PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
PBP vs. XRMI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PBP vs. XRMI

Last updated Jun 24, 2026

PBP (Invesco S&P 500 BuyWrite ETF) and XRMI (Global X S&P 500 Risk Managed Income ETF) are both Derivative Income funds - PBP tracks the Cboe S&P 500 BuyWrite Index while XRMI tracks the Cboe S&P 500 Risk Managed Income Index. Both are passively managed. Over the past 3 years, PBP returned 11.64%/yr vs 6.90%/yr for XRMI. A 0.72 correlation means they provide meaningful diversification when combined. PBP charges 0.29%/yr vs 0.60%/yr for XRMI.

Performance

PBP vs. XRMI - 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 S&P 500 Risk Managed Income ETF (XRMI). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, PBP achieves a 4.40% return, which is significantly higher than XRMI's 1.66% return.

PBP

1D
-0.63%
1M
0.27%
YTD
4.40%
6M
4.40%
1Y
16.57%
3Y*
11.64%
5Y*
7.58%
10Y*
7.18%

XRMI

1D
-0.52%
1M
0.39%
YTD
1.66%
6M
1.20%
1Y
9.03%
3Y*
6.90%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

PBP vs. XRMI - Yearly Performance Comparison

2026 (YTD)20252024202320222021
PBP
Invesco S&P 500 BuyWrite ETF		4.40%8.49%19.83%11.59%-11.82%5.56%
XRMI
Global X S&P 500 Risk Managed Income ETF		1.66%4.60%15.18%4.22%-14.06%2.26%

Correlation

The correlation between PBP and XRMI is 0.72, 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

0.72

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

0.66

Correlation (All Time)
Calculated using the full available price history since Aug 26, 2021

0.72

The correlation between PBP and XRMI has been stable across timeframes, ranging from 0.66 to 0.72 - a consistent structural relationship.

PBP vs. XRMI - Sectors Allocation Comparison

Sectors
PBP
XRMI

Technology

39.0%
39.5%

Financial Services

11.1%
11.6%

Communication Services

10.6%
10.3%

Consumer Cyclical

9.9%
9.5%

Healthcare

8.3%
8.5%

Industrials

7.8%
7.9%

Consumer Defensive

4.5%
4.6%

Energy

3.1%
3.1%

Utilities

2.1%
2.7%

Real Estate

1.8%
1.8%

Basic Materials

1.7%
1.7%

Technology

PBP
39.0%
XRMI
39.5%

Financial Services

PBP
11.1%
XRMI
11.6%

Communication Services

PBP
10.6%
XRMI
10.3%

Consumer Cyclical

PBP
9.9%
XRMI
9.5%

Healthcare

PBP
8.3%
XRMI
8.5%

Industrials

PBP
7.8%
XRMI
7.9%

Consumer Defensive

PBP
4.5%
XRMI
4.6%

Energy

PBP
3.1%
XRMI
3.1%

Utilities

PBP
2.1%
XRMI
2.7%

Real Estate

PBP
1.8%
XRMI
1.8%

Basic Materials

PBP
1.7%
XRMI
1.7%

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

Global X S&P 500 Risk Managed Income ETF

Often compared with PBP:
PBP vs. SPYPBP vs. XYLDPBP vs. JEPIPBP vs. VOOPBP vs. SCHDPBP vs. FTHIPBP vs. JEPQ
Often compared with XRMI:
XRMI vs. QRMIXRMI vs. XYLDXRMI vs. XTRXRMI vs. AMZYXRMI vs. QYLDXRMI vs. JEPIXRMI vs. SPY

Return for Risk

PBP vs. XRMI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PBP
PBP Risk / Return Rank: 7979
Overall Rank
PBP Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
PBP Sortino Ratio Rank: 8080
Sortino Ratio Rank
PBP Omega Ratio Rank: 8686
Omega Ratio Rank
PBP Calmar Ratio Rank: 6767
Calmar Ratio Rank
PBP Martin Ratio Rank: 8484
Martin Ratio Rank
XRMI
XRMI Risk / Return Rank: 4848
Overall Rank
XRMI Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
XRMI Sortino Ratio Rank: 5050
Sortino Ratio Rank
XRMI Omega Ratio Rank: 5454
Omega Ratio Rank
XRMI Calmar Ratio Rank: 3838
Calmar Ratio Rank
XRMI Martin Ratio Rank: 4646
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. XRMI - 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 S&P 500 Risk Managed Income ETF (XRMI). 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.

