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VOOG vs. PBP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VOOG vs. PBP

Last updated Jun 13, 2026

VOOG (Vanguard S&P 500 Growth ETF) and PBP (Invesco S&P 500 BuyWrite ETF) are both exchange-traded funds - VOOG is a S&P 500 fund tracking the S&P 500 Growth Index, while PBP is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index. Both are passively managed. Over the past 10 years, VOOG returned 17.86%/yr vs 7.09%/yr for PBP. A 0.74 correlation means they provide meaningful diversification when combined. VOOG charges 0.07%/yr vs 0.29%/yr for PBP.

Performance

VOOG vs. PBP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P 500 Growth ETF (VOOG) and Invesco S&P 500 BuyWrite ETF (PBP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VOOG achieves a 9.67% return, which is significantly higher than PBP's 4.48% return. Over the past 10 years, VOOG has outperformed PBP with an annualized return of 17.86%, while PBP has yielded a comparatively lower 7.09% annualized return.

VOOG

1D
0.38%
1M
-1.66%
YTD
9.67%
6M
10.61%
1Y
27.55%
3Y*
25.78%
5Y*
14.86%
10Y*
17.86%

PBP

1D
0.49%
1M
0.91%
YTD
4.48%
6M
5.65%
1Y
16.94%
3Y*
11.30%
5Y*
7.94%
10Y*
7.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VOOG vs. PBP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VOOG
Vanguard S&P 500 Growth ETF		9.67%22.11%35.89%29.96%-29.48%31.95%33.35%30.93%-0.21%27.19%
PBP
Invesco S&P 500 BuyWrite ETF		4.48%8.49%19.83%11.59%-11.82%19.97%-3.31%14.60%-5.57%11.98%

Correlation

The correlation between VOOG 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 (1Y)
Calculated over the trailing 1-year period

0.70

Correlation (3Y)
Calculated over the trailing 3-year period

0.71

Correlation (5Y)
Calculated over the trailing 5-year period

0.74

Correlation (10Y)
Calculated over the trailing 10-year period

0.71

Correlation (All Time)
Calculated using the full available price history since Sep 9, 2010

0.74

The correlation between VOOG and PBP has been stable across timeframes, ranging from 0.70 to 0.74 - a consistent structural relationship.

VOOG vs. PBP - Sectors Allocation Comparison

Sectors
VOOG
PBP

Technology

49.4%
39.5%

Communication Services

18.0%
10.9%

Consumer Cyclical

9.4%
10.2%

Financial Services

8.8%
11.4%

Industrials

6.2%
7.8%

Healthcare

5.8%
8.6%

Consumer Defensive

1.0%
4.7%

Real Estate

0.6%
1.8%

Utilities

0.4%
2.6%

Basic Materials

0.4%
1.8%

Energy

0.1%
3.3%

Technology

VOOG
49.4%
PBP
39.5%

Communication Services

VOOG
18.0%
PBP
10.9%

Consumer Cyclical

VOOG
9.4%
PBP
10.2%

Financial Services

VOOG
8.8%
PBP
11.4%

Industrials

VOOG
6.2%
PBP
7.8%

Healthcare

VOOG
5.8%
PBP
8.6%

Consumer Defensive

VOOG
1.0%
PBP
4.7%

Real Estate

VOOG
0.6%
PBP
1.8%

Utilities

VOOG
0.4%
PBP
2.6%

Basic Materials

VOOG
0.4%
PBP
1.8%

Energy

VOOG
0.1%
PBP
3.3%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Vanguard S&P 500 Growth ETF

Invesco S&P 500 BuyWrite ETF

Often compared with VOOG:
VOOG vs. VOOVOOG vs. VUGVOOG vs. VOOVVOOG vs. QQQVOOG vs. VGTVOOG vs. FSPGXVOOG vs. VONG
Often compared with PBP:
PBP vs. SPYPBP vs. XYLDPBP vs. JEPIPBP vs. VOOPBP vs. SCHDPBP vs. FTHIPBP vs. JEPQ

Return for Risk

VOOG vs. PBP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VOOG
VOOG Risk / Return Rank: 5252
Overall Rank
VOOG Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
VOOG Sortino Ratio Rank: 5353
Sortino Ratio Rank
VOOG Omega Ratio Rank: 5353
Omega Ratio Rank
VOOG Calmar Ratio Rank: 4646
Calmar Ratio Rank
VOOG Martin Ratio Rank: 5353
Martin Ratio Rank
PBP
PBP Risk / Return Rank: 8585
Overall Rank
PBP Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
PBP Sortino Ratio Rank: 8787
Sortino Ratio Rank
PBP Omega Ratio Rank: 9191
Omega Ratio Rank
PBP Calmar Ratio Rank: 7373
Calmar Ratio Rank
PBP Martin Ratio Rank: 8888
Martin Ratio Rank
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.

