DHSB vs. HYGW
DHSB (Day Hagan Smart Buffer ETF) and HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) are both Derivative Income funds. DHSB is actively managed, while HYGW is passively managed. Over the past year, DHSB returned 9.26% vs 6.23% for HYGW. Their 0.51 correlation means they have sometimes moved together and sometimes differently. DHSB charges 0.68%/yr vs 0.69%/yr for HYGW.
Performance
DHSB vs. HYGW - Performance Comparison
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Returns By Period
In the year-to-date period, DHSB achieves a 5.52% return, which is significantly higher than HYGW's 2.68% return.
DHSB
- 1D
- 0.62%
- 1M
- 1.14%
- 6M
- 4.85%
- YTD
- 5.52%
- 1Y
- 9.26%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 7.06%
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) |
|---|---|---|---|
| $65.64K | $43.33K | $221.24K | |
| $507.28K | $613.90K | $793.25K |
DHSB vs. HYGW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
DHSB Day Hagan Smart Buffer ETF | 5.52% | 4.73% |
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 2.68% | 5.17% |
Correlation
The correlation between DHSB and HYGW is 0.47, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.47 |
Correlation (All Time) Calculated using the full available price history since Feb 14, 2025 | 0.51 |
The correlation between DHSB and HYGW has been stable across timeframes, ranging from 0.47 to 0.51 - a consistent structural relationship.
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Return for Risk
DHSB vs. HYGW — Risk / Return Rank
DHSB
HYGW
DHSB vs. HYGW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Day Hagan Smart Buffer ETF (DHSB) 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.
| DHSB | HYGW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.70 | ||
| Sortino ratioReturn per unit of downside risk | -0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.44 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.80 | 3.44 | -0.64 |
| Martin ratioReturn relative to average drawdown | 13.56 | 15.37 | -1.81 |
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Drawdowns
DHSB vs. HYGW - Drawdown Comparison
The maximum DHSB drawdown since its inception was -7.65%, which is greater than HYGW's maximum drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for DHSB and HYGW.
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Drawdown Indicators
| DHSB | HYGW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.65% | -5.49% | -2.16% |
Max Drawdown (1Y)Largest decline over 1 year | -3.32% | -1.82% | -1.50% |
Max Drawdown (3Y)Largest decline over 3 years | — | -3.42% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.84% | -0.59% | -0.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.68% | 0.41% | +0.27% |
Volatility
DHSB vs. HYGW - Volatility Comparison
Day Hagan Smart Buffer ETF (DHSB) has a higher volatility of 2.11% compared to iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) at 0.86%. This indicates that DHSB'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
| DHSB | HYGW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.11% | 0.86% | +1.25% |
Volatility (6M)Calculated over the trailing 6-month period | 5.84% | 2.34% | +3.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.51% | 2.94% | +3.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.57% | 4.62% | +3.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.57% | 4.62% | +3.95% |
DHSB vs. HYGW - Expense Ratio Comparison
DHSB has a 0.68% expense ratio, which is lower than HYGW's 0.69% expense ratio.
Dividends
DHSB vs. HYGW - Dividend Comparison
DHSB's dividend yield for the trailing twelve months is around 1.18%, less than HYGW's 10.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
DHSB Day Hagan Smart Buffer ETF | 1.18% | 1.25% | 0.00% | 0.00% | 0.00% |
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 10.67% | 12.53% | 12.30% | 15.98% | 8.71% |
Frequently Asked Questions
DHSB and HYGW have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DHSB has higher volatility (2.11%) compared to HYGW (0.86%). In terms of maximum drawdown, DHSB dropped -7.65% vs HYGW's -5.49%.
On 1-year performance, DHSB leads with 9.26% vs 6.23% for HYGW. On fees, DHSB is cheaper at 0.68% 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 1-year period, DHSB has performed better with a 9.26% return vs 6.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DHSB is cheaper with a 0.68% expense ratio, compared with 0.69% for HYGW.
HYGW has the higher dividend yield at 10.67%, compared with 1.18% for DHSB.
They also come from different issuers: Day Hagan and iShares. Their fees differ too: 0.68% for DHSB and 0.69% for HYGW.
HYGW currently has the higher Sharpe Ratio (2.13 vs 1.43), 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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