ISPY and PBP are both covered call ETFs tracking the same benchmark, but with different approaches. ISPY offers a 5.26% yield, while PBP provides a 11.36% yield. Compare their scores, yields, and performance metrics to find the best fit for your portfolio.
Compare covered call ETFs with the same benchmark side by side
ProShares S&P 500 High Income ETF
5.61
Overall Score
Invesco S&P 500 BuyWrite ETF
5.76
Overall Score
| Criteria | ISPY | PBP |
|---|---|---|
| Overall Score | 5.61 5.76 | |
| Total Return (25%) | 7.63 2.53 | |
| Downside Protection (25%) | — 8.47 | |
| Upside Participation (25%) | 8.95 5.37 | |
| Consistency (15%) | 6.00 7.22 | |
| Expense Ratio (5%) | 5.62 6.38 | |
| Liquidity (5%) | 5.74 5.41 |
Since Inception
3 Years
Pro only
1 Year
Pro only
3 Months
Pro only
| Metric | ISPY | PBP |
|---|---|---|
| Expense Ratio | 0.550% | 0.490% |
| Inception Date | Mar 22, 2023 | Dec 20, 2007 |
| Issuer | ProShares | Invesco |
| Distribution Frequency | Monthly | Monthly |
| Maturity Rating | 2/5 stars | 5/5 stars |
Daily calls leave 89% of S&P 500 upside but 111% of the downside, for a 5.3% yield.
Investor Profile:
ISPY holds 514 S&P 500 stocks and describes its approach as a covered call strategy using daily options. It aims for monthly income and long-term returns in line with the S&P 500, and its page compares it with the S&P 500 Daily Covered Call Index. The page does not say whether the options are on an index or an ETF, or how much of the portfolio is covered.
Cut volatility to 8.9% (SPY 15.7%) and pays 11.4%, but it captured 54% of S&P 500 upside and 58% of the downside.
Investor Profile:
PBP tracks the Cboe S&P 500 BuyWrite Index. It holds the S&P 500 stocks, about 507 positions, and sells at-the-money one-month call options on the S&P 500 index. The rules are mechanical, with no active manager decisions. It pays monthly.
Both funds are scored on total return, downside protection, upside participation, distribution consistency, cost and liquidity, against the same benchmark and the same window.
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