PBPvsHEGDETF Comparison
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Invesco S&P 500 BuyWrite ETF (PBP) and Swan Hedged Equity US Large Cap ETF (HEGD) belong to the same industry segment: Options Strategies. Both ETFs have the same top 3 sector exposures: Information Technology, Financials and Communication Services. PBP is less expensive with a Total Expense Ratio (TER) of 0.29%, versus 0.87% for HEGD. PBP is up 2.2% year-to-date (YTD) with +$8M in YTD flows. HEGD performs better with 2.66% YTD performance, and +$42M in YTD flows. Run a side-by-side ETF comparison of PBP and HEGD below, and assess how they stack up in performance, liquidity, risk, exposure, holdings, and more, helping you select the best ETF for your investments.
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PBP vs HEGD performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 04/29/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PBP HEGD | +5.31%+6.01% | +0.86%+1.50% | +2.20%+2.66% | +16.57%+17.67% | +37.91%+47.52% | +46.44%+46.74% |
| Flows | PBP HEGD | +$9M+$29M | +$8M+$27M | +$8M+$42M | +$189M+$206M | +$234M+$420M | +$163M+$512M |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PBP HEGD | +10.41%+7.42% | +6.89%+7.02% | +10.30%+8.11% | +11.37%+9.17% |
| Max drawdown | PBP HEGD | -5.24%-4.30% | -5.24%-4.33% | -15.51%-8.39% | -18.35%-14.21% |
| Max drawdown duration | PBP HEGD | 63d71d | 63d77d | 240d124d | 679d721d |
Trading data
PBP | HEGD | |
Last sale 4/30/2026 at 3:42 PM | $22.53 | $26.02 |
| Previous close 04/29/2026 | $22.50 | $25.86 |
| Consolidated volume 04/29/2026 | ||
| Average volume 30 days | ||
| Average discount or premium 30 days | ||
| Average Bid/Ask spread 30 days |
Replication quality
Data as of March 31, 2026
1-year trailing difference
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HEGD
is actively managed and doesn’t replicate an indexPBP | HEGD | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 4/30/2026 at 3:42 PM
Live
Closed
PBP | HEGD | |
|---|---|---|
| Last price | $22.53 | $26.02 |
| 1D performance | +0.13% | +0.62% |
| AuM | $333.33 M | $660.04 M |
| E/R | 0.29% | 0.87% |
Characteristics
PBP | HEGD | |
|---|---|---|
| Management strategy | Passive | Active |
| Provider | Invesco | Swan Capital Management |
| Benchmark | CBOE S&P 500 BuyWrite Index | - |
| N° of holdings | 478 | 478 |
| Asset class | Alternative | - |
| Trailing 12m distribution yield | Join | Join |
| Inception date | December 20, 2007 | December 23, 2020 |
| ESG | No | No |
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Exposure
Countries
PBP
USA
98.16%
Other
1.84%
HEGD
USA
82.45%
Other
17.55%
Sectors
PBP
Information Techn.
34.3%
Financials
10.44%
Communication Ser.
10.14%
Consumer Discreti.
10.07%
Health Care
9.46%
Industrials
8.51%
Other
17.08%
HEGD
Information Techn.
28.86%
Financials
8.83%
Communication Ser.
8.7%
Consumer Discreti.
8.52%
Health Care
7.93%
Industrials
7.08%
Other
30.08%
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Diversification
PBP
Total weight of top 15 holdings out of 15
42.59%
HEGD
Total weight of top 15 holdings out of 15
36.14%
Top 15 holdings
Data as of March 31, 2026
PBP
NVIDIA
7.56%
APPLE
6.78%
MICROSOFT-T
4.92%
AMAZON.COM INC
3.62%
ALPHABET INC-CL
2.97%
BROADCOM LIMITED
2.65%
ALPHABET INC-CL
2.38%
META PLATFORMS
2.13%
TESLA
1.89%
BERKSHIRE HATHWAY
1.59%
JPMORGAN CHASE
1.42%
EXXON
1.33%
LILLY
1.29%
JOHNSON&JOHNSON
1.08%
WALMART INC
1.00%
HEGD
NVIDIA
6.44%
APPLE
5.67%
MICROSOFT-T
4.18%
AMAZON.COM INC
3.09%
ALPHABET INC-CL
2.55%
BROADCOM LIMITED
2.23%
ALPHABET INC-CL
2.04%
META PLATFORMS
1.90%
TESLA
1.59%
BERKSHIRE HATHWAY
1.34%
JPMORGAN CHASE
1.21%
LILLY
1.11%
EXXON
1.08%
JOHNSON&JOHNSON
0.90%
WALMART INC
0.83%
Frequently asked questions about PBP and HEGD
How have the PBP and HEGD ETFs performed in 2026?
As of April 29, 2026, PBP is up 2.2% year-to-date (YTD), while HEGD has returned 2.66%. That puts HEGD better performer ahead so far this year.
Which ETF is attracting more investor money: PBP or HEGD?
Year-to-date, the PBP ETF saw +$8M in flows, compared to +$42M for HEGD.
Which ETF is more volatile: PBP or HEGD?
Over the past year, PBP had a volatility of 6.89%, while HEGD experienced 7.02%.
Which ETF is bigger: PBP or HEGD?
As of April 29, 2026, PBP holds $333.33 M in assets under management (AUM), while HEGD manages $660.04 M.
What sectors do the PBP and HEGD ETFs invest in?
PBP leans toward sectors like Information Technology, Financials and Communication Services. Meanwhile, HEGD focuses on Information Technology, Financials and Communication Services.
What are the top holdings of the PBP ETF and HEGD ETF?
PBP top holdings include NVIDIA, APPLE and MICROSOFT-T. HEGD holds in its top three: NVIDIA, APPLE and MICROSOFT-T.
Which ETF is more diversified: PBP or HEGD?
PBP holds 503 securities with 42.59% of its assets in the top 15. HEGD has 502 securities and a top 15 weight of 36.14%.
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Latest news about PBP & HEGD
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