IVVW vs. DGRO

Last updated Aug 6, 2026

IVVW (iShares S&P 500 BuyWrite ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - IVVW is a Derivative Income fund tracking the Cboe S&P 500 Enhanced 1% OTM BuyWrite Index, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Both are passively managed. Over the past year, IVVW returned 20.02% vs 25.02% for DGRO. Their 0.62 correlation means they have sometimes moved together and sometimes differently. IVVW charges 0.25%/yr vs 0.08%/yr for DGRO.

Performance

IVVW vs. DGRO - Performance Comparison

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

Returns By Period

In the year-to-date period, IVVW achieves a 9.23% return, which is significantly lower than DGRO's 15.18% return.

IVVW

• 1D: 0.53%
• 1M: 2.63%
• 6M: 8.82%
• YTD: 9.23%
• 1Y: 20.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.28%

DGRO

• 1D: 0.14%
• 1M: 2.55%
• 6M: 9.44%
• YTD: 15.18%
• 1Y: 25.02%
• 3Y*: 17.57%
• 5Y*: 11.25%
• 10Y*: 13.52%
• ALL TIME*: 12.60%

*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)
DGRO iShares Core Dividend Growth ETF	$109.45M	$102.77M	$110.18M
IVVW iShares S&P 500 BuyWrite ETF	$1.98M	$2.03M	$2.63M

IVVW vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IVVW iShares S&P 500 BuyWrite ETF	9.23%	11.71%	12.76%
DGRO iShares Core Dividend Growth ETF	15.18%	15.69%	10.21%

Correlation

The correlation between IVVW and DGRO is 0.50, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.50
Correlation (All Time) Calculated using the full available price history since Mar 15, 2024	0.62

The correlation between IVVW and DGRO shifts across timeframes, from 0.50 (1 year) to 0.62 (all time), reflecting how their relationship changes across market environments.

IVVW vs. DGRO - Sectors Allocation Comparison

Sectors	IVVW	DGRO
Technology	36.9%	17.3%
Financial Services	12.5%	20.4%
Communication Services	9.7%	0.1%
Healthcare	9.4%	17.9%
Consumer Cyclical	8.9%	6.5%
Industrials	7.8%	11.3%
Consumer Defensive	4.8%	11.9%
Energy	3.4%	4.8%
Utilities	2.6%	7.3%
Real Estate	2.0%	-
Basic Materials	1.8%	2.5%

Return for Risk

IVVW vs. DGRO — Risk / Return Rank

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

IVVW

IVVW Risk / Return Rank: 89
IVVW Sharpe Ratio Rank: 89
IVVW Sortino Ratio Rank: 87
IVVW Omega Ratio Rank: 92
IVVW Calmar Ratio Rank: 83
IVVW Martin Ratio Rank: 92

DGRO

DGRO Risk / Return Rank: 91
DGRO Sharpe Ratio Rank: 93
DGRO Sortino Ratio Rank: 93
DGRO Omega Ratio Rank: 92
DGRO Calmar Ratio Rank: 88
DGRO Martin Ratio Rank: 89

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.

IVVW vs. DGRO - Risk-Adjusted Trends Comparison

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

	IVVW	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	2.36	2.64	-0.28
Sortino ratio: Return per unit of downside risk	3.24	3.83	-0.59
Omega ratio: Gain probability vs. loss probability	1.49	1.49	+0.01
Calmar ratio: Return relative to maximum drawdown	3.46	3.88	-0.43
Martin ratio: Return relative to average drawdown	17.95	15.14	+2.81

IVVW vs. DGRO - Sharpe Ratio Comparison

The current IVVW Sharpe Ratio is 2.36, which is comparable to the DGRO Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of IVVW and DGRO, 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

IVVW vs. DGRO - Drawdown Comparison

The maximum IVVW drawdown since its inception was -16.79%, smaller than the maximum DGRO drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for IVVW and DGRO.

Drawdown Indicators

	IVVW	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-16.79%	-35.10%	+18.31%
Max Drawdown (1Y) Largest decline over 1 year	-5.81%	-6.47%	+0.66%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.03%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.31%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.10%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.67%	-3.40%	+1.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	1.66%	-0.54%

Volatility

IVVW vs. DGRO - Volatility Comparison

iShares S&P 500 BuyWrite ETF (IVVW) and iShares Core Dividend Growth ETF (DGRO) have volatilities of 3.00% and 3.03%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVVW	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.00%	3.03%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	7.32%	7.16%	+0.16%
Volatility (1Y) Calculated over the trailing 1-year period	8.53%	9.52%	-0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.55%	13.80%	-1.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.55%	16.58%	-4.03%

IVVW vs. DGRO - Expense Ratio Comparison

IVVW has a 0.25% expense ratio, which is higher than DGRO's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

IVVW vs. DGRO - Dividend Comparison

IVVW's dividend yield for the trailing twelve months is around 18.34%, more than DGRO's 1.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRO iShares Core Dividend Growth ETF	1.86%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%
IVVW iShares S&P 500 BuyWrite ETF	18.34%	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 IVVW and DGRO in my portfolio?

IVVW and DGRO have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IVVW or DGRO?

DGRO has higher volatility (3.03%) compared to IVVW (3.00%). In terms of maximum drawdown, IVVW dropped -16.79% vs DGRO's -35.10%.

Which ETF is better, IVVW or DGRO?

On 1-year performance, DGRO leads with 25.02% vs 20.02% for IVVW. On fees, DGRO is cheaper at 0.08% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVVW or DGRO?

Over the 1-year period, DGRO has performed better with a 25.02% return vs 20.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVVW or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.25% for IVVW.

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

IVVW has the higher dividend yield at 18.34%, compared with 1.86% for DGRO.

What is the main difference between IVVW and DGRO?

IVVW is categorized as Derivative Income, while DGRO is Large Cap Growth Equities. IVVW tracks Cboe S&P 500 Enhanced 1% OTM BuyWrite Index, while DGRO tracks Morningstar US Dividend Growth Index. Their fees differ too: 0.25% for IVVW and 0.08% for DGRO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.64 vs 2.36), 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.