PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
PBP vs. QYLD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PBP vs. QYLD

Last updated Jun 24, 2026

PBP (Invesco S&P 500 BuyWrite ETF) and QYLD (Global X NASDAQ 100 Covered Call ETF) are both exchange-traded funds - PBP is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index, while QYLD is a Nasdaq-100 fund tracking the CBOE NASDAQ-100 Buy Write V2. Both are passively managed. Over the past 10 years, PBP returned 7.18%/yr vs 9.99%/yr for QYLD. A 0.70 correlation means they provide meaningful diversification when combined. PBP charges 0.29%/yr vs 0.60%/yr for QYLD.

Performance

PBP vs. QYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 BuyWrite ETF (PBP) and Global X NASDAQ 100 Covered Call ETF (QYLD). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, PBP achieves a 4.40% return, which is significantly lower than QYLD's 7.89% return. Over the past 10 years, PBP has underperformed QYLD with an annualized return of 7.18%, while QYLD has yielded a comparatively higher 9.99% 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%

QYLD

1D
-1.97%
1M
1.41%
YTD
7.89%
6M
7.59%
1Y
22.55%
3Y*
13.99%
5Y*
8.26%
10Y*
9.99%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PBP vs. QYLD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
QYLD
Global X NASDAQ 100 Covered Call ETF		7.89%9.28%19.35%22.77%-19.08%10.41%8.72%22.69%-3.07%18.79%

Correlation

The correlation between PBP and QYLD is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.84

Correlation (3Y)
Calculated over the trailing 3-year period

0.78

Correlation (5Y)
Calculated over the trailing 5-year period

0.79

Correlation (10Y)
Calculated over the trailing 10-year period

0.71

Correlation (All Time)
Calculated using the full available price history since Dec 12, 2013

0.70

The correlation between PBP and QYLD shifts across timeframes, from 0.70 (all time) to 0.84 (1 year), reflecting how their relationship changes across market environments.

PBP vs. QYLD - Sectors Allocation Comparison

Sectors
PBP
QYLD

Technology

39.0%
58.7%

Financial Services

11.1%
0.2%

Communication Services

10.6%
14.3%

Consumer Cyclical

9.9%
11.4%

Healthcare

8.3%
3.7%

Industrials

7.8%
2.6%

Consumer Defensive

4.5%
6.4%

Energy

3.1%
0.5%

Utilities

2.1%
1.2%

Real Estate

1.8%
0.1%

Basic Materials

1.7%
1.0%

Technology

PBP
39.0%
QYLD
58.7%

Financial Services

PBP
11.1%
QYLD
0.2%

Communication Services

PBP
10.6%
QYLD
14.3%

Consumer Cyclical

PBP
9.9%
QYLD
11.4%

Healthcare

PBP
8.3%
QYLD
3.7%

Industrials

PBP
7.8%
QYLD
2.6%

Consumer Defensive

PBP
4.5%
QYLD
6.4%

Energy

PBP
3.1%
QYLD
0.5%

Utilities

PBP
2.1%
QYLD
1.2%

Real Estate

PBP
1.8%
QYLD
0.1%

Basic Materials

PBP
1.7%
QYLD
1.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Invesco S&P 500 BuyWrite ETF

Global X NASDAQ 100 Covered Call ETF

Often compared with PBP:
PBP vs. SPYPBP vs. XYLDPBP vs. JEPIPBP vs. VOOPBP vs. SCHDPBP vs. FTHIPBP vs. JEPQ
Often compared with QYLD:
QYLD vs. JEPQQYLD vs. JEPIQYLD vs. QQQQYLD vs. XYLDQYLD vs. RYLDQYLD vs. SCHDQYLD vs. QYLG

Return for Risk

PBP vs. QYLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PBP
PBP Risk / Return Rank: 7979
Overall Rank
PBP Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
PBP Sortino Ratio Rank: 8080
Sortino Ratio Rank
PBP Omega Ratio Rank: 8686
Omega Ratio Rank
PBP Calmar Ratio Rank: 6767
Calmar Ratio Rank
PBP Martin Ratio Rank: 8484
Martin Ratio Rank
QYLD
QYLD Risk / Return Rank: 8484
Overall Rank
QYLD Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
QYLD Sortino Ratio Rank: 7777
Sortino Ratio Rank
QYLD Omega Ratio Rank: 8787
Omega Ratio Rank
QYLD Calmar Ratio Rank: 8585
Calmar Ratio Rank
QYLD Martin Ratio Rank: 9494
Martin Ratio Rank
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. QYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 BuyWrite ETF (PBP) and Global X NASDAQ 100 Covered Call ETF (QYLD). 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.

