BUYW vs. HYGW
BUYW (Main Buywrite ETF) and HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) are both Derivative Income funds. BUYW is actively managed, while HYGW is passively managed. Over the past 3 years, BUYW returned 8.88%/yr vs 5.49%/yr for HYGW. Their 0.45 correlation means their historical movements had little consistent relationship. BUYW charges 1.29%/yr vs 0.69%/yr for HYGW.
Performance
BUYW vs. HYGW - Performance Comparison
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Returns By Period
In the year-to-date period, BUYW achieves a 5.08% return, which is significantly higher than HYGW's 2.68% return.
BUYW
- 1D
- 0.28%
- 1M
- 0.64%
- 6M
- 4.41%
- YTD
- 5.08%
- 1Y
- 9.35%
- 3Y*
- 8.88%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 9.97%
HYGW
- 1D
- 0.31%
- 1M
- 0.35%
- 6M
- 2.13%
- YTD
- 2.68%
- 1Y
- 6.23%
- 3Y*
- 5.49%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.75%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.71M | $4.95M | $4.82M | |
| $507.28K | $613.90K | $793.25K |
BUYW vs. HYGW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BUYW Main Buywrite ETF | 5.08% | 9.08% | 9.82% | 12.80% | 1.94% |
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 2.68% | 6.19% | 6.99% | 7.31% | -0.51% |
Correlation
The correlation between BUYW and HYGW is 0.38, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.38 |
Correlation (3Y) Balances recent behavior with more history. | 0.40 |
Correlation (All Time) Calculated using the full available price history since Sep 12, 2022 | 0.45 |
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Return for Risk
BUYW vs. HYGW — Risk / Return Rank
BUYW
HYGW
BUYW vs. HYGW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Main Buywrite ETF (BUYW) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). 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 | HYGW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 1.37 | 1.44 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.63 | 3.44 | +0.19 |
| Martin ratioReturn relative to average drawdown | 19.32 | 15.37 | +3.95 |
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Drawdowns
BUYW vs. HYGW - Drawdown Comparison
The maximum BUYW drawdown since its inception was -9.36%, which is greater than HYGW's maximum drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for BUYW and HYGW.
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Drawdown Indicators
| BUYW | HYGW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.36% | -5.49% | -3.87% |
Max Drawdown (1Y)Largest decline over 1 year | -2.59% | -1.82% | -0.77% |
Max Drawdown (3Y)Largest decline over 3 years | -9.36% | -3.42% | -5.94% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.59% | -0.59% | 0.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.49% | 0.41% | +0.08% |
Volatility
BUYW vs. HYGW - Volatility Comparison
Main Buywrite ETF (BUYW) has a higher volatility of 1.11% compared to iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) at 0.86%. This indicates that BUYW's price experiences larger fluctuations and is considered to be riskier than HYGW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BUYW | HYGW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.11% | 0.86% | +0.25% |
Volatility (6M)Calculated over the trailing 6-month period | 3.91% | 2.34% | +1.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.87% | 2.94% | +1.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.33% | 4.62% | +3.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.33% | 4.62% | +3.71% |
BUYW vs. HYGW - Expense Ratio Comparison
BUYW has a 1.29% expense ratio, which is higher than HYGW's 0.69% expense ratio.
Dividends
BUYW vs. HYGW - Dividend Comparison
BUYW's dividend yield for the trailing twelve months is around 5.90%, less than HYGW's 10.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BUYW Main Buywrite ETF | 5.90% | 5.89% | 5.93% | 5.95% | 0.50% |
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 10.67% | 12.53% | 12.30% | 15.98% | 8.71% |
Frequently Asked Questions
BUYW and HYGW have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BUYW has higher volatility (1.11%) compared to HYGW (0.86%). In terms of maximum drawdown, BUYW dropped -9.36% vs HYGW's -5.49%.
On 3-year performance, BUYW leads with 8.88% vs 5.49% for HYGW. On fees, HYGW is cheaper at 0.69% per year. On volatility, HYGW has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BUYW has performed better with a 8.88% return vs 5.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYGW is cheaper with a 0.69% expense ratio, compared with 1.29% for BUYW.
HYGW has the higher dividend yield at 10.67%, compared with 5.90% for BUYW.
They also come from different issuers: Main and iShares. Their fees differ too: 1.29% for BUYW and 0.69% for HYGW.
HYGW currently has the higher Sharpe Ratio (2.13 vs 1.93), 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.
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