PBPXRMIDifference
Sharpe ratioReturn per unit of total volatility
2.32
1.65

+0.67

Sortino ratioReturn per unit of downside risk
3.36
2.30

+1.05

Omega ratioGain probability vs. loss probability

1.50

1.32

+0.18

Calmar ratioReturn relative to maximum drawdown

3.19

1.81

+1.38

Martin ratioReturn relative to average drawdown

16.54

7.28

+9.26

PBP vs. XRMI - Sharpe Ratio Comparison

The current PBP Sharpe Ratio is 2.32, which is higher than the XRMI Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of PBP and XRMI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Drawdowns

PBP vs. XRMI - Drawdown Comparison

The maximum PBP drawdown since its inception was -43.43%, which is greater than XRMI's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for PBP and XRMI.

Loading charts...

Drawdown Indicators

PBPXRMIDifference

Max Drawdown

Largest peak-to-trough decline

-43.43%

-15.31%

-28.12%

Max Drawdown (1Y)

Largest decline over 1 year

-5.22%

-5.02%

-0.20%

Max Drawdown (3Y)

Largest decline over 3 years

-15.42%

-8.34%

-7.08%

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

-1.03%

-0.52%

-0.51%

Average Drawdown

Average peak-to-trough decline

-6.68%

-5.87%

-0.81%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.00%

1.24%

-0.24%

Volatility

PBP vs. XRMI - Volatility Comparison

Invesco S&P 500 BuyWrite ETF (PBP) has a higher volatility of 2.37% compared to Global X S&P 500 Risk Managed Income ETF (XRMI) at 1.71%. This indicates that PBP's price experiences larger fluctuations and is considered to be riskier than XRMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

PBPXRMIDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.37%

1.71%

+0.66%

Volatility (6M)

Calculated over the trailing 6-month period

5.97%

4.44%

+1.53%

Volatility (1Y)

Calculated over the trailing 1-year period

7.17%

5.52%

+1.65%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.88%

6.91%

+4.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.67%

6.91%

+6.76%

PBP vs. XRMI - Expense Ratio Comparison

PBP has a 0.29% expense ratio, which is lower than XRMI's 0.60% expense ratio.

Dividends

PBP vs. XRMI - Dividend Comparison

PBP's dividend yield for the trailing twelve months is around 11.36%, less than XRMI's 12.73% yield.

PositionTTM20252024202320222021202020192018201720162015
PBP
Invesco S&P 500 BuyWrite ETF		11.36%11.12%9.36%3.35%1.33%6.21%1.41%5.04%2.59%10.86%2.56%6.19%
XRMI
Global X S&P 500 Risk Managed Income ETF		12.73%12.35%11.86%12.62%12.84%2.93%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

PBP and XRMI have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PBP has higher volatility (2.37%) compared to XRMI (1.71%). In terms of maximum drawdown, PBP dropped -43.43% vs XRMI's -15.31%.

On 3-year performance, PBP leads with 11.64% vs 6.90% for XRMI. On fees, PBP is cheaper at 0.29% per year. On volatility, XRMI has been the lower-risk option at 1.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, PBP has performed better with a 11.64% return vs 6.90%. 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 0.60% for XRMI.

XRMI has the higher dividend yield at 12.73%, compared with 11.36% for PBP.

PBP tracks Cboe S&P 500 BuyWrite Index, while XRMI tracks Cboe S&P 500 Risk Managed Income Index. They also come from different issuers: Invesco and Global X. Their fees differ too: 0.29% for PBP and 0.60% for XRMI.

PBP currently has the higher Sharpe Ratio (2.32 vs 1.65), 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.

Portfolio Optimizer

Find the right allocation for PBP and XRMI

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer