TOPW vs. PBP

Last updated Apr 9, 2026

TOPW (Roundhill Top WeeklyPay ETF) and PBP (Invesco S&P 500 BuyWrite ETF) are both Derivative Income funds — TOPW tracks the Solactive Roundhill WeeklyPay Universe Index while PBP tracks the Cboe S&P 500 BuyWrite Index. Both are passively managed. A 0.70 correlation means they provide meaningful diversification when combined. TOPW charges 0.99%/yr vs 0.29%/yr for PBP.

Performance

TOPW vs. PBP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Top WeeklyPay ETF (TOPW) 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, TOPW achieves a -7.21% return, which is significantly lower than PBP's 0.67% return.

TOPW

• 1D: 2.90%
• 1M: -0.70%
• YTD: -7.21%
• 6M: -21.10%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBP

• 1D: 0.90%
• 1M: -0.53%
• YTD: 0.67%
• 6M: 6.57%
• 1Y: 25.00%
• 3Y*: 11.16%
• 5Y*: 7.82%
• 10Y*: 6.90%

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

TOPW vs. PBP - Yearly Performance Comparison

	2026 (YTD)	2025
TOPW Roundhill Top WeeklyPay ETF	-7.21%	-2.47%
PBP Invesco S&P 500 BuyWrite ETF	0.67%	7.86%

Correlation

The correlation between TOPW and PBP is 0.70, 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 Sep 5, 2025	0.70

TOPW vs. PBP - Expense Ratio Comparison

TOPW has a 0.99% expense ratio, which is higher than PBP's 0.29% expense ratio.

Return for Risk

TOPW 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: 80
PBP Sharpe Ratio Rank: 56
PBP Sortino Ratio Rank: 78
PBP Omega Ratio Rank: 90
PBP Calmar Ratio Rank: 85
PBP Martin Ratio Rank: 93

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.

TOPW vs. PBP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Top WeeklyPay ETF (TOPW) 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

	TOPW	PBP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.01	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.66	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.51	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.54	0.33	-0.87

Drawdowns

TOPW vs. PBP - Drawdown Comparison

The maximum TOPW drawdown since its inception was -29.87%, smaller than the maximum PBP drawdown of -43.43%. Use the drawdown chart below to compare losses from any high point for TOPW and PBP.

Drawdown Indicators

	TOPW	PBP	Difference
Max Drawdown Largest peak-to-trough decline	-29.87%	-43.43%	+13.56%
Max Drawdown (1Y) Largest decline over 1 year	—	-5.22%	—
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	-22.48%	-1.62%	-20.86%
Average Drawdown Average peak-to-trough decline	-13.05%	-6.75%	-6.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.09%	—

Volatility

Volatility by Period

	TOPW	PBP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.02%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.02%	—
Volatility (1Y) Calculated over the trailing 1-year period	29.26%	12.57%	+16.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.26%	11.96%	+17.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.26%	13.69%	+15.57%

Dividends

TOPW vs. PBP - Dividend Comparison

TOPW's dividend yield for the trailing twelve months is around 37.61%, more than PBP's 11.43% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TOPW Roundhill Top WeeklyPay ETF	37.61%	21.52%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PBP Invesco S&P 500 BuyWrite ETF	11.43%	11.12%	9.36%	3.35%	1.33%	6.21%	1.41%	5.04%	2.59%	10.86%	2.56%	6.19%