DRAY vs. IVVW

Last updated Jul 16, 2026

DRAY (YieldMax DKNG Option Income Strategy ETF) and IVVW (iShares S&P 500 BuyWrite ETF) are both Derivative Income funds. DRAY is actively managed, while IVVW is passively managed. Over the past year, DRAY returned -42.41% vs 18.64% for IVVW. At a 0.17 correlation, their price movements are largely independent. DRAY charges 0.99%/yr vs 0.25%/yr for IVVW.

Performance

DRAY vs. IVVW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax DKNG Option Income Strategy ETF (DRAY) 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, DRAY achieves a -28.70% return, which is significantly lower than IVVW's 7.21% return.

DRAY

• 1D: 0.34%
• 1M: -9.99%
• 6M: -27.98%
• YTD: -28.70%
• 1Y: -42.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IVVW

• 1D: 0.29%
• 1M: 1.66%
• 6M: 6.44%
• YTD: 7.21%
• 1Y: 18.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DRAY vs. IVVW - Yearly Performance Comparison

	2026 (YTD)	2025
DRAY YieldMax DKNG Option Income Strategy ETF	-28.70%	-19.48%
IVVW iShares S&P 500 BuyWrite ETF	7.21%	10.71%

Correlation

The correlation between DRAY and IVVW is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025	0.17

Return for Risk

DRAY vs. IVVW — Risk / Return Rank

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

DRAY

DRAY Risk / Return Rank: 2
DRAY Sharpe Ratio Rank: 2
DRAY Sortino Ratio Rank: 2
DRAY Omega Ratio Rank: 1
DRAY Calmar Ratio Rank: 3
DRAY Martin Ratio Rank: 4

IVVW

IVVW Risk / Return Rank: 87
IVVW Sharpe Ratio Rank: 88
IVVW Sortino Ratio Rank: 87
IVVW Omega Ratio Rank: 92
IVVW Calmar Ratio Rank: 78
IVVW Martin Ratio Rank: 91

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.

DRAY vs. IVVW - Risk-Adjusted Trends Comparison

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

	DRAY	IVVW	Difference
Sharpe ratio: Return per unit of total volatility	-1.01	2.29	-3.29
Sortino ratio: Return per unit of downside risk	-1.37	3.14	-4.51
Omega ratio: Gain probability vs. loss probability	0.82	1.49	-0.67
Calmar ratio: Return relative to maximum drawdown	-0.74	3.22	-3.95
Martin ratio: Return relative to average drawdown	-1.13	17.08	-18.21

DRAY vs. IVVW - Sharpe Ratio Comparison

The current DRAY Sharpe Ratio is -1.01, which is lower than the IVVW Sharpe Ratio of 2.29. The chart below compares the historical Sharpe Ratios of DRAY 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

DRAY vs. IVVW - Drawdown Comparison

The maximum DRAY drawdown since its inception was -57.87%, which is greater than IVVW's maximum drawdown of -16.79%. Use the drawdown chart below to compare losses from any high point for DRAY and IVVW.

Drawdown Indicators

	DRAY	IVVW	Difference
Max Drawdown Largest peak-to-trough decline	-57.87%	-16.79%	-41.08%
Max Drawdown (1Y) Largest decline over 1 year	-57.87%	-5.81%	-52.06%
Current Drawdown Current decline from peak	-48.25%	0.00%	-48.25%
Average Drawdown Average peak-to-trough decline	-32.92%	-1.69%	-31.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.71%	1.09%	+36.62%

Volatility

DRAY vs. IVVW - Volatility Comparison

YieldMax DKNG Option Income Strategy ETF (DRAY) has a higher volatility of 14.35% compared to iShares S&P 500 BuyWrite ETF (IVVW) at 2.61%. This indicates that DRAY'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

	DRAY	IVVW	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.35%	2.61%	+11.74%
Volatility (6M) Calculated over the trailing 6-month period	34.35%	7.08%	+27.27%
Volatility (1Y) Calculated over the trailing 1-year period	42.33%	8.18%	+34.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.33%	12.58%	+29.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.33%	12.58%	+29.75%

DRAY vs. IVVW - Expense Ratio Comparison

DRAY has a 0.99% expense ratio, which is higher than IVVW's 0.25% expense ratio.

Dividends

DRAY vs. IVVW - Dividend Comparison

DRAY's dividend yield for the trailing twelve months is around 101.99%, more than IVVW's 18.99% yield.

Position	TTM	2025	2024
DRAY YieldMax DKNG Option Income Strategy ETF	101.99%	32.48%	0.00%
IVVW iShares S&P 500 BuyWrite ETF	18.99%	18.55%	13.72%

Frequently Asked Questions

Can I hold both DRAY and IVVW in my portfolio?

DRAY and IVVW have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DRAY or IVVW?

DRAY has higher volatility (14.35%) compared to IVVW (2.61%). In terms of maximum drawdown, DRAY dropped -57.87% vs IVVW's -16.79%.

Which ETF is better, DRAY or IVVW?

On 1-year performance, IVVW leads with 18.64% vs -42.41% for DRAY. On fees, IVVW is cheaper at 0.25% per year. On volatility, IVVW has been the lower-risk option at 2.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DRAY or IVVW?

Over the 1-year period, IVVW has performed better with a 18.64% return vs -42.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DRAY or IVVW?

IVVW is cheaper with a 0.25% expense ratio, compared with 0.99% for DRAY.

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

DRAY has the higher dividend yield at 101.99%, compared with 18.99% for IVVW.

What is the main difference between DRAY and IVVW?

They also come from different issuers: YieldMax and iShares. Their fees differ too: 0.99% for DRAY and 0.25% for IVVW.

Which has better risk-adjusted returns?

IVVW currently has the higher Sharpe Ratio (2.29 vs -1.00), 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.