IWMW vs. HYBL
IWMW (iShares Russell 2000 BuyWrite ETF) and HYBL (State Street Blackstone High Income ETF) are both exchange-traded funds - IWMW is a Derivative Income fund tracking the Cboe FTSE Russell IWM 2% OTM BuyWrite Index, while HYBL is a High Yield Bonds fund actively managed by State Street. IWMW is passively managed, while HYBL is actively managed. Over the past year, IWMW returned 27.46% vs 5.08% for HYBL. Their 0.61 correlation means they have sometimes moved together and sometimes differently. IWMW charges 0.39%/yr vs 0.70%/yr for HYBL.
Performance
IWMW vs. HYBL - Performance Comparison
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Returns By Period
In the year-to-date period, IWMW achieves a 16.00% return, which is significantly higher than HYBL's 1.98% return.
IWMW
- 1D
- 0.93%
- 1M
- 2.47%
- 6M
- 13.33%
- YTD
- 16.00%
- 1Y
- 27.46%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 12.47%
HYBL
- 1D
- 0.09%
- 1M
- 0.72%
- 6M
- 1.89%
- YTD
- 1.98%
- 1Y
- 5.08%
- 3Y*
- 8.34%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.66%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.06M | $2.73M | $2.96M | |
| $588.35K | $501.88K | $531.86K |
IWMW vs. HYBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IWMW iShares Russell 2000 BuyWrite ETF | 16.00% | 7.82% | 5.85% |
HYBL State Street Blackstone High Income ETF | 1.98% | 7.78% | 7.88% |
Correlation
The correlation between IWMW and HYBL is 0.57, 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. | 0.57 |
Correlation (All Time) Calculated using the full available price history since Mar 15, 2024 | 0.61 |
The correlation between IWMW and HYBL has been stable across timeframes, ranging from 0.57 to 0.61 - a consistent structural relationship.
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Return for Risk
IWMW vs. HYBL — Risk / Return Rank
IWMW
HYBL
IWMW vs. HYBL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 BuyWrite ETF (IWMW) and State Street Blackstone High Income ETF (HYBL). 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 | HYBL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.26 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.39 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 3.97 | 2.11 | +1.86 |
| Martin ratioReturn relative to average drawdown | 13.75 | 7.73 | +6.01 |
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Drawdowns
IWMW vs. HYBL - Drawdown Comparison
The maximum IWMW drawdown since its inception was -21.82%, which is greater than HYBL's maximum drawdown of -8.46%. Use the drawdown chart below to compare losses from any high point for IWMW and HYBL.
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Drawdown Indicators
| IWMW | HYBL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.82% | -8.46% | -13.36% |
Max Drawdown (1Y)Largest decline over 1 year | -6.94% | -2.41% | -4.53% |
Max Drawdown (3Y)Largest decline over 3 years | — | -4.32% | — |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -3.60% | -1.31% | -2.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.00% | 0.66% | +1.34% |
Volatility
IWMW vs. HYBL - Volatility Comparison
iShares Russell 2000 BuyWrite ETF (IWMW) has a higher volatility of 3.21% compared to State Street Blackstone High Income ETF (HYBL) at 0.41%. This indicates that IWMW's price experiences larger fluctuations and is considered to be riskier than HYBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWMW | HYBL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.21% | 0.41% | +2.80% |
Volatility (6M)Calculated over the trailing 6-month period | 9.40% | 2.10% | +7.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.61% | 2.62% | +9.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.81% | 4.50% | +11.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.81% | 4.50% | +11.31% |
IWMW vs. HYBL - Expense Ratio Comparison
IWMW has a 0.39% expense ratio, which is lower than HYBL's 0.70% expense ratio.
Dividends
IWMW vs. HYBL - Dividend Comparison
IWMW's dividend yield for the trailing twelve months is around 20.25%, more than HYBL's 7.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
HYBL State Street Blackstone High Income ETF | 7.04% | 7.22% | 7.88% | 7.93% | 5.10% |
IWMW iShares Russell 2000 BuyWrite ETF | 20.25% | 20.98% | 17.73% | 0.00% | 0.00% |
Frequently Asked Questions
IWMW and HYBL have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWMW has higher volatility (3.21%) compared to HYBL (0.41%). In terms of maximum drawdown, IWMW dropped -21.82% vs HYBL's -8.46%.
On 1-year performance, IWMW leads with 27.46% vs 5.08% for HYBL. On fees, IWMW is cheaper at 0.39% per year. On volatility, HYBL has been the lower-risk option at 0.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IWMW has performed better with a 27.46% return vs 5.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IWMW is cheaper with a 0.39% expense ratio, compared with 0.70% for HYBL.
IWMW has the higher dividend yield at 20.25%, compared with 7.04% for HYBL.
IWMW is categorized as Derivative Income, while HYBL is High Yield Bonds. They also come from different issuers: iShares and State Street. Their fees differ too: 0.39% for IWMW and 0.70% for HYBL.
IWMW currently has the higher Sharpe Ratio (2.21 vs 1.96), 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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