GAUG vs. IWMY

Last updated Aug 2, 2026

GAUG (FT Cboe Vest U.S. Equity Moderate Buffer ETF - August) and IWMY (Defiance R2000 Weekly Distribution ETF) are both Options Trading funds. GAUG is passively managed, while IWMY is actively managed. Over the past year, GAUG returned 11.85% vs 19.50% for IWMY. Their 0.69 correlation means they have sometimes moved together and sometimes differently. GAUG charges 0.85%/yr vs 1.05%/yr for IWMY.

Performance

GAUG vs. IWMY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Moderate Buffer ETF - August (GAUG) and Defiance R2000 Weekly Distribution ETF (IWMY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GAUG achieves a 6.41% return, which is significantly lower than IWMY's 13.35% return.

GAUG

• 1D: 0.25%
• 1M: 0.88%
• 6M: 5.60%
• YTD: 6.41%
• 1Y: 11.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.17%

IWMY

• 1D: -0.41%
• 1M: -1.97%
• 6M: 9.10%
• YTD: 13.35%
• 1Y: 19.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.50%

*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)
GAUG FT Cboe Vest U.S. Equity Moderate Buffer ETF - August	$437.85K	$408.31K	$567.67K
IWMY Defiance R2000 Weekly Distribution ETF	$636.13K	$744.03K	$1.04M

GAUG vs. IWMY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GAUG FT Cboe Vest U.S. Equity Moderate Buffer ETF - August	6.41%	11.28%	11.78%	8.49%
IWMY Defiance R2000 Weekly Distribution ETF	13.35%	10.18%	5.56%	10.06%

Correlation

The correlation between GAUG and IWMY is 0.72, 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.	0.72
Correlation (All Time) Calculated using the full available price history since Oct 31, 2023	0.69

The correlation between GAUG and IWMY has been stable across timeframes, ranging from 0.69 to 0.72 - a consistent structural relationship.

Return for Risk

GAUG vs. IWMY — Risk / Return Rank

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

GAUG

GAUG Risk / Return Rank: 86
GAUG Sharpe Ratio Rank: 86
GAUG Sortino Ratio Rank: 88
GAUG Omega Ratio Rank: 88
GAUG Calmar Ratio Rank: 79
GAUG Martin Ratio Rank: 91

IWMY

IWMY Risk / Return Rank: 44
IWMY Sharpe Ratio Rank: 45
IWMY Sortino Ratio Rank: 44
IWMY Omega Ratio Rank: 43
IWMY Calmar Ratio Rank: 44
IWMY Martin Ratio Rank: 45

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.

GAUG vs. IWMY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Moderate Buffer ETF - August (GAUG) and Defiance R2000 Weekly Distribution ETF (IWMY). 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.

	GAUG	IWMY	Difference
Sharpe ratio: Return per unit of total volatility	2.03	1.12	+0.91
Sortino ratio: Return per unit of downside risk	3.03	1.59	+1.44
Omega ratio: Gain probability vs. loss probability	1.40	1.20	+0.20
Calmar ratio: Return relative to maximum drawdown	2.83	1.58	+1.26
Martin ratio: Return relative to average drawdown	14.70	5.12	+9.58

GAUG vs. IWMY - Sharpe Ratio Comparison

The current GAUG Sharpe Ratio is 2.03, which is higher than the IWMY Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of GAUG and IWMY, 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

GAUG vs. IWMY - Drawdown Comparison

The maximum GAUG drawdown since its inception was -10.08%, smaller than the maximum IWMY drawdown of -18.72%. Use the drawdown chart below to compare losses from any high point for GAUG and IWMY.

Drawdown Indicators

	GAUG	IWMY	Difference
Max Drawdown Largest peak-to-trough decline	-10.08%	-18.72%	+8.64%
Max Drawdown (1Y) Largest decline over 1 year	-4.01%	-11.57%	+7.56%
Current Drawdown Current decline from peak	0.00%	-2.64%	+2.64%
Average Drawdown Average peak-to-trough decline	-0.70%	-2.88%	+2.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	3.56%	-2.79%

Volatility

GAUG vs. IWMY - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Moderate Buffer ETF - August (GAUG) is 1.00%, while Defiance R2000 Weekly Distribution ETF (IWMY) has a volatility of 3.40%. This indicates that GAUG experiences smaller price fluctuations and is considered to be less risky than IWMY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GAUG	IWMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	3.40%	-2.40%
Volatility (6M) Calculated over the trailing 6-month period	4.29%	13.46%	-9.17%
Volatility (1Y) Calculated over the trailing 1-year period	5.58%	16.30%	-10.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.38%	15.78%	-8.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.38%	15.78%	-8.40%

GAUG vs. IWMY - Expense Ratio Comparison

GAUG has a 0.85% expense ratio, which is lower than IWMY's 1.05% expense ratio.

Dividends

GAUG vs. IWMY - Dividend Comparison

GAUG has not paid dividends to shareholders, while IWMY's dividend yield for the trailing twelve months is around 41.85%.

Position	TTM	2025	2024	2023
GAUG FT Cboe Vest U.S. Equity Moderate Buffer ETF - August	0.00%	0.00%	0.00%	0.00%
IWMY Defiance R2000 Weekly Distribution ETF	41.85%	63.33%	107.92%	11.34%

Frequently Asked Questions

Can I hold both GAUG and IWMY in my portfolio?

GAUG and IWMY have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GAUG or IWMY?

IWMY has higher volatility (3.40%) compared to GAUG (1.00%). In terms of maximum drawdown, GAUG dropped -10.08% vs IWMY's -18.72%.

Which ETF is better, GAUG or IWMY?

On 1-year performance, IWMY leads with 19.50% vs 11.85% for GAUG. On fees, GAUG is cheaper at 0.85% per year. On volatility, GAUG has been the lower-risk option at 1.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GAUG or IWMY?

Over the 1-year period, IWMY has performed better with a 19.50% return vs 11.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GAUG or IWMY?

GAUG is cheaper with a 0.85% expense ratio, compared with 1.05% for IWMY.

Which ETF pays a higher dividend yield, GAUG or IWMY?

IWMY has the higher dividend yield at 41.85%, compared with 0.00% for GAUG.

What is the main difference between GAUG and IWMY?

They also come from different issuers: FT Vest and Defiance. Their fees differ too: 0.85% for GAUG and 1.05% for IWMY.

Which has better risk-adjusted returns?

GAUG currently has the higher Sharpe Ratio (2.03 vs 1.12), 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.