ISPY vs. DGRW

Last updated Jun 28, 2026

ISPY (ProShares S&P 500 High Income ETF) and DGRW (WisdomTree U.S. Quality Dividend Growth Fund) are both exchange-traded funds - ISPY is a Derivative Income fund tracking the S&P 500 Daily Covered Call Index, while DGRW is a Dividend fund tracking the WisdomTree U.S. Quality Dividend Growth Index. Both are passively managed. Over the past year, ISPY returned 16.35% vs 15.00% for DGRW. Their correlation of 0.89 suggests significant overlap in exposure. ISPY charges 0.55%/yr vs 0.28%/yr for DGRW.

Performance

ISPY vs. DGRW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 High Income ETF (ISPY) and WisdomTree U.S. Quality Dividend Growth Fund (DGRW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ISPY achieves a 5.30% return, which is significantly lower than DGRW's 6.48% return.

ISPY

• 1D: -1.41%
• 1M: -4.20%
• YTD: 5.30%
• 6M: 3.91%
• 1Y: 16.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DGRW

• 1D: 0.05%
• 1M: -2.35%
• YTD: 6.48%
• 6M: 5.33%
• 1Y: 15.00%
• 3Y*: 14.72%
• 5Y*: 11.71%
• 10Y*: 14.19%

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

ISPY vs. DGRW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ISPY ProShares S&P 500 High Income ETF	5.30%	13.15%	21.31%	0.35%
DGRW WisdomTree U.S. Quality Dividend Growth Fund	6.48%	12.17%	16.98%	0.19%

Correlation

The correlation between ISPY and DGRW is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since Dec 20, 2023	0.89

The correlation between ISPY and DGRW has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

ISPY vs. DGRW - Sectors Allocation Comparison

Sectors	ISPY	DGRW
Technology	32.3%	32.1%
Financial Services	20.5%	11.3%
Communication Services	8.2%	10.1%
Consumer Cyclical	7.8%	7.1%
Healthcare	7.5%	12.8%
Industrials	7.0%	9.9%
Consumer Defensive	4.0%	6.7%
Energy	2.7%	5.0%
Utilities	2.3%	0.2%
Real Estate	1.6%	-
Basic Materials	1.5%	3.3%

Return for Risk

ISPY vs. DGRW — Risk / Return Rank

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

ISPY

ISPY Risk / Return Rank: 44
ISPY Sharpe Ratio Rank: 43
ISPY Sortino Ratio Rank: 39
ISPY Omega Ratio Rank: 41
ISPY Calmar Ratio Rank: 44
ISPY Martin Ratio Rank: 52

DGRW

DGRW Risk / Return Rank: 48
DGRW Sharpe Ratio Rank: 49
DGRW Sortino Ratio Rank: 50
DGRW Omega Ratio Rank: 50
DGRW Calmar Ratio Rank: 42
DGRW Martin Ratio Rank: 52

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.

ISPY vs. DGRW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 High Income ETF (ISPY) and WisdomTree U.S. Quality Dividend Growth Fund (DGRW). 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.

	ISPY	DGRW	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.54	-0.15
Sortino ratio: Return per unit of downside risk	1.86	2.22	-0.36
Omega ratio: Gain probability vs. loss probability	1.25	1.29	-0.04
Calmar ratio: Return relative to maximum drawdown	1.99	1.90	+0.09
Martin ratio: Return relative to average drawdown	8.01	7.97	+0.04

ISPY vs. DGRW - Sharpe Ratio Comparison

The current ISPY Sharpe Ratio is 1.39, which is comparable to the DGRW Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of ISPY and DGRW, 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

ISPY vs. DGRW - Drawdown Comparison

The maximum ISPY drawdown since its inception was -16.88%, smaller than the maximum DGRW drawdown of -32.04%. Use the drawdown chart below to compare losses from any high point for ISPY and DGRW.

Drawdown Indicators

	ISPY	DGRW	Difference
Max Drawdown Largest peak-to-trough decline	-16.88%	-32.04%	+15.16%
Max Drawdown (1Y) Largest decline over 1 year	-8.43%	-8.30%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.21%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.27%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-32.04%	—
Current Drawdown Current decline from peak	-4.61%	-3.20%	-1.41%
Average Drawdown Average peak-to-trough decline	-2.10%	-3.01%	+0.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	1.98%	+0.11%

Volatility

ISPY vs. DGRW - Volatility Comparison

ProShares S&P 500 High Income ETF (ISPY) has a higher volatility of 4.81% compared to WisdomTree U.S. Quality Dividend Growth Fund (DGRW) at 3.72%. This indicates that ISPY's price experiences larger fluctuations and is considered to be riskier than DGRW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISPY	DGRW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	3.72%	+1.09%
Volatility (6M) Calculated over the trailing 6-month period	9.57%	8.21%	+1.36%
Volatility (1Y) Calculated over the trailing 1-year period	12.08%	10.26%	+1.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.73%	14.00%	-0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.73%	16.19%	-2.46%

ISPY vs. DGRW - Expense Ratio Comparison

ISPY has a 0.55% expense ratio, which is higher than DGRW's 0.28% expense ratio.

Dividends

ISPY vs. DGRW - Dividend Comparison

ISPY's dividend yield for the trailing twelve months is around 4.59%, more than DGRW's 1.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRW WisdomTree U.S. Quality Dividend Growth Fund	1.29%	1.43%	1.55%	1.74%	2.15%	1.78%	1.93%	2.20%	2.42%	1.71%	2.13%	2.18%
ISPY ProShares S&P 500 High Income ETF	4.59%	8.56%	9.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ISPY and DGRW in my portfolio?

ISPY and DGRW have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ISPY or DGRW?

ISPY has higher volatility (4.81%) compared to DGRW (3.72%). In terms of maximum drawdown, ISPY dropped -16.88% vs DGRW's -32.04%.

Which ETF is better, ISPY or DGRW?

On 1-year performance, ISPY leads with 16.35% vs 15.00% for DGRW. On fees, DGRW is cheaper at 0.28% per year. On volatility, DGRW has been the lower-risk option at 3.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISPY or DGRW?

Over the 1-year period, ISPY has performed better with a 16.35% return vs 15.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISPY or DGRW?

DGRW is cheaper with a 0.28% expense ratio, compared with 0.55% for ISPY.

Which ETF pays a higher dividend yield, ISPY or DGRW?

ISPY has the higher dividend yield at 4.59%, compared with 1.29% for DGRW.

What is the main difference between ISPY and DGRW?

ISPY is categorized as Derivative Income, while DGRW is Dividend. ISPY tracks S&P 500 Daily Covered Call Index, while DGRW tracks WisdomTree U.S. Quality Dividend Growth Index. They also come from different issuers: ProShares and WisdomTree. Their fees differ too: 0.55% for ISPY and 0.28% for DGRW.

Which has better risk-adjusted returns?

DGRW currently has the higher Sharpe Ratio (1.54 vs 1.39), 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.