SPYT vs. PBP

Last updated Aug 4, 2026

SPYT (Defiance S&P 500 Income Target ETF) and PBP (Invesco S&P 500 BuyWrite ETF) are both Derivative Income funds. SPYT is actively managed, while PBP is passively managed. Over the past year, SPYT returned 19.79% vs 20.10% for PBP. Their 0.76 correlation means they have sometimes moved together and sometimes differently. SPYT charges 0.87%/yr vs 0.29%/yr for PBP.

Performance

SPYT vs. PBP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance S&P 500 Income Target ETF (SPYT) 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, SPYT achieves a 10.78% return, which is significantly higher than PBP's 8.59% return.

SPYT

• 1D: 1.33%
• 1M: 1.74%
• 6M: 8.87%
• YTD: 10.78%
• 1Y: 19.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.38%

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
SPYT Defiance S&P 500 Income Target ETF	$1.79M	$1.76M	$2.31M

SPYT vs. PBP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYT Defiance S&P 500 Income Target ETF	10.78%	12.41%	13.30%
PBP Invesco S&P 500 BuyWrite ETF	8.59%	8.49%	15.50%

Correlation

The correlation between SPYT and PBP is 0.81, 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.	0.81
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.76

The correlation between SPYT and PBP has been stable across timeframes, ranging from 0.76 to 0.81 - a consistent structural relationship.

SPYT vs. PBP - Sectors Allocation Comparison

Sectors	SPYT	PBP
Technology	38.5%	38.5%
Financial Services	11.6%	12.2%
Communication Services	9.9%	9.3%
Consumer Cyclical	9.5%	8.8%
Healthcare	8.9%	9.1%
Industrials	8.4%	7.7%
Consumer Defensive	4.5%	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

SPYT vs. PBP — Risk / Return Rank

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

SPYT

SPYT Risk / Return Rank: 74
SPYT Sharpe Ratio Rank: 72
SPYT Sortino Ratio Rank: 70
SPYT Omega Ratio Rank: 76
SPYT Calmar Ratio Rank: 69
SPYT Martin Ratio Rank: 79

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.

SPYT vs. PBP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance S&P 500 Income Target ETF (SPYT) 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.

	SPYT	PBP	Difference
Sharpe ratio: Return per unit of total volatility	1.70	2.74	-1.04
Sortino ratio: Return per unit of downside risk	2.35	3.98	-1.63
Omega ratio: Gain probability vs. loss probability	1.33	1.59	-0.26
Calmar ratio: Return relative to maximum drawdown	2.48	3.86	-1.38
Martin ratio: Return relative to average drawdown	10.61	19.88	-9.27

SPYT vs. PBP - Sharpe Ratio Comparison

The current SPYT Sharpe Ratio is 1.70, which is lower than the PBP Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of SPYT 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

SPYT vs. PBP - Drawdown Comparison

The maximum SPYT drawdown since its inception was -18.25%, smaller than the maximum PBP drawdown of -43.43%. Use the drawdown chart below to compare losses from any high point for SPYT and PBP.

Drawdown Indicators

	SPYT	PBP	Difference
Max Drawdown Largest peak-to-trough decline	-18.25%	-43.43%	+25.18%
Max Drawdown (1Y) Largest decline over 1 year	-8.00%	-5.22%	-2.78%
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	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.97%	-6.64%	+4.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.87%	1.01%	+0.86%

Volatility

SPYT vs. PBP - Volatility Comparison

Defiance S&P 500 Income Target ETF (SPYT) has a higher volatility of 3.43% compared to Invesco S&P 500 BuyWrite ETF (PBP) at 2.24%. This indicates that SPYT'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

	SPYT	PBP	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.43%	2.24%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	9.48%	6.14%	+3.34%
Volatility (1Y) Calculated over the trailing 1-year period	11.74%	7.38%	+4.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.74%	11.86%	+2.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.74%	13.67%	+1.07%

SPYT vs. PBP - Expense Ratio Comparison

SPYT has a 0.87% expense ratio, which is higher than PBP's 0.29% expense ratio.

Dividends

SPYT vs. PBP - Dividend Comparison

SPYT's dividend yield for the trailing twelve months is around 20.92%, 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%
SPYT Defiance S&P 500 Income Target ETF	20.92%	21.40%	17.37%	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 SPYT and PBP in my portfolio?

SPYT and PBP have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYT or PBP?

SPYT has higher volatility (3.43%) compared to PBP (2.24%). In terms of maximum drawdown, SPYT dropped -18.25% vs PBP's -43.43%.

Which ETF is better, SPYT or PBP?

On 1-year performance, PBP leads with 20.10% vs 19.79% for SPYT. 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, SPYT or PBP?

Over the 1-year period, PBP has performed better with a 20.10% return vs 19.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYT or PBP?

PBP is cheaper with a 0.29% expense ratio, compared with 0.87% for SPYT.

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

SPYT has the higher dividend yield at 20.92%, compared with 11.31% for PBP.

What is the main difference between SPYT and PBP?

They also come from different issuers: Defiance and Invesco. Their fees differ too: 0.87% for SPYT and 0.29% for PBP.

Which has better risk-adjusted returns?

PBP currently has the higher Sharpe Ratio (2.74 vs 1.70), 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.