PBP vs. JNK
PBP (Invesco S&P 500 BuyWrite ETF) and JNK (State Street SPDR Bloomberg 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 Bloomberg High Yield Very Liquid Index. Both are passively managed. Over the past 10 years, PBP returned 7.18%/yr vs 5.04%/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
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Returns By Period
In the year-to-date period, PBP achieves a 4.40% return, which is significantly higher than JNK's 1.78% return. Over the past 10 years, PBP has outperformed JNK with an annualized return of 7.18%, while JNK has yielded a comparatively lower 5.04% annualized return.
PBP
- 1D
- -0.63%
- 1M
- 0.27%
- YTD
- 4.40%
- 6M
- 4.40%
- 1Y
- 16.57%
- 3Y*
- 11.64%
- 5Y*
- 7.58%
- 10Y*
- 7.18%
JNK
- 1D
- -0.05%
- 1M
- 0.54%
- YTD
- 1.78%
- 6M
- 2.01%
- 1Y
- 6.59%
- 3Y*
- 8.91%
- 5Y*
- 3.60%
- 10Y*
- 5.04%
PBP vs. JNK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PBP Invesco S&P 500 BuyWrite ETF | 4.40% | 8.49% | 19.83% | 11.59% | -11.82% | 19.97% | -3.31% | 14.60% | -5.57% | 11.98% |
JNK State Street SPDR Bloomberg High Yield Bond ETF | 1.78% | 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 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Dec 20, 2007 | 0.53 |
The correlation between PBP and JNK has been stable across timeframes, ranging from 0.53 to 0.61 - a consistent structural relationship.
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Return for Risk
PBP vs. JNK — Risk / Return Rank
PBP
JNK
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 State Street SPDR Bloomberg 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.
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 | JNK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.61 | ||
| Sortino ratioReturn per unit of downside risk | +0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.50 | 1.32 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 3.19 | 2.64 | +0.55 |
| Martin ratioReturn relative to average drawdown | 16.54 | 11.58 | +4.96 |
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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.
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Drawdown Indicators
| PBP | JNK | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -1.03% | -0.21% | -0.82% |
Average DrawdownAverage peak-to-trough decline | -6.68% | -3.69% | -2.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.00% | 0.57% | +0.43% |
Volatility
PBP vs. JNK - Volatility Comparison
Invesco S&P 500 BuyWrite ETF (PBP) has a higher volatility of 2.37% compared to State Street SPDR Bloomberg High Yield Bond ETF (JNK) at 1.07%. This indicates that PBP's price experiences larger fluctuations and is considered to be riskier than JNK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBP | JNK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.37% | 1.07% | +1.30% |
Volatility (6M)Calculated over the trailing 6-month period | 5.97% | 3.05% | +2.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.17% | 3.88% | +3.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.88% | 7.56% | +4.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.67% | 8.29% | +5.38% |
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 11.36%, more than JNK's 6.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JNK State Street SPDR Bloomberg High Yield Bond ETF | 6.60% | 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 | 11.36% | 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 JNK have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PBP has higher volatility (2.37%) compared to JNK (1.07%). In terms of maximum drawdown, PBP dropped -43.43% vs JNK's -38.48%.
On 10-year performance, PBP leads with 7.18% vs 5.04% for JNK. On fees, PBP is cheaper at 0.29% per year. On volatility, JNK has been the lower-risk option at 1.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PBP has performed better with a 7.18% return vs 5.04%. 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 0.40% for JNK.
PBP has the higher dividend yield at 11.36%, compared with 6.60% for JNK.
PBP is categorized as Derivative Income, while JNK is High Yield Bonds. PBP tracks Cboe S&P 500 BuyWrite Index, while JNK tracks Bloomberg 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.
PBP currently has the higher Sharpe Ratio (2.32 vs 1.71), 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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