IVV vs. IVVW

Last updated Jun 4, 2026

IVV (iShares Core S&P 500 ETF) and IVVW (iShares S&P 500 BuyWrite ETF) are both exchange-traded funds - IVV is a S&P 500 fund tracking the S&P 500 Index, while IVVW is a Derivative Income fund tracking the Cboe S&P 500 Enhanced 1% OTM BuyWrite Index. Both are passively managed. Over the past year, IVV returned 28.00% vs 20.07% for IVVW. Their correlation of 0.88 suggests significant overlap in exposure. IVV charges 0.03%/yr vs 0.25%/yr for IVVW.

Performance

IVV vs. IVVW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core S&P 500 ETF (IVV) and iShares S&P 500 BuyWrite ETF (IVVW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IVV achieves a 10.85% return, which is significantly higher than IVVW's 4.84% return.

IVV

• 1D: -0.76%
• 1M: 4.97%
• YTD: 10.85%
• 6M: 10.87%
• 1Y: 28.00%
• 3Y*: 22.43%
• 5Y*: 13.88%
• 10Y*: 15.54%

IVVW

• 1D: -0.02%
• 1M: 1.90%
• YTD: 4.84%
• 6M: 6.58%
• 1Y: 20.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IVV vs. IVVW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IVV iShares Core S&P 500 ETF	10.85%	17.85%	16.27%
IVVW iShares S&P 500 BuyWrite ETF	4.84%	11.71%	12.90%

Correlation

The correlation between IVV and IVVW is 0.85, 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	0.85
Correlation (All Time) Calculated using the full available price history since Mar 18, 2024	0.88

The correlation between IVV and IVVW has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.

IVV vs. IVVW - Sectors Allocation Comparison

Sectors	IVV	IVVW
Technology	35.6%	35.6%
Financial Services	11.8%	11.8%
Communication Services	11.2%	11.2%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.5%	8.5%
Industrials	8.3%	8.3%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.4%	2.4%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

IVV vs. IVVW — Risk / Return Rank

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

IVV

IVV Risk / Return Rank: 70
IVV Sharpe Ratio Rank: 71
IVV Sortino Ratio Rank: 70
IVV Omega Ratio Rank: 70
IVV Calmar Ratio Rank: 62
IVV Martin Ratio Rank: 75

IVVW

IVVW Risk / Return Rank: 82
IVVW Sharpe Ratio Rank: 82
IVVW Sortino Ratio Rank: 83
IVVW Omega Ratio Rank: 91
IVVW Calmar Ratio Rank: 69
IVVW Martin Ratio Rank: 87

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.

IVV vs. IVVW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core S&P 500 ETF (IVV) and iShares S&P 500 BuyWrite ETF (IVVW). 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.

	IVV	IVVW	Difference
Sharpe ratio: Return per unit of total volatility	2.39	2.73	-0.34
Sortino ratio: Return per unit of downside risk	3.25	3.77	-0.52
Omega ratio: Gain probability vs. loss probability	1.43	1.61	-0.18
Calmar ratio: Return relative to maximum drawdown	3.17	3.47	-0.30
Martin ratio: Return relative to average drawdown	14.71	19.13	-4.42
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IVV vs. IVVW - Sharpe Ratio Comparison

The current IVV Sharpe Ratio is 2.39, which is comparable to the IVVW Sharpe Ratio of 2.73. The chart below compares the historical Sharpe Ratios of IVV and IVVW, 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

	IVV	IVVW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	2.73	-0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.45	1.07	-0.62

Drawdowns

IVV vs. IVVW - Drawdown Comparison

The maximum IVV drawdown since its inception was -55.25%, which is greater than IVVW's maximum drawdown of -16.79%. Use the drawdown chart below to compare losses from any high point for IVV and IVVW.

Drawdown Indicators

	IVV	IVVW	Difference
Max Drawdown Largest peak-to-trough decline	-55.25%	-16.79%	-38.46%
Max Drawdown (1Y) Largest decline over 1 year	-8.89%	-5.81%	-3.08%
Max Drawdown (3Y) Largest decline over 3 years	-18.75%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.53%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.90%	—	—
Current Drawdown Current decline from peak	-0.76%	-0.09%	-0.67%
Average Drawdown Average peak-to-trough decline	-10.78%	-1.75%	-9.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	1.05%	+0.86%

Volatility

IVV vs. IVVW - Volatility Comparison

iShares Core S&P 500 ETF (IVV) has a higher volatility of 2.87% compared to iShares S&P 500 BuyWrite ETF (IVVW) at 1.13%. This indicates that IVV's price experiences larger fluctuations and is considered to be riskier than IVVW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVV	IVVW	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	1.13%	+1.74%
Volatility (6M) Calculated over the trailing 6-month period	8.90%	6.07%	+2.83%
Volatility (1Y) Calculated over the trailing 1-year period	11.80%	7.40%	+4.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.88%	12.66%	+4.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.05%	12.66%	+5.39%

IVV vs. IVVW - Expense Ratio Comparison

IVV has a 0.03% expense ratio, which is lower than IVVW's 0.25% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IVV vs. IVVW - Dividend Comparison

IVV's dividend yield for the trailing twelve months is around 1.06%, less than IVVW's 19.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVV iShares Core S&P 500 ETF	1.06%	1.17%	1.30%	1.44%	1.66%	1.20%	1.57%	1.85%	2.21%	1.75%	2.01%	2.27%
IVVW iShares S&P 500 BuyWrite ETF	19.70%	18.55%	13.72%	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 IVV and IVVW in my portfolio?

IVV and IVVW have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IVV or IVVW?

IVV has higher volatility (2.87%) compared to IVVW (1.13%). In terms of maximum drawdown, IVV dropped -55.25% vs IVVW's -16.79%.

Which ETF is better, IVV or IVVW?

On 1-year performance, IVV leads with 28.00% vs 20.07% for IVVW. On fees, IVV is cheaper at 0.03% per year. On volatility, IVVW has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVV or IVVW?

Over the 1-year period, IVV has performed better with a 28.00% return vs 20.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVV or IVVW?

IVV is cheaper with a 0.03% expense ratio, compared with 0.25% for IVVW.

Which ETF pays a higher dividend yield, IVV or IVVW?

IVVW has the higher dividend yield at 19.70%, compared with 1.06% for IVV.

What is the main difference between IVV and IVVW?

IVV is categorized as S&P 500, while IVVW is Derivative Income. IVV tracks S&P 500 Index, while IVVW tracks Cboe S&P 500 Enhanced 1% OTM BuyWrite Index. Their fees differ too: 0.03% for IVV and 0.25% for IVVW.

Which has better risk-adjusted returns?

IVVW currently has the higher Sharpe Ratio (2.73 vs 2.39), 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.