BUYW vs. SPY

Last updated Jun 4, 2026

BUYW (Main Buywrite ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - BUYW is a Derivative Income fund actively managed by Main Funds, while SPY is a S&P 500 fund tracking the S&P 500 Index. BUYW is actively managed, while SPY is passively managed. Over the past 3 years, BUYW returned 8.73%/yr vs 22.35%/yr for SPY. A 0.64 correlation means they provide meaningful diversification when combined. BUYW charges 1.29%/yr vs 0.09%/yr for SPY.

Performance

BUYW vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Main Buywrite ETF (BUYW) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BUYW achieves a 3.39% return, which is significantly lower than SPY's 10.91% return.

BUYW

• 1D: 0.35%
• 1M: 0.99%
• YTD: 3.39%
• 6M: 4.27%
• 1Y: 9.76%
• 3Y*: 8.73%
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

BUYW vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BUYW Main Buywrite ETF	3.39%	9.08%	9.82%	12.80%	1.46%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	26.18%	-6.13%

Correlation

The correlation between BUYW and SPY is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (All Time) Calculated using the full available price history since Sep 13, 2022	0.64

The correlation between BUYW and SPY shifts across timeframes, from 0.53 (1 year) to 0.64 (all time), reflecting how their relationship changes across market environments.

BUYW vs. SPY - Sectors Allocation Comparison

Sectors	BUYW	SPY
Technology	24.0%	35.9%
Communication Services	16.9%	11.3%
Financial Services	15.3%	11.8%
Energy	13.6%	3.6%
Healthcare	13.0%	8.4%
Consumer Cyclical	6.4%	10.3%
Industrials	4.4%	7.8%
Consumer Defensive	3.2%	4.8%
Utilities	1.3%	2.4%
Basic Materials	1.0%	1.8%
Real Estate	1.0%	1.9%

Return for Risk

BUYW vs. SPY — Risk / Return Rank

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

BUYW

BUYW Risk / Return Rank: 71
BUYW Sharpe Ratio Rank: 59
BUYW Sortino Ratio Rank: 66
BUYW Omega Ratio Rank: 66
BUYW Calmar Ratio Rank: 75
BUYW Martin Ratio Rank: 89

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Main Buywrite ETF (BUYW) and State Street SPDR S&P 500 ETF (SPY). 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.

	BUYW	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.03	2.38	-0.35
Sortino ratio: Return per unit of downside risk	3.08	3.24	-0.16
Omega ratio: Gain probability vs. loss probability	1.40	1.43	-0.03
Calmar ratio: Return relative to maximum drawdown	3.79	3.16	+0.62
Martin ratio: Return relative to average drawdown	20.24	14.72	+5.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BUYW vs. SPY - Sharpe Ratio Comparison

The current BUYW Sharpe Ratio is 2.03, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of BUYW and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BUYW	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.03	2.38	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	0.59	+0.58

Drawdowns

BUYW vs. SPY - Drawdown Comparison

The maximum BUYW drawdown since its inception was -9.36%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BUYW and SPY.

Drawdown Indicators

	BUYW	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-9.36%	-55.19%	+45.83%
Max Drawdown (1Y) Largest decline over 1 year	-2.59%	-8.88%	+6.29%
Max Drawdown (3Y) Largest decline over 3 years	-9.36%	-18.76%	+9.40%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.21%	-0.70%	+0.49%
Average Drawdown Average peak-to-trough decline	-0.61%	-9.05%	+8.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.48%	1.91%	-1.43%

Volatility

BUYW vs. SPY - Volatility Comparison

The current volatility for Main Buywrite ETF (BUYW) is 1.02%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.84%. This indicates that BUYW experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BUYW	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.02%	2.84%	-1.82%
Volatility (6M) Calculated over the trailing 6-month period	4.03%	8.90%	-4.87%
Volatility (1Y) Calculated over the trailing 1-year period	4.85%	11.83%	-6.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.47%	17.05%	-8.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.47%	17.94%	-9.47%

BUYW vs. SPY - Expense Ratio Comparison

BUYW has a 1.29% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

BUYW vs. SPY - Dividend Comparison

BUYW's dividend yield for the trailing twelve months is around 5.91%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BUYW Main Buywrite ETF	5.91%	5.89%	5.93%	5.95%	0.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both BUYW and SPY in my portfolio?

BUYW and SPY have a correlation of 0.53, 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 SPY?

SPY has higher volatility (2.84%) compared to BUYW (1.02%). In terms of maximum drawdown, BUYW dropped -9.36% vs SPY's -55.19%.

Which ETF is better, BUYW or SPY?

On 3-year performance, SPY leads with 22.35% vs 8.73% for BUYW. On fees, SPY is cheaper at 0.09% per year. On volatility, BUYW has been the lower-risk option at 1.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BUYW or SPY?

Over the 3-year period, SPY has performed better with a 22.35% return vs 8.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUYW or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 1.29% for BUYW.

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

BUYW has the higher dividend yield at 5.91%, compared with 0.98% for SPY.

What is the main difference between BUYW and SPY?

BUYW is categorized as Derivative Income, while SPY is S&P 500. They also come from different issuers: Main Funds and State Street. Their fees differ too: 1.29% for BUYW and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 2.03), 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.