PEPS vs. PBP

Last updated Aug 2, 2026

PEPS (Parametric Equity Plus ETF) and PBP (Invesco S&P 500 BuyWrite ETF) are both Derivative Income funds. PEPS is actively managed, while PBP is passively managed. Over the past year, PEPS returned 24.79% vs 19.22% for PBP. Their 0.78 correlation means they have sometimes moved together and sometimes differently. PEPS charges 0.10%/yr vs 0.29%/yr for PBP.

Performance

PEPS vs. PBP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Parametric Equity Plus ETF (PEPS) and Invesco S&P 500 BuyWrite ETF (PBP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PEPS achieves a 10.53% return, which is significantly higher than PBP's 7.80% return.

PEPS

• 1D: 0.81%
• 1M: 0.80%
• 6M: 8.59%
• YTD: 10.53%
• 1Y: 24.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.01%

PBP

• 1D: 0.22%
• 1M: 1.70%
• 6M: 6.52%
• YTD: 7.80%
• 1Y: 19.22%
• 3Y*: 11.92%
• 5Y*: 8.34%
• 10Y*: 7.27%
• ALL TIME*: 5.33%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PBP Invesco S&P 500 BuyWrite ETF	$1.16M	$1.09M	$978.18K
PEPS Parametric Equity Plus ETF	$5.31K	$5.85K	$15.49K

PEPS vs. PBP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PEPS Parametric Equity Plus ETF	10.53%	20.32%	-1.42%
PBP Invesco S&P 500 BuyWrite ETF	7.80%	8.49%	3.33%

Correlation

The correlation between PEPS and PBP is 0.82, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.82
Correlation (All Time) Calculated using the full available price history since Nov 8, 2024	0.78

The correlation between PEPS and PBP has been stable across timeframes, ranging from 0.78 to 0.82 - a consistent structural relationship.

Return for Risk

PEPS vs. PBP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

PEPS

PEPS Risk / Return Rank: 70
PEPS Sharpe Ratio Rank: 70
PEPS Sortino Ratio Rank: 65
PEPS Omega Ratio Rank: 68
PEPS Calmar Ratio Rank: 66
PEPS Martin Ratio Rank: 79

PBP

PBP Risk / Return Rank: 92
PBP Sharpe Ratio Rank: 92
PBP Sortino Ratio Rank: 93
PBP Omega Ratio Rank: 94
PBP Calmar Ratio Rank: 87
PBP Martin Ratio Rank: 94

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

PEPS vs. PBP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Parametric Equity Plus ETF (PEPS) and Invesco S&P 500 BuyWrite ETF (PBP). 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.

	PEPS	PBP	Difference
Sharpe ratio: Return per unit of total volatility	1.60	2.42	-0.83
Sortino ratio: Return per unit of downside risk	2.16	3.49	-1.33
Omega ratio: Gain probability vs. loss probability	1.29	1.51	-0.22
Calmar ratio: Return relative to maximum drawdown	2.31	3.45	-1.13
Martin ratio: Return relative to average drawdown	10.10	17.72	-7.62

PEPS vs. PBP - Sharpe Ratio Comparison

The current PEPS Sharpe Ratio is 1.60, which is lower than the PBP Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of PEPS and PBP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PEPS vs. PBP - Drawdown Comparison

The maximum PEPS drawdown since its inception was -21.26%, smaller than the maximum PBP drawdown of -43.43%. Use the drawdown chart below to compare losses from any high point for PEPS and PBP.

Drawdown Indicators

	PEPS	PBP	Difference
Max Drawdown Largest peak-to-trough decline	-21.26%	-43.43%	+22.17%
Max Drawdown (1Y) Largest decline over 1 year	-9.80%	-5.22%	-4.58%
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 Drawdown Current decline from peak	-0.66%	0.00%	-0.66%
Average Drawdown Average peak-to-trough decline	-2.67%	-6.64%	+3.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	1.02%	+1.22%

Volatility

PEPS vs. PBP - Volatility Comparison

Parametric Equity Plus ETF (PEPS) has a higher volatility of 3.85% compared to Invesco S&P 500 BuyWrite ETF (PBP) at 2.15%. This indicates that PEPS's price experiences larger fluctuations and is considered to be riskier than PBP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEPS	PBP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.85%	2.15%	+1.70%
Volatility (6M) Calculated over the trailing 6-month period	11.00%	6.10%	+4.90%
Volatility (1Y) Calculated over the trailing 1-year period	14.21%	7.43%	+6.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.11%	11.85%	+6.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.11%	13.66%	+4.45%

PEPS vs. PBP - Expense Ratio Comparison

PEPS has a 0.10% expense ratio, which is lower than PBP's 0.29% expense ratio.

Dividends

PEPS vs. PBP - Dividend Comparison

PEPS's dividend yield for the trailing twelve months is around 0.92%, less than PBP's 11.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBP Invesco S&P 500 BuyWrite ETF	11.39%	11.12%	9.36%	3.35%	1.33%	6.21%	1.41%	5.04%	2.59%	10.86%	2.56%	6.19%
PEPS Parametric Equity Plus ETF	0.92%	1.00%	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PEPS and PBP in my portfolio?

PEPS and PBP have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PEPS or PBP?

PEPS has higher volatility (3.85%) compared to PBP (2.15%). In terms of maximum drawdown, PEPS dropped -21.26% vs PBP's -43.43%.

Which ETF is better, PEPS or PBP?

On 1-year performance, PEPS leads with 24.79% vs 19.22% for PBP. On fees, PEPS is cheaper at 0.10% per year. On volatility, PBP has been the lower-risk option at 2.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PEPS or PBP?

Over the 1-year period, PEPS has performed better with a 24.79% return vs 19.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PEPS or PBP?

PEPS is cheaper with a 0.10% expense ratio, compared with 0.29% for PBP.

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

PBP has the higher dividend yield at 11.39%, compared with 0.92% for PEPS.

What is the main difference between PEPS and PBP?

They also come from different issuers: Parametric and Invesco. Their fees differ too: 0.10% for PEPS and 0.29% for PBP.

Which has better risk-adjusted returns?

PBP currently has the higher Sharpe Ratio (2.42 vs 1.60), 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.