PBP vs. JNK

Last updated Jun 4, 2026

PBP (Invesco S&P 500 BuyWrite ETF) and JNK (SPDR Barclays High Yield Bond ETF) are both exchange-traded funds - PBP is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index, while JNK is a High Yield Bonds fund tracking the Barclays Capital High Yield Very Liquid Index. Both are passively managed. Over the past 10 years, PBP returned 7.14%/yr vs 5.01%/yr for JNK. A 0.53 correlation means they provide meaningful diversification when combined. PBP charges 0.29%/yr vs 0.40%/yr for JNK.

Performance

PBP vs. JNK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 BuyWrite ETF (PBP) and SPDR Barclays High Yield Bond ETF (JNK). 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 higher than JNK's 1.51% return. Over the past 10 years, PBP has outperformed JNK with an annualized return of 7.14%, while JNK has yielded a comparatively lower 5.01% annualized 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%

JNK

• 1D: -0.22%
• 1M: 0.44%
• YTD: 1.51%
• 6M: 1.97%
• 1Y: 7.24%
• 3Y*: 8.63%
• 5Y*: 3.68%
• 10Y*: 5.01%

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

PBP vs. JNK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PBP Invesco S&P 500 BuyWrite ETF	4.90%	8.49%	19.83%	11.59%	-11.82%	19.97%	-3.31%	14.60%	-5.57%	11.98%
JNK SPDR Barclays High Yield Bond ETF	1.51%	8.76%	7.71%	12.42%	-12.19%	4.00%	4.95%	14.88%	-3.28%	6.49%

Correlation

The correlation between PBP and JNK is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Dec 21, 2007	0.53

The correlation between PBP and JNK has been stable across timeframes, ranging from 0.53 to 0.59 - a consistent structural relationship.

PBP vs. JNK - Sectors Allocation Comparison

Sectors	PBP	JNK
Technology	39.5%	0.0%
Financial Services	11.4%	-
Communication Services	10.9%	-
Consumer Cyclical	10.2%	-
Healthcare	8.6%	-
Industrials	7.8%	-
Consumer Defensive	4.7%	-
Energy	3.3%	0.0%
Utilities	2.6%	-
Real Estate	1.8%	-
Basic Materials	1.8%	-

Return for Risk

PBP vs. JNK — 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

JNK

JNK Risk / Return Rank: 60
JNK Sharpe Ratio Rank: 55
JNK Sortino Ratio Rank: 60
JNK Omega Ratio Rank: 58
JNK Calmar Ratio Rank: 58
JNK Martin Ratio Rank: 68

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. JNK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 BuyWrite ETF (PBP) and SPDR Barclays High Yield Bond ETF (JNK). 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	JNK	Difference
Sharpe ratio: Return per unit of total volatility	2.68	1.90	+0.77
Sortino ratio: Return per unit of downside risk	3.86	2.89	+0.97
Omega ratio: Gain probability vs. loss probability	1.60	1.36	+0.23
Calmar ratio: Return relative to maximum drawdown	3.52	2.90	+0.62
Martin ratio: Return relative to average drawdown	18.66	12.79	+5.87
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. JNK - Sharpe Ratio Comparison

The current PBP Sharpe Ratio is 2.68, which is higher than the JNK Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of PBP and JNK, 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	JNK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.68	1.90	+0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.49	+0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.60	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.42	-0.08

Drawdowns

PBP vs. JNK - Drawdown Comparison

The maximum PBP drawdown since its inception was -43.43%, which is greater than JNK's maximum drawdown of -38.48%. Use the drawdown chart below to compare losses from any high point for PBP and JNK.

Drawdown Indicators

	PBP	JNK	Difference
Max Drawdown Largest peak-to-trough decline	-43.43%	-38.48%	-4.95%
Max Drawdown (1Y) Largest decline over 1 year	-5.22%	-2.51%	-2.71%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-5.02%	-10.40%
Max Drawdown (5Y) Largest decline over 5 years	-18.61%	-16.67%	-1.94%
Max Drawdown (10Y) Largest decline over 10 years	-33.31%	-22.89%	-10.42%
Current Drawdown Current decline from peak	-0.17%	-0.26%	+0.09%
Average Drawdown Average peak-to-trough decline	-6.69%	-3.70%	-2.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	0.57%	+0.41%

Volatility

PBP vs. JNK - Volatility Comparison

The current volatility for Invesco S&P 500 BuyWrite ETF (PBP) is 0.93%, while SPDR Barclays High Yield Bond ETF (JNK) has a volatility of 1.13%. This indicates that PBP experiences smaller price fluctuations and is considered to be less risky than JNK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBP	JNK	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.93%	1.13%	-0.20%
Volatility (6M) Calculated over the trailing 6-month period	5.53%	2.97%	+2.56%
Volatility (1Y) Calculated over the trailing 1-year period	6.87%	3.82%	+3.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.86%	7.54%	+4.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.66%	8.31%	+5.35%

PBP vs. JNK - Expense Ratio Comparison

PBP has a 0.29% expense ratio, which is lower than JNK's 0.40% expense ratio.

Dividends

PBP vs. JNK - Dividend Comparison

PBP's dividend yield for the trailing twelve months is around 11.16%, more than JNK's 6.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JNK SPDR Barclays High Yield Bond ETF	6.62%	6.54%	6.63%	6.38%	6.06%	4.27%	5.11%	5.44%	5.90%	5.60%	6.06%	6.59%
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 JNK in my portfolio?

PBP and JNK have a correlation of 0.59, 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 JNK?

JNK has higher volatility (1.13%) compared to PBP (0.93%). In terms of maximum drawdown, PBP dropped -43.43% vs JNK's -38.48%.

Which ETF is better, PBP or JNK?

On 10-year performance, PBP leads with 7.14% vs 5.01% for JNK. On fees, PBP is cheaper at 0.29% per year. 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 JNK?

Over the 10-year period, PBP has performed better with a 7.14% return vs 5.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBP or JNK?

PBP is cheaper with a 0.29% expense ratio, compared with 0.40% for JNK.

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

PBP has the higher dividend yield at 11.16%, compared with 6.62% for JNK.

What is the main difference between PBP and JNK?

PBP is categorized as Derivative Income, while JNK is High Yield Bonds. PBP tracks Cboe S&P 500 BuyWrite Index, while JNK tracks Barclays Capital High Yield Very Liquid Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.29% for PBP and 0.40% for JNK.

Which has better risk-adjusted returns?

PBP currently has the higher Sharpe Ratio (2.68 vs 1.90), 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.