IVVW vs. SGOV
IVVW (iShares S&P 500 BuyWrite ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - IVVW is a Derivative Income fund tracking the Cboe S&P 500 Enhanced 1% OTM BuyWrite Index, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Both are passively managed. Over the past year, IVVW returned 20.33% vs 3.95% for SGOV. At a 0.00 correlation, their price movements are largely independent. IVVW charges 0.25%/yr vs 0.09%/yr for SGOV.
Performance
IVVW vs. SGOV - Performance Comparison
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Returns By Period
In the year-to-date period, IVVW achieves a 5.13% return, which is significantly higher than SGOV's 1.52% return.
IVVW
- 1D
- 0.27%
- 1M
- 1.98%
- YTD
- 5.13%
- 6M
- 6.73%
- 1Y
- 20.33%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SGOV
- 1D
- 0.01%
- 1M
- 0.29%
- YTD
- 1.52%
- 6M
- 1.79%
- 1Y
- 3.95%
- 3Y*
- 4.72%
- 5Y*
- 3.54%
- 10Y*
- —
IVVW vs. SGOV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IVVW iShares S&P 500 BuyWrite ETF | 5.13% | 11.71% | 12.90% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.52% | 4.24% | 4.11% |
Correlation
The correlation between IVVW and SGOV is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Mar 18, 2024 | 0.00 |
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Return for Risk
IVVW vs. SGOV — Risk / Return Rank
IVVW
SGOV
IVVW vs. SGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 BuyWrite ETF (IVVW) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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.
| IVVW | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.52 | ||
| Sortino ratioReturn per unit of downside risk | -271.87 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 195.55 | -193.93 |
| Calmar ratioReturn relative to maximum drawdown | 3.51 | 398.20 | -394.69 |
| Martin ratioReturn relative to average drawdown | 19.38 | 4,462.00 | -4,442.62 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IVVW | SGOV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.76 | 20.28 | -17.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 14.74 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.08 | 12.49 | -11.41 |
Drawdowns
IVVW vs. SGOV - Drawdown Comparison
The maximum IVVW drawdown since its inception was -16.79%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for IVVW and SGOV.
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Drawdown Indicators
| IVVW | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.79% | -0.03% | -16.76% |
Max Drawdown (1Y)Largest decline over 1 year | -5.81% | -0.01% | -5.80% |
Max Drawdown (3Y)Largest decline over 3 years | — | -0.01% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.03% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -1.75% | -0.00% | -1.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.05% | 0.00% | +1.05% |
Volatility
IVVW vs. SGOV - Volatility Comparison
iShares S&P 500 BuyWrite ETF (IVVW) has a higher volatility of 1.14% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that IVVW's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IVVW | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.14% | 0.05% | +1.09% |
Volatility (6M)Calculated over the trailing 6-month period | 6.07% | 0.13% | +5.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.40% | 0.20% | +7.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.65% | 0.24% | +12.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.65% | 0.24% | +12.41% |
IVVW vs. SGOV - Expense Ratio Comparison
IVVW has a 0.25% expense ratio, which is higher than SGOV's 0.09% 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. SGOV - Dividend Comparison
IVVW's dividend yield for the trailing twelve months is around 19.65%, more than SGOV's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
IVVW iShares S&P 500 BuyWrite ETF | 19.65% | 18.55% | 13.72% | 0.00% | 0.00% | 0.00% | 0.00% |
SGOV iShares 0-3 Month Treasury Bond ETF | 3.86% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% |
Frequently Asked Questions
IVVW and SGOV have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IVVW has higher volatility (1.14%) compared to SGOV (0.05%). In terms of maximum drawdown, IVVW dropped -16.79% vs SGOV's -0.03%.
On 1-year performance, IVVW leads with 20.33% vs 3.95% for SGOV. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IVVW has performed better with a 20.33% return vs 3.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOV is cheaper with a 0.09% expense ratio, compared with 0.25% for IVVW.
IVVW has the higher dividend yield at 19.65%, compared with 3.86% for SGOV.
IVVW is categorized as Derivative Income, while SGOV is Ultrashort Bond. IVVW tracks Cboe S&P 500 Enhanced 1% OTM BuyWrite Index, while SGOV tracks ICE 0-3 Month US Treasury Securities Index. Their fees differ too: 0.25% for IVVW and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.28 vs 2.76), 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.
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