GIAX vs. IVVW

Last updated Jun 26, 2026

GIAX (Nicholas Global Equity and Income ETF) and IVVW (iShares S&P 500 BuyWrite ETF) are both Derivative Income funds. GIAX is actively managed, while IVVW is passively managed. Over the past year, GIAX returned 22.47% vs 16.51% for IVVW. A 0.75 correlation means they provide meaningful diversification when combined. GIAX charges 0.97%/yr vs 0.25%/yr for IVVW.

Performance

GIAX vs. IVVW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Global Equity and Income ETF (GIAX) 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, GIAX achieves a 16.24% return, which is significantly higher than IVVW's 4.04% return.

GIAX

• 1D: 0.53%
• 1M: -0.38%
• YTD: 16.24%
• 6M: 13.93%
• 1Y: 22.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IVVW

• 1D: -0.02%
• 1M: -0.15%
• YTD: 4.04%
• 6M: 3.95%
• 1Y: 16.51%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GIAX vs. IVVW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GIAX Nicholas Global Equity and Income ETF	16.24%	11.73%	2.94%
IVVW iShares S&P 500 BuyWrite ETF	4.04%	11.71%	7.92%

Correlation

The correlation between GIAX and IVVW is 0.68, 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	0.68
Correlation (All Time) Calculated using the full available price history since Jul 30, 2024	0.75

The correlation between GIAX and IVVW has been stable across timeframes, ranging from 0.68 to 0.75 - a consistent structural relationship.

GIAX vs. IVVW - Sectors Allocation Comparison

Sectors	GIAX	IVVW
Technology	43.4%	38.4%
Communication Services	15.0%	10.8%
Financial Services	12.3%	11.0%
Consumer Cyclical	10.8%	10.0%
Industrials	5.1%	7.9%
Utilities	3.3%	2.1%
Basic Materials	3.0%	1.7%
Healthcare	2.5%	8.4%
Real Estate	2.4%	1.8%
Consumer Defensive	1.1%	4.6%
Energy	1.1%	3.2%

Return for Risk

GIAX vs. IVVW — Risk / Return Rank

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

GIAX

GIAX Risk / Return Rank: 31
GIAX Sharpe Ratio Rank: 29
GIAX Sortino Ratio Rank: 28
GIAX Omega Ratio Rank: 30
GIAX Calmar Ratio Rank: 29
GIAX Martin Ratio Rank: 37

IVVW

IVVW Risk / Return Rank: 77
IVVW Sharpe Ratio Rank: 75
IVVW Sortino Ratio Rank: 73
IVVW Omega Ratio Rank: 85
IVVW Calmar Ratio Rank: 66
IVVW Martin Ratio Rank: 84

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.

GIAX vs. IVVW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Global Equity and Income ETF (GIAX) 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.

	GIAX	IVVW	Difference
Sharpe ratio: Return per unit of total volatility	0.97	2.07	-1.10
Sortino ratio: Return per unit of downside risk	1.42	2.83	-1.41
Omega ratio: Gain probability vs. loss probability	1.19	1.45	-0.26
Calmar ratio: Return relative to maximum drawdown	1.28	2.85	-1.57
Martin ratio: Return relative to average drawdown	5.17	15.15	-9.98

GIAX vs. IVVW - Sharpe Ratio Comparison

The current GIAX Sharpe Ratio is 0.97, which is lower than the IVVW Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of GIAX 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

GIAX vs. IVVW - Drawdown Comparison

The maximum GIAX drawdown since its inception was -20.38%, which is greater than IVVW's maximum drawdown of -16.79%. Use the drawdown chart below to compare losses from any high point for GIAX and IVVW.

Drawdown Indicators

	GIAX	IVVW	Difference
Max Drawdown Largest peak-to-trough decline	-20.38%	-16.79%	-3.59%
Max Drawdown (1Y) Largest decline over 1 year	-17.62%	-5.81%	-11.81%
Current Drawdown Current decline from peak	-7.56%	-1.35%	-6.21%
Average Drawdown Average peak-to-trough decline	-3.08%	-1.73%	-1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.35%	1.09%	+3.26%

Volatility

GIAX vs. IVVW - Volatility Comparison

Nicholas Global Equity and Income ETF (GIAX) has a higher volatility of 10.26% compared to iShares S&P 500 BuyWrite ETF (IVVW) at 3.42%. This indicates that GIAX'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

	GIAX	IVVW	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.26%	3.42%	+6.84%
Volatility (6M) Calculated over the trailing 6-month period	20.97%	6.89%	+14.08%
Volatility (1Y) Calculated over the trailing 1-year period	23.31%	8.02%	+15.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.05%	12.67%	+9.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.05%	12.67%	+9.38%

GIAX vs. IVVW - Expense Ratio Comparison

GIAX has a 0.97% expense ratio, which is higher than IVVW's 0.25% expense ratio.

Dividends

GIAX vs. IVVW - Dividend Comparison

GIAX's dividend yield for the trailing twelve months is around 25.22%, more than IVVW's 19.86% yield.

Position	TTM	2025	2024
GIAX Nicholas Global Equity and Income ETF	25.22%	25.62%	10.58%
IVVW iShares S&P 500 BuyWrite ETF	19.86%	18.55%	13.72%

Frequently Asked Questions

Can I hold both GIAX and IVVW in my portfolio?

GIAX and IVVW have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GIAX or IVVW?

GIAX has higher volatility (10.26%) compared to IVVW (3.42%). In terms of maximum drawdown, GIAX dropped -20.38% vs IVVW's -16.79%.

Which ETF is better, GIAX or IVVW?

On 1-year performance, GIAX leads with 22.47% vs 16.51% for IVVW. On fees, IVVW is cheaper at 0.25% per year. On volatility, IVVW has been the lower-risk option at 3.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GIAX or IVVW?

Over the 1-year period, GIAX has performed better with a 22.47% return vs 16.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GIAX or IVVW?

IVVW is cheaper with a 0.25% expense ratio, compared with 0.97% for GIAX.

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

GIAX has the higher dividend yield at 25.22%, compared with 19.86% for IVVW.

What is the main difference between GIAX and IVVW?

They also come from different issuers: Nicholas and iShares. Their fees differ too: 0.97% for GIAX and 0.25% for IVVW.

Which has better risk-adjusted returns?

IVVW currently has the higher Sharpe Ratio (2.07 vs 0.97), 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.