratio Rank: 66
GPIX Martin Ratio Rank: 82

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. GPIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 BuyWrite ETF (PBP) and Goldman Sachs S&P 500 Premium Income ETF (GPIX). 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	GPIX	Difference
Sharpe ratio: Return per unit of total volatility	2.68	2.52	+0.15
Sortino ratio: Return per unit of downside risk	3.86	3.48	+0.38
Omega ratio: Gain probability vs. loss probability	1.60	1.48	+0.11
Calmar ratio: Return relative to maximum drawdown	3.52	3.33	+0.19
Martin ratio: Return relative to average drawdown	18.66	16.77	+1.89
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. GPIX - Sharpe Ratio Comparison

The current PBP Sharpe Ratio is 2.68, which is comparable to the GPIX Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of PBP and GPIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PBP	GPIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.68	2.52	+0.15
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	1.78	-1.44

Drawdowns

PBP vs. GPIX - Drawdown Comparison

The maximum PBP drawdown since its inception was -43.43%, which is greater than GPIX's maximum drawdown of -17.50%. Use the drawdown chart below to compare losses from any high point for PBP and GPIX.

Drawdown Indicators

	PBP	GPIX	Difference
Max Drawdown Largest peak-to-trough decline	-43.43%	-17.50%	-25.93%
Max Drawdown (1Y) Largest decline over 1 year	-5.22%	-7.71%	+2.49%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	—	—
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%	-0.48%	+0.31%
Average Drawdown Average peak-to-trough decline	-6.69%	-1.48%	-5.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	1.53%	-0.55%

Volatility

PBP vs. GPIX - Volatility Comparison

The current volatility for Invesco S&P 500 BuyWrite ETF (PBP) is 0.93%, while Goldman Sachs S&P 500 Premium Income ETF (GPIX) has a volatility of 2.26%. This indicates that PBP experiences smaller price fluctuations and is considered to be less risky than GPIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBP	GPIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	2.26%	-1.33%
Volatility (6M) Calculated over the trailing 6-month period	5.53%	7.89%	-2.36%
Volatility (1Y) Calculated over the trailing 1-year period	6.87%	10.17%	-3.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.86%	13.80%	-1.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.66%	13.80%	-0.14%

PBP vs. GPIX - Expense Ratio Comparison

Both PBP and GPIX have an expense ratio of 0.29%.

Dividends

PBP vs. GPIX - Dividend Comparison

PBP's dividend yield for the trailing twelve months is around 11.16%, more than GPIX's 8.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GPIX Goldman Sachs S&P 500 Premium Income ETF	8.00%	8.01%	7.45%	1.40%	0.00%	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

Can I hold both PBP and GPIX in my portfolio?

PBP and GPIX have a correlation of 0.76, 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 GPIX?

GPIX has higher volatility (2.26%) compared to PBP (0.93%). In terms of maximum drawdown, PBP dropped -43.43% vs GPIX's -17.50%.

Which ETF is better, PBP or GPIX?

On 1-year performance, GPIX leads with 25.55% vs 18.32% for PBP. Both ETFs have the same 0.29% expense ratio. On volatility, PBP has been the lower-risk option at 0.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBP or GPIX?

Over the 1-year period, GPIX has performed better with a 25.55% return vs 18.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBP or GPIX?

PBP and GPIX have the same expense ratio: 0.29% per year.

Which ETF pays a higher dividend yield, PBP or GPIX?

PBP has the higher dividend yield at 11.16%, compared with 8.00% for GPIX.

What is the main difference between PBP and GPIX?

They also come from different issuers: Invesco and Goldman Sachs.

Which has better risk-adjusted returns?

PBP currently has the higher Sharpe Ratio (2.68 vs 2.52), 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.