PBP vs VYM
Invesco S&P 500 BuyWrite ETF vs Vanguard High Dividend Yield ETF
Which is better, PBP or VYM?
All Cap Blend against Large Cap Value.
VYM has a lower expense ratio. VYM led over 1Y, 3Y, 5Y and the full window. VYM is less concentrated, with 26.1% of the fund in its ten largest positions against 38.3%.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | PBP | VYM |
|---|---|---|
| Expense Ratio | 0.29% | 0.04%Best |
| AUM | $380M | $81.6B |
| Dividend Yield | 10.40% | 2.22% |
| Holdings | 508 | 613 |
| YTD Return | +1.22% | +11.71%Best |
| 1Y Return | +6.78% | +16.24%Best |
| 3Y Return (annualized) | +12.05% | +17.24%Best |
| 5Y Return (annualized) | +7.35% | +11.86%Best |
| Volatility (annualized) | 49.4% | 14.8%Best |
| Max Drawdown | -79.6% | -56.1%Best |
| $10,000 over 5 years | $14,256 | $17,514Best |
| Top 10 Weight | 38.3% | 26.1%Best |
| Fund Family | Invesco (US) | Vanguard (US) |
| Category | Equity | Equity |
| Style | All Cap Blend | Large Cap Value |
| Inception | Dec 20, 2007 | Nov 10, 2006 |
Volatility and max drawdown are measured over the window both funds cover: Dec 20, 2007 to Sep 16, 2026 (18.7 years).
PBP vs VYM growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 18.7 years both funds cover.
PBP vs VYM Performance
Invesco S&P 500 BuyWrite ETF (PBP) is an ETF from Invesco (US) and Vanguard High Dividend Yield ETF (VYM) is an ETF from Vanguard (US). Over the past year PBP returned +6.78% while VYM returned +16.24%. Year to date, PBP is up 1.22% versus a gain of 11.71% for VYM.
Over three years, PBP compounded at +12.05% per year against +17.24% for VYM; over five years the annualized figures are +7.35% and +11.86% respectively. Across the full 19-year window we track, VYM has the edge at +7.16% annualized vs +5.55%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
PBP has been the more volatile fund, with annualized monthly volatility of 49.4% compared with 14.8% for VYM. 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 -56.1% for VYM. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.10. They move largely independently of each other.
Fees and Cost Over Time
PBP charges 0.29% per year while VYM charges 0.04%. On a $10,000 position that is $29 vs $4 annually, a gap of $25 per year that compounds over a long holding period. On income, PBP currently yields 10.40% against 2.22% for VYM.
Holdings Overlap
34.6% of PBP's money is in holdings VYM also owns. 90.2% of VYM's money is in holdings PBP also owns.
Most of VYM is already inside PBP. Owning both mostly buys the same companies twice.
248 positions in common, counted across the 491 positions we hold weights for in PBP and 557 in VYM, against full books of 508 and 613.
What only one of them owns
Our book lists 281 positions for VYM that do not appear in our book for PBP (7.2% of the fund), and 238 for PBP that do not appear in VYM (64.6%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in PBP | Weight in VYM | Difference |
|---|---|---|---|
| AVGOBroadcom Inc | 2.68% | 7.35% | 4.67% |
| JPMJpmorgan Chase | 1.46% | 3.82% | 2.36% |
| XOMExxon Mobil Corp. | 1.03% | 2.63% | 1.60% |
| JNJJohnson & Johnson - Common | 0.98% | 2.51% | 1.53% |
| CSCOCisco Systems Inc. - Ordinary Shares | 0.67% | 1.86% | 1.19% |
| ABBVAbbvie Inc. | 0.69% | 1.80% | 1.11% |
| BACBank of America Corp.: Financials | 0.62% | 1.66% | 1.04% |
| CVXChevron Corp | 0.60% | 1.48% | 0.88% |
| CATCaterpillar, Inc. | 0.56% | 1.50% | 0.94% |
| UNHUnitedhealth Group Incorporated | 0.54% | 1.52% | 0.98% |
90.2% of VYM is already inside PBP.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, PBP or VYM?
PBP has an expense ratio of 0.29% while VYM charges 0.04%. VYM is the cheaper option, by $25 a year on a $10,000 investment.
Which performed better, PBP or VYM?
Over the past year PBP returned +6.78% vs +16.24% for VYM, so VYM leads on 1-year performance. Over the longest common window we track (19 years), PBP annualized +5.55% vs +7.16% for VYM. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, PBP or VYM?
PBP has been the more volatile fund at 49.4% annualized versus 14.8% for VYM. Worst drawdown: PBP -79.6% vs VYM -56.1%.
Should I hold both PBP and VYM?
PBP and VYM have a monthly-return correlation of 0.10, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
What is the holdings overlap between PBP and VYM?
90.2% of VYM's money is in holdings PBP also owns. 90.2% of VYM's is in holdings PBP also owns. They hold 248 positions in common, counted across the 491 positions we hold weights for in PBP and 557 in VYM.
Which pays a higher dividend, PBP or VYM?
PBP yields 10.40% while VYM yields 2.22%, so PBP currently pays the higher dividend yield.
Is VYM better than PBP?
VYM has a lower expense ratio. VYM led over 1Y, 3Y, 5Y and the full window. VYM is less concentrated, with 26.1% of the fund in its ten largest positions against 38.3%. Which one suits a particular account depends on what it is for. This is information, not a recommendation.