DISO vs. HYGW

Last updated Jun 5, 2026

DISO (YieldMax DIS Option Income Strategy ETF) and HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) are both exchange-traded funds - DISO is a Derivative Income fund actively managed by YieldMax, while HYGW is a High Yield Bonds fund tracking the Cboe HYG BuyWrite Index. DISO is actively managed, while HYGW is passively managed. Over the past year, DISO returned -7.64% vs 6.67% for HYGW. At a 0.28 correlation, their price movements are largely independent. DISO charges 1.01%/yr vs 0.69%/yr for HYGW.

Performance

DISO vs. HYGW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax DIS Option Income Strategy ETF (DISO) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DISO achieves a -11.11% return, which is significantly lower than HYGW's 1.89% return.

DISO

• 1D: -0.13%
• 1M: -0.51%
• YTD: -11.11%
• 6M: -4.70%
• 1Y: -7.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HYGW

• 1D: 0.20%
• 1M: 0.66%
• YTD: 1.89%
• 6M: 2.47%
• 1Y: 6.67%
• 3Y*: 5.74%
• 5Y*: —
• 10Y*: —

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

DISO vs. HYGW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DISO YieldMax DIS Option Income Strategy ETF	-11.11%	2.12%	14.56%	9.09%
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	1.89%	6.19%	6.99%	0.90%

Correlation

The correlation between DISO and HYGW is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (All Time) Calculated using the full available price history since Aug 28, 2023	0.28

Return for Risk

DISO vs. HYGW — Risk / Return Rank

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

DISO

DISO Risk / Return Rank: 5
DISO Sharpe Ratio Rank: 6
DISO Sortino Ratio Rank: 5
DISO Omega Ratio Rank: 5
DISO Calmar Ratio Rank: 5
DISO Martin Ratio Rank: 5

HYGW

HYGW Risk / Return Rank: 80
HYGW Sharpe Ratio Rank: 75
HYGW Sortino Ratio Rank: 80
HYGW Omega Ratio Rank: 86
HYGW Calmar Ratio Rank: 75
HYGW Martin Ratio Rank: 84

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.

DISO vs. HYGW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax DIS Option Income Strategy ETF (DISO) 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.

	DISO	HYGW	Difference
Sharpe ratio: Return per unit of total volatility	-0.38	2.39	-2.77
Sortino ratio: Return per unit of downside risk	-0.41	3.51	-3.92
Omega ratio: Gain probability vs. loss probability	0.95	1.52	-0.57
Calmar ratio: Return relative to maximum drawdown	-0.42	3.69	-4.11
Martin ratio: Return relative to average drawdown	-0.96	16.88	-17.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DISO vs. HYGW - Sharpe Ratio Comparison

The current DISO Sharpe Ratio is -0.38, which is lower than the HYGW Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of DISO and HYGW, 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

	DISO	HYGW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.38	2.39	-2.77
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	1.26	-1.04

Drawdowns

DISO vs. HYGW - Drawdown Comparison

The maximum DISO drawdown since its inception was -26.62%, which is greater than HYGW's maximum drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for DISO and HYGW.

Drawdown Indicators

	DISO	HYGW	Difference
Max Drawdown Largest peak-to-trough decline	-26.62%	-5.49%	-21.13%
Max Drawdown (1Y) Largest decline over 1 year	-18.08%	-1.82%	-16.26%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.66%	—
Current Drawdown Current decline from peak	-13.58%	0.00%	-13.58%
Average Drawdown Average peak-to-trough decline	-7.68%	-0.61%	-7.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.96%	0.40%	+7.56%

Volatility

DISO vs. HYGW - Volatility Comparison

YieldMax DIS Option Income Strategy ETF (DISO) has a higher volatility of 8.96% compared to iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) at 0.88%. This indicates that DISO'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.

Volatility by Period

	DISO	HYGW	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.96%	0.88%	+8.08%
Volatility (6M) Calculated over the trailing 6-month period	16.07%	2.22%	+13.85%
Volatility (1Y) Calculated over the trailing 1-year period	20.22%	2.81%	+17.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.52%	4.68%	+16.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.52%	4.68%	+16.84%

DISO vs. HYGW - Expense Ratio Comparison

DISO has a 1.01% expense ratio, which is higher than HYGW's 0.69% expense ratio.

Dividends

DISO vs. HYGW - Dividend Comparison

DISO's dividend yield for the trailing twelve months is around 45.81%, more than HYGW's 11.54% yield.

Position	TTM	2025	2024	2023	2022
DISO YieldMax DIS Option Income Strategy ETF	45.81%	38.87%	37.33%	6.87%	0.00%
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	11.54%	12.53%	12.30%	15.98%	8.71%

Frequently Asked Questions

Can I hold both DISO and HYGW in my portfolio?

DISO and HYGW have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DISO or HYGW?

DISO has higher volatility (8.96%) compared to HYGW (0.88%). In terms of maximum drawdown, DISO dropped -26.62% vs HYGW's -5.49%.

Which ETF is better, DISO or HYGW?

On 1-year performance, HYGW leads with 6.67% vs -7.64% for DISO. On fees, HYGW is cheaper at 0.69% per year. On volatility, HYGW has been the lower-risk option at 0.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DISO or HYGW?

Over the 1-year period, HYGW has performed better with a 6.67% return vs -7.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DISO or HYGW?

HYGW is cheaper with a 0.69% expense ratio, compared with 1.01% for DISO.

Which ETF pays a higher dividend yield, DISO or HYGW?

DISO has the higher dividend yield at 45.81%, compared with 11.54% for HYGW.

What is the main difference between DISO and HYGW?

DISO is categorized as Derivative Income, while HYGW is High Yield Bonds. They also come from different issuers: YieldMax and iShares. Their fees differ too: 1.01% for DISO and 0.69% for HYGW.

Which has better risk-adjusted returns?

HYGW currently has the higher Sharpe Ratio (2.39 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.