SPYI vs. PBP

Last updated Aug 4, 2026

SPYI (NEOS S&P 500 High Income ETF) and PBP (Invesco S&P 500 BuyWrite ETF) are both Derivative Income funds. SPYI is actively managed, while PBP is passively managed. Over the past 3 years, SPYI returned 15.87%/yr vs 12.54%/yr for PBP. Their 0.77 correlation means they have sometimes moved together and sometimes differently. SPYI charges 0.68%/yr vs 0.29%/yr for PBP.

Performance

SPYI vs. PBP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS S&P 500 High Income ETF (SPYI) 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, SPYI achieves a 9.18% return, which is significantly higher than PBP's 8.59% return.

SPYI

• 1D: 1.14%
• 1M: 1.76%
• 6M: 7.18%
• YTD: 9.18%
• 1Y: 20.03%
• 3Y*: 15.87%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.81%

PBP

• 1D: 0.74%
• 1M: 2.45%
• 6M: 6.98%
• YTD: 8.59%
• 1Y: 20.10%
• 3Y*: 12.54%
• 5Y*: 8.37%
• 10Y*: 7.27%
• ALL TIME*: 5.37%

*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	$1.22M	$1.10M	$980.98K
SPYI NEOS S&P 500 High Income ETF	$155.96M	$140.10M	$149.40M

SPYI vs. PBP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPYI NEOS S&P 500 High Income ETF	9.18%	16.67%	19.03%	18.09%	-3.96%
PBP Invesco S&P 500 BuyWrite ETF	8.59%	8.49%	19.83%	11.59%	-2.09%

Correlation

The correlation between SPYI 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 (3Y) Balances recent behavior with more history.	0.77
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.77

The correlation between SPYI and PBP has been stable across timeframes, ranging from 0.77 to 0.82 - a consistent structural relationship.

SPYI vs. PBP - Sectors Allocation Comparison

Sectors	SPYI	PBP
Technology	38.3%	38.5%
Financial Services	11.7%	12.2%
Communication Services	10.0%	9.3%
Consumer Cyclical	9.6%	8.8%
Healthcare	8.9%	9.1%
Industrials	8.4%	7.7%
Consumer Defensive	4.6%	4.6%
Energy	3.0%	3.4%
Utilities	2.2%	2.7%
Real Estate	1.8%	1.9%
Basic Materials	1.7%	1.8%

Return for Risk

SPYI vs. PBP — Risk / Return Rank

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

SPYI

SPYI Risk / Return Rank: 80
SPYI Sharpe Ratio Rank: 80
SPYI Sortino Ratio Rank: 79
SPYI Omega Ratio Rank: 82
SPYI Calmar Ratio Rank: 74
SPYI Martin Ratio Rank: 86

PBP

PBP Risk / Return Rank: 94
PBP Sharpe Ratio Rank: 95
PBP Sortino Ratio Rank: 95
PBP Omega Ratio Rank: 95
PBP Calmar Ratio Rank: 90
PBP Martin Ratio Rank: 95

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.

SPYI vs. PBP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) 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.

	SPYI	PBP	Difference
Sharpe ratio: Return per unit of total volatility	1.87	2.74	-0.87
Sortino ratio: Return per unit of downside risk	2.58	3.98	-1.40
Omega ratio: Gain probability vs. loss probability	1.36	1.59	-0.23
Calmar ratio: Return relative to maximum drawdown	2.61	3.86	-1.26
Martin ratio: Return relative to average drawdown	12.52	19.88	-7.36

SPYI vs. PBP - Sharpe Ratio Comparison

The current SPYI Sharpe Ratio is 1.87, which is lower than the PBP Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of SPYI 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

SPYI vs. PBP - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum PBP drawdown of -43.43%. Use the drawdown chart below to compare losses from any high point for SPYI and PBP.

Drawdown Indicators

	SPYI	PBP	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-43.43%	+26.96%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-5.22%	-2.50%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	-15.42%	-1.05%
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.79%	-6.64%	+4.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	1.01%	+0.59%

Volatility

SPYI vs. PBP - Volatility Comparison

NEOS S&P 500 High Income ETF (SPYI) has a higher volatility of 3.40% compared to Invesco S&P 500 BuyWrite ETF (PBP) at 2.24%. This indicates that SPYI'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

	SPYI	PBP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.40%	2.24%	+1.16%
Volatility (6M) Calculated over the trailing 6-month period	8.75%	6.14%	+2.61%
Volatility (1Y) Calculated over the trailing 1-year period	10.78%	7.38%	+3.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.97%	11.86%	+1.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.97%	13.67%	-0.70%

SPYI vs. PBP - Expense Ratio Comparison

SPYI has a 0.68% expense ratio, which is higher than PBP's 0.29% expense ratio.

Dividends

SPYI vs. PBP - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 11.80%, more than PBP's 11.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBP Invesco S&P 500 BuyWrite ETF	11.31%	11.12%	9.36%	3.35%	1.33%	6.21%	1.41%	5.04%	2.59%	10.86%	2.56%	6.19%
SPYI NEOS S&P 500 High Income ETF	11.80%	11.70%	12.04%	12.01%	4.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPYI and PBP in my portfolio?

SPYI 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, SPYI or PBP?

SPYI has higher volatility (3.40%) compared to PBP (2.24%). In terms of maximum drawdown, SPYI dropped -16.47% vs PBP's -43.43%.

Which ETF is better, SPYI or PBP?

On 3-year performance, SPYI leads with 15.87% vs 12.54% for PBP. On fees, PBP is cheaper at 0.29% per year. On volatility, PBP has been the lower-risk option at 2.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYI or PBP?

Over the 3-year period, SPYI has performed better with a 15.87% return vs 12.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYI or PBP?

PBP is cheaper with a 0.29% expense ratio, compared with 0.68% for SPYI.

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

SPYI has the higher dividend yield at 11.80%, compared with 11.31% for PBP.

What is the main difference between SPYI and PBP?

They also come from different issuers: Neos and Invesco. Their fees differ too: 0.68% for SPYI and 0.29% for PBP.

Which has better risk-adjusted returns?

PBP currently has the higher Sharpe Ratio (2.74 vs 1.87), 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.