BUYW vs. DHSB

Last updated Jun 24, 2026

BUYW (Main Buywrite ETF) and DHSB (Day Hagan Smart Buffer ETF) are both Derivative Income funds. Both are actively managed. Over the past year, BUYW returned 9.91% vs 8.92% for DHSB. A 0.57 correlation means they provide meaningful diversification when combined. BUYW charges 1.29%/yr vs 0.68%/yr for DHSB.

Performance

BUYW vs. DHSB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Main Buywrite ETF (BUYW) and Day Hagan Smart Buffer ETF (DHSB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with BUYW having a 3.75% return and DHSB slightly lower at 3.71%.

BUYW

• 1D: 0.35%
• 1M: 0.35%
• YTD: 3.75%
• 6M: 4.11%
• 1Y: 9.91%
• 3Y*: 8.68%
• 5Y*: —
• 10Y*: —

DHSB

• 1D: -0.32%
• 1M: 0.13%
• YTD: 3.71%
• 6M: 3.51%
• 1Y: 8.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BUYW vs. DHSB - Yearly Performance Comparison

	2026 (YTD)	2025
BUYW Main Buywrite ETF	3.75%	7.23%
DHSB Day Hagan Smart Buffer ETF	3.71%	4.73%

Correlation

The correlation between BUYW and DHSB is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (All Time) Calculated using the full available price history since Feb 14, 2025	0.57

The correlation between BUYW and DHSB has been stable across timeframes, ranging from 0.50 to 0.57 - a consistent structural relationship.

Return for Risk

BUYW vs. DHSB — Risk / Return Rank

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

BUYW

BUYW Risk / Return Rank: 77
BUYW Sharpe Ratio Rank: 66
BUYW Sortino Ratio Rank: 74
BUYW Omega Ratio Rank: 74
BUYW Calmar Ratio Rank: 78
BUYW Martin Ratio Rank: 91

DHSB

DHSB Risk / Return Rank: 59
DHSB Sharpe Ratio Rank: 46
DHSB Sortino Ratio Rank: 50
DHSB Omega Ratio Rank: 61
DHSB Calmar Ratio Rank: 60
DHSB Martin Ratio Rank: 77

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.

BUYW vs. DHSB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Main Buywrite ETF (BUYW) and Day Hagan Smart Buffer ETF (DHSB). 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.

	BUYW	DHSB	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.48	+0.58
Sortino ratio: Return per unit of downside risk	3.13	2.25	+0.88
Omega ratio: Gain probability vs. loss probability	1.41	1.34	+0.07
Calmar ratio: Return relative to maximum drawdown	3.84	2.70	+1.14
Martin ratio: Return relative to average drawdown	20.54	13.58	+6.96

BUYW vs. DHSB - Sharpe Ratio Comparison

The current BUYW Sharpe Ratio is 2.06, which is higher than the DHSB Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of BUYW and DHSB, 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

BUYW vs. DHSB - Drawdown Comparison

The maximum BUYW drawdown since its inception was -9.36%, which is greater than DHSB's maximum drawdown of -7.65%. Use the drawdown chart below to compare losses from any high point for BUYW and DHSB.

Drawdown Indicators

	BUYW	DHSB	Difference
Max Drawdown Largest peak-to-trough decline	-9.36%	-7.65%	-1.71%
Max Drawdown (1Y) Largest decline over 1 year	-2.59%	-3.32%	+0.73%
Max Drawdown (3Y) Largest decline over 3 years	-9.36%	—	—
Current Drawdown Current decline from peak	0.00%	-0.98%	+0.98%
Average Drawdown Average peak-to-trough decline	-0.60%	-0.87%	+0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	0.66%	-0.18%

Volatility

BUYW vs. DHSB - Volatility Comparison

The current volatility for Main Buywrite ETF (BUYW) is 1.21%, while Day Hagan Smart Buffer ETF (DHSB) has a volatility of 2.50%. This indicates that BUYW experiences smaller price fluctuations and is considered to be less risky than DHSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BUYW	DHSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.21%	2.50%	-1.29%
Volatility (6M) Calculated over the trailing 6-month period	3.84%	5.53%	-1.69%
Volatility (1Y) Calculated over the trailing 1-year period	4.84%	6.07%	-1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.43%	8.66%	-0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.43%	8.66%	-0.23%

BUYW vs. DHSB - Expense Ratio Comparison

BUYW has a 1.29% expense ratio, which is higher than DHSB's 0.68% expense ratio.

Dividends

BUYW vs. DHSB - Dividend Comparison

BUYW's dividend yield for the trailing twelve months is around 5.89%, more than DHSB's 1.20% yield.

Position	TTM	2025	2024	2023	2022
BUYW Main Buywrite ETF	5.89%	5.89%	5.93%	5.95%	0.50%
DHSB Day Hagan Smart Buffer ETF	1.20%	1.25%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BUYW and DHSB in my portfolio?

BUYW and DHSB have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUYW or DHSB?

DHSB has higher volatility (2.50%) compared to BUYW (1.21%). In terms of maximum drawdown, BUYW dropped -9.36% vs DHSB's -7.65%.

Which ETF is better, BUYW or DHSB?

On 1-year performance, BUYW leads with 9.91% vs 8.92% for DHSB. On fees, DHSB is cheaper at 0.68% per year. On volatility, BUYW has been the lower-risk option at 1.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BUYW or DHSB?

Over the 1-year period, BUYW has performed better with a 9.91% return vs 8.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUYW or DHSB?

DHSB is cheaper with a 0.68% expense ratio, compared with 1.29% for BUYW.

Which ETF pays a higher dividend yield, BUYW or DHSB?

BUYW has the higher dividend yield at 5.89%, compared with 1.20% for DHSB.

What is the main difference between BUYW and DHSB?

They also come from different issuers: Main Funds and Day Hagan. Their fees differ too: 1.29% for BUYW and 0.68% for DHSB.

Which has better risk-adjusted returns?

BUYW currently has the higher Sharpe Ratio (2.06 vs 1.48), 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.