BPI vs. IVVW
BPI (Grayscale Bitcoin Premium Income ETF) and IVVW (iShares S&P 500 BuyWrite ETF) are both Derivative Income funds. BPI is actively managed, while IVVW is passively managed. At a 0.36 correlation, their price movements are largely independent. BPI charges 0.65%/yr vs 0.25%/yr for IVVW.
Performance
BPI vs. IVVW - Performance Comparison
Loading charts...
Returns By Period
BPI
- 1D
- 1.02%
- 1M
- -17.13%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IVVW
- 1D
- -0.02%
- 1M
- 0.38%
- YTD
- 5.13%
- 6M
- 5.14%
- 1Y
- 17.22%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BPI vs. IVVW - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
BPI Grayscale Bitcoin Premium Income ETF | -19.78% |
IVVW iShares S&P 500 BuyWrite ETF | 2.70% |
Correlation
The correlation between BPI and IVVW is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Apr 30, 2026 | 0.36 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BPI vs. IVVW — Risk / Return Rank
BPI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
IVVW
BPI vs. IVVW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Premium Income ETF (BPI) 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.
| BPI | IVVW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.47 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.98 | — |
| Martin ratioReturn relative to average drawdown | — | 15.80 | — |
Loading charts...
Drawdowns
BPI vs. IVVW - Drawdown Comparison
The maximum BPI drawdown since its inception was -26.45%, which is greater than IVVW's maximum drawdown of -16.79%. Use the drawdown chart below to compare losses from any high point for BPI and IVVW.
Loading charts...
Drawdown Indicators
| BPI | IVVW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.45% | -16.79% | -9.66% |
Max Drawdown (1Y)Largest decline over 1 year | — | -5.81% | — |
Current DrawdownCurrent decline from peak | -25.06% | -0.31% | -24.75% |
Average DrawdownAverage peak-to-trough decline | -12.33% | -1.73% | -10.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 1.09% | — |
Volatility
BPI vs. IVVW - Volatility Comparison
Loading charts...
Volatility by Period
| BPI | IVVW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 3.57% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 6.96% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 37.13% | 8.10% | +29.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.13% | 12.67% | +24.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.13% | 12.67% | +24.46% |
BPI vs. IVVW - Expense Ratio Comparison
BPI has a 0.65% expense ratio, which is higher than IVVW's 0.25% expense ratio.
Dividends
BPI vs. IVVW - Dividend Comparison
BPI's dividend yield for the trailing twelve months is around 3.52%, less than IVVW's 19.65% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BPI Grayscale Bitcoin Premium Income ETF | 3.52% | 0.00% | 0.00% |
IVVW iShares S&P 500 BuyWrite ETF | 19.65% | 18.55% | 13.72% |
Frequently Asked Questions
BPI and IVVW have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IVVW is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IVVW is cheaper with a 0.25% expense ratio, compared with 0.65% for BPI.
IVVW has the higher dividend yield at 19.65%, compared with 3.52% for BPI.
They also come from different issuers: Grayscale and iShares. Their fees differ too: 0.65% for BPI and 0.25% for IVVW.
Find the right allocation for BPI and IVVW
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer