PBP vs. JEPQ

Last updated Jun 23, 2026

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 11.87%/yr vs 20.80%/yr for JEPQ. A 0.75 correlation means they provide meaningful diversification when combined. 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.

Returns By Period

In the year-to-date period, PBP achieves a 5.07% return, which is significantly lower than JEPQ's 10.59% return.

PBP

• 1D: -0.18%
• 1M: 0.92%
• YTD: 5.07%
• 6M: 5.25%
• 1Y: 17.59%
• 3Y*: 11.87%
• 5Y*: 7.94%
• 10Y*: 7.25%

JEPQ

• 1D: 0.07%
• 1M: 2.89%
• YTD: 10.59%
• 6M: 10.22%
• 1Y: 29.42%
• 3Y*: 20.80%
• 5Y*: —
• 10Y*: —

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

PBP vs. JEPQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PBP Invesco S&P 500 BuyWrite ETF	5.07%	8.49%	19.83%	11.59%	-9.03%
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	10.59%	15.18%	24.85%	36.28%	-11.16%

Correlation

The correlation between PBP and JEPQ 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 (3Y) Calculated over the trailing 3-year period	0.74
Correlation (All Time) Calculated using the full available price history since May 4, 2022	0.75

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

PBP vs. JEPQ - Sectors Allocation Comparison

Sectors	PBP	JEPQ
Technology	39.0%	58.9%
Financial Services	11.1%	0.3%
Communication Services	10.6%	13.9%
Consumer Cyclical	9.9%	11.8%
Healthcare	8.3%	3.9%
Industrials	7.8%	2.8%
Consumer Defensive	4.5%	6.0%
Energy	3.1%	0.3%
Utilities	2.1%	1.1%
Real Estate	1.8%	0.2%
Basic Materials	1.7%	0.9%

Return for Risk

PBP vs. JEPQ — 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: 84
PBP Omega Ratio Rank: 89
PBP Calmar Ratio Rank: 70
PBP Martin Ratio Rank: 86

JEPQ

JEPQ Risk / Return Rank: 75
JEPQ Sharpe Ratio Rank: 75
JEPQ Sortino Ratio Rank: 70
JEPQ Omega Ratio Rank: 80
JEPQ Calmar Ratio Rank: 69
JEPQ 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. 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.

	PBP	JEPQ	Difference
Sharpe ratio: Return per unit of total volatility	2.48	2.30	+0.17
Sortino ratio: Return per unit of downside risk	3.58	3.05	+0.52
Omega ratio: Gain probability vs. loss probability	1.54	1.46	+0.08
Calmar ratio: Return relative to maximum drawdown	3.38	3.35	+0.03
Martin ratio: Return relative to average drawdown	17.60	15.94	+1.66

PBP vs. JEPQ - Sharpe Ratio Comparison

The current PBP Sharpe Ratio is 2.48, which is comparable to the JEPQ Sharpe Ratio of 2.30. 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.

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.

Drawdown Indicators

	PBP	JEPQ	Difference
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	-0.40%	0.00%	-0.40%
Average Drawdown Average peak-to-trough decline	-6.68%	-3.40%	-3.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	1.85%	-0.85%

Volatility

PBP vs. JEPQ - Volatility Comparison

The current volatility for Invesco S&P 500 BuyWrite ETF (PBP) is 2.30%, while JPMorgan Nasdaq Equity Premium Income ETF (JEPQ) has a volatility of 5.68%. 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.

Volatility by Period

	PBP	JEPQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.30%	5.68%	-3.38%
Volatility (6M) Calculated over the trailing 6-month period	5.93%	10.33%	-4.40%
Volatility (1Y) Calculated over the trailing 1-year period	7.15%	12.85%	-5.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.88%	16.75%	-4.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.68%	16.75%	-3.07%

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 12.26%, more than JEPQ's 9.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JEPQ JPMorgan Nasdaq Equity Premium Income ETF	9.97%	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	11.29%	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 JEPQ in my portfolio?

PBP and JEPQ 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 JEPQ?

JEPQ has higher volatility (5.68%) compared to PBP (2.30%). In terms of maximum drawdown, PBP dropped -43.43% vs JEPQ's -20.07%.

Which ETF is better, PBP or JEPQ?

On 3-year performance, JEPQ leads with 20.80% vs 11.87% for PBP. On fees, PBP is cheaper at 0.29% per year. On volatility, PBP has been the lower-risk option at 2.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBP or JEPQ?

Over the 3-year period, JEPQ has performed better with a 20.80% return vs 11.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBP or JEPQ?

PBP is cheaper with a 0.29% expense ratio, compared with 0.35% for JEPQ.

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

PBP has the higher dividend yield at 12.26%, compared with 9.97% for JEPQ.

What is the main difference between PBP and 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.

Which has better risk-adjusted returns?

PBP currently has the higher Sharpe Ratio (2.48 vs 2.30), 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.