DHSB vs. BUYW

Last updated Jun 4, 2026

DHSB (Day Hagan Smart Buffer ETF) and BUYW (Main Buywrite ETF) are both Derivative Income funds. Both are actively managed. Over the past year, DHSB returned 9.84% vs 9.76% for BUYW. A 0.57 correlation means they provide meaningful diversification when combined. DHSB charges 0.68%/yr vs 1.29%/yr for BUYW.

Performance

DHSB vs. BUYW - Performance Comparison

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

Returns By Period

In the year-to-date period, DHSB achieves a 4.21% return, which is significantly higher than BUYW's 3.39% return.

DHSB

• 1D: -0.01%
• 1M: 1.26%
• YTD: 4.21%
• 6M: 5.04%
• 1Y: 9.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BUYW

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

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

DHSB vs. BUYW - Yearly Performance Comparison

	2026 (YTD)	2025
DHSB Day Hagan Smart Buffer ETF	4.21%	4.80%
BUYW Main Buywrite ETF	3.39%	7.15%

Correlation

The correlation between DHSB and BUYW is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (All Time) Calculated using the full available price history since Feb 18, 2025	0.57

The correlation between DHSB and BUYW has been stable across timeframes, ranging from 0.49 to 0.57 - a consistent structural relationship.

Return for Risk

DHSB vs. BUYW — Risk / Return Rank

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

DHSB

DHSB Risk / Return Rank: 63
DHSB Sharpe Ratio Rank: 51
DHSB Sortino Ratio Rank: 55
DHSB Omega Ratio Rank: 69
DHSB Calmar Ratio Rank: 61
DHSB Martin Ratio Rank: 80

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

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.

DHSB vs. BUYW - Risk-Adjusted Trends Comparison

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

	DHSB	BUYW	Difference
Sharpe ratio: Return per unit of total volatility	1.74	2.03	-0.29
Sortino ratio: Return per unit of downside risk	2.62	3.08	-0.47
Omega ratio: Gain probability vs. loss probability	1.41	1.40	0.00
Calmar ratio: Return relative to maximum drawdown	2.98	3.79	-0.81
Martin ratio: Return relative to average drawdown	15.55	20.24	-4.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DHSB vs. BUYW - Sharpe Ratio Comparison

The current DHSB Sharpe Ratio is 1.74, which is comparable to the BUYW Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of DHSB and BUYW, 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

	DHSB	BUYW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	2.03	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	1.17	-0.35

Drawdowns

DHSB vs. BUYW - Drawdown Comparison

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

Drawdown Indicators

	DHSB	BUYW	Difference
Max Drawdown Largest peak-to-trough decline	-7.65%	-9.36%	+1.71%
Max Drawdown (1Y) Largest decline over 1 year	-3.32%	-2.59%	-0.73%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.36%	—
Current Drawdown Current decline from peak	-0.37%	-0.21%	-0.16%
Average Drawdown Average peak-to-trough decline	-0.88%	-0.61%	-0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	0.48%	+0.15%

Volatility

DHSB vs. BUYW - Volatility Comparison

Day Hagan Smart Buffer ETF (DHSB) has a higher volatility of 3.65% compared to Main Buywrite ETF (BUYW) at 1.02%. This indicates that DHSB's price experiences larger fluctuations and is considered to be riskier than BUYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DHSB	BUYW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.65%	1.02%	+2.63%
Volatility (6M) Calculated over the trailing 6-month period	5.20%	4.03%	+1.17%
Volatility (1Y) Calculated over the trailing 1-year period	5.70%	4.85%	+0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.63%	8.47%	+0.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.63%	8.47%	+0.16%

DHSB vs. BUYW - Expense Ratio Comparison

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

Dividends

DHSB vs. BUYW - Dividend Comparison

DHSB's dividend yield for the trailing twelve months is around 1.20%, less than BUYW's 5.91% yield.

Position	TTM	2025	2024	2023	2022
BUYW Main Buywrite ETF	5.91%	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 DHSB and BUYW in my portfolio?

DHSB and BUYW have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DHSB or BUYW?

DHSB has higher volatility (3.65%) compared to BUYW (1.02%). In terms of maximum drawdown, DHSB dropped -7.65% vs BUYW's -9.36%.

Which ETF is better, DHSB or BUYW?

On 1-year performance, DHSB leads with 9.84% vs 9.76% for BUYW. On fees, DHSB is cheaper at 0.68% 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, DHSB or BUYW?

Over the 1-year period, DHSB has performed better with a 9.84% return vs 9.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DHSB or BUYW?

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

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

BUYW has the higher dividend yield at 5.91%, compared with 1.20% for DHSB.

What is the main difference between DHSB and BUYW?

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

Which has better risk-adjusted returns?

BUYW currently has the higher Sharpe Ratio (2.03 vs 1.74), 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.