PBP vs. WDTE
Compare and contrast key facts about Invesco S&P 500 BuyWrite ETF (PBP) and Defiance S&P 500 Enhanced Options & 0DTE Income ETF (WDTE).
PBP and WDTE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. PBP is a passively managed fund by Invesco that tracks the performance of the Cboe S&P 500 BuyWrite Index. It was launched on Dec 20, 2007. WDTE is an actively managed fund by Defiance. It was launched on Sep 18, 2023.
Performance
PBP vs. WDTE - Performance Comparison
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PBP vs. WDTE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
PBP Invesco S&P 500 BuyWrite ETF | -1.04% | 8.49% | 19.83% | 1.80% |
WDTE Defiance S&P 500 Enhanced Options & 0DTE Income ETF | -3.64% | 13.60% | 9.85% | 5.84% |
Returns By Period
In the year-to-date period, PBP achieves a -1.04% return, which is significantly higher than WDTE's -3.64% return.
PBP
- 1D
- 2.04%
- 1M
- -2.62%
- YTD
- -1.04%
- 6M
- 5.76%
- 1Y
- 11.29%
- 3Y*
- 10.74%
- 5Y*
- 7.48%
- 10Y*
- 6.70%
WDTE
- 1D
- 2.50%
- 1M
- -4.49%
- YTD
- -3.64%
- 6M
- -1.94%
- 1Y
- 12.15%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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PBP vs. WDTE - Expense Ratio Comparison
PBP has a 0.29% expense ratio, which is lower than WDTE's 1.01% expense ratio.
Return for Risk
PBP vs. WDTE — Risk / Return Rank
PBP
WDTE
PBP vs. WDTE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 BuyWrite ETF (PBP) and Defiance S&P 500 Enhanced Options & 0DTE Income ETF (WDTE). 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 | WDTE | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.80 | 0.90 | -0.10 |
Sortino ratioReturn per unit of downside risk | 1.27 | 1.13 | +0.13 |
Omega ratioGain probability vs. loss probability | 1.25 | 1.19 | +0.05 |
Calmar ratioReturn relative to maximum drawdown | 1.12 | 1.21 | -0.09 |
Martin ratioReturn relative to average drawdown | 6.40 | 4.88 | +1.52 |
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 | WDTE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.80 | 0.90 | -0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.63 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.49 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.32 | 0.89 | -0.57 |
Correlation
The correlation between PBP and WDTE is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
PBP vs. WDTE - Dividend Comparison
PBP's dividend yield for the trailing twelve months is around 11.63%, less than WDTE's 37.31% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PBP Invesco S&P 500 BuyWrite ETF | 11.63% | 11.12% | 9.36% | 3.35% | 1.33% | 6.21% | 1.41% | 5.04% | 2.59% | 10.86% | 2.56% | 6.19% |
WDTE Defiance S&P 500 Enhanced Options & 0DTE Income ETF | 37.31% | 35.78% | 51.80% | 16.41% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
PBP vs. WDTE - Drawdown Comparison
The maximum PBP drawdown since its inception was -43.43%, which is greater than WDTE's maximum drawdown of -15.85%. Use the drawdown chart below to compare losses from any high point for PBP and WDTE.
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Drawdown Indicators
| PBP | WDTE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -43.43% | -15.85% | -27.58% |
Max Drawdown (1Y)Largest decline over 1 year | -10.20% | -10.75% | +0.55% |
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 | -3.29% | -5.34% | +2.05% |
Average DrawdownAverage peak-to-trough decline | -6.75% | -1.89% | -4.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.79% | 2.66% | -0.87% |
Volatility
PBP vs. WDTE - Volatility Comparison
The current volatility for Invesco S&P 500 BuyWrite ETF (PBP) is 4.09%, while Defiance S&P 500 Enhanced Options & 0DTE Income ETF (WDTE) has a volatility of 4.71%. This indicates that PBP experiences smaller price fluctuations and is considered to be less risky than WDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PBP | WDTE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.09% | 4.71% | -0.62% |
Volatility (6M)Calculated over the trailing 6-month period | 5.97% | 8.27% | -2.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.26% | 13.61% | +0.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.95% | 11.30% | +0.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.69% | 11.30% | +2.39% |