AMZY vs. IVVW

Last updated Aug 4, 2026

AMZY (YieldMax AMZN Option Income Strategy ETF) and IVVW (iShares S&P 500 BuyWrite ETF) are both Derivative Income funds. AMZY is actively managed, while IVVW is passively managed. Over the past year, AMZY returned 21.24% vs 19.78% for IVVW. Their 0.59 correlation means they have sometimes moved together and sometimes differently. AMZY charges 1.09%/yr vs 0.25%/yr for IVVW.

Performance

AMZY vs. IVVW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax AMZN Option Income Strategy ETF (AMZY) 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, AMZY achieves a 14.08% return, which is significantly higher than IVVW's 8.19% return.

AMZY

• 1D: 3.21%
• 1M: 14.34%
• 6M: 11.00%
• YTD: 14.08%
• 1Y: 21.24%
• 3Y*: 22.79%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 25.97%

IVVW

• 1D: 1.03%
• 1M: 2.36%
• 6M: 6.69%
• YTD: 8.19%
• 1Y: 19.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.86%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AMZY YieldMax AMZN Option Income Strategy ETF	$3.63M	$2.96M	$4.73M
IVVW iShares S&P 500 BuyWrite ETF	$2.08M	$2.12M	$2.68M

AMZY vs. IVVW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AMZY YieldMax AMZN Option Income Strategy ETF	14.08%	10.39%	16.69%
IVVW iShares S&P 500 BuyWrite ETF	8.19%	11.71%	12.76%

Correlation

The correlation between AMZY and IVVW is 0.56, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.56
Correlation (All Time) Calculated using the full available price history since Mar 15, 2024	0.59

The correlation between AMZY and IVVW has been stable across timeframes, ranging from 0.56 to 0.59 - a consistent structural relationship.

Return for Risk

AMZY vs. IVVW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AMZY

AMZY Risk / Return Rank: 32
AMZY Sharpe Ratio Rank: 32
AMZY Sortino Ratio Rank: 35
AMZY Omega Ratio Rank: 35
AMZY Calmar Ratio Rank: 32
AMZY Martin Ratio Rank: 28

IVVW

IVVW Risk / Return Rank: 91
IVVW Sharpe Ratio Rank: 91
IVVW Sortino Ratio Rank: 90
IVVW Omega Ratio Rank: 93
IVVW Calmar Ratio Rank: 86
IVVW Martin Ratio Rank: 93

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AMZY vs. IVVW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax AMZN Option Income Strategy ETF (AMZY) 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.

	AMZY	IVVW	Difference
Sharpe ratio: Return per unit of total volatility	0.78	2.32	-1.54
Sortino ratio: Return per unit of downside risk	1.33	3.20	-1.87
Omega ratio: Gain probability vs. loss probability	1.17	1.49	-0.32
Calmar ratio: Return relative to maximum drawdown	1.09	3.42	-2.33
Martin ratio: Return relative to average drawdown	2.40	17.74	-15.34

AMZY vs. IVVW - Sharpe Ratio Comparison

The current AMZY Sharpe Ratio is 0.78, which is lower than the IVVW Sharpe Ratio of 2.32. The chart below compares the historical Sharpe Ratios of AMZY 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

AMZY vs. IVVW - Drawdown Comparison

The maximum AMZY drawdown since its inception was -23.70%, which is greater than IVVW's maximum drawdown of -16.79%. Use the drawdown chart below to compare losses from any high point for AMZY and IVVW.

Drawdown Indicators

	AMZY	IVVW	Difference
Max Drawdown Largest peak-to-trough decline	-23.70%	-16.79%	-6.91%
Max Drawdown (1Y) Largest decline over 1 year	-19.61%	-5.81%	-13.80%
Max Drawdown (3Y) Largest decline over 3 years	-23.70%	—	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.57%	-1.68%	-3.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.87%	1.12%	+7.75%

Volatility

AMZY vs. IVVW - Volatility Comparison

YieldMax AMZN Option Income Strategy ETF (AMZY) has a higher volatility of 13.72% compared to iShares S&P 500 BuyWrite ETF (IVVW) at 3.05%. This indicates that AMZY'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

	AMZY	IVVW	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.72%	3.05%	+10.67%
Volatility (6M) Calculated over the trailing 6-month period	21.48%	7.34%	+14.14%
Volatility (1Y) Calculated over the trailing 1-year period	27.32%	8.58%	+18.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.13%	12.57%	+13.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.13%	12.57%	+13.56%

AMZY vs. IVVW - Expense Ratio Comparison

AMZY has a 1.09% expense ratio, which is higher than IVVW's 0.25% expense ratio.

Dividends

AMZY vs. IVVW - Dividend Comparison

AMZY's dividend yield for the trailing twelve months is around 45.29%, more than IVVW's 18.82% yield.

Position	TTM	2025	2024	2023
AMZY YieldMax AMZN Option Income Strategy ETF	45.29%	52.59%	47.91%	9.90%
IVVW iShares S&P 500 BuyWrite ETF	18.82%	18.55%	13.72%	0.00%

Frequently Asked Questions

Can I hold both AMZY and IVVW in my portfolio?

AMZY and IVVW have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMZY or IVVW?

AMZY has higher volatility (13.72%) compared to IVVW (3.05%). In terms of maximum drawdown, AMZY dropped -23.70% vs IVVW's -16.79%.

Which ETF is better, AMZY or IVVW?

On 1-year performance, AMZY leads with 21.24% vs 19.78% for IVVW. On fees, IVVW is cheaper at 0.25% per year. On volatility, IVVW has been the lower-risk option at 3.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMZY or IVVW?

Over the 1-year period, AMZY has performed better with a 21.24% return vs 19.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMZY or IVVW?

IVVW is cheaper with a 0.25% expense ratio, compared with 1.09% for AMZY.

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

AMZY has the higher dividend yield at 45.29%, compared with 18.82% for IVVW.

What is the main difference between AMZY and IVVW?

They also come from different issuers: YieldMax and iShares. Their fees differ too: 1.09% for AMZY and 0.25% for IVVW.

Which has better risk-adjusted returns?

IVVW currently has the higher Sharpe Ratio (2.32 vs 0.78), 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.