TSLW vs. PBP

Last updated Aug 2, 2026

TSLW (Roundhill TSLA WeeklyPay™ ETF) and PBP (Invesco S&P 500 BuyWrite ETF) are both Derivative Income funds. TSLW is actively managed, while PBP is passively managed. Over the past year, TSLW returned -3.40% vs 19.22% for PBP. Their 0.49 correlation means their historical movements had little consistent relationship. TSLW charges 0.99%/yr vs 0.29%/yr for PBP.

Performance

TSLW vs. PBP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill TSLA WeeklyPay™ ETF (TSLW) 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, TSLW achieves a -38.16% return, which is significantly lower than PBP's 7.80% return.

TSLW

• 1D: 1.15%
• 1M: -25.15%
• 6M: -34.54%
• YTD: -38.16%
• 1Y: -3.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -14.25%

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%

*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	$1.16M	$1.09M	$978.18K
TSLW Roundhill TSLA WeeklyPay™ ETF	$2.02M	$1.80M	$2.69M

TSLW vs. PBP - Yearly Performance Comparison

	2026 (YTD)	2025
TSLW Roundhill TSLA WeeklyPay™ ETF	-38.16%	35.28%
PBP Invesco S&P 500 BuyWrite ETF	7.80%	13.25%

Correlation

The correlation between TSLW and PBP is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.54
Correlation (All Time) Calculated using the full available price history since Jun 2, 2025	0.49

The correlation between TSLW and PBP has been stable across timeframes, ranging from 0.49 to 0.54 - a consistent structural relationship.

Return for Risk

TSLW vs. PBP — Risk / Return Rank

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

TSLW

TSLW Risk / Return Rank: 10
TSLW Sharpe Ratio Rank: 9
TSLW Sortino Ratio Rank: 12
TSLW Omega Ratio Rank: 12
TSLW Calmar Ratio Rank: 9
TSLW Martin Ratio Rank: 9

PBP

PBP Risk / Return Rank: 92
PBP Sharpe Ratio Rank: 92
PBP Sortino Ratio Rank: 93
PBP Omega Ratio Rank: 94
PBP Calmar Ratio Rank: 87
PBP Martin Ratio Rank: 94

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.

TSLW vs. PBP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill TSLA WeeklyPay™ ETF (TSLW) 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.

	TSLW	PBP	Difference
Sharpe ratio: Return per unit of total volatility	-0.10	2.42	-2.52
Sortino ratio: Return per unit of downside risk	0.25	3.49	-3.25
Omega ratio: Gain probability vs. loss probability	1.03	1.51	-0.48
Calmar ratio: Return relative to maximum drawdown	-0.12	3.45	-3.56
Martin ratio: Return relative to average drawdown	-0.29	17.72	-18.01

TSLW vs. PBP - Sharpe Ratio Comparison

The current TSLW Sharpe Ratio is -0.10, which is lower than the PBP Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of TSLW 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

TSLW vs. PBP - Drawdown Comparison

The maximum TSLW drawdown since its inception was -47.19%, which is greater than PBP's maximum drawdown of -43.43%. Use the drawdown chart below to compare losses from any high point for TSLW and PBP.

Drawdown Indicators

	TSLW	PBP	Difference
Max Drawdown Largest peak-to-trough decline	-47.19%	-43.43%	-3.76%
Max Drawdown (1Y) Largest decline over 1 year	-47.19%	-5.22%	-41.97%
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	-44.27%	0.00%	-44.27%
Average Drawdown Average peak-to-trough decline	-14.92%	-6.64%	-8.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.01%	1.02%	+17.99%

Volatility

TSLW vs. PBP - Volatility Comparison

Roundhill TSLA WeeklyPay™ ETF (TSLW) has a higher volatility of 24.91% compared to Invesco S&P 500 BuyWrite ETF (PBP) at 2.15%. This indicates that TSLW'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

	TSLW	PBP	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.91%	2.15%	+22.76%
Volatility (6M) Calculated over the trailing 6-month period	41.72%	6.10%	+35.62%
Volatility (1Y) Calculated over the trailing 1-year period	55.54%	7.43%	+48.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.84%	11.85%	+46.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.84%	13.66%	+45.18%

TSLW vs. PBP - Expense Ratio Comparison

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

Dividends

TSLW vs. PBP - Dividend Comparison

TSLW's dividend yield for the trailing twelve months is around 121.20%, more 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%
TSLW Roundhill TSLA WeeklyPay™ ETF	121.20%	49.31%	0.00%	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 TSLW and PBP in my portfolio?

TSLW and PBP have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSLW or PBP?

TSLW has higher volatility (24.91%) compared to PBP (2.15%). In terms of maximum drawdown, TSLW dropped -47.19% vs PBP's -43.43%.

Which ETF is better, TSLW or PBP?

On 1-year performance, PBP leads with 19.22% vs -3.40% for TSLW. On fees, PBP is cheaper at 0.29% per year. On volatility, PBP has been the lower-risk option at 2.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLW or PBP?

Over the 1-year period, PBP has performed better with a 19.22% return vs -3.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLW or PBP?

PBP is cheaper with a 0.29% expense ratio, compared with 0.99% for TSLW.

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

TSLW has the higher dividend yield at 121.20%, compared with 11.39% for PBP.

What is the main difference between TSLW and PBP?

They also come from different issuers: Roundhill and Invesco. Their fees differ too: 0.99% for TSLW and 0.29% for PBP.

Which has better risk-adjusted returns?

PBP currently has the higher Sharpe Ratio (2.42 vs -0.10), 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.