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PBP vs. VOOG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PBP vs. VOOG

Last updated Jun 13, 2026

PBP (Invesco S&P 500 BuyWrite ETF) and VOOG (Vanguard S&P 500 Growth ETF) are both exchange-traded funds - PBP is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index, while VOOG is a S&P 500 fund tracking the S&P 500 Growth Index. Both are passively managed. Over the past 10 years, PBP returned 7.09%/yr vs 17.86%/yr for VOOG. A 0.74 correlation means they provide meaningful diversification when combined. PBP charges 0.29%/yr vs 0.07%/yr for VOOG.

Performance

PBP vs. VOOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 BuyWrite ETF (PBP) and Vanguard S&P 500 Growth ETF (VOOG). 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 4.48% return, which is significantly lower than VOOG's 9.67% return. Over the past 10 years, PBP has underperformed VOOG with an annualized return of 7.09%, while VOOG has yielded a comparatively higher 17.86% annualized return.

PBP

1D
0.49%
1M
0.91%
YTD
4.48%
6M
5.65%
1Y
16.94%
3Y*
11.30%
5Y*
7.94%
10Y*
7.09%

VOOG

1D
0.38%
1M
-1.66%
YTD
9.67%
6M
10.61%
1Y
27.55%
3Y*
25.78%
5Y*
14.86%
10Y*
17.86%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PBP vs. VOOG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PBP
Invesco S&P 500 BuyWrite ETF		4.48%8.49%19.83%11.59%-11.82%19.97%-3.31%14.60%-5.57%11.98%
VOOG
Vanguard S&P 500 Growth ETF		9.67%22.11%35.89%29.96%-29.48%31.95%33.35%30.93%-0.21%27.19%

Correlation

The correlation between PBP and VOOG is 0.70, 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

0.70

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

0.71

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

0.74

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

0.71

Correlation (All Time)
Calculated using the full available price history since Sep 9, 2010

0.74

The correlation between PBP and VOOG has been stable across timeframes, ranging from 0.70 to 0.74 - a consistent structural relationship.

PBP vs. VOOG - Sectors Allocation Comparison

Sectors
PBP
VOOG

Technology

39.5%
49.4%

Financial Services

11.4%
8.8%

Communication Services

10.9%
18.0%

Consumer Cyclical

10.2%
9.4%

Healthcare

8.6%
5.8%

Industrials

7.8%
6.2%

Consumer Defensive

4.7%
1.0%

Energy

3.3%
0.1%

Utilities

2.6%
0.4%

Real Estate

1.8%
0.6%

Basic Materials

1.8%
0.4%

Technology

PBP
39.5%
VOOG
49.4%

Financial Services

PBP
11.4%
VOOG
8.8%

Communication Services

PBP
10.9%
VOOG
18.0%

Consumer Cyclical

PBP
10.2%
VOOG
9.4%

Healthcare

PBP
8.6%
VOOG
5.8%

Industrials

PBP
7.8%
VOOG
6.2%

Consumer Defensive

PBP
4.7%
VOOG
1.0%

Energy

PBP
3.3%
VOOG
0.1%

Utilities

PBP
2.6%
VOOG
0.4%

Real Estate

PBP
1.8%
VOOG
0.6%

Basic Materials

PBP
1.8%
VOOG
0.4%

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

Vanguard S&P 500 Growth ETF

Often compared with PBP:
PBP vs. SPYPBP vs. XYLDPBP vs. JEPIPBP vs. VOOPBP vs. SCHDPBP vs. FTHIPBP vs. JEPQ
Often compared with VOOG:
VOOG vs. VOOVOOG vs. VUGVOOG vs. VOOVVOOG vs. QQQVOOG vs. VGTVOOG vs. FSPGXVOOG vs. VONG

Return for Risk

PBP vs. VOOG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PBP
PBP Risk / Return Rank: 8585
Overall Rank
PBP Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
PBP Sortino Ratio Rank: 8787
Sortino Ratio Rank
PBP Omega Ratio Rank: 9191
Omega Ratio Rank
PBP Calmar Ratio Rank: 7373
Calmar Ratio Rank
PBP Martin Ratio Rank: 8888
Martin Ratio Rank
VOOG
VOOG Risk / Return Rank: 5252
Overall Rank
VOOG Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
VOOG Sortino Ratio Rank: 5353
Sortino Ratio Rank
VOOG Omega Ratio Rank: 5353
Omega Ratio Rank
VOOG Calmar Ratio Rank: 4646
Calmar Ratio Rank
VOOG Martin Ratio Rank: 5353
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. VOOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 BuyWrite ETF (PBP) and Vanguard S&P 500 Growth ETF (VOOG). 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.

