IWMW vs. PEPS
IWMW (iShares Russell 2000 BuyWrite ETF) and PEPS (Parametric Equity Plus ETF) are both Derivative Income funds. IWMW is passively managed, while PEPS is actively managed. Over the past year, IWMW returned 27.46% vs 24.39% for PEPS. Their 0.79 correlation means they have sometimes moved together and sometimes differently. IWMW charges 0.39%/yr vs 0.10%/yr for PEPS.
Performance
IWMW vs. PEPS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IWMW achieves a 16.00% return, which is significantly higher than PEPS's 11.98% return.
IWMW
- 1D
- 0.93%
- 1M
- 2.47%
- 6M
- 13.33%
- YTD
- 16.00%
- 1Y
- 27.46%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 12.47%
PEPS
- 1D
- 0.51%
- 1M
- 2.12%
- 6M
- 10.27%
- YTD
- 11.98%
- 1Y
- 24.39%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 17.77%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $588.35K | $501.88K | $531.86K | |
| $11.19K | $8.53K | $16.17K |
IWMW vs. PEPS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IWMW iShares Russell 2000 BuyWrite ETF | 16.00% | 7.82% | -2.04% |
PEPS Parametric Equity Plus ETF | 11.98% | 20.32% | -1.42% |
Correlation
The correlation between IWMW and PEPS is 0.76, 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. | 0.76 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2024 | 0.79 |
The correlation between IWMW and PEPS has been stable across timeframes, ranging from 0.76 to 0.79 - a consistent structural relationship.
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. PEPS — Risk / Return Rank
IWMW
PEPS
IWMW vs. PEPS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 BuyWrite ETF (IWMW) and Parametric Equity Plus ETF (PEPS). 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 | PEPS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.47 | ||
| Sortino ratioReturn per unit of downside risk | +0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.43 | 1.31 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 3.97 | 2.50 | +1.47 |
| Martin ratioReturn relative to average drawdown | 13.75 | 10.91 | +2.83 |
Loading charts...
Drawdowns
IWMW vs. PEPS - Drawdown Comparison
The maximum IWMW drawdown since its inception was -21.82%, roughly equal to the maximum PEPS drawdown of -21.26%. Use the drawdown chart below to compare losses from any high point for IWMW and PEPS.
Loading charts...
Drawdown Indicators
| IWMW | PEPS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.82% | -21.26% | -0.56% |
Max Drawdown (1Y)Largest decline over 1 year | -6.94% | -9.80% | +2.86% |
Current DrawdownCurrent decline from peak | 0.00% | 0.00% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -3.60% | -2.66% | -0.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.00% | 2.24% | -0.24% |
Volatility
IWMW vs. PEPS - Volatility Comparison
The current volatility for iShares Russell 2000 BuyWrite ETF (IWMW) is 3.21%, while Parametric Equity Plus ETF (PEPS) has a volatility of 3.84%. This indicates that IWMW experiences smaller price fluctuations and is considered to be less risky than PEPS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| IWMW | PEPS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.21% | 3.84% | -0.63% |
Volatility (6M)Calculated over the trailing 6-month period | 9.40% | 11.00% | -1.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.61% | 14.11% | -1.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.81% | 18.08% | -2.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.81% | 18.08% | -2.27% |
IWMW vs. PEPS - Expense Ratio Comparison
IWMW has a 0.39% expense ratio, which is higher than PEPS's 0.10% expense ratio.
Dividends
IWMW vs. PEPS - Dividend Comparison
IWMW's dividend yield for the trailing twelve months is around 20.25%, more than PEPS's 0.91% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
IWMW iShares Russell 2000 BuyWrite ETF | 20.25% | 20.98% | 17.73% |
PEPS Parametric Equity Plus ETF | 0.91% | 1.00% | 0.17% |
Frequently Asked Questions
IWMW and PEPS have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PEPS has higher volatility (3.84%) compared to IWMW (3.21%). In terms of maximum drawdown, IWMW dropped -21.82% vs PEPS's -21.26%.
On 1-year performance, IWMW leads with 27.46% vs 24.39% for PEPS. On fees, PEPS is cheaper at 0.10% 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.
Over the 1-year period, IWMW has performed better with a 27.46% return vs 24.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PEPS is cheaper with a 0.10% expense ratio, compared with 0.39% for IWMW.
IWMW has the higher dividend yield at 20.25%, compared with 0.91% for PEPS.
They also come from different issuers: iShares and Parametric. Their fees differ too: 0.39% for IWMW and 0.10% for PEPS.
IWMW currently has the higher Sharpe Ratio (2.21 vs 1.75), 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 PEPS
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