IAUI vs. HYGW

Last updated Aug 2, 2026

IAUI (NEOS Gold High Income ETF) and HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) are both Derivative Income funds. IAUI is actively managed, while HYGW is passively managed. Over the past year, IAUI returned 11.61% vs 5.90% for HYGW. Their 0.22 correlation means their historical movements had little consistent relationship. IAUI charges 0.78%/yr vs 0.69%/yr for HYGW.

Performance

IAUI vs. HYGW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Gold High Income ETF (IAUI) 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, IAUI achieves a -6.62% return, which is significantly lower than HYGW's 2.36% return.

IAUI

• 1D: -1.12%
• 1M: -0.98%
• 6M: -13.50%
• YTD: -6.62%
• 1Y: 11.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.39%

HYGW

• 1D: 0.14%
• 1M: 0.03%
• 6M: 1.81%
• YTD: 2.36%
• 1Y: 5.90%
• 3Y*: 5.30%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.68%

*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)
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	$480.97K	$636.40K	$814.79K
IAUI NEOS Gold High Income ETF	$8.84M	$8.74M	$10.60M

IAUI vs. HYGW - Yearly Performance Comparison

	2026 (YTD)	2025
IAUI NEOS Gold High Income ETF	-6.62%	20.00%
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	2.36%	4.69%

Correlation

The correlation between IAUI and HYGW is 0.23, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.23
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	0.22

Return for Risk

IAUI vs. HYGW — Risk / Return Rank

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

IAUI

IAUI Risk / Return Rank: 24
IAUI Sharpe Ratio Rank: 26
IAUI Sortino Ratio Rank: 25
IAUI Omega Ratio Rank: 27
IAUI Calmar Ratio Rank: 21
IAUI Martin Ratio Rank: 21

HYGW

HYGW Risk / Return Rank: 88
HYGW Sharpe Ratio Rank: 86
HYGW Sortino Ratio Rank: 87
HYGW Omega Ratio Rank: 90
HYGW Calmar Ratio Rank: 85
HYGW Martin Ratio Rank: 90

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.

IAUI vs. HYGW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Gold High Income ETF (IAUI) 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.

	IAUI	HYGW	Difference
Sharpe ratio: Return per unit of total volatility	0.61	2.03	-1.42
Sortino ratio: Return per unit of downside risk	0.92	2.95	-2.02
Omega ratio: Gain probability vs. loss probability	1.13	1.42	-0.29
Calmar ratio: Return relative to maximum drawdown	0.60	3.26	-2.66
Martin ratio: Return relative to average drawdown	1.39	14.57	-13.18

IAUI vs. HYGW - Sharpe Ratio Comparison

The current IAUI Sharpe Ratio is 0.61, which is lower than the HYGW Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of IAUI 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

IAUI vs. HYGW - Drawdown Comparison

The maximum IAUI drawdown since its inception was -22.50%, which is greater than HYGW's maximum drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for IAUI and HYGW.

Drawdown Indicators

	IAUI	HYGW	Difference
Max Drawdown Largest peak-to-trough decline	-22.50%	-5.49%	-17.01%
Max Drawdown (1Y) Largest decline over 1 year	-22.50%	-1.82%	-20.68%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.42%	—
Current Drawdown Current decline from peak	-20.80%	-0.21%	-20.59%
Average Drawdown Average peak-to-trough decline	-5.69%	-0.59%	-5.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.68%	0.41%	+9.27%

Volatility

IAUI vs. HYGW - Volatility Comparison

NEOS Gold High Income ETF (IAUI) has a higher volatility of 5.63% compared to iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) at 0.80%. This indicates that IAUI'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

	IAUI	HYGW	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.63%	0.80%	+4.83%
Volatility (6M) Calculated over the trailing 6-month period	20.05%	2.32%	+17.73%
Volatility (1Y) Calculated over the trailing 1-year period	22.14%	2.92%	+19.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.99%	4.62%	+16.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.99%	4.62%	+16.37%

IAUI vs. HYGW - Expense Ratio Comparison

IAUI has a 0.78% expense ratio, which is higher than HYGW's 0.69% expense ratio.

Dividends

IAUI vs. HYGW - Dividend Comparison

IAUI's dividend yield for the trailing twelve months is around 13.96%, more than HYGW's 10.71% yield.

Position	TTM	2025	2024	2023	2022
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	10.71%	12.53%	12.30%	15.98%	8.71%
IAUI NEOS Gold High Income ETF	13.96%	6.88%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IAUI and HYGW in my portfolio?

IAUI and HYGW have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IAUI or HYGW?

IAUI has higher volatility (5.63%) compared to HYGW (0.80%). In terms of maximum drawdown, IAUI dropped -22.50% vs HYGW's -5.49%.

Which ETF is better, IAUI or HYGW?

On 1-year performance, IAUI leads with 11.61% vs 5.90% for HYGW. On fees, HYGW is cheaper at 0.69% per year. On volatility, HYGW has been the lower-risk option at 0.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IAUI or HYGW?

Over the 1-year period, IAUI has performed better with a 11.61% return vs 5.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IAUI or HYGW?

HYGW is cheaper with a 0.69% expense ratio, compared with 0.78% for IAUI.

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

IAUI has the higher dividend yield at 13.96%, compared with 10.71% for HYGW.

What is the main difference between IAUI and HYGW?

They also come from different issuers: Neos and iShares. Their fees differ too: 0.78% for IAUI and 0.69% for HYGW.

Which has better risk-adjusted returns?

HYGW currently has the higher Sharpe Ratio (2.03 vs 0.61), 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.