IVVW vs. JELM

Last updated Aug 6, 2026

IVVW (iShares S&P 500 BuyWrite ETF) and JELM (Janus Henderson Equity Linked Moderate Income ETF) are both Derivative Income funds. IVVW is passively managed, while JELM is actively managed. Their -0.07 correlation means they have often moved in opposite directions in the past. IVVW charges 0.25%/yr vs 0.59%/yr for JELM.

Performance

IVVW vs. JELM - Performance Comparison

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

Returns By Period

IVVW

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

JELM

• 1D: -0.10%
• 1M: 1.05%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
IVVW iShares S&P 500 BuyWrite ETF	$1.98M	$2.03M	$2.63M
JELM Janus Henderson Equity Linked Moderate Income ETF	$214.60K	$418.55K	$965.66K

IVVW vs. JELM - Yearly Performance Comparison

	2026 (YTD)
IVVW iShares S&P 500 BuyWrite ETF	7.62%
JELM Janus Henderson Equity Linked Moderate Income ETF	2.24%

Correlation

The correlation between IVVW and JELM is -0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 22, 2026	-0.07

Return for Risk

IVVW vs. JELM — 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

JELM

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

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. JELM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 BuyWrite ETF (IVVW) and Janus Henderson Equity Linked Moderate Income ETF (JELM). 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	JELM	Difference
Sharpe ratio: Return per unit of total volatility	2.36	—	—
Sortino ratio: Return per unit of downside risk	3.24	—	—
Omega ratio: Gain probability vs. loss probability	1.49	—	—
Calmar ratio: Return relative to maximum drawdown	3.46	—	—
Martin ratio: Return relative to average drawdown	17.95	—	—

Drawdowns

IVVW vs. JELM - Drawdown Comparison

The maximum IVVW drawdown since its inception was -16.79%, which is greater than JELM's maximum drawdown of -0.69%. Use the drawdown chart below to compare losses from any high point for IVVW and JELM.

Drawdown Indicators

	IVVW	JELM	Difference
Max Drawdown Largest peak-to-trough decline	-16.79%	-0.69%	-16.10%
Max Drawdown (1Y) Largest decline over 1 year	-5.81%	—	—
Current Drawdown Current decline from peak	0.00%	-0.35%	+0.35%
Average Drawdown Average peak-to-trough decline	-1.67%	-0.21%	-1.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	—	—

Volatility

Volatility by Period

	IVVW	JELM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.00%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.32%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.53%	3.67%	+4.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.55%	3.67%	+8.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.55%	3.67%	+8.88%

IVVW vs. JELM - Expense Ratio Comparison

IVVW has a 0.25% expense ratio, which is lower than JELM's 0.59% expense ratio.

Dividends

IVVW vs. JELM - Dividend Comparison

IVVW's dividend yield for the trailing twelve months is around 18.34%, more than JELM's 1.21% yield.

Position	TTM	2025	2024
IVVW iShares S&P 500 BuyWrite ETF	18.34%	18.55%	13.72%
JELM Janus Henderson Equity Linked Moderate Income ETF	1.21%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IVVW and JELM in my portfolio?

IVVW and JELM have a correlation of -0.07, 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 JELM?

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 JELM?

IVVW is cheaper with a 0.25% expense ratio, compared with 0.59% for JELM.

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

IVVW has the higher dividend yield at 18.34%, compared with 1.21% for JELM.

What is the main difference between IVVW and JELM?

They also come from different issuers: iShares and Janus Henderson. Their fees differ too: 0.25% for IVVW and 0.59% for JELM.