PBPQYLDDifference
Sharpe ratioReturn per unit of total volatility
2.32
2.34

-0.02

Sortino ratioReturn per unit of downside risk
3.36
3.28

+0.08

Omega ratioGain probability vs. loss probability

1.50

1.52

-0.02

Calmar ratioReturn relative to maximum drawdown

3.19

4.56

-1.37

Martin ratioReturn relative to average drawdown

16.54

25.38

-8.84

PBP vs. QYLD - Sharpe Ratio Comparison

The current PBP Sharpe Ratio is 2.32, which is comparable to the QYLD Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of PBP and QYLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

PBP vs. QYLD - Drawdown Comparison

The maximum PBP drawdown since its inception was -43.43%, which is greater than QYLD's maximum drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for PBP and QYLD.

Loading charts...

Drawdown Indicators

PBPQYLDDifference

Max Drawdown

Largest peak-to-trough decline

-43.43%

-24.75%

-18.68%

Max Drawdown (1Y)

Largest decline over 1 year

-5.22%

-4.97%

-0.25%

Max Drawdown (3Y)

Largest decline over 3 years

-15.42%

-19.06%

+3.64%

Max Drawdown (5Y)

Largest decline over 5 years

-18.61%

-24.61%

+6.00%

Max Drawdown (10Y)

Largest decline over 10 years

-33.31%

-24.75%

-8.56%

Current Drawdown

Current decline from peak

-1.03%

-2.10%

+1.07%

Average Drawdown

Average peak-to-trough decline

-6.68%

-3.82%

-2.86%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.00%

0.89%

+0.11%

Volatility

PBP vs. QYLD - Volatility Comparison

The current volatility for Invesco S&P 500 BuyWrite ETF (PBP) is 2.37%, while Global X NASDAQ 100 Covered Call ETF (QYLD) has a volatility of 4.78%. This indicates that PBP experiences smaller price fluctuations and is considered to be less risky than QYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

PBPQYLDDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.37%

4.78%

-2.41%

Volatility (6M)

Calculated over the trailing 6-month period

5.97%

8.50%

-2.53%

Volatility (1Y)

Calculated over the trailing 1-year period

7.17%

9.70%

-2.53%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.88%

14.84%

-2.96%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.67%

15.56%

-1.89%

PBP vs. QYLD - Expense Ratio Comparison

PBP has a 0.29% expense ratio, which is lower than QYLD's 0.60% expense ratio.

Dividends

PBP vs. QYLD - Dividend Comparison

PBP's dividend yield for the trailing twelve months is around 11.36%, less than QYLD's 11.68% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
QYLD
Global X NASDAQ 100 Covered Call ETF		11.68%11.55%12.50%11.78%13.75%12.85%11.16%9.84%12.44%7.69%9.15%9.42%

Frequently Asked Questions

PBP and QYLD have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QYLD has higher volatility (4.78%) compared to PBP (2.37%). In terms of maximum drawdown, PBP dropped -43.43% vs QYLD's -24.75%.

On 10-year performance, QYLD leads with 9.99% vs 7.18% for PBP. On fees, PBP is cheaper at 0.29% per year. On volatility, PBP has been the lower-risk option at 2.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QYLD has performed better with a 9.99% return vs 7.18%. 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 0.60% for QYLD.

QYLD has the higher dividend yield at 11.68%, compared with 11.36% for PBP.

PBP is categorized as Derivative Income, while QYLD is Nasdaq-100. PBP tracks Cboe S&P 500 BuyWrite Index, while QYLD tracks CBOE NASDAQ-100 Buy Write V2. They also come from different issuers: Invesco and Global X. Their fees differ too: 0.29% for PBP and 0.60% for QYLD.

QYLD currently has the higher Sharpe Ratio (2.34 vs 2.32), 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.

Portfolio Optimizer

Find the right allocation for PBP and QYLD

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer