ISPY vs. IWMW

Last updated Jun 5, 2026

ISPY (ProShares S&P 500 High Income ETF) and IWMW (iShares Russell 2000 BuyWrite ETF) are both Derivative Income funds - ISPY tracks the S&P 500 Daily Covered Call Index while IWMW tracks the Cboe FTSE Russell IWM 2% OTM BuyWrite Index. Both are passively managed. Over the past year, ISPY returned 25.92% vs 25.30% for IWMW. A 0.73 correlation means they provide meaningful diversification when combined. ISPY charges 0.55%/yr vs 0.39%/yr for IWMW.

Performance

ISPY vs. IWMW - 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 Russell 2000 BuyWrite ETF (IWMW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ISPY achieves a 10.14% return, which is significantly higher than IWMW's 9.09% return.

ISPY

• 1D: 0.49%
• 1M: 4.92%
• YTD: 10.14%
• 6M: 9.87%
• 1Y: 25.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWMW

• 1D: 0.55%
• 1M: 2.91%
• YTD: 9.09%
• 6M: 9.30%
• 1Y: 25.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ISPY vs. IWMW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ISPY ProShares S&P 500 High Income ETF	10.14%	13.15%	15.45%
IWMW iShares Russell 2000 BuyWrite ETF	9.09%	7.82%	6.09%

Correlation

The correlation between ISPY and IWMW is 0.73, 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	0.73
Correlation (All Time) Calculated using the full available price history since Mar 18, 2024	0.73

The correlation between ISPY and IWMW has been stable across timeframes, ranging from 0.73 to 0.73 - a consistent structural relationship.

ISPY vs. IWMW - Sectors Allocation Comparison

Sectors	ISPY	IWMW
Technology	32.3%	19.2%
Financial Services	19.8%	16.0%
Communication Services	9.0%	2.0%
Consumer Cyclical	8.4%	7.8%
Healthcare	7.2%	16.6%
Industrials	6.4%	17.6%
Consumer Defensive	4.0%	2.2%
Energy	2.9%	6.4%
Utilities	2.2%	3.1%
Real Estate	1.6%	5.8%
Basic Materials	1.5%	4.8%

Return for Risk

ISPY vs. IWMW — Risk / Return Rank

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

ISPY

ISPY Risk / Return Rank: 68
ISPY Sharpe Ratio Rank: 71
ISPY Sortino Ratio Rank: 66
ISPY Omega Ratio Rank: 68
ISPY Calmar Ratio Rank: 63
ISPY Martin Ratio Rank: 72

IWMW

IWMW Risk / Return Rank: 67
IWMW Sharpe Ratio Rank: 63
IWMW Sortino Ratio Rank: 61
IWMW Omega Ratio Rank: 70
IWMW Calmar Ratio Rank: 74
IWMW Martin Ratio Rank: 69

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. IWMW - 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 Russell 2000 BuyWrite ETF (IWMW). 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.

	ISPY	IWMW	Difference
Sharpe ratio: Return per unit of total volatility	2.27	2.07	+0.20
Sortino ratio: Return per unit of downside risk	3.00	2.81	+0.19
Omega ratio: Gain probability vs. loss probability	1.40	1.41	-0.01
Calmar ratio: Return relative to maximum drawdown	3.09	3.66	-0.57
Martin ratio: Return relative to average drawdown	13.20	12.67	+0.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ISPY vs. IWMW - Sharpe Ratio Comparison

The current ISPY Sharpe Ratio is 2.27, which is comparable to the IWMW Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of ISPY and IWMW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ISPY	IWMW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.27	2.07	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	1.42	0.66	+0.77

Drawdowns

ISPY vs. IWMW - Drawdown Comparison

The maximum ISPY drawdown since its inception was -16.88%, smaller than the maximum IWMW drawdown of -21.82%. Use the drawdown chart below to compare losses from any high point for ISPY and IWMW.

Drawdown Indicators

	ISPY	IWMW	Difference
Max Drawdown Largest peak-to-trough decline	-16.88%	-21.82%	+4.94%
Max Drawdown (1Y) Largest decline over 1 year	-8.43%	-6.94%	-1.49%
Current Drawdown Current decline from peak	-0.22%	0.00%	-0.22%
Average Drawdown Average peak-to-trough decline	-2.08%	-3.84%	+1.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	2.00%	-0.03%

Volatility

ISPY vs. IWMW - Volatility Comparison

ProShares S&P 500 High Income ETF (ISPY) has a higher volatility of 3.62% compared to iShares Russell 2000 BuyWrite ETF (IWMW) at 3.01%. This indicates that ISPY's price experiences larger fluctuations and is considered to be riskier than IWMW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISPY	IWMW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.62%	3.01%	+0.61%
Volatility (6M) Calculated over the trailing 6-month period	8.62%	8.76%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	11.47%	12.29%	-0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.55%	16.11%	-2.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.55%	16.11%	-2.56%

ISPY vs. IWMW - Expense Ratio Comparison

ISPY has a 0.55% expense ratio, which is higher than IWMW's 0.39% expense ratio.

Dividends

ISPY vs. IWMW - Dividend Comparison

ISPY's dividend yield for the trailing twelve months is around 4.39%, less than IWMW's 22.28% yield.

Position	TTM	2025	2024
ISPY ProShares S&P 500 High Income ETF	4.39%	8.56%	9.84%
IWMW iShares Russell 2000 BuyWrite ETF	22.28%	20.98%	17.73%

Frequently Asked Questions

Can I hold both ISPY and IWMW in my portfolio?

ISPY and IWMW have a correlation of 0.73, 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 IWMW?

ISPY has higher volatility (3.62%) compared to IWMW (3.01%). In terms of maximum drawdown, ISPY dropped -16.88% vs IWMW's -21.82%.

Which ETF is better, ISPY or IWMW?

On 1-year performance, ISPY leads with 25.92% vs 25.30% for IWMW. On fees, IWMW is cheaper at 0.39% per year. On volatility, IWMW has been the lower-risk option at 3.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISPY or IWMW?

Over the 1-year period, ISPY has performed better with a 25.92% return vs 25.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISPY or IWMW?

IWMW is cheaper with a 0.39% expense ratio, compared with 0.55% for ISPY.

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

IWMW has the higher dividend yield at 22.28%, compared with 4.39% for ISPY.

What is the main difference between ISPY and IWMW?

ISPY tracks S&P 500 Daily Covered Call Index, while IWMW tracks Cboe FTSE Russell IWM 2% OTM BuyWrite Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.55% for ISPY and 0.39% for IWMW.

Which has better risk-adjusted returns?

ISPY currently has the higher Sharpe Ratio (2.27 vs 2.07), 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.