PBP vs SPY
PBP vs SPY
Invesco S&P 500 BuyWrite ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | PBP | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.29% | 0.09% | |
| AUM | $354M | $789.1B | |
| Dividend Yield | 10.25% | 1.01% | |
| Holdings | 506 | 505 | |
| YTD Return | +1.92% | +13.10% | |
| 1Y Return | +9.34% | +22.80% | |
| 3Y Return (annualized) | +11.70% | +20.98% | |
| 5Y Return (annualized) | +7.96% | +13.20% | |
| Volatility (annualized) | 49.5% | 15.3% | |
| Max Drawdown | -79.6% | -56.5% | |
| Fund Family | Invesco (US) | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Dec 20, 2007 | Jan 22, 1993 |
PBP vs SPY Performance
Invesco S&P 500 BuyWrite ETF (PBP) is a ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year PBP returned +9.34% while SPY returned +22.80%. Year to date, PBP is up 1.92% versus a gain of 13.10% for SPY.
Over three years, PBP compounded at +11.70% per year against +20.98% for SPY; over five years the annualized figures are +7.96% and +13.20% respectively. Across the full 19-year window we track, SPY has the edge at +8.83% annualized vs +5.62%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PBP has been the more volatile fund, with annualized monthly volatility of 49.5% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -79.6% for PBP and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.13. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
PBP charges 0.29% per year while SPY charges 0.09%. On a $10,000 position that is $29 vs $9 annually, a gap of $20 per year that compounds over a long holding period. On income, PBP currently yields 10.25% against 1.01% for SPY.
Holdings Overlap
PBP and SPY share 489 holdings out of 513 unique holdings combined, representing a 94.3% weight overlap.
High overlap means holding both may not provide much additional diversification.
Top Shared Holdings
| Stock | Weight in PBP | Weight in SPY | Difference |
|---|---|---|---|
| NVDA | 7.45% | 7.31% | 0.14% |
| AAPL | 6.53% | 7.09% | 0.56% |
| MSFT | 4.32% | 4.43% | 0.11% |
| AMZN | Pro | Pro | Pro |
| GOOGL | Pro | Pro | Pro |
| AVGO | Pro | Pro | Pro |
| GOOG | Pro | Pro | Pro |
| META | Pro | Pro | Pro |
| MU | Pro | Pro | Pro |
| TSLA | Pro | Pro | Pro |
See all 10 holdings PBP shares with SPY Exact weights in each fund and the difference, for every overlapping position. Get FundXLS Pro: $29/moFirst 500 subscribers, then $49/mo. Cancel anytime. | |||
Frequently Asked Questions
Which is cheaper, PBP or SPY?
PBP has an expense ratio of 0.29% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $20 per year of difference.
Which performed better, PBP or SPY?
Over the past year PBP returned +9.34% vs +22.80% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (19 years), PBP annualized +5.62% vs +8.83% for SPY. Past performance does not guarantee future results.
Which is riskier, PBP or SPY?
PBP has been the more volatile fund at 49.5% annualized versus 15.3% for SPY. Worst drawdown: PBP -79.6% vs SPY -56.5%.
Should I hold both PBP and SPY?
PBP and SPY have a monthly-return correlation of 0.13, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between PBP and SPY?
PBP and SPY share 489 common holdings with a 94.3% weight overlap. Combined, they hold 513 unique securities.
Which pays a higher dividend, PBP or SPY?
PBP yields 10.25% while SPY yields 1.01%, so PBP currently pays the higher dividend yield.
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