ITWO vs. IWMW

Last updated Jun 5, 2026

ITWO (Proshares Russell 2000 High Income ETF) and IWMW (iShares Russell 2000 BuyWrite ETF) are both Derivative Income funds - ITWO tracks the Cboe Russell 2000 Daily Covered Call Index while IWMW tracks the Cboe FTSE Russell IWM 2% OTM BuyWrite Index. Both are passively managed. Over the past year, ITWO returned 41.29% vs 25.30% for IWMW. Their correlation of 0.91 suggests significant overlap in exposure. ITWO charges 0.55%/yr vs 0.39%/yr for IWMW.

Performance

ITWO vs. IWMW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Russell 2000 High Income ETF (ITWO) 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, ITWO achieves a 19.23% return, which is significantly higher than IWMW's 9.09% return.

ITWO

• 1D: 1.46%
• 1M: 3.76%
• YTD: 19.23%
• 6M: 17.25%
• 1Y: 41.29%
• 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)

ITWO vs. IWMW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ITWO Proshares Russell 2000 High Income ETF	19.23%	14.25%	3.68%
IWMW iShares Russell 2000 BuyWrite ETF	9.09%	7.82%	6.24%

Correlation

The correlation between ITWO and IWMW is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024	0.91

The correlation between ITWO and IWMW has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.

Return for Risk

ITWO vs. IWMW — Risk / Return Rank

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

ITWO

ITWO Risk / Return Rank: 70
ITWO Sharpe Ratio Rank: 69
ITWO Sortino Ratio Rank: 66
ITWO Omega Ratio Rank: 59
ITWO Calmar Ratio Rank: 82
ITWO Martin Ratio Rank: 76

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.

ITWO vs. IWMW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Russell 2000 High Income ETF (ITWO) 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.

	ITWO	IWMW	Difference
Sharpe ratio: Return per unit of total volatility	2.23	2.07	+0.16
Sortino ratio: Return per unit of downside risk	3.00	2.81	+0.18
Omega ratio: Gain probability vs. loss probability	1.36	1.41	-0.06
Calmar ratio: Return relative to maximum drawdown	4.24	3.66	+0.58
Martin ratio: Return relative to average drawdown	14.28	12.67	+1.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ITWO vs. IWMW - Sharpe Ratio Comparison

The current ITWO Sharpe Ratio is 2.23, which is comparable to the IWMW Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of ITWO 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

	ITWO	IWMW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	2.07	+0.16
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	0.66	+0.42

Drawdowns

ITWO vs. IWMW - Drawdown Comparison

The maximum ITWO drawdown since its inception was -24.77%, which is greater than IWMW's maximum drawdown of -21.82%. Use the drawdown chart below to compare losses from any high point for ITWO and IWMW.

Drawdown Indicators

	ITWO	IWMW	Difference
Max Drawdown Largest peak-to-trough decline	-24.77%	-21.82%	-2.95%
Max Drawdown (1Y) Largest decline over 1 year	-9.79%	-6.94%	-2.85%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-5.14%	-3.84%	-1.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.90%	2.00%	+0.90%

Volatility

ITWO vs. IWMW - Volatility Comparison

Proshares Russell 2000 High Income ETF (ITWO) has a higher volatility of 5.81% compared to iShares Russell 2000 BuyWrite ETF (IWMW) at 3.01%. This indicates that ITWO'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

	ITWO	IWMW	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.81%	3.01%	+2.80%
Volatility (6M) Calculated over the trailing 6-month period	13.42%	8.76%	+4.66%
Volatility (1Y) Calculated over the trailing 1-year period	18.61%	12.29%	+6.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.48%	16.11%	+4.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.48%	16.11%	+4.37%

ITWO vs. IWMW - Expense Ratio Comparison

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

Dividends

ITWO vs. IWMW - Dividend Comparison

ITWO's dividend yield for the trailing twelve months is around 7.47%, less than IWMW's 22.28% yield.

Position	TTM	2025	2024
ITWO Proshares Russell 2000 High Income ETF	7.47%	12.12%	4.11%
IWMW iShares Russell 2000 BuyWrite ETF	22.28%	20.98%	17.73%

Frequently Asked Questions

Can I hold both ITWO and IWMW in my portfolio?

ITWO and IWMW have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ITWO or IWMW?

ITWO has higher volatility (5.81%) compared to IWMW (3.01%). In terms of maximum drawdown, ITWO dropped -24.77% vs IWMW's -21.82%.

Which ETF is better, ITWO or IWMW?

On 1-year performance, ITWO leads with 41.29% 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, ITWO or IWMW?

Over the 1-year period, ITWO has performed better with a 41.29% return vs 25.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ITWO or IWMW?

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

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

IWMW has the higher dividend yield at 22.28%, compared with 7.47% for ITWO.

What is the main difference between ITWO and IWMW?

ITWO tracks Cboe Russell 2000 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 ITWO and 0.39% for IWMW.

Which has better risk-adjusted returns?

ITWO currently has the higher Sharpe Ratio (2.23 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.