PBP vs. XYLD

Last updated Jun 3, 2026

PBP (Invesco S&P 500 BuyWrite ETF) and XYLD (Global X S&P 500 Covered Call ETF) are both Derivative Income funds tracking the Cboe S&P 500 BuyWrite Index, from Invesco and Global X respectively. Both are passively managed. Over the past 10 years, PBP returned 7.16%/yr vs 8.27%/yr for XYLD. A 0.71 correlation means they provide meaningful diversification when combined. PBP charges 0.29%/yr vs 0.60%/yr for XYLD.

Performance

PBP vs. XYLD - 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 Covered Call ETF (XYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with PBP having a 5.08% return and XYLD slightly higher at 5.11%. Over the past 10 years, PBP has underperformed XYLD with an annualized return of 7.16%, while XYLD has yielded a comparatively higher 8.27% annualized return.

PBP

• 1D: 0.13%
• 1M: 2.29%
• YTD: 5.08%
• 6M: 7.05%
• 1Y: 18.64%
• 3Y*: 11.65%
• 5Y*: 8.29%
• 10Y*: 7.16%

XYLD

• 1D: 0.10%
• 1M: 2.13%
• YTD: 5.11%
• 6M: 6.72%
• 1Y: 18.23%
• 3Y*: 11.32%
• 5Y*: 7.82%
• 10Y*: 8.27%

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

PBP vs. XYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PBP Invesco S&P 500 BuyWrite ETF	5.08%	8.49%	19.83%	11.59%	-11.82%	19.97%	-3.31%	14.60%	-5.57%	11.98%
XYLD Global X S&P 500 Covered Call ETF	5.11%	8.02%	19.49%	11.10%	-12.05%	19.59%	-0.56%	21.41%	-6.09%	16.49%

Correlation

The correlation between PBP and XYLD is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Jun 25, 2013	0.71

The correlation between PBP and XYLD shifts across timeframes, from 0.71 (all time) to 0.84 (1 year), reflecting how their relationship changes across market environments.

PBP vs. XYLD - Sectors Allocation Comparison

Sectors	PBP	XYLD
Technology	39.5%	35.6%
Financial Services	11.4%	11.8%
Communication Services	10.9%	11.2%
Consumer Cyclical	10.2%	10.2%
Healthcare	8.6%	8.5%
Industrials	7.8%	8.3%
Consumer Defensive	4.7%	4.9%
Energy	3.3%	3.5%
Utilities	2.6%	2.3%
Real Estate	1.8%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

PBP vs. XYLD — Risk / Return Rank

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

PBP

PBP Risk / Return Rank: 84
PBP Sharpe Ratio Rank: 83
PBP Sortino Ratio Rank: 86
PBP Omega Ratio Rank: 91
PBP Calmar Ratio Rank: 71
PBP Martin Ratio Rank: 88

XYLD

XYLD Risk / Return Rank: 84
XYLD Sharpe Ratio Rank: 84
XYLD Sortino Ratio Rank: 88
XYLD Omega Ratio Rank: 94
XYLD Calmar Ratio Rank: 70
XYLD Martin Ratio Rank: 87

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. XYLD - 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 Covered Call ETF (XYLD). 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	XYLD	Difference
Sharpe ratio Return per unit of total volatility	2.72	2.80	-0.07
Sortino ratio Return per unit of downside risk	3.93	3.98	-0.06
Omega ratio Gain probability vs. loss probability	1.61	1.67	-0.06
Calmar ratio Return relative to maximum drawdown	3.64	3.52	+0.11
Martin ratio Return relative to average drawdown	19.31	18.78	+0.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PBP vs. XYLD - Sharpe Ratio Comparison

The current PBP Sharpe Ratio is 2.72, which is comparable to the XYLD Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of PBP and XYLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PBP	XYLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.72	2.80	-0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.70	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	0.58	-0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.60	-0.26

Drawdowns

PBP vs. XYLD - Drawdown Comparison

The maximum PBP drawdown since its inception was -43.43%, which is greater than XYLD's maximum drawdown of -33.46%. Use the drawdown chart below to compare losses from any high point for PBP and XYLD.

Drawdown Indicators

	PBP	XYLD	Difference
Max Drawdown Largest peak-to-trough decline	-43.43%	-33.46%	-9.97%
Max Drawdown (1Y) Largest decline over 1 year	-5.22%	-5.29%	+0.07%
Max Drawdown (3Y) Largest decline over 3 years	-15.42%	-15.53%	+0.11%
Max Drawdown (5Y) Largest decline over 5 years	-18.61%	-18.66%	+0.05%
Max Drawdown (10Y) Largest decline over 10 years	-33.31%	-33.46%	+0.15%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-6.69%	-3.72%	-2.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	0.99%	-0.01%

Volatility

PBP vs. XYLD - Volatility Comparison

Invesco S&P 500 BuyWrite ETF (PBP) and Global X S&P 500 Covered Call ETF (XYLD) have volatilities of 0.88% and 0.85%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PBP	XYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.88%	0.85%	+0.03%
Volatility (6M) Calculated over the trailing 6-month period	5.53%	5.37%	+0.16%
Volatility (1Y) Calculated over the trailing 1-year period	6.87%	6.55%	+0.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.86%	11.22%	+0.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.67%	14.21%	-0.54%

PBP vs. XYLD - Expense Ratio Comparison

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

Dividends

PBP vs. XYLD - Dividend Comparison

PBP's dividend yield for the trailing twelve months is around 11.14%, more than XYLD's 10.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBP Invesco S&P 500 BuyWrite ETF	11.14%	11.12%	9.36%	3.35%	1.33%	6.21%	1.41%	5.04%	2.59%	10.86%	2.56%	6.19%
XYLD Global X S&P 500 Covered Call ETF	10.50%	10.51%	11.54%	10.51%	13.43%	9.07%	7.93%	5.76%	7.12%	5.18%	3.23%	4.65%

Frequently Asked Questions

Can I hold both PBP and XYLD in my portfolio?

PBP and XYLD have a correlation of 0.84, 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 XYLD?

PBP has higher volatility (0.88%) compared to XYLD (0.85%). In terms of maximum drawdown, PBP dropped -43.43% vs XYLD's -33.46%.

Which ETF is better, PBP or XYLD?

On 10-year performance, XYLD leads with 8.27% vs 7.16% for PBP. On fees, PBP is cheaper at 0.29% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PBP or XYLD?

Over the 10-year period, XYLD has performed better with a 8.27% return vs 7.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PBP or XYLD?

PBP is cheaper with a 0.29% expense ratio, compared with 0.60% for XYLD.

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

PBP has the higher dividend yield at 11.14%, compared with 10.50% for XYLD.

What is the main difference between PBP and XYLD?

Both ETFs track Cboe S&P 500 BuyWrite Index. They also come from different issuers: Invesco and Global X. Their fees differ too: 0.29% for PBP and 0.60% for XYLD.

Which has better risk-adjusted returns?

XYLD currently has the higher Sharpe Ratio (2.80 vs 2.72), 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.