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PBP vs. JEPQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PBP vs. JEPQ

Last updated Aug 2, 2026
Documentation

PBP (Invesco S&P 500 BuyWrite ETF) and JEPQ (JPMorgan Nasdaq Equity Premium Income ETF) are both exchange-traded funds - PBP is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index, while JEPQ is a Nasdaq-100 fund tracking the Nasdaq-100 Index. Both are passively managed. Over the past 3 years, PBP returned 11.92%/yr vs 17.49%/yr for JEPQ. Their 0.74 correlation means they have sometimes moved together and sometimes differently. PBP charges 0.29%/yr vs 0.35%/yr for JEPQ.

Performance

PBP vs. JEPQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 BuyWrite ETF (PBP) and JPMorgan Nasdaq Equity Premium Income ETF (JEPQ). 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 JEPQ's 6.05% 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%

JEPQ

1D
0.57%
1M
-1.92%
6M
3.71%
YTD
6.05%
1Y
19.59%
3Y*
17.49%
5Y*
—
10Y*
—
ALL TIME*
15.56%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

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

JEPQ

JPMorgan Nasdaq Equity Premium Income ETF
$439.89M$417.31M$422.49M

PBP

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

PBP vs. JEPQ - Yearly Performance Comparison

2026 (YTD)2025202420232022
PBP
Invesco S&P 500 BuyWrite ETF		7.80%8.49%19.83%11.59%-9.03%
JEPQ
JPMorgan Nasdaq Equity Premium Income ETF		6.05%15.18%24.85%36.28%-11.16%

Correlation

The correlation between PBP and JEPQ is 0.78, 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.

0.78

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

0.74

Correlation (All Time)
Calculated using the full available price history since May 4, 2022

0.74

The correlation between PBP and JEPQ has been stable across timeframes, ranging from 0.74 to 0.78 - a consistent structural relationship.

PBP vs. JEPQ - Sectors Allocation Comparison

Sectors
PBP
JEPQ

Technology

38.5%
60.6%

Financial Services

12.2%
0.3%

Communication Services

9.3%
12.8%

Healthcare

9.1%
4.0%

Consumer Cyclical

8.8%
11.1%

Industrials

7.7%
3.0%

Consumer Defensive

4.6%
5.8%

Energy

3.4%
0.3%

Utilities

2.7%
1.0%

Real Estate

1.9%
0.2%

Basic Materials

1.8%
0.9%

Technology

PBP
38.5%
JEPQ
60.6%

Financial Services

PBP
12.2%
JEPQ
0.3%

Communication Services

PBP
9.3%
JEPQ
12.8%

Healthcare

PBP
9.1%
JEPQ
4.0%

Consumer Cyclical

PBP
8.8%
JEPQ
11.1%

Industrials

PBP
7.7%
JEPQ
3.0%

Consumer Defensive

PBP
4.6%
JEPQ
5.8%

Energy

PBP
3.4%
JEPQ
0.3%

Utilities

PBP
2.7%
JEPQ
1.0%

Real Estate

PBP
1.9%
JEPQ
0.2%

Basic Materials

PBP
1.8%
JEPQ
0.9%

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 Nasdaq Equity Premium Income ETF

Often compared with PBP:
PBP vs. SPYPBP vs. XYLDPBP vs. JEPIPBP vs. VOOPBP vs. FTHIPBP vs. SCHDPBP vs. QYLD
Often compared with JEPQ:
JEPQ vs. JEPIJEPQ vs. QQQIJEPQ vs. QQQJEPQ vs. SCHDJEPQ vs. QYLDJEPQ vs. GPIQJEPQ vs. SPYI

Return for Risk

PBP vs. JEPQ — 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
JEPQ
JEPQ Risk / Return Rank: 5555
Overall Rank
JEPQ Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
JEPQ Sortino Ratio Rank: 4848
Sortino Ratio Rank
JEPQ Omega Ratio Rank: 5252
Omega Ratio Rank
JEPQ Calmar Ratio Rank: 5858
Calmar Ratio Rank
JEPQ Martin Ratio Rank: 6868
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. JEPQ - Risk-Adjusted Trends Comparison

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

PBPJEPQDifference
Sharpe ratioReturn per unit of total volatility
2.42
1.22

+1.21

Sortino ratioReturn per unit of downside risk
3.49
1.72

+1.77

Omega ratioGain probability vs. loss probability

1.51

1.23

+0.28

Calmar ratioReturn relative to maximum drawdown

3.45

2.02

+1.42

Martin ratioReturn relative to average drawdown

17.72

8.30

+9.42

PBP vs. JEPQ - Sharpe Ratio Comparison

The current PBP Sharpe Ratio is 2.42, which is higher than the JEPQ Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of PBP and JEPQ, 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. JEPQ - Drawdown Comparison

The maximum PBP drawdown since its inception was -43.43%, which is greater than JEPQ's maximum drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for PBP and JEPQ.

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Drawdown Indicators

PBPJEPQDifference

Max Drawdown

Largest peak-to-trough decline

-43.43%

-20.07%

-23.36%

Max Drawdown (1Y)

Largest decline over 1 year

-5.22%

-8.82%

+3.60%

Max Drawdown (3Y)

Largest decline over 3 years

-15.42%

-20.07%

+4.65%

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

0.00%

-4.23%

+4.23%

Average Drawdown

Average peak-to-trough decline

-6.64%

-3.38%

-3.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.02%

2.14%

-1.12%

Volatility

PBP vs. JEPQ - Volatility Comparison

The current volatility for Invesco S&P 500 BuyWrite ETF (PBP) is 2.15%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 6.09%. This indicates that PBP experiences smaller price fluctuations and is considered to be less risky than JEPQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PBPJEPQDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.15%

6.09%

-3.94%

Volatility (6M)

Calculated over the trailing 6-month period

6.10%

12.15%

-6.05%

Volatility (1Y)

Calculated over the trailing 1-year period

7.43%

14.65%

-7.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.85%

16.90%

-5.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.66%

16.90%

-3.24%

PBP vs. JEPQ - Expense Ratio Comparison

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

Dividends

PBP vs. JEPQ - Dividend Comparison

PBP's dividend yield for the trailing twelve months is around 11.39%, more than JEPQ's 10.75% yield.

PositionTTM20252024202320222021202020192018201720162015
JEPQ
JPMorgan Nasdaq Equity Premium Income ETF		9.99%10.53%9.65%10.03%9.44%0.00%0.00%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 JEPQ have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

JEPQ has higher volatility (6.09%) compared to PBP (2.15%). In terms of maximum drawdown, PBP dropped -43.43% vs JEPQ's -20.07%.

On 3-year performance, JEPQ leads with 17.49% vs 11.92% for PBP. 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 3-year period, JEPQ has performed better with a 17.49% return vs 11.92%. 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 JEPQ.

PBP has the higher dividend yield at 11.39%, compared with 9.99% for JEPQ.

PBP is categorized as Derivative Income, while JEPQ is Nasdaq-100. PBP tracks Cboe S&P 500 BuyWrite Index, while JEPQ tracks Nasdaq-100 Index. They also come from different issuers: Invesco and JPMorgan. Their fees differ too: 0.29% for PBP and 0.35% for JEPQ.

PBP currently has the higher Sharpe Ratio (2.42 vs 1.22), 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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