PBP vs. USOY
PBP (Invesco S&P 500 BuyWrite ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both Derivative Income funds. PBP is passively managed, while USOY is actively managed. Over the past year, PBP returned 18.32% vs 57.29% for USOY. At a correlation of -0.02, they often move in opposite directions. PBP charges 0.29%/yr vs 1.22%/yr for USOY.
Performance
PBP vs. USOY - Performance Comparison
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Returns By Period
In the year-to-date period, PBP achieves a 4.90% return, which is significantly lower than USOY's 62.18% return.
PBP
- 1D
- -0.17%
- 1M
- 2.03%
- YTD
- 4.90%
- 6M
- 6.44%
- 1Y
- 18.32%
- 3Y*
- 11.58%
- 5Y*
- 8.10%
- 10Y*
- 7.14%
USOY
- 1D
- 1.45%
- 1M
- -3.43%
- YTD
- 62.18%
- 6M
- 59.35%
- 1Y
- 57.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PBP vs. USOY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
PBP Invesco S&P 500 BuyWrite ETF | 4.90% | 8.49% | 13.53% |
USOY Defiance Oil Enhanced Options Income ETF | 62.18% | -7.93% | 7.27% |
Correlation
The correlation between PBP and USOY is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.18 |
Correlation (All Time) Calculated using the full available price history since May 13, 2024 | -0.02 |
The correlation between PBP and USOY shifts across timeframes, from -0.18 (1 year) to -0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
PBP vs. USOY — Risk / Return Rank
PBP
USOY
PBP vs. USOY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 BuyWrite ETF (PBP) and Defiance Oil Enhanced Options Income ETF (USOY). 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 | USOY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.79 | ||
| Sortino ratioReturn per unit of downside risk | +1.57 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.35 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 3.52 | 4.03 | -0.51 |
| Martin ratioReturn relative to average drawdown | 18.66 | 7.74 | +10.92 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PBP | USOY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.68 | 1.89 | +0.79 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.69 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.52 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.35 | 0.99 | -0.65 |
Drawdowns
PBP vs. USOY - Drawdown Comparison
The maximum PBP drawdown since its inception was -43.43%, which is greater than USOY's maximum drawdown of -17.46%. Use the drawdown chart below to compare losses from any high point for PBP and USOY.
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Drawdown Indicators
| PBP | USOY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.43% | -17.46% | -25.97% |
Max Drawdown (1Y)Largest decline over 1 year | -5.22% | -14.29% | +9.07% |
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 DrawdownCurrent decline from peak | -0.17% | -5.11% | +4.94% |
Average DrawdownAverage peak-to-trough decline | -6.69% | -6.47% | -0.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.98% | 7.42% | -6.44% |
Volatility
PBP vs. USOY - Volatility Comparison
The current volatility for Invesco S&P 500 BuyWrite ETF (PBP) is 0.93%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 11.62%. This indicates that PBP experiences smaller price fluctuations and is considered to be less risky than USOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBP | USOY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 11.62% | -10.69% |
Volatility (6M)Calculated over the trailing 6-month period | 5.53% | 27.18% | -21.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.87% | 30.44% | -23.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.86% | 26.13% | -14.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.66% | 26.13% | -12.47% |
PBP vs. USOY - Expense Ratio Comparison
PBP has a 0.29% expense ratio, which is lower than USOY's 1.22% expense ratio.
Dividends
PBP vs. USOY - Dividend Comparison
PBP's dividend yield for the trailing twelve months is around 11.16%, less than USOY's 54.16% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PBP Invesco S&P 500 BuyWrite ETF | 11.16% | 11.12% | 9.36% | 3.35% | 1.33% | 6.21% | 1.41% | 5.04% | 2.59% | 10.86% | 2.56% | 6.19% |
USOY Defiance Oil Enhanced Options Income ETF | 54.16% | 104.32% | 48.60% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PBP and USOY have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USOY has higher volatility (11.62%) compared to PBP (0.93%). In terms of maximum drawdown, PBP dropped -43.43% vs USOY's -17.46%.
On 1-year performance, USOY leads with 57.29% vs 18.32% for PBP. On fees, PBP is cheaper at 0.29% per year. On volatility, PBP has been the lower-risk option at 0.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, USOY has performed better with a 57.29% return vs 18.32%. 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 1.22% for USOY.
USOY has the higher dividend yield at 54.16%, compared with 11.16% for PBP.
They also come from different issuers: Invesco and Defiance. Their fees differ too: 0.29% for PBP and 1.22% for USOY.
PBP currently has the higher Sharpe Ratio (2.68 vs 1.89), 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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