ULTI vs. PBP
ULTI (REX IncomeMax Option Strategy ETF) and PBP (Invesco S&P 500 BuyWrite ETF) are both Derivative Income funds. ULTI is actively managed, while PBP is passively managed. At a 0.49 correlation, their price movements are largely independent. ULTI charges 1.25%/yr vs 0.29%/yr for PBP.
Performance
ULTI vs. PBP - Performance Comparison
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Returns By Period
In the year-to-date period, ULTI achieves a -3.92% return, which is significantly lower than PBP's 7.27% return.
ULTI
- 1D
- -2.81%
- 1M
- -24.77%
- 6M
- -22.06%
- YTD
- -3.92%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
PBP
- 1D
- 0.11%
- 1M
- 1.68%
- 6M
- 6.38%
- YTD
- 7.27%
- 1Y
- 17.82%
- 3Y*
- 11.93%
- 5Y*
- 8.42%
- 10Y*
- 7.25%
ULTI vs. PBP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ULTI REX IncomeMax Option Strategy ETF | -3.92% | -38.67% |
PBP Invesco S&P 500 BuyWrite ETF | 7.27% | 4.02% |
Correlation
The correlation between ULTI and PBP is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 31, 2025 | 0.49 |
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Return for Risk
ULTI vs. PBP — Risk / Return Rank
ULTI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
PBP
ULTI vs. PBP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for REX IncomeMax Option Strategy ETF (ULTI) 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.
| ULTI | PBP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.53 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 3.43 | — |
| Martin ratioReturn relative to average drawdown | — | 17.65 | — |
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Drawdowns
ULTI vs. PBP - Drawdown Comparison
The maximum ULTI drawdown since its inception was -42.09%, roughly equal to the maximum PBP drawdown of -43.43%. Use the drawdown chart below to compare losses from any high point for ULTI and PBP.
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Drawdown Indicators
| ULTI | PBP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.09% | -43.43% | +1.34% |
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 | -41.08% | 0.00% | -41.08% |
Average DrawdownAverage peak-to-trough decline | -28.36% | -6.65% | -21.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 1.01% | — |
Volatility
ULTI vs. PBP - Volatility Comparison
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Volatility by Period
| ULTI | PBP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.81% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 6.04% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 61.35% | 7.23% | +54.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 61.35% | 11.88% | +49.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.35% | 13.65% | +47.70% |
ULTI vs. PBP - Expense Ratio Comparison
ULTI has a 1.25% expense ratio, which is higher than PBP's 0.29% expense ratio.
Dividends
ULTI vs. PBP - Dividend Comparison
ULTI's dividend yield for the trailing twelve months is around 79.75%, more than PBP's 11.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PBP Invesco S&P 500 BuyWrite ETF | 11.05% | 11.12% | 9.36% | 3.35% | 1.33% | 6.21% | 1.41% | 5.04% | 2.59% | 10.86% | 2.56% | 6.19% |
ULTI REX IncomeMax Option Strategy ETF | 79.75% | 14.96% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ULTI and PBP have a correlation of 0.49, 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 1.25% for ULTI.
ULTI has the higher dividend yield at 79.75%, compared with 11.05% for PBP.
They also come from different issuers: REX Shares and Invesco. Their fees differ too: 1.25% for ULTI and 0.29% for PBP.
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