TPAY vs. PBP
TPAY (Roundhill S&P 500 Target 10 Managed Distribution ETF) and PBP (Invesco S&P 500 BuyWrite ETF) are both Derivative Income funds. TPAY is actively managed, while PBP is passively managed. Their correlation of 0.84 means they have usually moved in the same direction. TPAY charges 0.49%/yr vs 0.29%/yr for PBP.
Performance
TPAY vs. PBP - Performance Comparison
Loading charts...
Returns By Period
TPAY
- 1D
- 0.86%
- 1M
- 0.34%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
PBP
- 1D
- 0.22%
- 1M
- 1.70%
- 6M
- 6.52%
- YTD
- 7.80%
- 1Y
- 19.22%
- 3Y*
- 11.92%
- 5Y*
- 8.34%
- 10Y*
- 7.27%
- ALL TIME*
- 5.33%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.16M | $1.09M | $978.18K | |
| $8.91K | $63.35K | $52.42K |
TPAY vs. PBP - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
TPAY Roundhill S&P 500 Target 10 Managed Distribution ETF | 9.02% |
PBP Invesco S&P 500 BuyWrite ETF | 6.71% |
Correlation
The correlation between TPAY and PBP is 0.84, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Feb 18, 2026 | 0.84 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TPAY vs. PBP — Risk / Return Rank
TPAY
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PBP
TPAY vs. PBP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Roundhill S&P 500 Target 10 Managed Distribution ETF (TPAY) 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.
| TPAY | PBP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.51 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 3.45 | — |
| Martin ratioReturn relative to average drawdown | — | 17.72 | — |
Loading charts...
Drawdowns
TPAY vs. PBP - Drawdown Comparison
The maximum TPAY drawdown since its inception was -8.62%, smaller than the maximum PBP drawdown of -43.43%. Use the drawdown chart below to compare losses from any high point for TPAY and PBP.
Loading charts...
Drawdown Indicators
| TPAY | PBP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.62% | -43.43% | +34.81% |
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 | -1.44% | 0.00% | -1.44% |
Average DrawdownAverage peak-to-trough decline | -1.86% | -6.64% | +4.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 1.02% | — |
Volatility
TPAY vs. PBP - Volatility Comparison
Loading charts...
Volatility by Period
| TPAY | PBP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 2.15% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 6.10% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 14.25% | 7.43% | +6.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.25% | 11.85% | +2.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.25% | 13.66% | +0.59% |
TPAY vs. PBP - Expense Ratio Comparison
TPAY has a 0.49% expense ratio, which is higher than PBP's 0.29% expense ratio.
Dividends
TPAY vs. PBP - Dividend Comparison
TPAY's dividend yield for the trailing twelve months is around 3.96%, less than PBP's 11.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PBP Invesco S&P 500 BuyWrite ETF | 11.39% | 11.12% | 9.36% | 3.35% | 1.33% | 6.21% | 1.41% | 5.04% | 2.59% | 10.86% | 2.56% | 6.19% |
TPAY Roundhill S&P 500 Target 10 Managed Distribution ETF | 3.96% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TPAY and PBP have a correlation of 0.84, 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 0.49% for TPAY.
PBP has the higher dividend yield at 11.39%, compared with 3.96% for TPAY.
They also come from different issuers: Roundhill and Invesco. Their fees differ too: 0.49% for TPAY and 0.29% for PBP.
Find the right allocation for TPAY and PBP
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer