IWMW vs. MSTY

Last updated Aug 5, 2026

IWMW (iShares Russell 2000 BuyWrite ETF) and MSTY (YieldMax™ MSTR Option Income Strategy ETF) are both Derivative Income funds. IWMW is passively managed, while MSTY is actively managed. Over the past year, IWMW returned 27.46% vs -68.96% for MSTY. Their 0.47 correlation means their historical movements had little consistent relationship. IWMW charges 0.39%/yr vs 0.99%/yr for MSTY.

Performance

IWMW vs. MSTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2000 BuyWrite ETF (IWMW) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). 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 MSTY's -30.81% return.

IWMW

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

MSTY

• 1D: 2.56%
• 1M: 0.99%
• 6M: -21.95%
• YTD: -30.81%
• 1Y: -68.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.10%

*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)
IWMW iShares Russell 2000 BuyWrite ETF	$588.35K	$501.88K	$531.86K
MSTY YieldMax™ MSTR Option Income Strategy ETF	$12.99M	$13.22M	$27.42M

IWMW vs. MSTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IWMW iShares Russell 2000 BuyWrite ETF	16.00%	7.82%	5.85%
MSTY YieldMax™ MSTR Option Income Strategy ETF	-30.81%	-42.71%	60.85%

Correlation

The correlation between IWMW and MSTY is 0.51, 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.	0.51
Correlation (All Time) Calculated using the full available price history since Mar 15, 2024	0.47

The correlation between IWMW and MSTY has been stable across timeframes, ranging from 0.47 to 0.51 - a consistent structural relationship.

Return for Risk

IWMW vs. MSTY — 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

MSTY

MSTY Risk / Return Rank: 1
MSTY Sharpe Ratio Rank: 1
MSTY Sortino Ratio Rank: 0
MSTY Omega Ratio Rank: 1
MSTY Calmar Ratio Rank: 1
MSTY Martin Ratio Rank: 2

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. MSTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 BuyWrite ETF (IWMW) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). 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	MSTY	Difference
Sharpe ratio: Return per unit of total volatility	2.21	-1.07	+3.28
Sortino ratio: Return per unit of downside risk	2.99	-2.03	+5.02
Omega ratio: Gain probability vs. loss probability	1.43	0.78	+0.65
Calmar ratio: Return relative to maximum drawdown	3.97	-0.92	+4.89
Martin ratio: Return relative to average drawdown	13.75	-1.35	+15.10

IWMW vs. MSTY - Sharpe Ratio Comparison

The current IWMW Sharpe Ratio is 2.21, which is higher than the MSTY Sharpe Ratio of -1.07. The chart below compares the historical Sharpe Ratios of IWMW and MSTY, 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. MSTY - Drawdown Comparison

The maximum IWMW drawdown since its inception was -21.82%, smaller than the maximum MSTY drawdown of -77.40%. Use the drawdown chart below to compare losses from any high point for IWMW and MSTY.

Drawdown Indicators

	IWMW	MSTY	Difference
Max Drawdown Largest peak-to-trough decline	-21.82%	-77.40%	+55.58%
Max Drawdown (1Y) Largest decline over 1 year	-6.94%	-74.91%	+67.97%
Current Drawdown Current decline from peak	0.00%	-72.80%	+72.80%
Average Drawdown Average peak-to-trough decline	-3.60%	-29.19%	+25.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	51.14%	-49.14%

Volatility

IWMW vs. MSTY - Volatility Comparison

The current volatility for iShares Russell 2000 BuyWrite ETF (IWMW) is 3.21%, while YieldMax™ MSTR Option Income Strategy ETF (MSTY) has a volatility of 13.50%. This indicates that IWMW experiences smaller price fluctuations and is considered to be less risky than MSTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWMW	MSTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.21%	13.50%	-10.29%
Volatility (6M) Calculated over the trailing 6-month period	9.40%	51.91%	-42.51%
Volatility (1Y) Calculated over the trailing 1-year period	12.61%	64.87%	-52.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.81%	71.81%	-56.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.81%	71.81%	-56.00%

IWMW vs. MSTY - Expense Ratio Comparison

IWMW has a 0.39% expense ratio, which is lower than MSTY's 0.99% expense ratio.

Dividends

IWMW vs. MSTY - Dividend Comparison

IWMW's dividend yield for the trailing twelve months is around 20.25%, less than MSTY's 242.52% yield.

Position	TTM	2025	2024
IWMW iShares Russell 2000 BuyWrite ETF	20.25%	20.98%	17.73%
MSTY YieldMax™ MSTR Option Income Strategy ETF	242.52%	294.61%	104.56%

Frequently Asked Questions

Can I hold both IWMW and MSTY in my portfolio?

IWMW and MSTY have a correlation of 0.51, 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 MSTY?

MSTY has higher volatility (13.50%) compared to IWMW (3.21%). In terms of maximum drawdown, IWMW dropped -21.82% vs MSTY's -77.40%.

Which ETF is better, IWMW or MSTY?

On 1-year performance, IWMW leads with 27.46% vs -68.96% for MSTY. On fees, IWMW is cheaper at 0.39% per year. On volatility, IWMW has been the lower-risk option at 3.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWMW or MSTY?

Over the 1-year period, IWMW has performed better with a 27.46% return vs -68.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWMW or MSTY?

IWMW is cheaper with a 0.39% expense ratio, compared with 0.99% for MSTY.

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

MSTY has the higher dividend yield at 242.52%, compared with 20.25% for IWMW.

What is the main difference between IWMW and MSTY?

They also come from different issuers: iShares and YieldMax. Their fees differ too: 0.39% for IWMW and 0.99% for MSTY.

Which has better risk-adjusted returns?

IWMW currently has the higher Sharpe Ratio (2.21 vs -1.07), 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.