IVVW vs. SPY

Last updated Jun 23, 2026

IVVW (iShares S&P 500 BuyWrite ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - IVVW is a Derivative Income fund tracking the Cboe S&P 500 Enhanced 1% OTM BuyWrite Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past year, IVVW returned 19.41% vs 26.65% for SPY. Their correlation of 0.89 suggests significant overlap in exposure. IVVW charges 0.25%/yr vs 0.09%/yr for SPY.

Performance

IVVW vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares S&P 500 BuyWrite ETF (IVVW) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IVVW achieves a 5.32% return, which is significantly lower than SPY's 9.74% return.

IVVW

• 1D: 0.02%
• 1M: 1.42%
• YTD: 5.32%
• 6M: 5.55%
• 1Y: 19.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

IVVW vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IVVW iShares S&P 500 BuyWrite ETF	5.32%	11.71%	12.76%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	15.27%

Correlation

The correlation between IVVW and SPY is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since Mar 15, 2024	0.89

The correlation between IVVW and SPY has been stable across timeframes, ranging from 0.86 to 0.89 - a consistent structural relationship.

IVVW vs. SPY - Sectors Allocation Comparison

Sectors	IVVW	SPY
Technology	38.4%	39.0%
Financial Services	11.0%	11.1%
Communication Services	10.8%	10.6%
Consumer Cyclical	10.0%	9.9%
Healthcare	8.4%	8.3%
Industrials	7.9%	7.8%
Consumer Defensive	4.6%	4.5%
Energy	3.2%	3.1%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

IVVW vs. SPY — Risk / Return Rank

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

IVVW

IVVW Risk / Return Rank: 81
IVVW Sharpe Ratio Rank: 80
IVVW Sortino Ratio Rank: 80
IVVW Omega Ratio Rank: 89
IVVW Calmar Ratio Rank: 69
IVVW Martin Ratio Rank: 87

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares S&P 500 BuyWrite ETF (IVVW) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.45	2.16	+0.30
Sortino ratio: Return per unit of downside risk	3.36	2.91	+0.45
Omega ratio: Gain probability vs. loss probability	1.54	1.39	+0.15
Calmar ratio: Return relative to maximum drawdown	3.35	3.01	+0.34
Martin ratio: Return relative to average drawdown	17.98	13.54	+4.44

IVVW vs. SPY - Sharpe Ratio Comparison

The current IVVW Sharpe Ratio is 2.45, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of IVVW and SPY, 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. SPY - Drawdown Comparison

The maximum IVVW drawdown since its inception was -16.79%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for IVVW and SPY.

Drawdown Indicators

	IVVW	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-16.79%	-55.19%	+38.40%
Max Drawdown (1Y) Largest decline over 1 year	-5.81%	-8.88%	+3.07%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.13%	-1.75%	+1.62%
Average Drawdown Average peak-to-trough decline	-1.73%	-9.04%	+7.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.08%	1.97%	-0.89%

Volatility

IVVW vs. SPY - Volatility Comparison

The current volatility for iShares S&P 500 BuyWrite ETF (IVVW) is 3.18%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that IVVW experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IVVW	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.18%	4.64%	-1.46%
Volatility (6M) Calculated over the trailing 6-month period	6.79%	9.75%	-2.96%
Volatility (1Y) Calculated over the trailing 1-year period	7.96%	12.43%	-4.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.68%	17.14%	-4.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.68%	17.99%	-5.31%

IVVW vs. SPY - Expense Ratio Comparison

IVVW has a 0.25% expense ratio, which is higher than SPY'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. SPY - Dividend Comparison

IVVW's dividend yield for the trailing twelve months is around 19.62%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IVVW iShares S&P 500 BuyWrite ETF	19.62%	18.55%	13.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both IVVW and SPY in my portfolio?

IVVW and SPY have a correlation of 0.86, 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 SPY?

SPY has higher volatility (4.64%) compared to IVVW (3.18%). In terms of maximum drawdown, IVVW dropped -16.79% vs SPY's -55.19%.

Which ETF is better, IVVW or SPY?

On 1-year performance, SPY leads with 26.65% vs 19.41% for IVVW. On fees, SPY is cheaper at 0.09% per year. On volatility, IVVW has been the lower-risk option at 3.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IVVW or SPY?

Over the 1-year period, SPY has performed better with a 26.65% return vs 19.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IVVW or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.25% for IVVW.

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

IVVW has the higher dividend yield at 19.62%, compared with 1.01% for SPY.

What is the main difference between IVVW and SPY?

IVVW is categorized as Derivative Income, while SPY is S&P 500. IVVW tracks Cboe S&P 500 Enhanced 1% OTM BuyWrite Index, while SPY tracks S&P 500 Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.25% for IVVW and 0.09% for SPY.

Which has better risk-adjusted returns?

IVVW currently has the higher Sharpe Ratio (2.45 vs 2.16), 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.