IVVW vs. SOXY

Last updated Aug 4, 2026

IVVW (iShares S&P 500 BuyWrite ETF) and SOXY (YieldMax Target 12™ Semiconductor Option Income ETF) are both Derivative Income funds. IVVW is passively managed, while SOXY is actively managed. Over the past year, IVVW returned 19.78% vs 95.22% for SOXY. Their 0.69 correlation means they have sometimes moved together and sometimes differently. IVVW charges 0.25%/yr vs 1.06%/yr for SOXY.

Performance

IVVW vs. SOXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P 500 BuyWrite ETF (IVVW) and YieldMax Target 12™ Semiconductor Option Income ETF (SOXY). 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 lower than SOXY's 59.66% return.

IVVW

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

SOXY

• 1D: 0.84%
• 1M: -11.28%
• 6M: 41.13%
• YTD: 59.66%
• 1Y: 95.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 59.08%

*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	$2.08M	$2.12M	$2.68M
SOXY YieldMax Target 12™ Semiconductor Option Income ETF	$2.13M	$2.40M	$2.09M

IVVW vs. SOXY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IVVW iShares S&P 500 BuyWrite ETF	8.19%	11.71%	-0.93%
SOXY YieldMax Target 12™ Semiconductor Option Income ETF	59.66%	37.00%	-0.99%

Correlation

The correlation between IVVW and SOXY is 0.63, 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.	0.63
Correlation (All Time) Calculated using the full available price history since Dec 3, 2024	0.69

The correlation between IVVW and SOXY has been stable across timeframes, ranging from 0.63 to 0.69 - a consistent structural relationship.

IVVW vs. SOXY - Sectors Allocation Comparison

Sectors	IVVW	SOXY
Technology	36.9%	100.0%
Financial Services	12.5%	0.1%
Communication Services	9.7%	0.0%
Healthcare	9.4%	0.0%
Consumer Cyclical	8.9%	0.0%
Industrials	7.8%	0.0%
Consumer Defensive	4.8%	0.0%
Energy	3.4%	0.0%
Utilities	2.6%	0.0%
Real Estate	2.0%	-
Basic Materials	1.8%	0.0%

Return for Risk

IVVW vs. SOXY — 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

SOXY

SOXY Risk / Return Rank: 87
SOXY Sharpe Ratio Rank: 92
SOXY Sortino Ratio Rank: 84
SOXY Omega Ratio Rank: 85
SOXY Calmar Ratio Rank: 85
SOXY Martin Ratio Rank: 90

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. SOXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 BuyWrite ETF (IVVW) and YieldMax Target 12™ Semiconductor Option Income ETF (SOXY). 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	SOXY	Difference
Sharpe ratio: Return per unit of total volatility	2.32	2.41	-0.08
Sortino ratio: Return per unit of downside risk	3.20	2.81	+0.39
Omega ratio: Gain probability vs. loss probability	1.49	1.38	+0.11
Calmar ratio: Return relative to maximum drawdown	3.42	3.35	+0.07
Martin ratio: Return relative to average drawdown	17.74	14.82	+2.92

IVVW vs. SOXY - Sharpe Ratio Comparison

The current IVVW Sharpe Ratio is 2.32, which is comparable to the SOXY Sharpe Ratio of 2.41. The chart below compares the historical Sharpe Ratios of IVVW and SOXY, 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. SOXY - Drawdown Comparison

The maximum IVVW drawdown since its inception was -16.79%, smaller than the maximum SOXY drawdown of -30.22%. Use the drawdown chart below to compare losses from any high point for IVVW and SOXY.

Drawdown Indicators

	IVVW	SOXY	Difference
Max Drawdown Largest peak-to-trough decline	-16.79%	-30.22%	+13.43%
Max Drawdown (1Y) Largest decline over 1 year	-5.81%	-28.56%	+22.75%
Current Drawdown Current decline from peak	0.00%	-21.05%	+21.05%
Average Drawdown Average peak-to-trough decline	-1.68%	-5.53%	+3.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.12%	6.45%	-5.33%

Volatility

IVVW vs. SOXY - Volatility Comparison

The current volatility for iShares S&P 500 BuyWrite ETF (IVVW) is 3.05%, while YieldMax Target 12™ Semiconductor Option Income ETF (SOXY) has a volatility of 17.94%. This indicates that IVVW experiences smaller price fluctuations and is considered to be less risky than SOXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVVW	SOXY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.05%	17.94%	-14.89%
Volatility (6M) Calculated over the trailing 6-month period	7.34%	35.55%	-28.21%
Volatility (1Y) Calculated over the trailing 1-year period	8.58%	39.88%	-31.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.57%	39.26%	-26.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.57%	39.26%	-26.69%

IVVW vs. SOXY - Expense Ratio Comparison

IVVW has a 0.25% expense ratio, which is lower than SOXY's 1.06% expense ratio.

Dividends

IVVW vs. SOXY - Dividend Comparison

IVVW's dividend yield for the trailing twelve months is around 18.82%, more than SOXY's 9.34% yield.

Position	TTM	2025	2024
IVVW iShares S&P 500 BuyWrite ETF	18.82%	18.55%	13.72%
SOXY YieldMax Target 12™ Semiconductor Option Income ETF	9.34%	11.47%	0.00%

Frequently Asked Questions

Can I hold both IVVW and SOXY in my portfolio?

IVVW and SOXY have a correlation of 0.63, 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 SOXY?

SOXY has higher volatility (17.94%) compared to IVVW (3.05%). In terms of maximum drawdown, IVVW dropped -16.79% vs SOXY's -30.22%.

Which ETF is better, IVVW or SOXY?

On 1-year performance, SOXY leads with 95.22% vs 19.78% for IVVW. On fees, IVVW is cheaper at 0.25% per year. On volatility, IVVW has been the lower-risk option at 3.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVVW or SOXY?

Over the 1-year period, SOXY has performed better with a 95.22% return vs 19.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVVW or SOXY?

IVVW is cheaper with a 0.25% expense ratio, compared with 1.06% for SOXY.

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

IVVW has the higher dividend yield at 18.82%, compared with 9.34% for SOXY.

What is the main difference between IVVW and SOXY?

They also come from different issuers: iShares and YieldMax. Their fees differ too: 0.25% for IVVW and 1.06% for SOXY.

Which has better risk-adjusted returns?

SOXY currently has the higher Sharpe Ratio (2.41 vs 2.32), 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.