How can I cheaply change an HDMI signal to a component (YPbPr) signal?

I need to split the HDMI signal from my xbox, then change one of those signals into a component YPbPr signal for my HDPVR (sound is necessary for both ends).

I’d like to do this as cheaply as possible, as it’s not “required” but simply improves the quality slightly. Thank you for your time.