IVVW vs. FIYY

Last updated Jul 15, 2026

IVVW (iShares S&P 500 BuyWrite ETF) and FIYY (GraniteShares YieldBOOST 20Y+ Treasuries ETF) are both Derivative Income funds. IVVW is passively managed, while FIYY is actively managed. At a 0.41 correlation, their price movements are largely independent. IVVW charges 0.25%/yr vs 1.07%/yr for FIYY.

Performance

IVVW vs. FIYY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P 500 BuyWrite ETF (IVVW) and GraniteShares YieldBOOST 20Y+ Treasuries ETF (FIYY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IVVW

• 1D: 0.43%
• 1M: 2.36%
• 6M: 6.32%
• YTD: 6.90%
• 1Y: 18.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FIYY

• 1D: 0.16%
• 1M: -0.47%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IVVW vs. FIYY - Yearly Performance Comparison

	2026 (YTD)
IVVW iShares S&P 500 BuyWrite ETF	3.90%
FIYY GraniteShares YieldBOOST 20Y+ Treasuries ETF	-1.85%

Correlation

The correlation between IVVW and FIYY is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 5, 2026	0.41

Return for Risk

IVVW vs. FIYY — Risk / Return Rank

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

IVVW

IVVW Risk / Return Rank: 87
IVVW Sharpe Ratio Rank: 87
IVVW Sortino Ratio Rank: 86
IVVW Omega Ratio Rank: 92
IVVW Calmar Ratio Rank: 77
IVVW Martin Ratio Rank: 91

FIYY

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

IVVW vs. FIYY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 BuyWrite ETF (IVVW) and GraniteShares YieldBOOST 20Y+ Treasuries ETF (FIYY). 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	FIYY	Difference
Sharpe ratio: Return per unit of total volatility	2.25	—	—
Sortino ratio: Return per unit of downside risk	3.10	—	—
Omega ratio: Gain probability vs. loss probability	1.48	—	—
Calmar ratio: Return relative to maximum drawdown	3.17	—	—
Martin ratio: Return relative to average drawdown	16.82	—	—

Drawdowns

IVVW vs. FIYY - Drawdown Comparison

The maximum IVVW drawdown since its inception was -16.79%, which is greater than FIYY's maximum drawdown of -2.51%. Use the drawdown chart below to compare losses from any high point for IVVW and FIYY.

Drawdown Indicators

	IVVW	FIYY	Difference
Max Drawdown Largest peak-to-trough decline	-16.79%	-2.51%	-14.28%
Max Drawdown (1Y) Largest decline over 1 year	-5.81%	—	—
Current Drawdown Current decline from peak	-0.02%	-1.97%	+1.95%
Average Drawdown Average peak-to-trough decline	-1.70%	-1.48%	-0.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	—	—

Volatility

Volatility by Period

	IVVW	FIYY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.08%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.17%	5.05%	+3.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.59%	5.05%	+7.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.59%	5.05%	+7.54%

IVVW vs. FIYY - Expense Ratio Comparison

IVVW has a 0.25% expense ratio, which is lower than FIYY's 1.07% expense ratio.

Dividends

IVVW vs. FIYY - Dividend Comparison

IVVW's dividend yield for the trailing twelve months is around 19.04%, more than FIYY's 1.13% yield.

Position	TTM	2025	2024
FIYY GraniteShares YieldBOOST 20Y+ Treasuries ETF	1.13%	0.00%	0.00%
IVVW iShares S&P 500 BuyWrite ETF	19.04%	18.55%	13.72%

Frequently Asked Questions

Can I hold both IVVW and FIYY in my portfolio?

IVVW and FIYY have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IVVW or FIYY?

On fees, IVVW is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IVVW or FIYY?

IVVW is cheaper with a 0.25% expense ratio, compared with 1.07% for FIYY.

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

IVVW has the higher dividend yield at 19.04%, compared with 1.13% for FIYY.

What is the main difference between IVVW and FIYY?

They also come from different issuers: iShares and GraniteShares. Their fees differ too: 0.25% for IVVW and 1.07% for FIYY.