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XYLG vs. PBP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XYLG vs. PBP

Last updated Aug 4, 2026
Documentation

XYLG (Global X S&P 500 Covered Call & Growth ETF) and PBP (Invesco S&P 500 BuyWrite ETF) are both Derivative Income funds - XYLG tracks the Cboe S&P 500 Half BuyWrite Index while PBP tracks the Cboe S&P 500 BuyWrite Index. Both are passively managed. Over the past 5 years, XYLG returned 10.43%/yr vs 8.37%/yr for PBP. Their 0.77 correlation means they have sometimes moved together and sometimes differently. XYLG charges 0.35%/yr vs 0.29%/yr for PBP.

Performance

XYLG vs. PBP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X S&P 500 Covered Call & Growth ETF (XYLG) 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, XYLG achieves a 10.03% return, which is significantly higher than PBP's 8.59% return.

XYLG

1D
0.94%
1M
1.94%
6M
8.16%
YTD
10.03%
1Y
21.27%
3Y*
16.39%
5Y*
10.43%
10Y*
—
ALL TIME*
13.56%

PBP

1D
0.74%
1M
2.45%
6M
6.98%
YTD
8.59%
1Y
20.10%
3Y*
12.54%
5Y*
8.37%
10Y*
7.27%
ALL TIME*
5.37%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

PBP

Invesco S&P 500 BuyWrite ETF
$1.22M$1.10M$980.98K

XYLG

Global X S&P 500 Covered Call & Growth ETF
$324.88K$371.22K$506.01K

XYLG vs. PBP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020
XYLG
Global X S&P 500 Covered Call & Growth ETF		10.03%12.93%22.31%18.16%-15.46%23.81%12.13%
PBP
Invesco S&P 500 BuyWrite ETF		8.59%8.49%19.83%11.59%-11.82%19.97%8.51%

Correlation

The correlation between XYLG and PBP is 0.79, 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.

0.79

Correlation (3Y)
Balances recent behavior with more history.

0.76

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.79

Correlation (All Time)
Calculated using the full available price history since Sep 21, 2020

0.77

The correlation between XYLG and PBP has been stable across timeframes, ranging from 0.76 to 0.79 - a consistent structural relationship.

XYLG vs. PBP - Sectors Allocation Comparison

Sectors
XYLG
PBP

Technology

38.3%
38.5%

Financial Services

12.3%
12.2%

Communication Services

9.3%
9.3%

Healthcare

9.2%
9.1%

Consumer Cyclical

8.8%
8.8%

Industrials

7.8%
7.7%

Consumer Defensive

4.7%
4.6%

Energy

3.4%
3.4%

Utilities

2.7%
2.7%

Real Estate

2.0%
1.9%

Basic Materials

1.9%
1.8%

Technology

XYLG
38.3%
PBP
38.5%

Financial Services

XYLG
12.3%
PBP
12.2%

Communication Services

XYLG
9.3%
PBP
9.3%

Healthcare

XYLG
9.2%
PBP
9.1%

Consumer Cyclical

XYLG
8.8%
PBP
8.8%

Industrials

XYLG
7.8%
PBP
7.7%

Consumer Defensive

XYLG
4.7%
PBP
4.6%

Energy

XYLG
3.4%
PBP
3.4%

Utilities

XYLG
2.7%
PBP
2.7%

Real Estate

XYLG
2.0%
PBP
1.9%

Basic Materials

XYLG
1.9%
PBP
1.8%

Compare stocks, funds, or ETFs

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

Global X S&P 500 Covered Call & Growth ETF

Invesco S&P 500 BuyWrite ETF

Often compared with XYLG:
XYLG vs. XYLDXYLG vs. QYLGXYLG vs. SPYXYLG vs. SCHGXYLG vs. JEPIXYLG vs. DIVOXYLG vs. BCD
Often compared with PBP:
PBP vs. SPYPBP vs. XYLDPBP vs. JEPIPBP vs. VOOPBP vs. FTHIPBP vs. SCHDPBP vs. JEPQ

Return for Risk

XYLG vs. PBP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
XYLG
XYLG Risk / Return Rank: 8686
Overall Rank
XYLG Sharpe Ratio Rank: 8787
Sharpe Ratio Rank
XYLG Sortino Ratio Rank: 8686
Sortino Ratio Rank
XYLG Omega Ratio Rank: 8686
Omega Ratio Rank
XYLG Calmar Ratio Rank: 8282
Calmar Ratio Rank
XYLG Martin Ratio Rank: 9090
Martin Ratio Rank
PBP
PBP Risk / Return Rank: 9494
Overall Rank
PBP Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
PBP Sortino Ratio Rank: 9595
Sortino Ratio Rank
PBP Omega Ratio Rank: 9595
Omega Ratio Rank
PBP Calmar Ratio Rank: 9090
Calmar Ratio Rank
PBP Martin Ratio Rank: 9595
Martin Ratio Rank
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.

