DIPS vs. IVVW
DIPS (YieldMax Short NVDA Option Income Strategy ETF) and IVVW (iShares S&P 500 BuyWrite ETF) are both Derivative Income funds. DIPS is actively managed, while IVVW is passively managed. Over the past year, DIPS returned -10.97% vs 18.13% for IVVW. At a correlation of -0.55, they often move in opposite directions. DIPS charges 0.99%/yr vs 0.25%/yr for IVVW.
Performance
DIPS vs. IVVW - Performance Comparison
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Returns By Period
In the year-to-date period, DIPS achieves a -6.21% return, which is significantly lower than IVVW's 6.76% return.
DIPS
- 1D
- 2.53%
- 1M
- 0.13%
- 6M
- -7.82%
- YTD
- -6.21%
- 1Y
- -10.97%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IVVW
- 1D
- -0.42%
- 1M
- 1.37%
- 6M
- 6.17%
- YTD
- 6.76%
- 1Y
- 18.13%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
DIPS vs. IVVW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
DIPS YieldMax Short NVDA Option Income Strategy ETF | -6.21% | -31.46% | -22.13% |
IVVW iShares S&P 500 BuyWrite ETF | 6.76% | 11.71% | 6.70% |
Correlation
The correlation between DIPS and IVVW is -0.51, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.51 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2024 | -0.55 |
The correlation between DIPS and IVVW has been stable across timeframes, ranging from -0.55 to -0.51 - a consistent structural relationship.
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Return for Risk
DIPS vs. IVVW — Risk / Return Rank
DIPS
IVVW
DIPS vs. IVVW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for YieldMax Short NVDA Option Income Strategy ETF (DIPS) 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.
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.
| DIPS | IVVW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.60 | ||
| Sortino ratioReturn per unit of downside risk | -3.41 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.47 | -0.51 |
| Calmar ratioReturn relative to maximum drawdown | -0.42 | 3.13 | -3.55 |
| Martin ratioReturn relative to average drawdown | -1.07 | 16.61 | -17.68 |
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Drawdowns
DIPS vs. IVVW - Drawdown Comparison
The maximum DIPS drawdown since its inception was -59.93%, which is greater than IVVW's maximum drawdown of -16.79%. Use the drawdown chart below to compare losses from any high point for DIPS and IVVW.
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Drawdown Indicators
| DIPS | IVVW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.93% | -16.79% | -43.14% |
Max Drawdown (1Y)Largest decline over 1 year | -26.20% | -5.81% | -20.39% |
Current DrawdownCurrent decline from peak | -54.63% | -0.42% | -54.21% |
Average DrawdownAverage peak-to-trough decline | -39.07% | -1.69% | -37.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.28% | 1.09% | +9.19% |
Volatility
DIPS vs. IVVW - Volatility Comparison
YieldMax Short NVDA Option Income Strategy ETF (DIPS) has a higher volatility of 9.18% compared to iShares S&P 500 BuyWrite ETF (IVVW) at 2.51%. This indicates that DIPS'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.
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Volatility by Period
| DIPS | IVVW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.18% | 2.51% | +6.67% |
Volatility (6M)Calculated over the trailing 6-month period | 22.50% | 7.10% | +15.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.86% | 8.19% | +20.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.71% | 12.57% | +25.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.71% | 12.57% | +25.14% |
DIPS vs. IVVW - Expense Ratio Comparison
DIPS has a 0.99% expense ratio, which is higher than IVVW's 0.25% expense ratio.
Dividends
DIPS vs. IVVW - Dividend Comparison
DIPS's dividend yield for the trailing twelve months is around 67.74%, more than IVVW's 19.07% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
DIPS YieldMax Short NVDA Option Income Strategy ETF | 67.74% | 96.20% | 24.18% |
IVVW iShares S&P 500 BuyWrite ETF | 19.07% | 18.55% | 13.72% |
Frequently Asked Questions
DIPS and IVVW have a correlation of -0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DIPS has higher volatility (9.18%) compared to IVVW (2.51%). In terms of maximum drawdown, DIPS dropped -59.93% vs IVVW's -16.79%.
On 1-year performance, IVVW leads with 18.13% vs -10.97% for DIPS. On fees, IVVW is cheaper at 0.25% per year. On volatility, IVVW has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IVVW has performed better with a 18.13% return vs -10.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IVVW is cheaper with a 0.25% expense ratio, compared with 0.99% for DIPS.
DIPS has the higher dividend yield at 67.74%, compared with 19.07% for IVVW.
They also come from different issuers: YieldMax and iShares. Their fees differ too: 0.99% for DIPS and 0.25% for IVVW.
IVVW currently has the higher Sharpe Ratio (2.22 vs -0.38), 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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