Data as of Oct 28, 2026.
IVV vs PBP: Differences, Returns & Fees
Over the year to Oct 28, 2026, IVV returned +13.7% to PBP's +16.0%, and IVV charges 0.03% to PBP's 0.29%.
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Net assets on Oct 27, 2026: $885.1bn for iShares Core S&P 500 ETF and $393m for Invesco S&P 500 BuyWrite ETF.
Pair scorecard
IVV costs 0.26 points a year less; their one-year returns differ by 2.3 points; IVV is far larger, $885.1bn against $393m.
| Measure | IVV | PBP |
|---|---|---|
| Return | ||
| Total return, 1 year | +13.7% | +16.0% |
| Price change, 1 year | rose 12.4% | rose 3.3% |
| Latest payout, annualized | 8.5% | |
| Return of capital, issuer estimate | 95% of the Oct 23, 2026 payment | |
| Against its benchmark | ||
| What it tracks | S&P 500 | Benchmark: S&P 500, measured through SPY |
| Against its benchmark, same days | ahead by 2.4 pts | |
| Cost and size | ||
| Expense ratio | 0.03% | 0.29% |
| Net assets, as of Oct 27, 2026 | $885.1bn | $393m |
| Holdings | ||
| Holdings in common | 100% | |
| Top ten holdings, share of the fund | 38.1% | |
Holdings in common uses holdings dated Oct 27, 2026. Method
Risk and return
Dec 28, 2007 to Oct 23, 2026 · 982 weekly returns · each against SPYIVV returned more: +631.7% to +163.4%. PBP swung less: 13.0% to 18.0%. PBP fell less at its worst: −41.0% to −52.2%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | IVV | PBP | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +631.7% | +163.4% | IVV | Price change plus distributions, reinvested. | |
| Annualized | +11.1% | +5.3% | IVV | Total return as a yearly rate. | |
| Price return | +417.1% | −9.5% | IVV | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 18.0% | 13.0% | PBP | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 12.7% | 10.2% | PBP | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −52.2% | −41.0% | PBP | Deepest fall from a high to the low after it. | |
| Upside capture | 99.4% | 43.1% | 100.0% | IVV | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 99.6% | 66.8% | 100.0% | PBP | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.99 | 0.63 | 1.00 | PBP lower | How far it moves for each 1% its benchmark moves. |
| R squared | 1.00 | 0.78 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.60 | 0.35 | IVV | Return above Treasury bills per unit of volatility. | |
| Sortino | 0.85 | 0.45 | IVV | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.109 | 0.072 | 0.107 | IVV | Return above Treasury bills per unit of beta. |
| Calmar | 0.21 | 0.13 | IVV | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | +0.1% a year | −2.2% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.47 | −1.56 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −0.4% to +0.7% | −5.0% to +0.6% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | 0.00 | −0.68 | IVV | Return against its benchmark per unit of tracking error. | |
| Tracking error | 1.2% | 9.1% | 0.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 982 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, IVV and PBP hold 100% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026.
half
100% in common
Only in one fund ↓
Side by side
IVV and PBP on the fields both publish, as of Oct 28, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price.
IVV and PBP do different jobs. What does each one do in a portfolio?
- What each follows. IVV follows S&P 500 and PBP is measured against S&P 500 through SPY.
- One-year total return. Over 1 year to Oct 28, 2026 IVV returned +13.7% and PBP +16.0% with distributions reinvested, a gap of 2.3 points.
- Cost. IVV charges 0.03% of assets a year and PBP 0.29%, a gap of 0.26 points.
Data as of Oct 28, 2026.
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IVV
IVV tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.7% with distributions reinvested, against +13.6% for its benchmark, the S&P 500. The prospectus expense ratio is 0.03% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 505 positions, with the top ten at 38.1%.
PBP
Over the year to Oct 28, 2026, PBP paid 11.7% of its starting value in cash distributions while its price rose 3.3%. With every distribution reinvested, the fund returned +16.0%. S&P 500 (SPY) returned +13.6% over the same days, so a holder was ahead by 2.4 pts. At its price on Oct 28, 2026 the latest distribution annualizes to 8.5%, paid monthly. Invesco estimates that 95% of the distribution paid Oct 23, 2026 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.
Questions people ask
- Are IVV and PBP in the same category?
- IVV is a stock ETF and PBP is an option-income ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, IVV or PBP?
- In the year to Oct 28, 2026, with distributions reinvested, IVV returned +13.7% and PBP +16.0%.
- Which is cheaper, IVV or PBP?
- IVV is cheaper, by 0.26 percentage points a year. That is about $26 on $10,000 held for a year. Fees come from each fund's prospectus.
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How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, IVV against PBP, data as of Oct 28, 2026. https://etfiq.com/compare/any/ivv-vs-pbp
ETFIQ. (Oct 28, 2026). IVV against PBP. Retrieved from https://etfiq.com/compare/any/ivv-vs-pbp
[IVV against PBP (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/ivv-vs-pbp)
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