DHSB vs. IVVW

Last updated Jun 4, 2026

DHSB (Day Hagan Smart Buffer ETF) and IVVW (iShares S&P 500 BuyWrite ETF) are both Derivative Income funds. DHSB is actively managed, while IVVW is passively managed. Over the past year, DHSB returned 9.84% vs 20.07% for IVVW. A 0.74 correlation means they provide meaningful diversification when combined. DHSB charges 0.68%/yr vs 0.25%/yr for IVVW.

Performance

DHSB vs. IVVW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Day Hagan Smart Buffer ETF (DHSB) and iShares S&P 500 BuyWrite ETF (IVVW). 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 lower than IVVW's 4.84% return.

DHSB

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

IVVW

• 1D: -0.02%
• 1M: 1.90%
• YTD: 4.84%
• 6M: 6.58%
• 1Y: 20.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DHSB vs. IVVW - Yearly Performance Comparison

	2026 (YTD)	2025
DHSB Day Hagan Smart Buffer ETF	4.21%	4.80%
IVVW iShares S&P 500 BuyWrite ETF	4.84%	7.56%

Correlation

The correlation between DHSB and IVVW is 0.72, 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	0.72
Correlation (All Time) Calculated using the full available price history since Feb 18, 2025	0.74

The correlation between DHSB and IVVW has been stable across timeframes, ranging from 0.72 to 0.74 - a consistent structural relationship.

Return for Risk

DHSB vs. IVVW — 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

IVVW

IVVW Risk / Return Rank: 82
IVVW Sharpe Ratio Rank: 82
IVVW Sortino Ratio Rank: 83
IVVW Omega Ratio Rank: 91
IVVW Calmar Ratio Rank: 69
IVVW Martin Ratio Rank: 87

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. IVVW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Day Hagan Smart Buffer ETF (DHSB) and iShares S&P 500 BuyWrite ETF (IVVW). 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	IVVW	Difference
Sharpe ratio: Return per unit of total volatility	1.74	2.73	-0.99
Sortino ratio: Return per unit of downside risk	2.62	3.77	-1.16
Omega ratio: Gain probability vs. loss probability	1.41	1.61	-0.20
Calmar ratio: Return relative to maximum drawdown	2.98	3.47	-0.49
Martin ratio: Return relative to average drawdown	15.55	19.13	-3.58
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. IVVW - Sharpe Ratio Comparison

The current DHSB Sharpe Ratio is 1.74, which is lower than the IVVW Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of DHSB and IVVW, 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	IVVW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.74	2.73	-0.99
Sharpe Ratio (All Time) Calculated using the full available price history	0.82	1.07	-0.25

Drawdowns

DHSB vs. IVVW - Drawdown Comparison

The maximum DHSB drawdown since its inception was -7.65%, smaller than the maximum IVVW drawdown of -16.79%. Use the drawdown chart below to compare losses from any high point for DHSB and IVVW.

Drawdown Indicators

	DHSB	IVVW	Difference
Max Drawdown Largest peak-to-trough decline	-7.65%	-16.79%	+9.14%
Max Drawdown (1Y) Largest decline over 1 year	-3.32%	-5.81%	+2.49%
Current Drawdown Current decline from peak	-0.37%	-0.09%	-0.28%
Average Drawdown Average peak-to-trough decline	-0.88%	-1.75%	+0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.63%	1.05%	-0.42%

Volatility

DHSB vs. IVVW - Volatility Comparison

Day Hagan Smart Buffer ETF (DHSB) has a higher volatility of 3.65% compared to iShares S&P 500 BuyWrite ETF (IVVW) at 1.13%. This indicates that DHSB's price experiences larger fluctuations and is considered to be riskier than IVVW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DHSB	IVVW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.65%	1.13%	+2.52%
Volatility (6M) Calculated over the trailing 6-month period	5.20%	6.07%	-0.87%
Volatility (1Y) Calculated over the trailing 1-year period	5.70%	7.40%	-1.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.63%	12.66%	-4.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.63%	12.66%	-4.03%

DHSB vs. IVVW - Expense Ratio Comparison

DHSB has a 0.68% expense ratio, which is higher than IVVW's 0.25% expense ratio.

Dividends

DHSB vs. IVVW - Dividend Comparison

DHSB's dividend yield for the trailing twelve months is around 1.20%, less than IVVW's 19.70% yield.

Position	TTM	2025	2024
DHSB Day Hagan Smart Buffer ETF	1.20%	1.25%	0.00%
IVVW iShares S&P 500 BuyWrite ETF	19.70%	18.55%	13.72%

Frequently Asked Questions

Can I hold both DHSB and IVVW in my portfolio?

DHSB and IVVW have a correlation of 0.72, 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 IVVW?

DHSB has higher volatility (3.65%) compared to IVVW (1.13%). In terms of maximum drawdown, DHSB dropped -7.65% vs IVVW's -16.79%.

Which ETF is better, DHSB or IVVW?

On 1-year performance, IVVW leads with 20.07% vs 9.84% for DHSB. On fees, IVVW is cheaper at 0.25% per year. On volatility, IVVW has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DHSB or IVVW?

Over the 1-year period, IVVW has performed better with a 20.07% return vs 9.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DHSB or IVVW?

IVVW is cheaper with a 0.25% expense ratio, compared with 0.68% for DHSB.

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

IVVW has the higher dividend yield at 19.70%, compared with 1.20% for DHSB.

What is the main difference between DHSB and IVVW?

They also come from different issuers: Day Hagan and iShares. Their fees differ too: 0.68% for DHSB and 0.25% for IVVW.

Which has better risk-adjusted returns?

IVVW currently has the higher Sharpe Ratio (2.73 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.