PBPvsSPYETF Comparison
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Invesco S&P 500 BuyWrite ETF (PBP) belongs to the Options Strategies segment. State Street SPDR S&P 500 ETF Trust (SPY) is part of the US Large Cap segment. Both ETFs have the same top 3 sector exposures: Information Technology, Financials and Communication Services. PBP is more expensive with a Total Expense Ratio (TER) of 0.29%, versus 0.0945% for SPY. PBP is up 2.36% year-to-date (YTD) with +$8M in YTD flows. SPY performs better with 5.16% YTD performance, and -$19.80B in YTD flows. Run a side-by-side ETF comparison of PBP and SPY 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 SPY performance and flow charts
Performance
Cumulative Flows
Historic performance and flows
Data as of 04/27/2026
| 1M | 3M | YTD | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|---|---|
| Perf. | PBP SPY | +5.38%+12.70% | +1.04%+3.09% | +2.36%+5.16% | +16.97%+31.23% | +38.84%+80.19% | +47.13%+83.43% |
| Flows | PBP SPY | +$9M+$10.05B | +$16M-$5.25B | +$8M-$19.80B | +$189M-$13.53B | +$232M+$41.24B | +$163M+$71.58B |
Volatility and drawdown
| 3M | 1Y | 3Y | 5Y | ||
|---|---|---|---|---|---|
| Volatility | PBP SPY | +10.41%+15.20% | +6.90%+12.46% | +10.31%+14.90% | +11.37%+16.92% |
| Max drawdown | PBP SPY | -5.24%-8.89% | -5.24%-8.89% | -15.51%-18.74% | -18.35%-24.50% |
| Max drawdown duration | PBP SPY | 61d76d | 61d76d | 240d126d | 679d708d |
Trading data
PBP | SPY | |
Last sale 4/28/2026 at 2:38 PM | $22.45 | $709.60 |
| Previous close 04/27/2026 | $22.52 | $715.17 |
| Consolidated volume 04/27/2026 | ||
| 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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PBP | SPY | |
|---|---|---|
| Tracking error | ||
| Tracking difference | ||
| 1 year cumulative return difference | ||
| Best | ||
| Worst | ||
| Daily return difference | ||
| Average | ||
| Worst | ||
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Main metrics
Last update 4/28/2026 at 2:38 PM
Live
Closed
PBP | SPY | |
|---|---|---|
| Last price | $22.45 | $709.60 |
| 1D performance | -0.31% | -0.78% |
| AuM | $333.82 M | $726.31 B |
| E/R | 0.29% | 0.0945% |
Characteristics
PBP | SPY | |
|---|---|---|
| Management strategy | Passive | Passive |
| Provider | Invesco | State Street Investment Management |
| Benchmark | CBOE S&P 500 BuyWrite Index | S&P 500 Index |
| N° of holdings | 478 | 478 |
| Asset class | Alternative | Equities |
| Trailing 12m distribution yield | Join | Join |
| Inception date | December 20, 2007 | January 22, 1993 |
| ESG | No | No |
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Exposure
Countries
PBP
USA
98.16%
Other
1.84%
SPY
USA
96.95%
Other
3.05%
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%
SPY
Information Techn.
33.93%
Financials
10.39%
Communication Ser.
10.23%
Consumer Discreti.
10.01%
Health Care
9.32%
Industrials
8.33%
Other
17.78%
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Diversification
PBP
Total weight of top 15 holdings out of 15
42.59%
SPY
Total weight of top 15 holdings out of 15
42.5%
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%
SPY
NVIDIA
7.58%
APPLE
6.66%
MICROSOFT-T
4.91%
AMAZON.COM INC
3.64%
ALPHABET INC-CL
2.99%
BROADCOM LIMITED
2.62%
ALPHABET INC-CL
2.40%
META PLATFORMS
2.24%
TESLA
1.87%
BERKSHIRE HATHWAY
1.57%
JPMORGAN CHASE
1.42%
LILLY
1.30%
EXXON
1.27%
JOHNSON&JOHNSON
1.05%
WALMART INC
0.97%
Frequently asked questions about PBP and SPY
How have the PBP and SPY ETFs performed in 2026?
As of April 27, 2026, PBP is up 2.36% year-to-date (YTD), while SPY has returned 5.16%. That puts SPY better performer ahead so far this year.
Which ETF is attracting more investor money: PBP or SPY?
Year-to-date, the PBP ETF saw +$8M in flows, compared to -$19.80B for SPY.
Which ETF is more volatile: PBP or SPY?
Over the past year, PBP had a volatility of 6.9%, while SPY experienced 12.46%.
Which ETF is bigger: PBP or SPY?
As of April 27, 2026, PBP holds $333.82 M in assets under management (AUM), while SPY manages $726.31 B.
What sectors do the PBP and SPY ETFs invest in?
PBP leans toward sectors like Information Technology, Financials and Communication Services. Meanwhile, SPY focuses on Information Technology, Financials and Communication Services.
What are the top holdings of the PBP ETF and SPY ETF?
PBP top holdings include NVIDIA, APPLE and MICROSOFT-T. SPY holds in its top three: NVIDIA, APPLE and MICROSOFT-T.
Which ETF is more diversified: PBP or SPY?
PBP holds 503 securities with 42.59% of its assets in the top 15. SPY has 502 securities and a top 15 weight of 42.5%.
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