ISPY vs. HYGW

Last updated Aug 5, 2026

ISPY (ProShares S&P 500 High Income ETF) and HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) are both Derivative Income funds - ISPY tracks the S&P 500 Daily Covered Call Index while HYGW tracks the Cboe HYG BuyWrite Index. Both are passively managed. Over the past year, ISPY returned 19.88% vs 6.30% for HYGW. Their 0.56 correlation means they have sometimes moved together and sometimes differently. ISPY charges 0.55%/yr vs 0.69%/yr for HYGW.

Performance

ISPY vs. HYGW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 High Income ETF (ISPY) 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, ISPY achieves a 10.87% return, which is significantly higher than HYGW's 2.94% return.

ISPY

• 1D: 1.14%
• 1M: 2.32%
• 6M: 9.51%
• YTD: 10.87%
• 1Y: 19.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.52%

HYGW

• 1D: 0.25%
• 1M: 0.60%
• 6M: 2.29%
• YTD: 2.94%
• 1Y: 6.30%
• 3Y*: 5.58%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.81%

*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	$522.43K	$620.74K	$795.59K
ISPY ProShares S&P 500 High Income ETF	$3.45M	$3.99M	$4.91M

ISPY vs. HYGW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ISPY ProShares S&P 500 High Income ETF	10.87%	13.15%	21.31%	0.35%
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	2.94%	6.19%	6.99%	0.38%

Correlation

The correlation between ISPY and HYGW is 0.62, 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.	0.62
Correlation (All Time) Calculated using the full available price history since Dec 20, 2023	0.56

The correlation between ISPY and HYGW has been stable across timeframes, ranging from 0.56 to 0.62 - a consistent structural relationship.

Return for Risk

ISPY vs. HYGW — Risk / Return Rank

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

ISPY

ISPY Risk / Return Rank: 59
ISPY Sharpe Ratio Rank: 59
ISPY Sortino Ratio Rank: 54
ISPY Omega Ratio Rank: 56
ISPY Calmar Ratio Rank: 60
ISPY Martin Ratio Rank: 67

HYGW

HYGW Risk / Return Rank: 86
HYGW Sharpe Ratio Rank: 84
HYGW Sortino Ratio Rank: 86
HYGW Omega Ratio Rank: 89
HYGW Calmar Ratio Rank: 84
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.

ISPY vs. HYGW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 High Income ETF (ISPY) 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.

	ISPY	HYGW	Difference
Sharpe ratio: Return per unit of total volatility	1.59	2.15	-0.57
Sortino ratio: Return per unit of downside risk	2.13	3.13	-1.00
Omega ratio: Gain probability vs. loss probability	1.28	1.44	-0.16
Calmar ratio: Return relative to maximum drawdown	2.37	3.48	-1.11
Martin ratio: Return relative to average drawdown	9.20	15.53	-6.33

ISPY vs. HYGW - Sharpe Ratio Comparison

The current ISPY Sharpe Ratio is 1.59, which is comparable to the HYGW Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of ISPY 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

ISPY vs. HYGW - Drawdown Comparison

The maximum ISPY drawdown since its inception was -16.88%, which is greater than HYGW's maximum drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for ISPY and HYGW.

Drawdown Indicators

	ISPY	HYGW	Difference
Max Drawdown Largest peak-to-trough decline	-16.88%	-5.49%	-11.39%
Max Drawdown (1Y) Largest decline over 1 year	-8.43%	-1.82%	-6.61%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.42%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.08%	-0.59%	-1.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.17%	0.41%	+1.76%

Volatility

ISPY vs. HYGW - Volatility Comparison

ProShares S&P 500 High Income ETF (ISPY) has a higher volatility of 3.99% compared to iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) at 0.88%. This indicates that ISPY'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

	ISPY	HYGW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	0.88%	+3.11%
Volatility (6M) Calculated over the trailing 6-month period	10.23%	2.35%	+7.88%
Volatility (1Y) Calculated over the trailing 1-year period	12.62%	2.94%	+9.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.76%	4.61%	+9.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.76%	4.61%	+9.15%

ISPY vs. HYGW - Expense Ratio Comparison

ISPY has a 0.55% expense ratio, which is lower than HYGW's 0.69% expense ratio.

Dividends

ISPY vs. HYGW - Dividend Comparison

ISPY's dividend yield for the trailing twelve months is around 4.99%, less than HYGW's 10.35% yield.

Position	TTM	2025	2024	2023	2022
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	10.35%	12.53%	12.30%	15.98%	8.71%
ISPY ProShares S&P 500 High Income ETF	4.99%	8.56%	9.84%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ISPY and HYGW in my portfolio?

ISPY and HYGW have a correlation of 0.62, 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 HYGW?

ISPY has higher volatility (3.99%) compared to HYGW (0.88%). In terms of maximum drawdown, ISPY dropped -16.88% vs HYGW's -5.49%.

Which ETF is better, ISPY or HYGW?

On 1-year performance, ISPY leads with 19.88% vs 6.30% for HYGW. On fees, ISPY is cheaper at 0.55% per year. On volatility, HYGW has been the lower-risk option at 0.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISPY or HYGW?

Over the 1-year period, ISPY has performed better with a 19.88% return vs 6.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISPY or HYGW?

ISPY is cheaper with a 0.55% expense ratio, compared with 0.69% for HYGW.

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

HYGW has the higher dividend yield at 10.35%, compared with 4.99% for ISPY.

What is the main difference between ISPY and HYGW?

ISPY tracks S&P 500 Daily Covered Call Index, while HYGW tracks Cboe HYG BuyWrite Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.55% for ISPY and 0.69% for HYGW.

Which has better risk-adjusted returns?

HYGW currently has the higher Sharpe Ratio (2.15 vs 1.59), 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.