IVVW vs. HYGW

Last updated Aug 4, 2026

IVVW (iShares S&P 500 BuyWrite ETF) and HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) are both Derivative Income funds from iShares - IVVW tracks the Cboe S&P 500 Enhanced 1% OTM BuyWrite Index while HYGW tracks the Cboe HYG BuyWrite Index. Both are passively managed. Over the past year, IVVW returned 19.78% vs 6.23% for HYGW. Their 0.57 correlation means they have sometimes moved together and sometimes differently. IVVW charges 0.25%/yr vs 0.69%/yr for HYGW.

Performance

IVVW vs. HYGW - Performance Comparison

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

Returns By Period

In the year-to-date period, IVVW achieves a 8.19% return, which is significantly higher than HYGW's 2.68% return.

IVVW

• 1D: 1.03%
• 1M: 2.36%
• 6M: 6.69%
• YTD: 8.19%
• 1Y: 19.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.86%

HYGW

• 1D: 0.31%
• 1M: 0.35%
• 6M: 2.13%
• YTD: 2.68%
• 1Y: 6.23%
• 3Y*: 5.49%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.75%

*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)
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	$507.28K	$613.90K	$793.25K
IVVW iShares S&P 500 BuyWrite ETF	$2.08M	$2.12M	$2.68M

IVVW vs. HYGW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IVVW iShares S&P 500 BuyWrite ETF	8.19%	11.71%	12.76%
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	2.68%	6.19%	4.46%

Correlation

The correlation between IVVW and HYGW is 0.59, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.59
Correlation (All Time) Calculated using the full available price history since Mar 15, 2024	0.57

The correlation between IVVW and HYGW has been stable across timeframes, ranging from 0.57 to 0.59 - a consistent structural relationship.

Return for Risk

IVVW vs. HYGW — Risk / Return Rank

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

IVVW

IVVW Risk / Return Rank: 91
IVVW Sharpe Ratio Rank: 91
IVVW Sortino Ratio Rank: 90
IVVW Omega Ratio Rank: 93
IVVW Calmar Ratio Rank: 86
IVVW Martin Ratio Rank: 93

HYGW

HYGW Risk / Return Rank: 89
HYGW Sharpe Ratio Rank: 87
HYGW Sortino Ratio Rank: 88
HYGW Omega Ratio Rank: 91
HYGW Calmar Ratio Rank: 86
HYGW Martin Ratio Rank: 91

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. HYGW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 BuyWrite ETF (IVVW) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). 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	HYGW	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.13	+0.19
Sortino ratio: Return per unit of downside risk	3.20	3.10	+0.10
Omega ratio: Gain probability vs. loss probability	1.49	1.44	+0.05
Calmar ratio: Return relative to maximum drawdown	3.42	3.44	-0.02
Martin ratio: Return relative to average drawdown	17.74	15.37	+2.37

IVVW vs. HYGW - Sharpe Ratio Comparison

The current IVVW Sharpe Ratio is 2.32, which is comparable to the HYGW Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of IVVW and HYGW, 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. HYGW - Drawdown Comparison

The maximum IVVW drawdown since its inception was -16.79%, which is greater than HYGW's maximum drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for IVVW and HYGW.

Drawdown Indicators

	IVVW	HYGW	Difference
Max Drawdown Largest peak-to-trough decline	-16.79%	-5.49%	-11.30%
Max Drawdown (1Y) Largest decline over 1 year	-5.81%	-1.82%	-3.99%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.42%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.68%	-0.59%	-1.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	0.41%	+0.71%

Volatility

IVVW vs. HYGW - Volatility Comparison

iShares S&P 500 BuyWrite ETF (IVVW) has a higher volatility of 3.05% compared to iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) at 0.86%. This indicates that IVVW's price experiences larger fluctuations and is considered to be riskier than HYGW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVVW	HYGW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.05%	0.86%	+2.19%
Volatility (6M) Calculated over the trailing 6-month period	7.34%	2.34%	+5.00%
Volatility (1Y) Calculated over the trailing 1-year period	8.58%	2.94%	+5.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.57%	4.62%	+7.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.57%	4.62%	+7.95%

IVVW vs. HYGW - Expense Ratio Comparison

IVVW has a 0.25% expense ratio, which is lower than HYGW's 0.69% expense ratio.

Dividends

IVVW vs. HYGW - Dividend Comparison

IVVW's dividend yield for the trailing twelve months is around 18.82%, more than HYGW's 10.67% yield.

Position	TTM	2025	2024	2023	2022
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	10.67%	12.53%	12.30%	15.98%	8.71%
IVVW iShares S&P 500 BuyWrite ETF	18.82%	18.55%	13.72%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IVVW and HYGW in my portfolio?

IVVW and HYGW have a correlation of 0.59, 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 HYGW?

IVVW has higher volatility (3.05%) compared to HYGW (0.86%). In terms of maximum drawdown, IVVW dropped -16.79% vs HYGW's -5.49%.

Which ETF is better, IVVW or HYGW?

On 1-year performance, IVVW leads with 19.78% vs 6.23% for HYGW. On fees, IVVW is cheaper at 0.25% per year. On volatility, HYGW has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVVW or HYGW?

Over the 1-year period, IVVW has performed better with a 19.78% return vs 6.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVVW or HYGW?

IVVW is cheaper with a 0.25% expense ratio, compared with 0.69% for HYGW.

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

IVVW has the higher dividend yield at 18.82%, compared with 10.67% for HYGW.

What is the main difference between IVVW and HYGW?

IVVW tracks Cboe S&P 500 Enhanced 1% OTM BuyWrite Index, while HYGW tracks Cboe HYG BuyWrite Index. Their fees differ too: 0.25% for IVVW and 0.69% for HYGW.

Which has better risk-adjusted returns?

IVVW currently has the higher Sharpe Ratio (2.32 vs 2.13), 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.