SMCC vs. PBP

Last updated Jun 6, 2026

SMCC (Defiance Leveraged Long + Income SMCI ETF) and PBP (Invesco S&P 500 BuyWrite ETF) are both Derivative Income funds. SMCC is actively managed, while PBP is passively managed. At a 0.21 correlation, their price movements are largely independent. SMCC charges 1.51%/yr vs 0.29%/yr for PBP.

Performance

SMCC vs. PBP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Leveraged Long + Income SMCI ETF (SMCC) 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, SMCC achieves a 5.60% return, which is significantly higher than PBP's 3.98% return.

SMCC

• 1D: 0.00%
• 1M: 0.00%
• YTD: 5.60%
• 6M: -21.71%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBP

• 1D: -1.00%
• 1M: 0.82%
• YTD: 3.98%
• 6M: 5.42%
• 1Y: 17.18%
• 3Y*: 11.22%
• 5Y*: 7.91%
• 10Y*: 7.03%

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

SMCC vs. PBP - Yearly Performance Comparison

	2026 (YTD)	2025
SMCC Defiance Leveraged Long + Income SMCI ETF	5.60%	-57.43%
PBP Invesco S&P 500 BuyWrite ETF	3.98%	9.20%

Correlation

The correlation between SMCC and PBP is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 21, 2025	0.21

Return for Risk

SMCC vs. PBP — Risk / Return Rank

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

PBP

PBP Risk / Return Rank: 81
PBP Sharpe Ratio Rank: 79
PBP Sortino Ratio Rank: 82
PBP Omega Ratio Rank: 89
PBP Calmar Ratio Rank: 69
PBP Martin Ratio Rank: 86

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.

SMCC vs. PBP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Leveraged Long + Income SMCI ETF (SMCC) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	SMCC	PBP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.49	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.67	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.87	0.34	-1.21

Drawdowns

SMCC vs. PBP - Drawdown Comparison

The maximum SMCC drawdown since its inception was -75.87%, which is greater than PBP's maximum drawdown of -43.43%. Use the drawdown chart below to compare losses from any high point for SMCC and PBP.

Drawdown Indicators

	SMCC	PBP	Difference
Max Drawdown Largest peak-to-trough decline	-75.87%	-43.43%	-32.44%
Max Drawdown (1Y) Largest decline over 1 year	—	-5.22%	—
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	-72.90%	-1.05%	-71.85%
Average Drawdown Average peak-to-trough decline	-53.60%	-6.69%	-46.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.99%	—

Volatility

Volatility by Period

	SMCC	PBP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.42%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.62%	—
Volatility (1Y) Calculated over the trailing 1-year period	75.90%	6.95%	+68.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	75.90%	11.86%	+64.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	75.90%	13.66%	+62.24%

SMCC vs. PBP - Expense Ratio Comparison

SMCC has a 1.51% expense ratio, which is higher than PBP's 0.29% expense ratio.

Dividends

SMCC vs. PBP - Dividend Comparison

SMCC's dividend yield for the trailing twelve months is around 83.22%, more than PBP's 11.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBP Invesco S&P 500 BuyWrite ETF	11.26%	11.12%	9.36%	3.35%	1.33%	6.21%	1.41%	5.04%	2.59%	10.86%	2.56%	6.19%
SMCC Defiance Leveraged Long + Income SMCI ETF	83.22%	79.22%	0.00%	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 SMCC and PBP in my portfolio?

SMCC and PBP have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMCC or PBP?

On fees, PBP is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMCC or PBP?

PBP is cheaper with a 0.29% expense ratio, compared with 1.51% for SMCC.

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

SMCC has the higher dividend yield at 83.22%, compared with 11.26% for PBP.

What is the main difference between SMCC and PBP?

They also come from different issuers: Defiance and Invesco. Their fees differ too: 1.51% for SMCC and 0.29% for PBP.