IWMW vs. DGRO

Last updated Aug 5, 2026

IWMW (iShares Russell 2000 BuyWrite ETF) and DGRO (iShares Core Dividend Growth ETF) are both exchange-traded funds - IWMW is a Derivative Income fund tracking the Cboe FTSE Russell IWM 2% OTM BuyWrite Index, while DGRO is a Large Cap Growth Equities fund tracking the Morningstar US Dividend Growth Index. Both are passively managed. Over the past year, IWMW returned 27.46% vs 24.63% for DGRO. Their 0.68 correlation means they have sometimes moved together and sometimes differently. IWMW charges 0.39%/yr vs 0.08%/yr for DGRO.

Performance

IWMW vs. DGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2000 BuyWrite ETF (IWMW) and iShares Core Dividend Growth ETF (DGRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWMW achieves a 16.00% return, which is significantly higher than DGRO's 15.02% return.

IWMW

• 1D: 0.93%
• 1M: 2.47%
• 6M: 13.33%
• YTD: 16.00%
• 1Y: 27.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.47%

DGRO

• 1D: 1.09%
• 1M: 2.42%
• 6M: 10.12%
• YTD: 15.02%
• 1Y: 24.63%
• 3Y*: 17.52%
• 5Y*: 11.29%
• 10Y*: 13.50%
• ALL TIME*: 12.59%

*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)
DGRO iShares Core Dividend Growth ETF	$108.47M	$103.38M	$110.52M
IWMW iShares Russell 2000 BuyWrite ETF	$588.35K	$501.88K	$531.86K

IWMW vs. DGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IWMW iShares Russell 2000 BuyWrite ETF	16.00%	7.82%	5.85%
DGRO iShares Core Dividend Growth ETF	15.02%	15.69%	10.21%

Correlation

The correlation between IWMW and DGRO is 0.56, 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.	0.56
Correlation (All Time) Calculated using the full available price history since Mar 15, 2024	0.68

The correlation between IWMW and DGRO shifts across timeframes, from 0.56 (1 year) to 0.68 (all time), reflecting how their relationship changes across market environments.

IWMW vs. DGRO - Sectors Allocation Comparison

Sectors	IWMW	DGRO
Healthcare	20.3%	17.9%
Financial Services	17.6%	20.4%
Technology	14.5%	17.3%
Industrials	14.1%	11.3%
Consumer Cyclical	9.2%	6.5%
Real Estate	6.7%	-
Energy	5.5%	4.8%
Basic Materials	4.4%	2.5%
Utilities	2.8%	7.3%
Consumer Defensive	2.6%	11.9%
Communication Services	2.2%	0.1%

Return for Risk

IWMW vs. DGRO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IWMW

IWMW Risk / Return Rank: 86
IWMW Sharpe Ratio Rank: 86
IWMW Sortino Ratio Rank: 83
IWMW Omega Ratio Rank: 89
IWMW Calmar Ratio Rank: 89
IWMW Martin Ratio Rank: 86

DGRO

DGRO Risk / Return Rank: 91
DGRO Sharpe Ratio Rank: 93
DGRO Sortino Ratio Rank: 93
DGRO Omega Ratio Rank: 92
DGRO Calmar Ratio Rank: 88
DGRO Martin Ratio Rank: 89

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.

IWMW vs. DGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 BuyWrite ETF (IWMW) and iShares Core Dividend Growth ETF (DGRO). 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.

	IWMW	DGRO	Difference
Sharpe ratio: Return per unit of total volatility	2.21	2.60	-0.38
Sortino ratio: Return per unit of downside risk	2.99	3.77	-0.78
Omega ratio: Gain probability vs. loss probability	1.43	1.48	-0.04
Calmar ratio: Return relative to maximum drawdown	3.97	3.83	+0.15
Martin ratio: Return relative to average drawdown	13.75	14.91	-1.16

IWMW vs. DGRO - Sharpe Ratio Comparison

The current IWMW Sharpe Ratio is 2.21, which is comparable to the DGRO Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of IWMW and DGRO, 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

IWMW vs. DGRO - Drawdown Comparison

The maximum IWMW drawdown since its inception was -21.82%, smaller than the maximum DGRO drawdown of -35.10%. Use the drawdown chart below to compare losses from any high point for IWMW and DGRO.

Drawdown Indicators

	IWMW	DGRO	Difference
Max Drawdown Largest peak-to-trough decline	-21.82%	-35.10%	+13.28%
Max Drawdown (1Y) Largest decline over 1 year	-6.94%	-6.47%	-0.47%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.03%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.31%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.10%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.60%	-3.40%	-0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	1.66%	+0.34%

Volatility

IWMW vs. DGRO - Volatility Comparison

iShares Russell 2000 BuyWrite ETF (IWMW) has a higher volatility of 3.21% compared to iShares Core Dividend Growth ETF (DGRO) at 3.05%. This indicates that IWMW's price experiences larger fluctuations and is considered to be riskier than DGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWMW	DGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.21%	3.05%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	9.40%	7.16%	+2.24%
Volatility (1Y) Calculated over the trailing 1-year period	12.61%	9.58%	+3.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.81%	13.80%	+2.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.81%	16.59%	-0.78%

IWMW vs. DGRO - Expense Ratio Comparison

IWMW has a 0.39% expense ratio, which is higher than DGRO's 0.08% expense ratio.

Dividends

IWMW vs. DGRO - Dividend Comparison

IWMW's dividend yield for the trailing twelve months is around 20.25%, more than DGRO's 1.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRO iShares Core Dividend Growth ETF	1.87%	2.09%	2.26%	2.45%	2.34%	1.93%	2.30%	2.21%	2.44%	2.03%	2.27%	2.52%
IWMW iShares Russell 2000 BuyWrite ETF	20.25%	20.98%	17.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IWMW and DGRO in my portfolio?

IWMW and DGRO have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWMW or DGRO?

IWMW has higher volatility (3.21%) compared to DGRO (3.05%). In terms of maximum drawdown, IWMW dropped -21.82% vs DGRO's -35.10%.

Which ETF is better, IWMW or DGRO?

On 1-year performance, IWMW leads with 27.46% vs 24.63% for DGRO. On fees, DGRO is cheaper at 0.08% per year. On volatility, DGRO 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, IWMW or DGRO?

Over the 1-year period, IWMW has performed better with a 27.46% return vs 24.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWMW or DGRO?

DGRO is cheaper with a 0.08% expense ratio, compared with 0.39% for IWMW.

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

IWMW has the higher dividend yield at 20.25%, compared with 1.87% for DGRO.

What is the main difference between IWMW and DGRO?

IWMW is categorized as Derivative Income, while DGRO is Large Cap Growth Equities. IWMW tracks Cboe FTSE Russell IWM 2% OTM BuyWrite Index, while DGRO tracks Morningstar US Dividend Growth Index. Their fees differ too: 0.39% for IWMW and 0.08% for DGRO.

Which has better risk-adjusted returns?

DGRO currently has the higher Sharpe Ratio (2.60 vs 2.21), 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.