PBP vs. TLTX

Last updated Jul 17, 2026

PBP (Invesco S&P 500 BuyWrite ETF) and TLTX (Global X Treasury Bond Enhanced Income ETF) are both exchange-traded funds - PBP is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index, while TLTX is a Government Bonds fund actively managed by Global X. PBP is passively managed, while TLTX is actively managed. Over the past year, PBP returned 17.66% vs 3.72% for TLTX. At a 0.24 correlation, their price movements are largely independent. Both charge a 0.29% expense ratio.

Performance

PBP vs. TLTX - 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 Treasury Bond Enhanced Income ETF (TLTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PBP achieves a 7.22% return, which is significantly higher than TLTX's -1.59% return.

PBP

• 1D: -0.04%
• 1M: 1.86%
• 6M: 6.34%
• YTD: 7.22%
• 1Y: 17.66%
• 3Y*: 11.78%
• 5Y*: 8.42%
• 10Y*: 7.23%

TLTX

• 1D: -0.20%
• 1M: -3.45%
• 6M: -2.30%
• YTD: -1.59%
• 1Y: 3.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PBP vs. TLTX - Yearly Performance Comparison

	2026 (YTD)	2025
PBP Invesco S&P 500 BuyWrite ETF	7.22%	9.83%
TLTX Global X Treasury Bond Enhanced Income ETF	-1.59%	6.02%

Correlation

The correlation between PBP and TLTX is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (All Time) Calculated using the full available price history since Jul 16, 2025	0.24

Return for Risk

PBP vs. TLTX — Risk / Return Rank

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

PBP

PBP Risk / Return Rank: 90
PBP Sharpe Ratio Rank: 91
PBP Sortino Ratio Rank: 92
PBP Omega Ratio Rank: 93
PBP Calmar Ratio Rank: 81
PBP Martin Ratio Rank: 92

TLTX

TLTX Risk / Return Rank: 16
TLTX Sharpe Ratio Rank: 17
TLTX Sortino Ratio Rank: 15
TLTX Omega Ratio Rank: 15
TLTX Calmar Ratio Rank: 18
TLTX 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. TLTX - 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 Treasury Bond Enhanced Income ETF (TLTX). 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	TLTX	Difference
Sharpe ratio: Return per unit of total volatility	2.45	0.40	+2.05
Sortino ratio: Return per unit of downside risk	3.55	0.64	+2.90
Omega ratio: Gain probability vs. loss probability	1.53	1.08	+0.45
Calmar ratio: Return relative to maximum drawdown	3.40	0.59	+2.81
Martin ratio: Return relative to average drawdown	17.50	1.32	+16.18

PBP vs. TLTX - Sharpe Ratio Comparison

The current PBP Sharpe Ratio is 2.45, which is higher than the TLTX Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of PBP and TLTX, 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. TLTX - Drawdown Comparison

The maximum PBP drawdown since its inception was -43.43%, which is greater than TLTX's maximum drawdown of -6.35%. Use the drawdown chart below to compare losses from any high point for PBP and TLTX.

Drawdown Indicators

	PBP	TLTX	Difference
Max Drawdown Largest peak-to-trough decline	-43.43%	-6.35%	-37.08%
Max Drawdown (1Y) Largest decline over 1 year	-5.22%	-6.35%	+1.13%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.61%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.31%	—	—
Current Drawdown Current decline from peak	-0.04%	-5.23%	+5.19%
Average Drawdown Average peak-to-trough decline	-6.65%	-2.38%	-4.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.01%	2.83%	-1.82%

Volatility

PBP vs. TLTX - Volatility Comparison

The current volatility for Invesco S&P 500 BuyWrite ETF (PBP) is 1.59%, while Global X Treasury Bond Enhanced Income ETF (TLTX) has a volatility of 2.87%. This indicates that PBP experiences smaller price fluctuations and is considered to be less risky than TLTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBP	TLTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.59%	2.87%	-1.28%
Volatility (6M) Calculated over the trailing 6-month period	6.04%	6.92%	-0.88%
Volatility (1Y) Calculated over the trailing 1-year period	7.23%	9.24%	-2.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.86%	9.24%	+2.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.65%	9.24%	+4.41%

PBP vs. TLTX - Expense Ratio Comparison

Both PBP and TLTX have an expense ratio of 0.29%.

Dividends

PBP vs. TLTX - Dividend Comparison

PBP's dividend yield for the trailing twelve months is around 11.06%, less than TLTX's 17.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBP Invesco S&P 500 BuyWrite ETF	11.06%	11.12%	9.36%	3.35%	1.33%	6.21%	1.41%	5.04%	2.59%	10.86%	2.56%	6.19%
TLTX Global X Treasury Bond Enhanced Income ETF	17.73%	7.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PBP and TLTX in my portfolio?

PBP and TLTX have a correlation of 0.24, 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 TLTX?

TLTX has higher volatility (2.87%) compared to PBP (1.59%). In terms of maximum drawdown, PBP dropped -43.43% vs TLTX's -6.35%.

Which ETF is better, PBP or TLTX?

On 1-year performance, PBP leads with 17.66% vs 3.72% for TLTX. Both ETFs have the same 0.29% expense ratio. On volatility, PBP has been the lower-risk option at 1.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBP or TLTX?

Over the 1-year period, PBP has performed better with a 17.66% return vs 3.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBP or TLTX?

PBP and TLTX have the same expense ratio: 0.29% per year.

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

TLTX has the higher dividend yield at 17.73%, compared with 11.06% for PBP.

What is the main difference between PBP and TLTX?

PBP is categorized as Derivative Income, while TLTX is Government Bonds. They also come from different issuers: Invesco and Global X.

Which has better risk-adjusted returns?

PBP currently has the higher Sharpe Ratio (2.45 vs 0.40), 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.