VOOG vs. PBP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 Growth ETF (VOOG) 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.

VOOGPBPDifference
Sharpe ratioReturn per unit of total volatility
1.67
2.40

-0.73

Sortino ratioReturn per unit of downside risk
2.26
3.44

-1.18

Omega ratioGain probability vs. loss probability

1.29

1.52

-0.23

Calmar ratioReturn relative to maximum drawdown

2.02

3.26

-1.24

Martin ratioReturn relative to average drawdown

8.11

16.95

-8.83

VOOG vs. PBP - Sharpe Ratio Comparison

The current VOOG Sharpe Ratio is 1.67, which is lower than the PBP Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of VOOG 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.

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Drawdowns

VOOG vs. PBP - Drawdown Comparison

The maximum VOOG drawdown since its inception was -32.73%, smaller than the maximum PBP drawdown of -43.43%. Use the drawdown chart below to compare losses from any high point for VOOG and PBP.

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Drawdown Indicators

VOOGPBPDifference

Max Drawdown

Largest peak-to-trough decline

-32.73%

-43.43%

+10.70%

Max Drawdown (1Y)

Largest decline over 1 year

-13.71%

-5.22%

-8.49%

Max Drawdown (3Y)

Largest decline over 3 years

-22.18%

-15.42%

-6.76%

Max Drawdown (5Y)

Largest decline over 5 years

-32.73%

-18.61%

-14.12%

Max Drawdown (10Y)

Largest decline over 10 years

-32.73%

-33.31%

+0.58%

Current Drawdown

Current decline from peak

-4.65%

-0.57%

-4.08%

Average Drawdown

Average peak-to-trough decline

-4.97%

-6.68%

+1.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.40%

1.00%

+2.40%

Volatility

VOOG vs. PBP - Volatility Comparison

Vanguard S&P 500 Growth ETF (VOOG) has a higher volatility of 6.29% compared to Invesco S&P 500 BuyWrite ETF (PBP) at 2.14%. This indicates that VOOG'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.

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Volatility by Period

VOOGPBPDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.29%

2.14%

+4.15%

Volatility (6M)

Calculated over the trailing 6-month period

13.43%

5.84%

+7.59%

Volatility (1Y)

Calculated over the trailing 1-year period

16.60%

7.10%

+9.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.29%

11.88%

+9.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

20.78%

13.67%

+7.11%

VOOG vs. PBP - Expense Ratio Comparison

VOOG has a 0.07% expense ratio, which is lower than PBP's 0.29% expense ratio.

Dividends

VOOG vs. PBP - Dividend Comparison

VOOG's dividend yield for the trailing twelve months is around 0.45%, less than PBP's 11.20% yield.

PositionTTM20252024202320222021202020192018201720162015
PBP
Invesco S&P 500 BuyWrite ETF		11.20%11.12%9.36%3.35%1.33%6.21%1.41%5.04%2.59%10.86%2.56%6.19%
VOOG
Vanguard S&P 500 Growth ETF		0.45%0.49%0.49%1.12%0.93%0.53%0.88%1.26%1.34%1.32%1.47%1.56%

Frequently Asked Questions

VOOG and PBP have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VOOG has higher volatility (6.29%) compared to PBP (2.14%). In terms of maximum drawdown, VOOG dropped -32.73% vs PBP's -43.43%.

On 10-year performance, VOOG leads with 17.86% vs 7.09% for PBP. On fees, VOOG is cheaper at 0.07% per year. On volatility, PBP has been the lower-risk option at 2.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, VOOG has performed better with a 17.86% return vs 7.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

VOOG is cheaper with a 0.07% expense ratio, compared with 0.29% for PBP.

PBP has the higher dividend yield at 11.20%, compared with 0.45% for VOOG.

VOOG is categorized as S&P 500, while PBP is Derivative Income. VOOG tracks S&P 500 Growth Index, while PBP tracks Cboe S&P 500 BuyWrite Index. They also come from different issuers: Vanguard and Invesco. Their fees differ too: 0.07% for VOOG and 0.29% for PBP.

PBP currently has the higher Sharpe Ratio (2.40 vs 1.67), 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.

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