BUYW vs. PUTW

Last updated Jun 24, 2026

BUYW (Main Buywrite ETF) and PUTW (WisdomTree Equity Premium Income Fund) are both Derivative Income funds. BUYW is actively managed, while PUTW is passively managed. Over the past 3 years, BUYW returned 8.68%/yr vs 12.75%/yr for PUTW. A 0.61 correlation means they provide meaningful diversification when combined. BUYW charges 1.29%/yr vs 0.44%/yr for PUTW.

Performance

BUYW vs. PUTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Main Buywrite ETF (BUYW) and WisdomTree Equity Premium Income Fund (PUTW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BUYW achieves a 3.75% return, which is significantly higher than PUTW's 3.16% return.

BUYW

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

PUTW

• 1D: -1.14%
• 1M: -0.70%
• YTD: 3.16%
• 6M: 2.00%
• 1Y: 16.19%
• 3Y*: 12.75%
• 5Y*: 9.33%
• 10Y*: 8.20%

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

BUYW vs. PUTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BUYW Main Buywrite ETF	3.75%	9.08%	9.82%	12.80%	1.94%
PUTW WisdomTree Equity Premium Income Fund	3.16%	14.45%	17.18%	15.53%	-4.58%

Correlation

The correlation between BUYW and PUTW is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (All Time) Calculated using the full available price history since Sep 12, 2022	0.61

The correlation between BUYW and PUTW has been stable across timeframes, ranging from 0.57 to 0.61 - a consistent structural relationship.

BUYW vs. PUTW - Sectors Allocation Comparison

Sectors	BUYW	PUTW
Technology	26.6%	-
Communication Services	16.4%	-
Financial Services	14.5%	-0.0%
Healthcare	13.0%	-
Energy	12.7%	-
Consumer Cyclical	6.4%	-
Industrials	4.4%	-
Consumer Defensive	3.0%	-
Utilities	1.2%	-
Basic Materials	1.0%	-
Real Estate	0.9%	-

Return for Risk

BUYW vs. PUTW — 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

PUTW

PUTW Risk / Return Rank: 45
PUTW Sharpe Ratio Rank: 42
PUTW Sortino Ratio Rank: 40
PUTW Omega Ratio Rank: 47
PUTW Calmar Ratio Rank: 39
PUTW Martin Ratio Rank: 56

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. PUTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Main Buywrite ETF (BUYW) and WisdomTree Equity Premium Income Fund (PUTW). 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	PUTW	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.75	+0.31
Sortino ratio: Return per unit of downside risk	3.13	2.44	+0.68
Omega ratio: Gain probability vs. loss probability	1.41	1.35	+0.06
Calmar ratio: Return relative to maximum drawdown	3.84	2.27	+1.57
Martin ratio: Return relative to average drawdown	20.54	10.71	+9.82

BUYW vs. PUTW - Sharpe Ratio Comparison

The current BUYW Sharpe Ratio is 2.06, which is comparable to the PUTW Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of BUYW and PUTW, 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. PUTW - Drawdown Comparison

The maximum BUYW drawdown since its inception was -9.36%, smaller than the maximum PUTW drawdown of -28.40%. Use the drawdown chart below to compare losses from any high point for BUYW and PUTW.

Drawdown Indicators

	BUYW	PUTW	Difference
Max Drawdown Largest peak-to-trough decline	-9.36%	-28.40%	+19.04%
Max Drawdown (1Y) Largest decline over 1 year	-2.59%	-7.15%	+4.56%
Max Drawdown (3Y) Largest decline over 3 years	-9.36%	-15.26%	+5.90%
Max Drawdown (5Y) Largest decline over 5 years	—	-16.56%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-28.40%	—
Current Drawdown Current decline from peak	0.00%	-1.53%	+1.53%
Average Drawdown Average peak-to-trough decline	-0.60%	-3.43%	+2.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	1.51%	-1.03%

Volatility

BUYW vs. PUTW - Volatility Comparison

The current volatility for Main Buywrite ETF (BUYW) is 1.21%, while WisdomTree Equity Premium Income Fund (PUTW) has a volatility of 3.40%. This indicates that BUYW experiences smaller price fluctuations and is considered to be less risky than PUTW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BUYW	PUTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.21%	3.40%	-2.19%
Volatility (6M) Calculated over the trailing 6-month period	3.84%	7.61%	-3.77%
Volatility (1Y) Calculated over the trailing 1-year period	4.84%	9.33%	-4.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.43%	12.22%	-3.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.43%	13.26%	-4.83%

BUYW vs. PUTW - Expense Ratio Comparison

BUYW has a 1.29% expense ratio, which is higher than PUTW's 0.44% expense ratio.

Dividends

BUYW vs. PUTW - Dividend Comparison

BUYW's dividend yield for the trailing twelve months is around 5.89%, less than PUTW's 12.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BUYW Main Buywrite ETF	5.89%	5.89%	5.93%	5.95%	0.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PUTW WisdomTree Equity Premium Income Fund	12.19%	13.18%	11.99%	8.94%	3.27%	0.00%	1.43%	1.47%	6.46%	3.52%	2.27%

Frequently Asked Questions

Can I hold both BUYW and PUTW in my portfolio?

BUYW and PUTW have a correlation of 0.57, 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 PUTW?

PUTW has higher volatility (3.40%) compared to BUYW (1.21%). In terms of maximum drawdown, BUYW dropped -9.36% vs PUTW's -28.40%.

Which has better risk-adjusted returns?

BUYW currently has the higher Sharpe Ratio (2.06 vs 1.75), 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.