TDVI vs. PBP

Last updated Jul 17, 2026

TDVI (FT Vest Technology Dividend Target Income ETF) and PBP (Invesco S&P 500 BuyWrite ETF) are both Derivative Income funds. TDVI is actively managed, while PBP is passively managed. Over the past year, TDVI returned 20.03% vs 17.66% for PBP. A 0.63 correlation means they provide meaningful diversification when combined. TDVI charges 0.75%/yr vs 0.29%/yr for PBP.

Performance

TDVI vs. PBP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest Technology Dividend Target Income ETF (TDVI) 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, TDVI achieves a 13.15% return, which is significantly higher than PBP's 7.22% return.

TDVI

• 1D: -0.92%
• 1M: -6.22%
• 6M: 10.84%
• YTD: 13.15%
• 1Y: 20.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBP

• 1D: -0.04%
• 1M: 1.86%
• 6M: 6.34%
• YTD: 7.22%
• 1Y: 17.66%
• 3Y*: 11.78%
• 5Y*: 8.42%
• 10Y*: 7.23%

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

TDVI vs. PBP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TDVI FT Vest Technology Dividend Target Income ETF	13.15%	24.75%	22.84%	9.95%
PBP Invesco S&P 500 BuyWrite ETF	7.22%	8.49%	19.83%	0.90%

Correlation

The correlation between TDVI and PBP is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (All Time) Calculated using the full available price history since Aug 10, 2023	0.63

The correlation between TDVI and PBP has been stable across timeframes, ranging from 0.61 to 0.63 - a consistent structural relationship.

Return for Risk

TDVI vs. PBP — Risk / Return Rank

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

TDVI

TDVI Risk / Return Rank: 33
TDVI Sharpe Ratio Rank: 34
TDVI Sortino Ratio Rank: 33
TDVI Omega Ratio Rank: 32
TDVI Calmar Ratio Rank: 33
TDVI Martin Ratio Rank: 35

PBP

PBP Risk / Return Rank: 90
PBP Sharpe Ratio Rank: 91
PBP Sortino Ratio Rank: 92
PBP Omega Ratio Rank: 93
PBP Calmar Ratio Rank: 81
PBP Martin Ratio Rank: 92

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.

TDVI vs. PBP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest Technology Dividend Target Income ETF (TDVI) 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.

	TDVI	PBP	Difference
Sharpe ratio: Return per unit of total volatility	1.02	2.45	-1.43
Sortino ratio: Return per unit of downside risk	1.47	3.55	-2.08
Omega ratio: Gain probability vs. loss probability	1.19	1.53	-0.34
Calmar ratio: Return relative to maximum drawdown	1.38	3.40	-2.02
Martin ratio: Return relative to average drawdown	4.25	17.50	-13.25

TDVI vs. PBP - Sharpe Ratio Comparison

The current TDVI Sharpe Ratio is 1.02, which is lower than the PBP Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of TDVI 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

TDVI vs. PBP - Drawdown Comparison

The maximum TDVI drawdown since its inception was -22.08%, smaller than the maximum PBP drawdown of -43.43%. Use the drawdown chart below to compare losses from any high point for TDVI and PBP.

Drawdown Indicators

	TDVI	PBP	Difference
Max Drawdown Largest peak-to-trough decline	-22.08%	-43.43%	+21.35%
Max Drawdown (1Y) Largest decline over 1 year	-14.61%	-5.22%	-9.39%
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	-14.61%	-0.04%	-14.57%
Average Drawdown Average peak-to-trough decline	-3.28%	-6.65%	+3.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.72%	1.01%	+3.71%

Volatility

TDVI vs. PBP - Volatility Comparison

FT Vest Technology Dividend Target Income ETF (TDVI) has a higher volatility of 5.99% compared to Invesco S&P 500 BuyWrite ETF (PBP) at 1.59%. This indicates that TDVI'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

	TDVI	PBP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.99%	1.59%	+4.40%
Volatility (6M) Calculated over the trailing 6-month period	15.70%	6.04%	+9.66%
Volatility (1Y) Calculated over the trailing 1-year period	19.68%	7.23%	+12.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.06%	11.86%	+8.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.06%	13.65%	+6.41%

TDVI vs. PBP - Expense Ratio Comparison

TDVI has a 0.75% expense ratio, which is higher than PBP's 0.29% expense ratio.

Dividends

TDVI vs. PBP - Dividend Comparison

TDVI's dividend yield for the trailing twelve months is around 7.56%, less than PBP's 11.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PBP Invesco S&P 500 BuyWrite ETF	11.06%	11.12%	9.36%	3.35%	1.33%	6.21%	1.41%	5.04%	2.59%	10.86%	2.56%	6.19%
TDVI FT Vest Technology Dividend Target Income ETF	7.56%	7.53%	7.90%	3.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TDVI and PBP in my portfolio?

TDVI and PBP have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TDVI or PBP?

TDVI has higher volatility (5.99%) compared to PBP (1.59%). In terms of maximum drawdown, TDVI dropped -22.08% vs PBP's -43.43%.

Which ETF is better, TDVI or PBP?

On 1-year performance, TDVI leads with 20.03% vs 17.66% for PBP. On fees, PBP is cheaper at 0.29% per year. On volatility, PBP has been the lower-risk option at 1.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TDVI or PBP?

Over the 1-year period, TDVI has performed better with a 20.03% return vs 17.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TDVI or PBP?

PBP is cheaper with a 0.29% expense ratio, compared with 0.75% for TDVI.

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

PBP has the higher dividend yield at 11.06%, compared with 7.56% for TDVI.

What is the main difference between TDVI and PBP?

They also come from different issuers: First Trust and Invesco. Their fees differ too: 0.75% for TDVI and 0.29% for PBP.

Which has better risk-adjusted returns?

PBP currently has the higher Sharpe Ratio (2.45 vs 1.02), 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.