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PBP vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PBP vs. SPY

Last updated Jun 23, 2026

PBP (Invesco S&P 500 BuyWrite ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - PBP is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, PBP returned 7.25%/yr vs 15.70%/yr for SPY. A 0.76 correlation means they provide meaningful diversification when combined. PBP charges 0.29%/yr vs 0.09%/yr for SPY.

Performance

PBP vs. SPY - Performance Comparison

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

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Returns By Period

In the year-to-date period, PBP achieves a 5.07% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, PBP has underperformed SPY with an annualized return of 7.25%, while SPY has yielded a comparatively higher 15.70% annualized return.

PBP

1D
-0.18%
1M
0.92%
YTD
5.07%
6M
5.25%
1Y
17.59%
3Y*
11.87%
5Y*
7.94%
10Y*
7.25%

SPY

1D
-0.31%
1M
0.09%
YTD
9.74%
6M
9.27%
1Y
26.65%
3Y*
21.27%
5Y*
13.51%
10Y*
15.70%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PBP vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PBP
Invesco S&P 500 BuyWrite ETF		5.07%8.49%19.83%11.59%-11.82%19.97%-3.31%14.60%-5.57%11.98%
SPY
State Street SPDR S&P 500 ETF		9.74%17.72%24.89%26.18%-18.18%28.73%18.33%31.22%-4.57%21.71%

Correlation

The correlation between PBP and SPY is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.77

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

0.75

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

0.78

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

0.74

Correlation (All Time)
Calculated using the full available price history since Dec 20, 2007

0.76

The correlation between PBP and SPY has been stable across timeframes, ranging from 0.74 to 0.78 - a consistent structural relationship.

PBP vs. SPY - Sectors Allocation Comparison

Sectors
PBP
SPY

Technology

39.0%
39.0%

Financial Services

11.1%
11.1%

Communication Services

10.6%
10.6%

Consumer Cyclical

9.9%
9.9%

Healthcare

8.3%
8.3%

Industrials

7.8%
7.8%

Consumer Defensive

4.5%
4.5%

Energy

3.1%
3.1%

Utilities

2.1%
2.1%

Real Estate

1.8%
1.8%

Basic Materials

1.7%
1.7%

Technology

PBP
39.0%
SPY
39.0%

Financial Services

PBP
11.1%
SPY
11.1%

Communication Services

PBP
10.6%
SPY
10.6%

Consumer Cyclical

PBP
9.9%
SPY
9.9%

Healthcare

PBP
8.3%
SPY
8.3%

Industrials

PBP
7.8%
SPY
7.8%

Consumer Defensive

PBP
4.5%
SPY
4.5%

Energy

PBP
3.1%
SPY
3.1%

Utilities

PBP
2.1%
SPY
2.1%

Real Estate

PBP
1.8%
SPY
1.8%

Basic Materials

PBP
1.7%
SPY
1.7%

Compare stocks, funds, or ETFs

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Invesco S&P 500 BuyWrite ETF

State Street SPDR S&P 500 ETF

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Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

PBP vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PBP
PBP Risk / Return Rank: 8282
Overall Rank
PBP Sharpe Ratio Rank: 8181
Sharpe Ratio Rank
PBP Sortino Ratio Rank: 8484
Sortino Ratio Rank
PBP Omega Ratio Rank: 8989
Omega Ratio Rank
PBP Calmar Ratio Rank: 7070
Calmar Ratio Rank
PBP Martin Ratio Rank: 8686
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 6868
Overall Rank
SPY Sharpe Ratio Rank: 6969
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 6666
Sortino Ratio Rank
SPY Omega Ratio Rank: 6868
Omega Ratio Rank
SPY Calmar Ratio Rank: 6363
Calmar Ratio Rank
SPY Martin Ratio Rank: 7474
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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 BuyWrite ETF (PBP) and State Street SPDR S&P 500 ETF (SPY). 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.

PBPSPYDifference
Sharpe ratioReturn per unit of total volatility
2.48
2.16

+0.32

Sortino ratioReturn per unit of downside risk
3.58
2.91

+0.67

Omega ratioGain probability vs. loss probability

1.54

1.39

+0.15

Calmar ratioReturn relative to maximum drawdown

3.38

3.01

+0.37

Martin ratioReturn relative to average drawdown

17.60

13.54

+4.06

PBP vs. SPY - Sharpe Ratio Comparison

The current PBP Sharpe Ratio is 2.48, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of PBP and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

PBP vs. SPY - Drawdown Comparison

The maximum PBP drawdown since its inception was -43.43%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for PBP and SPY.

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Drawdown Indicators

PBPSPYDifference

Max Drawdown

Largest peak-to-trough decline

-43.43%

-55.19%

+11.76%

Max Drawdown (1Y)

Largest decline over 1 year

-5.22%

-8.88%

+3.66%

Max Drawdown (3Y)

Largest decline over 3 years

-15.42%

-18.76%

+3.34%

Max Drawdown (5Y)

Largest decline over 5 years

-18.61%

-24.50%

+5.89%

Max Drawdown (10Y)

Largest decline over 10 years

-33.31%

-33.72%

+0.41%

Current Drawdown

Current decline from peak

-0.40%

-1.75%

+1.35%

Average Drawdown

Average peak-to-trough decline

-6.68%

-9.04%

+2.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.00%

1.97%

-0.97%

Volatility

PBP vs. SPY - Volatility Comparison

The current volatility for Invesco S&P 500 BuyWrite ETF (PBP) is 2.30%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that PBP experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PBPSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.30%

4.64%

-2.34%

Volatility (6M)

Calculated over the trailing 6-month period

5.93%

9.75%

-3.82%

Volatility (1Y)

Calculated over the trailing 1-year period

7.15%

12.43%

-5.28%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.88%

17.14%

-5.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.68%

17.99%

-4.31%

PBP vs. SPY - Expense Ratio Comparison

PBP has a 0.29% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

PBP vs. SPY - Dividend Comparison

PBP's dividend yield for the trailing twelve months is around 12.26%, more than SPY's 1.01% yield.

PositionTTM20252024202320222021202020192018201720162015
PBP
Invesco S&P 500 BuyWrite ETF		11.29%11.12%9.36%3.35%1.33%6.21%1.41%5.04%2.59%10.86%2.56%6.19%
SPY
State Street SPDR S&P 500 ETF		1.01%1.07%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%

Frequently Asked Questions

PBP and SPY have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPY has higher volatility (4.64%) compared to PBP (2.30%). In terms of maximum drawdown, PBP dropped -43.43% vs SPY's -55.19%.

On 10-year performance, SPY leads with 15.70% vs 7.25% for PBP. On fees, SPY is cheaper at 0.09% per year. On volatility, PBP has been the lower-risk option at 2.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPY has performed better with a 15.70% return vs 7.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPY is cheaper with a 0.09% expense ratio, compared with 0.29% for PBP.

PBP has the higher dividend yield at 12.26%, compared with 1.01% for SPY.

PBP is categorized as Derivative Income, while SPY is S&P 500. PBP tracks Cboe S&P 500 BuyWrite Index, while SPY tracks S&P 500 Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.29% for PBP and 0.09% for SPY.

PBP currently has the higher Sharpe Ratio (2.48 vs 2.16), 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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