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PBP vs. JEPI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PBP vs. JEPI

Last updated Aug 2, 2026
Documentation

PBP (Invesco S&P 500 BuyWrite ETF) and JEPI (JPMorgan Equity Premium Income ETF) are both exchange-traded funds - PBP is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index, while JEPI is a Dividend fund actively managed by JPMorgan. PBP is passively managed, while JEPI is actively managed. Over the past 5 years, PBP returned 8.34%/yr vs 7.40%/yr for JEPI. Their 0.64 correlation means they have sometimes moved together and sometimes differently. PBP charges 0.29%/yr vs 0.35%/yr for JEPI.

Performance

PBP vs. JEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 BuyWrite ETF (PBP) and JPMorgan Equity Premium Income ETF (JEPI). 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 7.80% return, which is significantly higher than JEPI's 4.52% return.

PBP

1D
0.22%
1M
1.70%
6M
6.52%
YTD
7.80%
1Y
19.22%
3Y*
11.92%
5Y*
8.34%
10Y*
7.27%
ALL TIME*
5.33%

JEPI

1D
0.33%
1M
1.27%
6M
2.16%
YTD
4.52%
1Y
11.16%
3Y*
9.21%
5Y*
7.40%
10Y*
—
ALL TIME*
11.29%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

JEPI

JPMorgan Equity Premium Income ETF
$260.98M$260.42M$297.70M

PBP

Invesco S&P 500 BuyWrite ETF
$1.16M$1.09M$978.18K

PBP vs. JEPI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
PBP
Invesco S&P 500 BuyWrite ETF		7.80%8.49%19.83%11.59%-11.82%19.97%15.03%
JEPI
JPMorgan Equity Premium Income ETF		4.52%8.09%12.57%9.83%-3.49%21.52%18.39%

Correlation

The correlation between PBP and JEPI is 0.53, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.53

Correlation (3Y)
Balances recent behavior with more history.

0.60

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.67

Correlation (All Time)
Calculated using the full available price history since May 21, 2020

0.64

The correlation between PBP and JEPI shifts across timeframes, from 0.53 (1 year) to 0.67 (5 years), reflecting how their relationship changes across market environments.

PBP vs. JEPI - Sectors Allocation Comparison

Sectors
PBP
JEPI

Technology

38.5%
15.4%

Financial Services

12.2%
8.9%

Communication Services

9.3%
6.1%

Healthcare

9.1%
12.9%

Consumer Cyclical

8.8%
9.8%

Industrials

7.7%
11.2%

Consumer Defensive

4.6%
7.7%

Energy

3.4%
2.6%

Utilities

2.7%
4.9%

Real Estate

1.9%
2.6%

Basic Materials

1.8%
1.6%

Technology

PBP
38.5%
JEPI
15.4%

Financial Services

PBP
12.2%
JEPI
8.9%

Communication Services

PBP
9.3%
JEPI
6.1%

Healthcare

PBP
9.1%
JEPI
12.9%

Consumer Cyclical

PBP
8.8%
JEPI
9.8%

Industrials

PBP
7.7%
JEPI
11.2%

Consumer Defensive

PBP
4.6%
JEPI
7.7%

Energy

PBP
3.4%
JEPI
2.6%

Utilities

PBP
2.7%
JEPI
4.9%

Real Estate

PBP
1.9%
JEPI
2.6%

Basic Materials

PBP
1.8%
JEPI
1.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco S&P 500 BuyWrite ETF

JPMorgan Equity Premium Income ETF

Often compared with PBP:
PBP vs. SPYPBP vs. XYLDPBP vs. VOOPBP vs. FTHIPBP vs. SCHDPBP vs. JEPQPBP vs. QYLD
Often compared with JEPI:
JEPI vs. JEPQJEPI vs. SCHDJEPI vs. SPYJEPI vs. QYLDJEPI vs. SPYIJEPI vs. QQQIJEPI vs. DIVO

Return for Risk

PBP vs. JEPI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
PBP
PBP Risk / Return Rank: 9292
Overall Rank
PBP Sharpe Ratio Rank: 9292
Sharpe Ratio Rank
PBP Sortino Ratio Rank: 9393
Sortino Ratio Rank
PBP Omega Ratio Rank: 9494
Omega Ratio Rank
PBP Calmar Ratio Rank: 8787
Calmar Ratio Rank
PBP Martin Ratio Rank: 9494
Martin Ratio Rank
JEPI
JEPI Risk / Return Rank: 4848
Overall Rank
JEPI Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
JEPI Sortino Ratio Rank: 5353
Sortino Ratio Rank
JEPI Omega Ratio Rank: 5252
Omega Ratio Rank
JEPI Calmar Ratio Rank: 4343
Calmar Ratio Rank
JEPI Martin Ratio Rank: 4141
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PBP vs. JEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 BuyWrite ETF (PBP) and JPMorgan Equity Premium Income ETF (JEPI). 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.