PBPVOOGDifference
Sharpe ratioReturn per unit of total volatility
2.40
1.67

+0.73

Sortino ratioReturn per unit of downside risk
3.44
2.26

+1.18

Omega ratioGain probability vs. loss probability

1.52

1.29

+0.23

Calmar ratioReturn relative to maximum drawdown

3.26

2.02

+1.24

Martin ratioReturn relative to average drawdown

16.95

8.11

+8.83

PBP vs. VOOG - Sharpe Ratio Comparison

The current PBP Sharpe Ratio is 2.40, which is higher than the VOOG Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of PBP and VOOG, 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. VOOG - Drawdown Comparison

The maximum PBP drawdown since its inception was -43.43%, which is greater than VOOG's maximum drawdown of -32.73%. Use the drawdown chart below to compare losses from any high point for PBP and VOOG.

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Drawdown Indicators

PBPVOOGDifference

Max Drawdown

Largest peak-to-trough decline

-43.43%

-32.73%

-10.70%

Max Drawdown (1Y)

Largest decline over 1 year

-5.22%

-13.71%

+8.49%

Max Drawdown (3Y)

Largest decline over 3 years

-15.42%

-22.18%

+6.76%

Max Drawdown (5Y)

Largest decline over 5 years

-18.61%

-32.73%

+14.12%

Max Drawdown (10Y)

Largest decline over 10 years

-33.31%

-32.73%

-0.58%

Current Drawdown

Current decline from peak

-0.57%

-4.65%

+4.08%

Average Drawdown

Average peak-to-trough decline

-6.68%

-4.97%

-1.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.00%

3.40%

-2.40%

Volatility

PBP vs. VOOG - Volatility Comparison

The current volatility for Invesco S&P 500 BuyWrite ETF (PBP) is 2.14%, while Vanguard S&P 500 Growth ETF (VOOG) has a volatility of 6.29%. This indicates that PBP experiences smaller price fluctuations and is considered to be less risky than VOOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

PBPVOOGDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.14%

6.29%

-4.15%

Volatility (6M)

Calculated over the trailing 6-month period

5.84%

13.43%

-7.59%

Volatility (1Y)

Calculated over the trailing 1-year period

7.10%

16.60%

-9.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.88%

21.29%

-9.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.67%

20.78%

-7.11%

PBP vs. VOOG - Expense Ratio Comparison

PBP has a 0.29% expense ratio, which is higher than VOOG's 0.07% expense ratio.

Dividends

PBP vs. VOOG - Dividend Comparison

PBP's dividend yield for the trailing twelve months is around 11.20%, more than VOOG's 0.45% yield.

PositionTTM20252024202320222021202020192018201720162015
PBP
Invesco S&P 500 BuyWrite ETF		11.20%11.12%9.36%3.35%1.33%6.21%1.41%5.04%2.59%10.86%2.56%6.19%
VOOG
Vanguard S&P 500 Growth ETF		0.45%0.49%0.49%1.12%0.93%0.53%0.88%1.26%1.34%1.32%1.47%1.56%

Frequently Asked Questions

PBP and VOOG have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VOOG has higher volatility (6.29%) compared to PBP (2.14%). In terms of maximum drawdown, PBP dropped -43.43% vs VOOG's -32.73%.

On 10-year performance, VOOG leads with 17.86% vs 7.09% for PBP. On fees, VOOG is cheaper at 0.07% per year. On volatility, PBP has been the lower-risk option at 2.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VOOG has performed better with a 17.86% return vs 7.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VOOG is cheaper with a 0.07% expense ratio, compared with 0.29% for PBP.

PBP has the higher dividend yield at 11.20%, compared with 0.45% for VOOG.

PBP is categorized as Derivative Income, while VOOG is S&P 500. PBP tracks Cboe S&P 500 BuyWrite Index, while VOOG tracks S&P 500 Growth Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.29% for PBP and 0.07% for VOOG.

PBP currently has the higher Sharpe Ratio (2.40 vs 1.67), 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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