DUBS vs. HYGW

Last updated Aug 4, 2026

DUBS (Aptus Large Cap Enhanced Yield ETF) and HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) are both Derivative Income funds. DUBS is actively managed, while HYGW is passively managed. Over the past 3 years, DUBS returned 21.04%/yr vs 5.49%/yr for HYGW. Their 0.54 correlation means they have sometimes moved together and sometimes differently. DUBS charges 0.39%/yr vs 0.69%/yr for HYGW.

Performance

DUBS vs. HYGW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Aptus Large Cap Enhanced Yield ETF (DUBS) 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, DUBS achieves a 13.77% return, which is significantly higher than HYGW's 2.68% return.

DUBS

• 1D: 1.35%
• 1M: 2.18%
• 6M: 12.14%
• YTD: 13.77%
• 1Y: 27.76%
• 3Y*: 21.04%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.96%

HYGW

• 1D: 0.31%
• 1M: 0.35%
• 6M: 2.13%
• YTD: 2.68%
• 1Y: 6.23%
• 3Y*: 5.49%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.75%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DUBS Aptus Large Cap Enhanced Yield ETF	$881.48K	$1.25M	$931.41K
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	$507.28K	$613.90K	$793.25K

DUBS vs. HYGW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DUBS Aptus Large Cap Enhanced Yield ETF	13.77%	19.28%	24.08%	7.89%
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	2.68%	6.19%	6.99%	1.79%

Correlation

The correlation between DUBS and HYGW is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.60
Correlation (3Y) Balances recent behavior with more history.	0.54
Correlation (All Time) Calculated using the full available price history since Jun 14, 2023	0.54

The correlation between DUBS and HYGW has been stable across timeframes, ranging from 0.54 to 0.60 - a consistent structural relationship.

Return for Risk

DUBS vs. HYGW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DUBS

DUBS Risk / Return Rank: 83
DUBS Sharpe Ratio Rank: 81
DUBS Sortino Ratio Rank: 78
DUBS Omega Ratio Rank: 81
DUBS Calmar Ratio Rank: 83
DUBS Martin Ratio Rank: 89

HYGW

HYGW Risk / Return Rank: 89
HYGW Sharpe Ratio Rank: 87
HYGW Sortino Ratio Rank: 88
HYGW Omega Ratio Rank: 91
HYGW Calmar Ratio Rank: 86
HYGW Martin Ratio Rank: 91

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DUBS vs. HYGW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Aptus Large Cap Enhanced Yield ETF (DUBS) 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.

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.

	DUBS	HYGW	Difference
Sharpe ratio: Return per unit of total volatility	2.02	2.13	-0.11
Sortino ratio: Return per unit of downside risk	2.73	3.10	-0.37
Omega ratio: Gain probability vs. loss probability	1.37	1.44	-0.07
Calmar ratio: Return relative to maximum drawdown	3.36	3.44	-0.08
Martin ratio: Return relative to average drawdown	14.49	15.37	-0.88

DUBS vs. HYGW - Sharpe Ratio Comparison

The current DUBS Sharpe Ratio is 2.02, which is comparable to the HYGW Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of DUBS 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.

Drawdowns

DUBS vs. HYGW - Drawdown Comparison

The maximum DUBS drawdown since its inception was -18.48%, which is greater than HYGW's maximum drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for DUBS and HYGW.

Drawdown Indicators

	DUBS	HYGW	Difference
Max Drawdown Largest peak-to-trough decline	-18.48%	-5.49%	-12.99%
Max Drawdown (1Y) Largest decline over 1 year	-8.29%	-1.82%	-6.47%
Max Drawdown (3Y) Largest decline over 3 years	-18.48%	-3.42%	-15.06%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.93%	-0.59%	-1.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	0.41%	+1.51%

Volatility

DUBS vs. HYGW - Volatility Comparison

Aptus Large Cap Enhanced Yield ETF (DUBS) has a higher volatility of 3.96% compared to iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) at 0.86%. This indicates that DUBS'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

	DUBS	HYGW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.96%	0.86%	+3.10%
Volatility (6M) Calculated over the trailing 6-month period	10.83%	2.34%	+8.49%
Volatility (1Y) Calculated over the trailing 1-year period	13.81%	2.94%	+10.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.64%	4.62%	+10.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.64%	4.62%	+10.02%

DUBS vs. HYGW - Expense Ratio Comparison

DUBS has a 0.39% expense ratio, which is lower than HYGW's 0.69% expense ratio.

Dividends

DUBS vs. HYGW - Dividend Comparison

DUBS's dividend yield for the trailing twelve months is around 1.97%, less than HYGW's 10.67% yield.

Position	TTM	2025	2024	2023	2022
DUBS Aptus Large Cap Enhanced Yield ETF	1.97%	2.06%	2.52%	1.14%	0.00%
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	10.67%	12.53%	12.30%	15.98%	8.71%

Frequently Asked Questions

Can I hold both DUBS and HYGW in my portfolio?

DUBS and HYGW have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DUBS or HYGW?

DUBS has higher volatility (3.96%) compared to HYGW (0.86%). In terms of maximum drawdown, DUBS dropped -18.48% vs HYGW's -5.49%.

Which ETF is better, DUBS or HYGW?

On 3-year performance, DUBS leads with 21.04% vs 5.49% for HYGW. On fees, DUBS is cheaper at 0.39% per year. On volatility, HYGW has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DUBS or HYGW?

Over the 3-year period, DUBS has performed better with a 21.04% return vs 5.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DUBS or HYGW?

DUBS is cheaper with a 0.39% expense ratio, compared with 0.69% for HYGW.

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

HYGW has the higher dividend yield at 10.67%, compared with 1.97% for DUBS.

What is the main difference between DUBS and HYGW?

They also come from different issuers: Aptus and iShares. Their fees differ too: 0.39% for DUBS and 0.69% for HYGW.

Which has better risk-adjusted returns?

HYGW currently has the higher Sharpe Ratio (2.13 vs 2.02), 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.