TEST vs. PBP
TEST (YieldMax TSLA Performance & Distribution Target 25 ETF) and PBP (Invesco S&P 500 BuyWrite ETF) are both Derivative Income funds. TEST is actively managed, while PBP is passively managed. A 0.52 correlation means they provide meaningful diversification when combined. TEST charges 1.01%/yr vs 0.29%/yr for PBP.
Performance
TEST vs. PBP - Performance Comparison
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Returns By Period
In the year-to-date period, TEST achieves a -10.90% return, which is significantly lower than PBP's 4.31% return.
TEST
- 1D
- -0.24%
- 1M
- -9.29%
- YTD
- -10.90%
- 6M
- -16.29%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PBP
- 1D
- 0.20%
- 1M
- -0.08%
- YTD
- 4.31%
- 6M
- 4.12%
- 1Y
- 15.72%
- 3Y*
- 11.74%
- 5Y*
- 7.62%
- 10Y*
- 7.31%
TEST vs. PBP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TEST YieldMax TSLA Performance & Distribution Target 25 ETF | -10.90% | 8.46% |
PBP Invesco S&P 500 BuyWrite ETF | 4.31% | 3.74% |
Correlation
The correlation between TEST and PBP is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 18, 2025 | 0.52 |
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Return for Risk
TEST vs. PBP — Risk / Return Rank
TEST
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PBP
TEST vs. PBP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for YieldMax TSLA Performance & Distribution Target 25 ETF (TEST) 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.
| TEST | PBP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.47 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 3.02 | — |
| Martin ratioReturn relative to average drawdown | — | 15.60 | — |
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Drawdowns
TEST vs. PBP - Drawdown Comparison
The maximum TEST drawdown since its inception was -23.35%, smaller than the maximum PBP drawdown of -43.43%. Use the drawdown chart below to compare losses from any high point for TEST and PBP.
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Drawdown Indicators
| TEST | PBP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -23.35% | -43.43% | +20.08% |
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 DrawdownCurrent decline from peak | -16.74% | -1.12% | -15.62% |
Average DrawdownAverage peak-to-trough decline | -10.56% | -6.67% | -3.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 1.01% | — |
Volatility
TEST vs. PBP - Volatility Comparison
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Volatility by Period
| TEST | PBP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 2.37% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 5.94% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 33.30% | 7.15% | +26.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.30% | 11.87% | +21.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.30% | 13.67% | +19.63% |
TEST vs. PBP - Expense Ratio Comparison
TEST has a 1.01% expense ratio, which is higher than PBP's 0.29% expense ratio.
Dividends
TEST vs. PBP - Dividend Comparison
TEST's dividend yield for the trailing twelve months is around 16.58%, more than PBP's 11.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PBP Invesco S&P 500 BuyWrite ETF | 11.37% | 11.12% | 9.36% | 3.35% | 1.33% | 6.21% | 1.41% | 5.04% | 2.59% | 10.86% | 2.56% | 6.19% |
TEST YieldMax TSLA Performance & Distribution Target 25 ETF | 16.58% | 2.50% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TEST and PBP have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
PBP is cheaper with a 0.29% expense ratio, compared with 1.01% for TEST.
TEST has the higher dividend yield at 16.58%, compared with 11.37% for PBP.
They also come from different issuers: YieldMax and Invesco. Their fees differ too: 1.01% for TEST and 0.29% for PBP.
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