AAPY vs. IVVW

Last updated Jul 15, 2026

AAPY (Kurv Yield Premium Strategy Apple (AAPL) ETF) and IVVW (iShares S&P 500 BuyWrite ETF) are both Derivative Income funds. AAPY is actively managed, while IVVW is passively managed. Over the past year, AAPY returned 38.98% vs 18.35% for IVVW. A 0.50 correlation means they provide meaningful diversification when combined. AAPY charges 0.99%/yr vs 0.25%/yr for IVVW.

Performance

AAPY vs. IVVW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kurv Yield Premium Strategy Apple (AAPL) ETF (AAPY) and iShares S&P 500 BuyWrite ETF (IVVW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAPY achieves a 14.50% return, which is significantly higher than IVVW's 6.90% return.

AAPY

• 1D: -0.76%
• 1M: 7.30%
• 6M: 19.12%
• YTD: 14.50%
• 1Y: 38.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IVVW

• 1D: 0.43%
• 1M: 2.36%
• 6M: 6.32%
• YTD: 6.90%
• 1Y: 18.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AAPY vs. IVVW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AAPY Kurv Yield Premium Strategy Apple (AAPL) ETF	14.50%	5.04%	31.54%
IVVW iShares S&P 500 BuyWrite ETF	6.90%	11.71%	12.76%

Correlation

The correlation between AAPY and IVVW is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (All Time) Calculated using the full available price history since Mar 15, 2024	0.50

The correlation between AAPY and IVVW has been stable across timeframes, ranging from 0.43 to 0.50 - a consistent structural relationship.

Return for Risk

AAPY vs. IVVW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AAPY

AAPY Risk / Return Rank: 61
AAPY Sharpe Ratio Rank: 62
AAPY Sortino Ratio Rank: 58
AAPY Omega Ratio Rank: 66
AAPY Calmar Ratio Rank: 68
AAPY Martin Ratio Rank: 50

IVVW

IVVW Risk / Return Rank: 87
IVVW Sharpe Ratio Rank: 87
IVVW Sortino Ratio Rank: 86
IVVW Omega Ratio Rank: 92
IVVW Calmar Ratio Rank: 77
IVVW Martin Ratio Rank: 91

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AAPY vs. IVVW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kurv Yield Premium Strategy Apple (AAPL) ETF (AAPY) and iShares S&P 500 BuyWrite ETF (IVVW). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AAPY	IVVW	Difference
Sharpe ratio: Return per unit of total volatility	1.64	2.25	-0.61
Sortino ratio: Return per unit of downside risk	2.23	3.10	-0.87
Omega ratio: Gain probability vs. loss probability	1.31	1.48	-0.17
Calmar ratio: Return relative to maximum drawdown	2.71	3.17	-0.46
Martin ratio: Return relative to average drawdown	6.82	16.82	-10.00

AAPY vs. IVVW - Sharpe Ratio Comparison

The current AAPY Sharpe Ratio is 1.64, which is comparable to the IVVW Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of AAPY and IVVW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AAPY vs. IVVW - Drawdown Comparison

The maximum AAPY drawdown since its inception was -29.22%, which is greater than IVVW's maximum drawdown of -16.79%. Use the drawdown chart below to compare losses from any high point for AAPY and IVVW.

Drawdown Indicators

	AAPY	IVVW	Difference
Max Drawdown Largest peak-to-trough decline	-29.22%	-16.79%	-12.43%
Max Drawdown (1Y) Largest decline over 1 year	-14.47%	-5.81%	-8.66%
Current Drawdown Current decline from peak	-1.68%	-0.02%	-1.66%
Average Drawdown Average peak-to-trough decline	-6.31%	-1.70%	-4.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.73%	1.09%	+4.64%

Volatility

AAPY vs. IVVW - Volatility Comparison

Kurv Yield Premium Strategy Apple (AAPL) ETF (AAPY) has a higher volatility of 10.93% compared to iShares S&P 500 BuyWrite ETF (IVVW) at 2.66%. This indicates that AAPY's price experiences larger fluctuations and is considered to be riskier than IVVW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPY	IVVW	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.93%	2.66%	+8.27%
Volatility (6M) Calculated over the trailing 6-month period	21.03%	7.08%	+13.95%
Volatility (1Y) Calculated over the trailing 1-year period	23.88%	8.17%	+15.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.23%	12.59%	+10.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.23%	12.59%	+10.64%

AAPY vs. IVVW - Expense Ratio Comparison

AAPY has a 0.99% expense ratio, which is higher than IVVW's 0.25% expense ratio.

Dividends

AAPY vs. IVVW - Dividend Comparison

AAPY's dividend yield for the trailing twelve months is around 11.42%, less than IVVW's 19.04% yield.

Position	TTM	2025	2024	2023
AAPY Kurv Yield Premium Strategy Apple (AAPL) ETF	11.42%	12.66%	17.15%	2.16%
IVVW iShares S&P 500 BuyWrite ETF	19.04%	18.55%	13.72%	0.00%

Frequently Asked Questions

Can I hold both AAPY and IVVW in my portfolio?

AAPY and IVVW have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAPY or IVVW?

AAPY has higher volatility (10.93%) compared to IVVW (2.66%). In terms of maximum drawdown, AAPY dropped -29.22% vs IVVW's -16.79%.

Which ETF is better, AAPY or IVVW?

On 1-year performance, AAPY leads with 38.98% vs 18.35% for IVVW. On fees, IVVW is cheaper at 0.25% per year. On volatility, IVVW has been the lower-risk option at 2.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPY or IVVW?

Over the 1-year period, AAPY has performed better with a 38.98% return vs 18.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPY or IVVW?

IVVW is cheaper with a 0.25% expense ratio, compared with 0.99% for AAPY.

Which ETF pays a higher dividend yield, AAPY or IVVW?

IVVW has the higher dividend yield at 19.04%, compared with 11.42% for AAPY.

What is the main difference between AAPY and IVVW?

They also come from different issuers: Kurv and iShares. Their fees differ too: 0.99% for AAPY and 0.25% for IVVW.

Which has better risk-adjusted returns?

IVVW currently has the higher Sharpe Ratio (2.25 vs 1.64), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.