PBP vs. PAPI
Compare and contrast key facts about Invesco S&P 500 BuyWrite ETF (PBP) and Parametric Equity Premium Income ETF (PAPI).
PBP and PAPI are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PBP is a passively managed fund by Invesco that tracks the performance of the Cboe S&P 500 BuyWrite Index. It was launched on Dec 20, 2007. PAPI is an actively managed fund by Morgan Stanley. It was launched on Oct 16, 2023.
Performance
PBP vs. PAPI - Performance Comparison
Loading graphics...
PBP vs. PAPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PBP Invesco S&P 500 BuyWrite ETF | -1.04% | 8.49% | 19.83% | 4.21% |
PAPI Parametric Equity Premium Income ETF | 8.31% | 6.33% | 8.90% | 5.36% |
Returns By Period
In the year-to-date period, PBP achieves a -1.04% return, which is significantly lower than PAPI's 8.31% return.
PBP
- 1D
- 2.04%
- 1M
- -2.62%
- YTD
- -1.04%
- 6M
- 5.76%
- 1Y
- 11.29%
- 3Y*
- 10.74%
- 5Y*
- 7.48%
- 10Y*
- 6.70%
PAPI
- 1D
- 0.54%
- 1M
- -2.62%
- YTD
- 8.31%
- 6M
- 9.20%
- 1Y
- 11.50%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
PBP vs. PAPI - Expense Ratio Comparison
Both PBP and PAPI have an expense ratio of 0.29%.
Return for Risk
PBP vs. PAPI — Risk / Return Rank
PBP
PAPI
PBP vs. PAPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 BuyWrite ETF (PBP) and Parametric Equity Premium Income ETF (PAPI). 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 | PAPI | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.80 | 0.82 | -0.02 |
Sortino ratioReturn per unit of downside risk | 1.27 | 1.23 | +0.04 |
Omega ratioGain probability vs. loss probability | 1.25 | 1.16 | +0.08 |
Calmar ratioReturn relative to maximum drawdown | 1.12 | 1.08 | +0.04 |
Martin ratioReturn relative to average drawdown | 6.40 | 4.62 | +1.78 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading graphics...
Sharpe Ratios by Period
| PBP | PAPI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.80 | 0.82 | -0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.63 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.49 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.32 | 1.02 | -0.69 |
Correlation
The correlation between PBP and PAPI is 0.37, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
PBP vs. PAPI - Dividend Comparison
PBP's dividend yield for the trailing twelve months is around 11.63%, more than PAPI's 7.50% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PBP Invesco S&P 500 BuyWrite ETF | 11.63% | 11.12% | 9.36% | 3.35% | 1.33% | 6.21% | 1.41% | 5.04% | 2.59% | 10.86% | 2.56% | 6.19% |
PAPI Parametric Equity Premium Income ETF | 7.50% | 7.59% | 7.07% | 1.45% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
PBP vs. PAPI - Drawdown Comparison
The maximum PBP drawdown since its inception was -43.43%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for PBP and PAPI.
Loading graphics...
Drawdown Indicators
| PBP | PAPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.43% | -14.27% | -29.16% |
Max Drawdown (1Y)Largest decline over 1 year | -10.20% | -11.59% | +1.39% |
Max Drawdown (5Y)Largest decline over 5 years | -18.61% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -33.31% | — | — |
Current DrawdownCurrent decline from peak | -3.29% | -2.82% | -0.47% |
Average DrawdownAverage peak-to-trough decline | -6.75% | -2.57% | -4.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.79% | 2.72% | -0.93% |
Volatility
PBP vs. PAPI - Volatility Comparison
Invesco S&P 500 BuyWrite ETF (PBP) has a higher volatility of 4.09% compared to Parametric Equity Premium Income ETF (PAPI) at 3.21%. This indicates that PBP's price experiences larger fluctuations and is considered to be riskier than PAPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading graphics...
Volatility by Period
| PBP | PAPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.09% | 3.21% | +0.88% |
Volatility (6M)Calculated over the trailing 6-month period | 5.97% | 7.51% | -1.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.26% | 14.14% | +0.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.95% | 11.96% | -0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.69% | 11.96% | +1.73% |