PBPJEPIDifference
Sharpe ratioReturn per unit of total volatility
2.42
1.25

+1.17

Sortino ratioReturn per unit of downside risk
3.49
1.85

+1.65

Omega ratioGain probability vs. loss probability

1.51

1.23

+0.28

Calmar ratioReturn relative to maximum drawdown

3.45

1.52

+1.92

Martin ratioReturn relative to average drawdown

17.72

4.32

+13.40

PBP vs. JEPI - Sharpe Ratio Comparison

The current PBP Sharpe Ratio is 2.42, which is higher than the JEPI Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of PBP and JEPI, 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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Drawdowns

PBP vs. JEPI - Drawdown Comparison

The maximum PBP drawdown since its inception was -43.43%, which is greater than JEPI's maximum drawdown of -13.71%. Use the drawdown chart below to compare losses from any high point for PBP and JEPI.

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Drawdown Indicators

PBPJEPIDifference

Max Drawdown

Largest peak-to-trough decline

-43.43%

-13.71%

-29.72%

Max Drawdown (1Y)

Largest decline over 1 year

-5.22%

-6.68%

+1.46%

Max Drawdown (3Y)

Largest decline over 3 years

-15.42%

-13.26%

-2.16%

Max Drawdown (5Y)

Largest decline over 5 years

-18.61%

-13.71%

-4.90%

Max Drawdown (10Y)

Largest decline over 10 years

-33.31%

—

—

Current Drawdown

Current decline from peak

0.00%

-0.68%

+0.68%

Average Drawdown

Average peak-to-trough decline

-6.64%

-2.13%

-4.51%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.02%

2.36%

-1.34%

Volatility

PBP vs. JEPI - Volatility Comparison

The current volatility for Invesco S&P 500 BuyWrite ETF (PBP) is 2.15%, while JPMorgan Equity Premium Income ETF (JEPI) has a volatility of 2.38%. This indicates that PBP experiences smaller price fluctuations and is considered to be less risky than JEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PBPJEPIDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.15%

2.38%

-0.23%

Volatility (6M)

Calculated over the trailing 6-month period

6.10%

6.37%

-0.27%

Volatility (1Y)

Calculated over the trailing 1-year period

7.43%

8.15%

-0.72%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.85%

11.10%

+0.75%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.66%

10.73%

+2.93%

PBP vs. JEPI - Expense Ratio Comparison

PBP has a 0.29% expense ratio, which is lower than JEPI's 0.35% expense ratio.

Dividends

PBP vs. JEPI - Dividend Comparison

PBP's dividend yield for the trailing twelve months is around 11.39%, more than JEPI's 7.96% yield.

PositionTTM20252024202320222021202020192018201720162015
JEPI
JPMorgan Equity Premium Income ETF		7.34%8.25%7.33%8.40%11.68%6.59%5.79%0.00%0.00%0.00%0.00%0.00%
PBP
Invesco S&P 500 BuyWrite ETF		11.39%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 JEPI have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

JEPI has higher volatility (2.38%) compared to PBP (2.15%). In terms of maximum drawdown, PBP dropped -43.43% vs JEPI's -13.71%.

On 5-year performance, PBP leads with 8.34% vs 7.40% for JEPI. On fees, PBP is cheaper at 0.29% per year. On volatility, PBP has been the lower-risk option at 2.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, PBP has performed better with a 8.34% return vs 7.40%. 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 0.35% for JEPI.

PBP has the higher dividend yield at 11.39%, compared with 7.34% for JEPI.

PBP is categorized as Derivative Income, while JEPI is Dividend. They also come from different issuers: Invesco and JPMorgan. Their fees differ too: 0.29% for PBP and 0.35% for JEPI.

PBP currently has the higher Sharpe Ratio (2.42 vs 1.25), 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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