Data as of Nov 4, 2026.
PBP vs XPAY: Dividend Yield & Total Return
Over the year to Nov 4, 2026, XPAY paid 19.7% of its price in cash against PBP’s 11.7%, though PBP returned more with it reinvested.
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Net assets: $389m on Nov 3, 2026 for Invesco S&P 500 BuyWrite ETF, and $187m on Nov 4, 2026 for Roundhill S&P 500 Target 20 Managed Distribution ETF.
1.4 pts ahead of SPY
PBP over 1 year: paid 11.7%, price +3.6%, total +16.2%, SPY +14.8%, +1.4 pts. Data to Nov 4, 2026.
SPY
+14.8%
PBP
+16.2%
11.7% of it arrived as cash
1.4 pts ahead of SPY
Total return, distributions reinvested
1.4 pts ahead of SPY
PBP over 1 year: paid 11.7%, price +3.6%, total +16.2%, SPY +14.8%, +1.4 pts. Data to Nov 4, 2026.
SPY
+14.8%
PBP
+16.2%
11.7% as cash
1.4 pts ahead of SPY
11.7% of it arrived as cash. Total return, distributions reinvested. PBP over 1 year: paid 11.7%, price +3.6%, total +16.2%, SPY +14.8%, +1.4 pts. Data to Nov 4, 2026.
Data to Nov 4, 2026.0.8 pts behind VOO
XPAY over 1 year: paid 19.7%, price −7.2%, total +14.0%, VOO +14.8%, −0.8 pts. Data to Nov 4, 2026.
VOO
+14.8%
XPAY
+14.0%
19.7% of it arrived as cash
0.8 pts behind VOO
Total return, distributions reinvested
0.8 pts behind VOO
XPAY over 1 year: paid 19.7%, price −7.2%, total +14.0%, VOO +14.8%, −0.8 pts. Data to Nov 4, 2026.
VOO
+14.8%
XPAY
+14.0%
19.7% as cash
0.8 pts behind VOO
19.7% of it arrived as cash. Both charts share one scale, with zero at the line. XPAY over 1 year: paid 19.7%, price −7.2%, total +14.0%, VOO +14.8%, −0.8 pts. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
PBP costs 0.20 points a year less; their one-year returns differ by 2.2 points; PBP is 2.1 times larger.
Points (pts) are percentage points.
| Measure | PBP | XPAY |
|---|---|---|
| Paid and earned | ||
| Total return, 1 year | +16.2% | +14.0% |
| Price change, 1 year | rose 3.6% | fell 7.2% |
| Return of capital, issuer estimate | 95% of the Oct 23, 2026 payment | 100% of the Oct 15, 2026 payment |
| Against its benchmark | ||
| Benchmark | S&P 500, measured through SPY | Vanguard S&P 500 ETF, measured through VOO |
| Cost and size | ||
| Expense ratio | 0.29% | 0.49% |
| Net assets, as of Nov 3, 2026 | $389m | $183m |
| Holdings | ||
| Holdings in common | 0% | |
How much of its payouts the fund's total return covered, ranked against 167 income ETFs not writing on a single company. 100 is best. How it is computed
One year only, and a ratio of two published numbers: it says nothing about where a distribution came from. All income ETFs ranked by it →
Risk and return
Nov 8, 2024 to Oct 30, 2026 · 103 weekly returnsEach against its own benchmark: PBP against SPY, Dec 28, 2007 to Oct 30, 2026; XPAY against VOO, Nov 8, 2024 to Oct 30, 2026.
From Nov 2024 to Oct 2026, XPAY returned more: +27.3% to +23.5%. PBP swung less: 9.4% to 14.9%. PBP fell less at its worst: −14.3% to −17.1%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | PBP | XPAY | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +23.5% | +27.3% | XPAY | Price change plus distributions, reinvested. |
| Annualized | +11.2% | +12.9% | XPAY | Total return as a yearly rate. |
| Price return | −0.9% | −14.6% | PBP | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 9.4% | 14.9% | PBP | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 7.1% | 9.9% | PBP | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −14.3% | −17.1% | PBP | Deepest fall from a high to the low after it. |
| Upside capture | 43.1% | 99.7% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 66.8% | 101.5% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.63 | 1.01 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.78 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.75 | 0.62 | PBP | Return above Treasury bills per unit of volatility. |
| Sortino | 0.99 | 0.93 | PBP (slight) | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.072 | 0.091 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.79 | 0.76 | PBP (slight) | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | SPY | VOO | The ETF each fund is measured against. | |
| Alpha | −2.2% a year | −0.9% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −1.56 | −1.35 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −5.0% to +0.6% | −2.3% to +0.4% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | −0.68 | −0.82 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 9.1% | 1.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 103 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, PBP and XPAY hold 0% of their money in the same securities at the same weight. Holdings dated Nov 3, 2026 and Nov 4, 2026.
half
0% in common
Only in one fund ↓
Side by side
As of Nov 4, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price. Payout rate: the latest payment, annualized, over today’s price.
Window by window
| Total return | Cash paid | Against the benchmark | ||||
|---|---|---|---|---|---|---|
| Window | PBP | XPAY | PBP | XPAY | PBP | XPAY |
| 3 months | +2.5% | −0.3% | 2.5% | 5.0% | +2.6 pts | −0.2 pts |
| 6 months | +8.1% | +4.9% | 5.3% | 10.0% | +3.1 pts | −0.1 pts |
| 1 year | +16.2% | +14.0% | 11.7% | 19.7% | +1.4 pts | −0.9 pts |
| 3 years | +49.6% | – | 33.4% | – | −33.3 pts | – |
| Since launchNot the same days: PBP Dec 2007 · XPAY Oct 2024 | +172.0% | +35.6% | 92.4% | 39.0% | −467.6 pts | −2.6 pts |
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PBP
Over the year to Nov 4, 2026, PBP paid 11.7% of its starting value in cash distributions while its price rose 3.6%. With every distribution reinvested, the fund returned +16.2%. S&P 500 (SPY) returned +14.8% over the same days, so a holder was ahead by 1.4 pts. At its price on Nov 4, 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.
XPAY
Over the year to Nov 4, 2026, XPAY paid 19.7% of its starting value in cash distributions while its price fell 7.2%. With every distribution reinvested, the fund returned +14.0%. Vanguard S&P 500 ETF (VOO) returned +14.8% over the same days, so a holder was behind by 0.8 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 21.1%, paid monthly. Roundhill estimates that 100% of the distribution paid Oct 15, 2026 was a return of capital (its 19a-1 notice).
Questions people ask
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How this is computed
It is a place in a set, not a rating or a recommendation.
Overlap adds up the smaller of the two weights for each security both funds hold.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, PBP against XPAY, data as of Nov 4, 2026. https://etfiq.com/compare/income/pbp-vs-xpay
ETFIQ. (Nov 4, 2026). PBP against XPAY. Retrieved from https://etfiq.com/compare/income/pbp-vs-xpay
[PBP against XPAY (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/income/pbp-vs-xpay)
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