IWMW vs. PAPI
IWMW (iShares Russell 2000 BuyWrite ETF) and PAPI (Parametric Equity Premium Income ETF) are both Derivative Income funds. IWMW is passively managed, while PAPI is actively managed. Over the past year, IWMW returned 27.46% vs 18.54% for PAPI. Their 0.53 correlation means they have sometimes moved together and sometimes differently. IWMW charges 0.39%/yr vs 0.29%/yr for PAPI.
Performance
IWMW vs. PAPI - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IWMW achieves a 16.00% return, which is significantly higher than PAPI's 12.17% return.
IWMW
- 1D
- 0.93%
- 1M
- 2.47%
- 6M
- 13.33%
- YTD
- 16.00%
- 1Y
- 27.46%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 12.47%
PAPI
- 1D
- -0.25%
- 1M
- 2.42%
- 6M
- 4.73%
- YTD
- 12.17%
- 1Y
- 18.54%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 11.57%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $588.35K | $501.88K | $531.86K | |
| $2.22M | $2.12M | $2.00M |
IWMW vs. PAPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IWMW iShares Russell 2000 BuyWrite ETF | 16.00% | 7.82% | 5.85% |
PAPI Parametric Equity Premium Income ETF | 12.17% | 6.33% | 5.49% |
Correlation
The correlation between IWMW and PAPI is 0.35, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.35 |
Correlation (All Time) Calculated using the full available price history since Mar 15, 2024 | 0.53 |
The correlation between IWMW and PAPI shifts across timeframes, from 0.35 (1 year) to 0.53 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IWMW vs. PAPI — Risk / Return Rank
IWMW
PAPI
IWMW vs. PAPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 BuyWrite ETF (IWMW) and Parametric Equity Premium Income ETF (PAPI). 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 | PAPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.28 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.31 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 3.97 | 2.71 | +1.26 |
| Martin ratioReturn relative to average drawdown | 13.75 | 6.84 | +6.90 |
Loading charts...
Drawdowns
IWMW vs. PAPI - Drawdown Comparison
The maximum IWMW drawdown since its inception was -21.82%, which is greater than PAPI's maximum drawdown of -14.27%. Use the drawdown chart below to compare losses from any high point for IWMW and PAPI.
Loading charts...
Drawdown Indicators
| IWMW | PAPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.82% | -14.27% | -7.55% |
Max Drawdown (1Y)Largest decline over 1 year | -6.94% | -6.86% | -0.08% |
Current DrawdownCurrent decline from peak | 0.00% | -1.36% | +1.36% |
Average DrawdownAverage peak-to-trough decline | -3.60% | -2.72% | -0.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.00% | 2.72% | -0.72% |
Volatility
IWMW vs. PAPI - Volatility Comparison
iShares Russell 2000 BuyWrite ETF (IWMW) and Parametric Equity Premium Income ETF (PAPI) have volatilities of 3.21% and 3.25%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| IWMW | PAPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.21% | 3.25% | -0.04% |
Volatility (6M)Calculated over the trailing 6-month period | 9.40% | 7.18% | +2.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.61% | 10.34% | +2.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.81% | 11.71% | +4.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.81% | 11.71% | +4.10% |
IWMW vs. PAPI - Expense Ratio Comparison
IWMW has a 0.39% expense ratio, which is higher than PAPI's 0.29% expense ratio.
Dividends
IWMW vs. PAPI - Dividend Comparison
IWMW's dividend yield for the trailing twelve months is around 20.25%, more than PAPI's 7.42% yield.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
IWMW iShares Russell 2000 BuyWrite ETF | 20.25% | 20.98% | 17.73% | 0.00% |
PAPI Parametric Equity Premium Income ETF | 7.42% | 7.59% | 7.07% | 1.45% |
Frequently Asked Questions
IWMW and PAPI have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PAPI has higher volatility (3.25%) compared to IWMW (3.21%). In terms of maximum drawdown, IWMW dropped -21.82% vs PAPI's -14.27%.
On 1-year performance, IWMW leads with 27.46% vs 18.54% for PAPI. On fees, PAPI is cheaper at 0.29% per year. Their volatility is very similar. 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 18.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PAPI is cheaper with a 0.29% expense ratio, compared with 0.39% for IWMW.
IWMW has the higher dividend yield at 20.25%, compared with 7.42% for PAPI.
They also come from different issuers: iShares and Morgan Stanley. Their fees differ too: 0.39% for IWMW and 0.29% for PAPI.
IWMW currently has the higher Sharpe Ratio (2.21 vs 1.81), 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.
Find the right allocation for IWMW and PAPI
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer