DIVP vs. IVVW

Last updated Jun 24, 2026

DIVP (Cullen Enhanced Equity Income ETF) and IVVW (iShares S&P 500 BuyWrite ETF) are both Derivative Income funds. DIVP is actively managed, while IVVW is passively managed. Over the past year, DIVP returned 12.68% vs 17.28% for IVVW. At a 0.42 correlation, their price movements are largely independent. DIVP charges 0.55%/yr vs 0.25%/yr for IVVW.

Performance

DIVP vs. IVVW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cullen Enhanced Equity Income ETF (DIVP) 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, DIVP achieves a 8.64% return, which is significantly higher than IVVW's 4.01% return.

DIVP

• 1D: 1.02%
• 1M: -0.09%
• YTD: 8.64%
• 6M: 8.11%
• 1Y: 12.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IVVW

• 1D: -1.24%
• 1M: 0.16%
• YTD: 4.01%
• 6M: 4.08%
• 1Y: 17.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DIVP vs. IVVW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DIVP Cullen Enhanced Equity Income ETF	8.64%	7.76%	4.96%
IVVW iShares S&P 500 BuyWrite ETF	4.01%	11.71%	12.76%

Correlation

The correlation between DIVP and IVVW is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (All Time) Calculated using the full available price history since Mar 15, 2024	0.42

DIVP vs. IVVW - Sectors Allocation Comparison

Sectors	DIVP	IVVW
Healthcare	16.9%	8.4%
Financial Services	15.6%	11.0%
Consumer Defensive	12.2%	4.6%
Energy	10.6%	3.2%
Industrials	9.4%	7.9%
Technology	8.0%	38.4%
Communication Services	7.9%	10.8%
Real Estate	6.9%	1.8%
Utilities	5.9%	2.1%
Consumer Cyclical	4.3%	10.0%
Basic Materials	2.5%	1.7%

Return for Risk

DIVP vs. IVVW — Risk / Return Rank

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

DIVP

DIVP Risk / Return Rank: 38
DIVP Sharpe Ratio Rank: 38
DIVP Sortino Ratio Rank: 39
DIVP Omega Ratio Rank: 34
DIVP Calmar Ratio Rank: 44
DIVP Martin Ratio Rank: 34

IVVW

IVVW Risk / Return Rank: 73
IVVW Sharpe Ratio Rank: 71
IVVW Sortino Ratio Rank: 69
IVVW Omega Ratio Rank: 83
IVVW Calmar Ratio Rank: 63
IVVW Martin Ratio Rank: 83

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.

DIVP vs. IVVW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cullen Enhanced Equity Income ETF (DIVP) 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.

	DIVP	IVVW	Difference
Sharpe ratio: Return per unit of total volatility	1.25	2.16	-0.91
Sortino ratio: Return per unit of downside risk	1.86	2.95	-1.09
Omega ratio: Gain probability vs. loss probability	1.21	1.47	-0.26
Calmar ratio: Return relative to maximum drawdown	2.03	2.99	-0.96
Martin ratio: Return relative to average drawdown	4.93	15.95	-11.02

DIVP vs. IVVW - Sharpe Ratio Comparison

The current DIVP Sharpe Ratio is 1.25, which is lower than the IVVW Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of DIVP 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.

Drawdowns

DIVP vs. IVVW - Drawdown Comparison

The maximum DIVP drawdown since its inception was -12.26%, smaller than the maximum IVVW drawdown of -16.79%. Use the drawdown chart below to compare losses from any high point for DIVP and IVVW.

Drawdown Indicators

	DIVP	IVVW	Difference
Max Drawdown Largest peak-to-trough decline	-12.26%	-16.79%	+4.53%
Max Drawdown (1Y) Largest decline over 1 year	-6.28%	-5.81%	-0.47%
Current Drawdown Current decline from peak	-1.12%	-1.37%	+0.25%
Average Drawdown Average peak-to-trough decline	-2.40%	-1.73%	-0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	1.09%	+1.49%

Volatility

DIVP vs. IVVW - Volatility Comparison

The current volatility for Cullen Enhanced Equity Income ETF (DIVP) is 3.00%, while iShares S&P 500 BuyWrite ETF (IVVW) has a volatility of 3.45%. This indicates that DIVP experiences smaller price fluctuations and is considered to be less risky than IVVW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DIVP	IVVW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.00%	3.45%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	7.10%	6.91%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	10.20%	8.05%	+2.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.76%	12.69%	-0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.76%	12.69%	-0.93%

DIVP vs. IVVW - Expense Ratio Comparison

DIVP has a 0.55% expense ratio, which is higher than IVVW's 0.25% expense ratio.

Dividends

DIVP vs. IVVW - Dividend Comparison

DIVP's dividend yield for the trailing twelve months is around 5.66%, less than IVVW's 19.86% yield.

Position	TTM	2025	2024
DIVP Cullen Enhanced Equity Income ETF	5.66%	6.06%	5.92%
IVVW iShares S&P 500 BuyWrite ETF	19.86%	18.55%	13.72%

Frequently Asked Questions

Can I hold both DIVP and IVVW in my portfolio?

DIVP and IVVW have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIVP or IVVW?

IVVW has higher volatility (3.45%) compared to DIVP (3.00%). In terms of maximum drawdown, DIVP dropped -12.26% vs IVVW's -16.79%.

Which ETF is better, DIVP or IVVW?

On 1-year performance, IVVW leads with 17.28% vs 12.68% for DIVP. On fees, IVVW is cheaper at 0.25% per year. On volatility, DIVP has been the lower-risk option at 3.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIVP or IVVW?

Over the 1-year period, IVVW has performed better with a 17.28% return vs 12.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIVP or IVVW?

IVVW is cheaper with a 0.25% expense ratio, compared with 0.55% for DIVP.

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

IVVW has the higher dividend yield at 19.86%, compared with 5.66% for DIVP.

What is the main difference between DIVP and IVVW?

They also come from different issuers: Cullen and iShares. Their fees differ too: 0.55% for DIVP and 0.25% for IVVW.

Which has better risk-adjusted returns?

IVVW currently has the higher Sharpe Ratio (2.16 vs 1.25), 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.