PBP vs. SCHD

Last updated Jun 24, 2026

PBP (Invesco S&P 500 BuyWrite ETF) and SCHD (Schwab U.S. Dividend Equity ETF) are both exchange-traded funds - PBP is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index, while SCHD is a Dividend fund tracking the Dow Jones U.S. Dividend 100 Index. Both are passively managed. Over the past 10 years, PBP returned 7.18%/yr vs 12.72%/yr for SCHD. A 0.64 correlation means they provide meaningful diversification when combined. PBP charges 0.29%/yr vs 0.06%/yr for SCHD.

Performance

PBP vs. SCHD - Performance Comparison

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

Returns By Period

In the year-to-date period, PBP achieves a 4.40% return, which is significantly lower than SCHD's 17.72% return. Over the past 10 years, PBP has underperformed SCHD with an annualized return of 7.18%, while SCHD has yielded a comparatively higher 12.72% 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%

SCHD

• 1D: 0.41%
• 1M: -2.47%
• YTD: 17.72%
• 6M: 17.25%
• 1Y: 24.56%
• 3Y*: 14.60%
• 5Y*: 8.71%
• 10Y*: 12.72%

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

PBP vs. SCHD - 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%
SCHD Schwab U.S. Dividend Equity ETF	17.72%	4.34%	11.66%	4.54%	-3.26%	29.87%	15.03%	27.29%	-5.56%	20.85%

Correlation

The correlation between PBP and SCHD is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (10Y) Calculated over the trailing 10-year period	0.58
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011	0.64

Over the past year, the correlation between PBP and SCHD has dropped to 0.34 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.

PBP vs. SCHD - Sectors Allocation Comparison

Sectors	PBP	SCHD
Technology	39.0%	19.4%
Financial Services	11.1%	9.1%
Communication Services	10.6%	6.0%
Consumer Cyclical	9.9%	6.7%
Healthcare	8.3%	18.4%
Industrials	7.8%	7.4%
Consumer Defensive	4.5%	18.5%
Energy	3.1%	14.6%
Utilities	2.1%	0.0%
Real Estate	1.8%	-
Basic Materials	1.7%	1.2%

Return for Risk

PBP vs. SCHD — Risk / Return Rank

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

PBP

PBP Risk / Return Rank: 79
PBP Sharpe Ratio Rank: 77
PBP Sortino Ratio Rank: 80
PBP Omega Ratio Rank: 86
PBP Calmar Ratio Rank: 67
PBP Martin Ratio Rank: 84

SCHD

SCHD Risk / Return Rank: 77
SCHD Sharpe Ratio Rank: 72
SCHD Sortino Ratio Rank: 80
SCHD Omega Ratio Rank: 70
SCHD Calmar Ratio Rank: 90
SCHD Martin Ratio Rank: 71

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. SCHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 BuyWrite ETF (PBP) and Schwab U.S. Dividend Equity ETF (SCHD). 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	SCHD	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.23	+0.09
Sortino ratio: Return per unit of downside risk	3.36	3.40	-0.04
Omega ratio: Gain probability vs. loss probability	1.50	1.40	+0.10
Calmar ratio: Return relative to maximum drawdown	3.19	5.35	-2.16
Martin ratio: Return relative to average drawdown	16.54	12.94	+3.61

PBP vs. SCHD - Sharpe Ratio Comparison

The current PBP Sharpe Ratio is 2.32, which is comparable to the SCHD Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of PBP and SCHD, 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. SCHD - Drawdown Comparison

The maximum PBP drawdown since its inception was -43.43%, which is greater than SCHD's maximum drawdown of -33.37%. Use the drawdown chart below to compare losses from any high point for PBP and SCHD.

Drawdown Indicators

	PBP	SCHD	Difference
Max Drawdown Largest peak-to-trough decline	-43.43%	-33.37%	-10.06%
Max Drawdown (1Y) Largest decline over 1 year	-5.22%	-4.61%	-0.61%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-16.13%	+0.71%
Max Drawdown (5Y) Largest decline over 5 years	-18.61%	-16.85%	-1.76%
Max Drawdown (10Y) Largest decline over 10 years	-33.31%	-33.37%	+0.06%
Current Drawdown Current decline from peak	-1.03%	-2.47%	+1.44%
Average Drawdown Average peak-to-trough decline	-6.68%	-3.31%	-3.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.00%	1.90%	-0.90%

Volatility

PBP vs. SCHD - Volatility Comparison

The current volatility for Invesco S&P 500 BuyWrite ETF (PBP) is 2.37%, while Schwab U.S. Dividend Equity ETF (SCHD) has a volatility of 3.58%. This indicates that PBP experiences smaller price fluctuations and is considered to be less risky than SCHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBP	SCHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.37%	3.58%	-1.21%
Volatility (6M) Calculated over the trailing 6-month period	5.97%	7.73%	-1.76%
Volatility (1Y) Calculated over the trailing 1-year period	7.17%	11.07%	-3.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.88%	14.36%	-2.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.67%	16.71%	-3.04%

PBP vs. SCHD - Expense Ratio Comparison

PBP has a 0.29% expense ratio, which is higher than SCHD's 0.06% expense ratio.

Dividends

PBP vs. SCHD - Dividend Comparison

PBP's dividend yield for the trailing twelve months is around 11.36%, more than SCHD's 3.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SCHD Schwab U.S. Dividend Equity ETF	3.30%	3.82%	3.64%	3.49%	3.39%	2.78%	3.16%	2.98%	3.06%	2.63%	2.89%	2.97%

Frequently Asked Questions

Can I hold both PBP and SCHD in my portfolio?

PBP and SCHD have a correlation of 0.34, 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 SCHD?

SCHD has higher volatility (3.58%) compared to PBP (2.37%). In terms of maximum drawdown, PBP dropped -43.43% vs SCHD's -33.37%.

Which ETF is better, PBP or SCHD?

On 10-year performance, SCHD leads with 12.72% vs 7.18% for PBP. On fees, SCHD is cheaper at 0.06% 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.

Which ETF has performed better, PBP or SCHD?

Over the 10-year period, SCHD has performed better with a 12.72% return vs 7.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBP or SCHD?

SCHD is cheaper with a 0.06% expense ratio, compared with 0.29% for PBP.

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

PBP has the higher dividend yield at 11.36%, compared with 3.30% for SCHD.

What is the main difference between PBP and SCHD?

PBP is categorized as Derivative Income, while SCHD is Dividend. PBP tracks Cboe S&P 500 BuyWrite Index, while SCHD tracks Dow Jones U.S. Dividend 100 Index. They also come from different issuers: Invesco and Charles Schwab. Their fees differ too: 0.29% for PBP and 0.06% for SCHD.

Which has better risk-adjusted returns?

PBP currently has the higher Sharpe Ratio (2.32 vs 2.23), 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.