IVVW vs. IWMW

Last updated Jun 24, 2026

IVVW (iShares S&P 500 BuyWrite ETF) and IWMW (iShares Russell 2000 BuyWrite ETF) are both Derivative Income funds from iShares - IVVW tracks the Cboe S&P 500 Enhanced 1% OTM BuyWrite Index while IWMW tracks the Cboe FTSE Russell IWM 2% OTM BuyWrite Index. Both are passively managed. Over the past year, IVVW returned 17.28% vs 25.46% for IWMW. A 0.74 correlation means they provide meaningful diversification when combined. IVVW charges 0.25%/yr vs 0.39%/yr for IWMW.

Performance

IVVW vs. IWMW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P 500 BuyWrite ETF (IVVW) 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, IVVW achieves a 4.01% return, which is significantly lower than IWMW's 11.78% return.

IVVW

• 1D: -1.24%
• 1M: 0.16%
• YTD: 4.01%
• 6M: 4.08%
• 1Y: 17.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWMW

• 1D: -0.44%
• 1M: 4.25%
• YTD: 11.78%
• 6M: 10.58%
• 1Y: 25.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IVVW vs. IWMW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IVVW iShares S&P 500 BuyWrite ETF	4.01%	11.71%	12.76%
IWMW iShares Russell 2000 BuyWrite ETF	11.78%	7.82%	5.85%

Correlation

The correlation between IVVW and IWMW is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (All Time) Calculated using the full available price history since Mar 15, 2024	0.74

The correlation between IVVW and IWMW has been stable across timeframes, ranging from 0.74 to 0.74 - a consistent structural relationship.

IVVW vs. IWMW - Sectors Allocation Comparison

Sectors	IVVW	IWMW
Technology	38.4%	19.1%
Financial Services	11.0%	15.3%
Communication Services	10.8%	2.4%
Consumer Cyclical	10.0%	8.0%
Healthcare	8.4%	16.3%
Industrials	7.9%	18.0%
Consumer Defensive	4.6%	2.3%
Energy	3.2%	5.4%
Utilities	2.1%	2.7%
Real Estate	1.8%	5.9%
Basic Materials	1.7%	4.7%

Return for Risk

IVVW vs. IWMW — Risk / Return Rank

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

IVVW

IVVW Risk / Return Rank: 73
IVVW Sharpe Ratio Rank: 71
IVVW Sortino Ratio Rank: 69
IVVW Omega Ratio Rank: 83
IVVW Calmar Ratio Rank: 63
IVVW Martin Ratio Rank: 83

IWMW

IWMW Risk / Return Rank: 70
IWMW Sharpe Ratio Rank: 67
IWMW Sortino Ratio Rank: 64
IWMW Omega Ratio Rank: 74
IWMW Calmar Ratio Rank: 76
IWMW Martin Ratio Rank: 72

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. IWMW - Risk-Adjusted Trends Comparison

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

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	IWMW	Difference
Sharpe ratio: Return per unit of total volatility	2.16	2.05	+0.11
Sortino ratio: Return per unit of downside risk	2.95	2.79	+0.16
Omega ratio: Gain probability vs. loss probability	1.47	1.41	+0.06
Calmar ratio: Return relative to maximum drawdown	2.99	3.68	-0.70
Martin ratio: Return relative to average drawdown	15.95	12.71	+3.25

IVVW vs. IWMW - Sharpe Ratio Comparison

The current IVVW Sharpe Ratio is 2.16, which is comparable to the IWMW Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of IVVW 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.

Drawdowns

IVVW vs. IWMW - Drawdown Comparison

The maximum IVVW drawdown since its inception was -16.79%, smaller than the maximum IWMW drawdown of -21.82%. Use the drawdown chart below to compare losses from any high point for IVVW and IWMW.

Drawdown Indicators

	IVVW	IWMW	Difference
Max Drawdown Largest peak-to-trough decline	-16.79%	-21.82%	+5.03%
Max Drawdown (1Y) Largest decline over 1 year	-5.81%	-6.94%	+1.13%
Current Drawdown Current decline from peak	-1.37%	-0.44%	-0.93%
Average Drawdown Average peak-to-trough decline	-1.73%	-3.76%	+2.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	2.01%	-0.92%

Volatility

IVVW vs. IWMW - Volatility Comparison

iShares S&P 500 BuyWrite ETF (IVVW) and iShares Russell 2000 BuyWrite ETF (IWMW) have volatilities of 3.45% and 3.43%, 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	IWMW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.45%	3.43%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	6.91%	9.31%	-2.40%
Volatility (1Y) Calculated over the trailing 1-year period	8.05%	12.50%	-4.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.69%	16.06%	-3.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.69%	16.06%	-3.37%

IVVW vs. IWMW - Expense Ratio Comparison

IVVW has a 0.25% expense ratio, which is lower than IWMW's 0.39% expense ratio.

Dividends

IVVW vs. IWMW - Dividend Comparison

IVVW's dividend yield for the trailing twelve months is around 19.86%, less than IWMW's 21.74% yield.

Position	TTM	2025	2024
IVVW iShares S&P 500 BuyWrite ETF	19.86%	18.55%	13.72%
IWMW iShares Russell 2000 BuyWrite ETF	21.74%	20.98%	17.73%

Frequently Asked Questions

Can I hold both IVVW and IWMW in my portfolio?

IVVW and IWMW have a correlation of 0.74, 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 IWMW?

IVVW has higher volatility (3.45%) compared to IWMW (3.43%). In terms of maximum drawdown, IVVW dropped -16.79% vs IWMW's -21.82%.

Which ETF is better, IVVW or IWMW?

On 1-year performance, IWMW leads with 25.46% vs 17.28% for IVVW. On fees, IVVW is cheaper at 0.25% 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 IWMW?

Over the 1-year period, IWMW has performed better with a 25.46% return vs 17.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVVW or IWMW?

IVVW is cheaper with a 0.25% expense ratio, compared with 0.39% for IWMW.

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

IWMW has the higher dividend yield at 21.74%, compared with 19.86% for IVVW.

What is the main difference between IVVW and IWMW?

IVVW tracks Cboe S&P 500 Enhanced 1% OTM BuyWrite Index, while IWMW tracks Cboe FTSE Russell IWM 2% OTM BuyWrite Index. Their fees differ too: 0.25% for IVVW and 0.39% for IWMW.

Which has better risk-adjusted returns?

IVVW currently has the higher Sharpe Ratio (2.16 vs 2.05), 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.