FBY vs. IVVW

Last updated Jun 3, 2026

FBY (YieldMax META Option Income ETF) and IVVW (iShares S&P 500 BuyWrite ETF) are both Derivative Income funds. FBY is actively managed, while IVVW is passively managed. Over the past year, FBY returned -10.52% vs 20.54% for IVVW. A 0.52 correlation means they provide meaningful diversification when combined. FBY charges 0.99%/yr vs 0.25%/yr for IVVW.

Performance

FBY vs. IVVW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax META Option Income ETF (FBY) 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, FBY achieves a -9.36% return, which is significantly lower than IVVW's 4.87% return.

FBY

• 1D: -0.26%
• 1M: -0.92%
• YTD: -9.36%
• 6M: -8.42%
• 1Y: -10.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IVVW

• 1D: -0.07%
• 1M: 1.80%
• YTD: 4.87%
• 6M: 6.74%
• 1Y: 20.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FBY vs. IVVW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FBY YieldMax META Option Income ETF	-9.36%	1.98%	21.03%
IVVW iShares S&P 500 BuyWrite ETF	4.87%	11.71%	12.90%

Correlation

The correlation between FBY and IVVW is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (All Time) Calculated using the full available price history since Mar 18, 2024	0.52

The correlation between FBY and IVVW has been stable across timeframes, ranging from 0.52 to 0.53 - a consistent structural relationship.

Return for Risk

FBY vs. IVVW — Risk / Return Rank

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

FBY

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

IVVW

IVVW Risk / Return Rank: 84
IVVW Sharpe Ratio Rank: 84
IVVW Sortino Ratio Rank: 85
IVVW Omega Ratio Rank: 92
IVVW Calmar Ratio Rank: 71
IVVW Martin Ratio Rank: 89

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.

FBY vs. IVVW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax META Option Income ETF (FBY) 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.

	FBY	IVVW	Difference
Sharpe ratio Return per unit of total volatility	-0.37	2.79	-3.16
Sortino ratio Return per unit of downside risk	-0.33	3.85	-4.18
Omega ratio Gain probability vs. loss probability	0.95	1.63	-0.67
Calmar ratio Return relative to maximum drawdown	-0.29	3.60	-3.88
Martin ratio Return relative to average drawdown	-0.63	19.89	-20.52
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FBY vs. IVVW - Sharpe Ratio Comparison

The current FBY Sharpe Ratio is -0.37, which is lower than the IVVW Sharpe Ratio of 2.79. The chart below compares the historical Sharpe Ratios of FBY 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.

Sharpe Ratios by Period

	FBY	IVVW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.37	2.79	-3.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	1.07	-0.49

Drawdowns

FBY vs. IVVW - Drawdown Comparison

The maximum FBY drawdown since its inception was -31.53%, which is greater than IVVW's maximum drawdown of -16.79%. Use the drawdown chart below to compare losses from any high point for FBY and IVVW.

Drawdown Indicators

	FBY	IVVW	Difference
Max Drawdown Largest peak-to-trough decline	-31.53%	-16.79%	-14.74%
Max Drawdown (1Y) Largest decline over 1 year	-29.50%	-5.81%	-23.69%
Current Drawdown Current decline from peak	-22.10%	-0.07%	-22.03%
Average Drawdown Average peak-to-trough decline	-7.80%	-1.76%	-6.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.35%	1.05%	+12.30%

Volatility

FBY vs. IVVW - Volatility Comparison

YieldMax META Option Income ETF (FBY) has a higher volatility of 6.15% compared to iShares S&P 500 BuyWrite ETF (IVVW) at 1.14%. This indicates that FBY'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

	FBY	IVVW	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.15%	1.14%	+5.01%
Volatility (6M) Calculated over the trailing 6-month period	21.94%	6.07%	+15.87%
Volatility (1Y) Calculated over the trailing 1-year period	28.73%	7.40%	+21.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.46%	12.67%	+15.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.46%	12.67%	+15.79%

FBY vs. IVVW - Expense Ratio Comparison

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

Dividends

FBY vs. IVVW - Dividend Comparison

FBY's dividend yield for the trailing twelve months is around 57.90%, more than IVVW's 21.40% yield.

Position	TTM	2025	2024	2023
FBY YieldMax META Option Income ETF	57.90%	55.43%	53.89%	8.31%
IVVW iShares S&P 500 BuyWrite ETF	21.40%	18.55%	13.72%	0.00%

Frequently Asked Questions

Can I hold both FBY and IVVW in my portfolio?

FBY and IVVW have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FBY or IVVW?

FBY has higher volatility (6.15%) compared to IVVW (1.14%). In terms of maximum drawdown, FBY dropped -31.53% vs IVVW's -16.79%.

Which ETF is better, FBY or IVVW?

On 1-year performance, IVVW leads with 20.54% vs -10.52% for FBY. On fees, IVVW is cheaper at 0.25% per year. On volatility, IVVW has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBY or IVVW?

Over the 1-year period, IVVW has performed better with a 20.54% return vs -10.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBY or IVVW?

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

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

FBY has the higher dividend yield at 57.90%, compared with 21.40% for IVVW.

What is the main difference between FBY and IVVW?

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

Which has better risk-adjusted returns?

IVVW currently has the higher Sharpe Ratio (2.79 vs -0.37), 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.