GAUG vs. PUTW

Last updated Aug 2, 2026

GAUG (FT Cboe Vest U.S. Equity Moderate Buffer ETF - August) and PUTW (WisdomTree PutWrite Strategy Fund) are both exchange-traded funds - GAUG is a Options Trading fund tracking the S&P 500, while PUTW is a Derivative Income fund tracking the Volos U.S. Large Cap Target 2.5% PutWrite Index. Both are passively managed. Their 0.57 correlation means they have sometimes moved together and sometimes differently. GAUG charges 0.85%/yr vs 0.44%/yr for PUTW.

Performance

GAUG vs. PUTW - 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 WisdomTree PutWrite Strategy Fund (PUTW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GAUG

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

PUTW

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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

GAUG vs. PUTW - 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%	5.94%
PUTW WisdomTree PutWrite Strategy Fund	0.00%	-2.80%	17.19%	4.02%

Correlation

The correlation between GAUG and PUTW is 0.57, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 21, 2023	0.57

Return for Risk

GAUG vs. PUTW — 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

PUTW

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. PUTW - 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 WisdomTree PutWrite Strategy Fund (PUTW). 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	PUTW	Difference
Sharpe ratio: Return per unit of total volatility	2.03	—	—
Sortino ratio: Return per unit of downside risk	3.03	—	—
Omega ratio: Gain probability vs. loss probability	1.40	—	—
Calmar ratio: Return relative to maximum drawdown	2.83	—	—
Martin ratio: Return relative to average drawdown	14.70	—	—

Drawdowns

Drawdown Indicators

	GAUG	PUTW	Difference
Max Drawdown Largest peak-to-trough decline	-10.08%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-4.01%	—	—
Current Drawdown Current decline from peak	0.00%	—	—
Average Drawdown Average peak-to-trough decline	-0.70%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	—	—

Volatility

Volatility by Period

	GAUG	PUTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.00%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.29%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	5.58%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.38%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.38%	—	—

GAUG vs. PUTW - Expense Ratio Comparison

GAUG has a 0.85% expense ratio, which is higher than PUTW's 0.44% expense ratio.

Dividends

GAUG vs. PUTW - Dividend Comparison

Neither GAUG nor PUTW has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GAUG FT Cboe Vest U.S. Equity Moderate Buffer ETF - August	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PUTW WisdomTree PutWrite Strategy Fund	0.00%	4.16%	11.99%	7.63%	2.16%	0.00%	1.43%	1.47%	5.49%	3.33%	2.27%

Frequently Asked Questions

Can I hold both GAUG and PUTW in my portfolio?

GAUG and PUTW have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GAUG or PUTW?

On fees, PUTW is cheaper at 0.44% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GAUG or PUTW?

PUTW is cheaper with a 0.44% expense ratio, compared with 0.85% for GAUG.

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

GAUG and PUTW have nearly identical dividend yields, around 0.00%.

What is the main difference between GAUG and PUTW?

GAUG is categorized as Options Trading, while PUTW is Derivative Income. GAUG tracks S&P 500, while PUTW tracks Volos U.S. Large Cap Target 2.5% PutWrite Index. They also come from different issuers: FT Vest and WisdomTree. Their fees differ too: 0.85% for GAUG and 0.44% for PUTW.