XYLG vs. PBP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Covered Call & Growth ETF (XYLG) 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.

XYLGPBPDifference
Sharpe ratioReturn per unit of total volatility
2.10
2.74

-0.64

Sortino ratioReturn per unit of downside risk
2.96
3.98

-1.02

Omega ratioGain probability vs. loss probability

1.39

1.59

-0.20

Calmar ratioReturn relative to maximum drawdown

3.08

3.86

-0.78

Martin ratioReturn relative to average drawdown

14.87

19.88

-5.00

XYLG vs. PBP - Sharpe Ratio Comparison

The current XYLG Sharpe Ratio is 2.10, which is comparable to the PBP Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of XYLG 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

XYLG vs. PBP - Drawdown Comparison

The maximum XYLG drawdown since its inception was -21.30%, smaller than the maximum PBP drawdown of -43.43%. Use the drawdown chart below to compare losses from any high point for XYLG and PBP.

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Drawdown Indicators

XYLGPBPDifference

Max Drawdown

Largest peak-to-trough decline

-21.30%

-43.43%

+22.13%

Max Drawdown (1Y)

Largest decline over 1 year

-6.93%

-5.22%

-1.71%

Max Drawdown (3Y)

Largest decline over 3 years

-17.42%

-15.42%

-2.00%

Max Drawdown (5Y)

Largest decline over 5 years

-21.30%

-18.61%

-2.69%

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.31%

—

Current Drawdown

Current decline from peak

0.00%

0.00%

0.00%

Average Drawdown

Average peak-to-trough decline

-4.01%

-6.64%

+2.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.43%

1.01%

+0.42%

Volatility

XYLG vs. PBP - Volatility Comparison

Global X S&P 500 Covered Call & Growth ETF (XYLG) has a higher volatility of 2.83% compared to Invesco S&P 500 BuyWrite ETF (PBP) at 2.24%. This indicates that XYLG'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

XYLGPBPDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.83%

2.24%

+0.59%

Volatility (6M)

Calculated over the trailing 6-month period

8.31%

6.14%

+2.17%

Volatility (1Y)

Calculated over the trailing 1-year period

10.18%

7.38%

+2.80%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.06%

11.86%

+2.20%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

13.79%

13.67%

+0.12%

XYLG vs. PBP - Expense Ratio Comparison

XYLG has a 0.35% expense ratio, which is higher than PBP's 0.29% expense ratio.

Dividends

XYLG vs. PBP - Dividend Comparison

XYLG's dividend yield for the trailing twelve months is around 12.98%, more than PBP's 11.31% yield.

PositionTTM20252024202320222021202020192018201720162015
PBP
Invesco S&P 500 BuyWrite ETF		11.31%11.12%9.36%3.35%1.33%6.21%1.41%5.04%2.59%10.86%2.56%6.19%
XYLG
Global X S&P 500 Covered Call & Growth ETF		12.98%13.94%23.65%4.90%6.43%7.40%1.39%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

XYLG and PBP have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XYLG has higher volatility (2.83%) compared to PBP (2.24%). In terms of maximum drawdown, XYLG dropped -21.30% vs PBP's -43.43%.

On 5-year performance, XYLG leads with 10.43% vs 8.37% for PBP. On fees, PBP is cheaper at 0.29% per year. On volatility, PBP has been the lower-risk option at 2.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, XYLG has performed better with a 10.43% return vs 8.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

PBP is cheaper with a 0.29% expense ratio, compared with 0.35% for XYLG.

XYLG has the higher dividend yield at 12.98%, compared with 11.31% for PBP.

XYLG tracks Cboe S&P 500 Half BuyWrite Index, while PBP tracks Cboe S&P 500 BuyWrite Index. They also come from different issuers: Global X and Invesco. Their fees differ too: 0.35% for XYLG and 0.29% for PBP.

PBP currently has the higher Sharpe Ratio (2.74 vs 2.10), 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.

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