DIPS vs. IYW
DIPS (YieldMax Short NVDA Option Income Strategy ETF) and IYW (iShares U.S. Technology ETF) are both exchange-traded funds - DIPS is a Derivative Income fund actively managed by YieldMax, while IYW is a Technology Equities fund tracking the Russell 1000 Technology RIC 22.5/45 Capped Index. DIPS is actively managed, while IYW is passively managed. Over the past year, DIPS returned -19.67% vs 43.82% for IYW. At a correlation of -0.76, they often move in opposite directions. DIPS charges 0.99%/yr vs 0.38%/yr for IYW.
Performance
DIPS vs. IYW - Performance Comparison
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Returns By Period
In the year-to-date period, DIPS achieves a -3.11% return, which is significantly lower than IYW's 21.37% return.
DIPS
- 1D
- 0.65%
- 1M
- 7.53%
- YTD
- -3.11%
- 6M
- -2.24%
- 1Y
- -19.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IYW
- 1D
- -0.48%
- 1M
- 0.20%
- YTD
- 21.37%
- 6M
- 19.55%
- 1Y
- 43.82%
- 3Y*
- 31.88%
- 5Y*
- 20.23%
- 10Y*
- 25.87%
DIPS vs. IYW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
DIPS YieldMax Short NVDA Option Income Strategy ETF | -3.11% | -31.46% | -22.13% |
IYW iShares U.S. Technology ETF | 21.37% | 25.38% | 5.95% |
Correlation
The correlation between DIPS and IYW is -0.69, 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 | -0.69 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2024 | -0.76 |
The correlation between DIPS and IYW has been stable across timeframes, ranging from -0.76 to -0.69 - a consistent structural relationship.
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Return for Risk
DIPS vs. IYW — Risk / Return Rank
DIPS
IYW
DIPS vs. IYW - 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 U.S. Technology ETF (IYW). 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 | IYW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.66 | ||
| Sortino ratioReturn per unit of downside risk | -3.37 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.34 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.69 | 2.47 | -3.16 |
| Martin ratioReturn relative to average drawdown | -1.39 | 7.86 | -9.25 |
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Drawdowns
DIPS vs. IYW - Drawdown Comparison
The maximum DIPS drawdown since its inception was -59.93%, smaller than the maximum IYW drawdown of -81.90%. Use the drawdown chart below to compare losses from any high point for DIPS and IYW.
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Drawdown Indicators
| DIPS | IYW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.93% | -81.90% | +21.97% |
Max Drawdown (1Y)Largest decline over 1 year | -28.54% | -17.81% | -10.73% |
Max Drawdown (3Y)Largest decline over 3 years | — | -26.47% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -39.44% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -39.44% | — |
Current DrawdownCurrent decline from peak | -53.13% | -6.80% | -46.33% |
Average DrawdownAverage peak-to-trough decline | -38.61% | -34.59% | -4.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.31% | 5.59% | +11.72% |
Volatility
DIPS vs. IYW - Volatility Comparison
The current volatility for YieldMax Short NVDA Option Income Strategy ETF (DIPS) is 9.79%, while iShares U.S. Technology ETF (IYW) has a volatility of 11.14%. This indicates that DIPS experiences smaller price fluctuations and is considered to be less risky than IYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DIPS | IYW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.79% | 11.14% | -1.35% |
Volatility (6M)Calculated over the trailing 6-month period | 21.67% | 18.38% | +3.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.80% | 22.33% | +6.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.91% | 26.24% | +11.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.91% | 25.25% | +12.66% |
DIPS vs. IYW - Expense Ratio Comparison
DIPS has a 0.99% expense ratio, which is higher than IYW's 0.38% expense ratio.
Dividends
DIPS vs. IYW - Dividend Comparison
DIPS's dividend yield for the trailing twelve months is around 60.12%, more than IYW's 0.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DIPS YieldMax Short NVDA Option Income Strategy ETF | 60.12% | 96.20% | 24.18% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IYW iShares U.S. Technology ETF | 0.11% | 0.14% | 0.21% | 0.34% | 0.50% | 0.31% | 0.56% | 0.72% | 0.92% | 0.82% | 1.14% | 1.12% |
Frequently Asked Questions
DIPS and IYW have a correlation of -0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IYW has higher volatility (11.14%) compared to DIPS (9.79%). In terms of maximum drawdown, DIPS dropped -59.93% vs IYW's -81.90%.
On 1-year performance, IYW leads with 43.82% vs -19.67% for DIPS. On fees, IYW is cheaper at 0.38% per year. On volatility, DIPS has been the lower-risk option at 9.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IYW has performed better with a 43.82% return vs -19.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IYW is cheaper with a 0.38% expense ratio, compared with 0.99% for DIPS.
DIPS has the higher dividend yield at 60.12%, compared with 0.11% for IYW.
DIPS is categorized as Derivative Income, while IYW is Technology Equities. They also come from different issuers: YieldMax and iShares. Their fees differ too: 0.99% for DIPS and 0.38% for IYW.
IYW currently has the higher Sharpe Ratio (1.98 vs -0.69), 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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