PBP vs. LHX
PBP (Invesco S&P 500 BuyWrite ETF) is Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index, while LHX (L3Harris Technologies, Inc.) is a stock. Over the past 10 years, PBP returned 7.09%/yr vs 16.45%/yr for LHX. At a 0.43 correlation, their price movements are largely independent.
Performance
PBP vs. LHX - Performance Comparison
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Returns By Period
In the year-to-date period, PBP achieves a 4.48% return, which is significantly lower than LHX's 5.64% return. Over the past 10 years, PBP has underperformed LHX with an annualized return of 7.09%, while LHX has yielded a comparatively higher 16.45% annualized return.
PBP
- 1D
- 0.49%
- 1M
- 0.91%
- YTD
- 4.48%
- 6M
- 5.65%
- 1Y
- 16.94%
- 3Y*
- 11.30%
- 5Y*
- 7.94%
- 10Y*
- 7.09%
LHX
- 1D
- -1.40%
- 1M
- 1.35%
- YTD
- 5.64%
- 6M
- 8.07%
- 1Y
- 24.92%
- 3Y*
- 19.98%
- 5Y*
- 8.77%
- 10Y*
- 16.45%
PBP vs. LHX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PBP Invesco S&P 500 BuyWrite ETF | 4.48% | 8.49% | 19.83% | 11.59% | -11.82% | 19.97% | -3.31% | 14.60% | -5.57% | 11.98% |
LHX L3Harris Technologies, Inc. | 5.64% | 42.28% | 1.88% | 3.67% | -0.48% | 14.98% | -2.76% | 49.21% | -3.38% | 40.80% |
Correlation
The correlation between PBP and LHX is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Dec 20, 2007 | 0.43 |
Over the past year, the correlation between PBP and LHX has dropped to 0.10 - well below their long-term average of 0.43, suggesting their price drivers have been diverging.
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Return for Risk
PBP vs. LHX — Risk / Return Rank
PBP
LHX
PBP vs. LHX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 BuyWrite ETF (PBP) and L3Harris Technologies, Inc. (LHX). 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 | LHX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.38 | ||
| Sortino ratioReturn per unit of downside risk | +1.90 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.18 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 3.26 | 1.22 | +2.04 |
| Martin ratioReturn relative to average drawdown | 16.95 | 3.16 | +13.78 |
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Drawdowns
PBP vs. LHX - Drawdown Comparison
The maximum PBP drawdown since its inception was -43.43%, smaller than the maximum LHX drawdown of -69.82%. Use the drawdown chart below to compare losses from any high point for PBP and LHX.
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Drawdown Indicators
| PBP | LHX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.43% | -69.82% | +26.39% |
Max Drawdown (1Y)Largest decline over 1 year | -5.22% | -20.55% | +15.33% |
Max Drawdown (3Y)Largest decline over 3 years | -15.42% | -25.98% | +10.56% |
Max Drawdown (5Y)Largest decline over 5 years | -18.61% | -38.16% | +19.55% |
Max Drawdown (10Y)Largest decline over 10 years | -33.31% | -38.16% | +4.85% |
Current DrawdownCurrent decline from peak | -0.57% | -18.06% | +17.49% |
Average DrawdownAverage peak-to-trough decline | -6.68% | -21.33% | +14.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.00% | 7.89% | -6.89% |
Volatility
PBP vs. LHX - Volatility Comparison
The current volatility for Invesco S&P 500 BuyWrite ETF (PBP) is 2.14%, while L3Harris Technologies, Inc. (LHX) has a volatility of 7.33%. This indicates that PBP experiences smaller price fluctuations and is considered to be less risky than LHX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBP | LHX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.14% | 7.33% | -5.19% |
Volatility (6M)Calculated over the trailing 6-month period | 5.84% | 19.85% | -14.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.10% | 24.63% | -17.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.88% | 23.95% | -12.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.67% | 25.44% | -11.77% |
Dividends
PBP vs. LHX - Dividend Comparison
PBP's dividend yield for the trailing twelve months is around 11.20%, more than LHX's 1.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LHX L3Harris Technologies, Inc. | 1.59% | 1.64% | 2.21% | 2.17% | 2.15% | 1.91% | 1.80% | 1.45% | 1.86% | 1.55% | 2.01% | 2.23% |
PBP Invesco S&P 500 BuyWrite ETF | 11.20% | 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 LHX have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LHX has higher volatility (7.33%) compared to PBP (2.14%). In terms of maximum drawdown, PBP dropped -43.43% vs LHX's -69.82%.
PBP currently has the higher Sharpe Ratio (2.40 vs 1.02), 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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