PBP vs. NLR

Last updated Jun 13, 2026

PBP (Invesco S&P 500 BuyWrite ETF) and NLR (VanEck Uranium and Nuclear ETF) are both exchange-traded funds - PBP is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index, while NLR is a Alternative Energy Equities fund tracking the MVIS Global Uranium & Nuclear Energy Index. Both are passively managed. Over the past 10 years, PBP returned 7.09%/yr vs 12.80%/yr for NLR. At a 0.50 correlation, their price movements are largely independent. PBP charges 0.29%/yr vs 0.56%/yr for NLR.

Performance

PBP vs. NLR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 BuyWrite ETF (PBP) and VanEck Uranium and Nuclear ETF (NLR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBP achieves a 4.48% return, which is significantly higher than NLR's -1.81% return. Over the past 10 years, PBP has underperformed NLR with an annualized return of 7.09%, while NLR has yielded a comparatively higher 12.80% 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%

NLR

• 1D: 0.84%
• 1M: -10.59%
• YTD: -1.81%
• 6M: -3.70%
• 1Y: 18.72%
• 3Y*: 29.88%
• 5Y*: 19.78%
• 10Y*: 12.80%

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

PBP vs. NLR - 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%
NLR VanEck Uranium and Nuclear ETF	-1.81%	56.50%	14.26%	36.67%	2.29%	13.63%	3.49%	0.20%	4.94%	8.25%

Correlation

The correlation between PBP and NLR is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.43
Correlation (All Time) Calculated using the full available price history since Dec 20, 2007	0.50

PBP vs. NLR - Sectors Allocation Comparison

Sectors	PBP	NLR
Technology	39.5%	1.5%
Financial Services	11.4%	-
Communication Services	10.9%	-
Consumer Cyclical	10.2%	-
Healthcare	8.6%	-
Industrials	7.8%	15.1%
Consumer Defensive	4.7%	-
Energy	3.3%	46.0%
Utilities	2.6%	37.4%
Real Estate	1.8%	-
Basic Materials	1.8%	-

Return for Risk

PBP vs. NLR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PBP

PBP Risk / Return Rank: 85
PBP Sharpe Ratio Rank: 85
PBP Sortino Ratio Rank: 87
PBP Omega Ratio Rank: 91
PBP Calmar Ratio Rank: 73
PBP Martin Ratio Rank: 88

NLR

NLR Risk / Return Rank: 18
NLR Sharpe Ratio Rank: 17
NLR Sortino Ratio Rank: 19
NLR Omega Ratio Rank: 18
NLR Calmar Ratio Rank: 18
NLR Martin Ratio Rank: 17

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. NLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 BuyWrite ETF (PBP) and VanEck Uranium and Nuclear ETF (NLR). 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	NLR	Difference
Sharpe ratio: Return per unit of total volatility	2.40	0.44	+1.96
Sortino ratio: Return per unit of downside risk	3.44	0.90	+2.54
Omega ratio: Gain probability vs. loss probability	1.52	1.10	+0.42
Calmar ratio: Return relative to maximum drawdown	3.26	0.63	+2.62
Martin ratio: Return relative to average drawdown	16.95	1.41	+15.54

PBP vs. NLR - Sharpe Ratio Comparison

The current PBP Sharpe Ratio is 2.40, which is higher than the NLR Sharpe Ratio of 0.44. The chart below compares the historical Sharpe Ratios of PBP and NLR, 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. NLR - Drawdown Comparison

The maximum PBP drawdown since its inception was -43.43%, smaller than the maximum NLR drawdown of -65.05%. Use the drawdown chart below to compare losses from any high point for PBP and NLR.

Drawdown Indicators

	PBP	NLR	Difference
Max Drawdown Largest peak-to-trough decline	-43.43%	-65.05%	+21.62%
Max Drawdown (1Y) Largest decline over 1 year	-5.22%	-29.72%	+24.50%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-30.48%	+15.06%
Max Drawdown (5Y) Largest decline over 5 years	-18.61%	-30.48%	+11.87%
Max Drawdown (10Y) Largest decline over 10 years	-33.31%	-34.35%	+1.04%
Current Drawdown Current decline from peak	-0.57%	-25.81%	+25.24%
Average Drawdown Average peak-to-trough decline	-6.68%	-35.70%	+29.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	13.33%	-12.33%

Volatility

PBP vs. NLR - Volatility Comparison

The current volatility for Invesco S&P 500 BuyWrite ETF (PBP) is 2.14%, while VanEck Uranium and Nuclear ETF (NLR) has a volatility of 13.73%. This indicates that PBP experiences smaller price fluctuations and is considered to be less risky than NLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBP	NLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.14%	13.73%	-11.59%
Volatility (6M) Calculated over the trailing 6-month period	5.84%	33.75%	-27.91%
Volatility (1Y) Calculated over the trailing 1-year period	7.10%	42.85%	-35.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.88%	29.56%	-17.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.67%	24.22%	-10.55%

PBP vs. NLR - Expense Ratio Comparison

PBP has a 0.29% expense ratio, which is lower than NLR's 0.56% expense ratio.

Dividends

PBP vs. NLR - Dividend Comparison

PBP's dividend yield for the trailing twelve months is around 11.20%, more than NLR's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NLR VanEck Uranium and Nuclear ETF	2.60%	2.55%	0.76%	4.54%	2.02%	1.99%	2.23%	2.21%	3.91%	4.86%	3.62%	3.30%
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

Can I hold both PBP and NLR in my portfolio?

PBP and NLR have a correlation of 0.41, 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 NLR?

NLR has higher volatility (13.73%) compared to PBP (2.14%). In terms of maximum drawdown, PBP dropped -43.43% vs NLR's -65.05%.

Which ETF is better, PBP or NLR?

On 10-year performance, NLR leads with 12.80% vs 7.09% for PBP. On fees, PBP is cheaper at 0.29% per year. On volatility, PBP has been the lower-risk option at 2.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBP or NLR?

Over the 10-year period, NLR has performed better with a 12.80% return vs 7.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBP or NLR?

PBP is cheaper with a 0.29% expense ratio, compared with 0.56% for NLR.

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

PBP has the higher dividend yield at 11.20%, compared with 2.60% for NLR.

What is the main difference between PBP and NLR?

PBP is categorized as Derivative Income, while NLR is Alternative Energy Equities. PBP tracks Cboe S&P 500 BuyWrite Index, while NLR tracks MVIS Global Uranium & Nuclear Energy Index. They also come from different issuers: Invesco and VanEck. Their fees differ too: 0.29% for PBP and 0.56% for NLR.

Which has better risk-adjusted returns?

PBP currently has the higher Sharpe Ratio (2.40 vs 0.44), 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.