IWMW vs. SPIN

Last updated Aug 5, 2026

IWMW (iShares Russell 2000 BuyWrite ETF) and SPIN (State Street US Equity Premium Income ETF) are both Derivative Income funds. IWMW is passively managed, while SPIN is actively managed. Over the past year, IWMW returned 27.46% vs 15.59% for SPIN. Their 0.72 correlation means they have sometimes moved together and sometimes differently. IWMW charges 0.39%/yr vs 0.25%/yr for SPIN.

Performance

IWMW vs. SPIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2000 BuyWrite ETF (IWMW) and State Street US Equity Premium Income ETF (SPIN). 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 SPIN's 6.77% return.

IWMW

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

SPIN

• 1D: 1.16%
• 1M: 3.88%
• 6M: 6.20%
• YTD: 6.77%
• 1Y: 15.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.60%

*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
SPIN State Street US Equity Premium Income ETF	$77.31K	$144.59K	$118.60K

IWMW vs. SPIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IWMW iShares Russell 2000 BuyWrite ETF	16.00%	7.82%	5.91%
SPIN State Street US Equity Premium Income ETF	6.77%	14.14%	6.47%

Correlation

The correlation between IWMW and SPIN is 0.69, 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.	0.69
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.72

The correlation between IWMW and SPIN has been stable across timeframes, ranging from 0.69 to 0.72 - a consistent structural relationship.

IWMW vs. SPIN - Sectors Allocation Comparison

Sectors	IWMW	SPIN
Healthcare	20.3%	8.7%
Financial Services	17.6%	12.3%
Technology	14.5%	39.0%
Industrials	14.1%	8.6%
Consumer Cyclical	9.2%	8.2%
Real Estate	6.7%	1.5%
Energy	5.5%	2.5%
Basic Materials	4.4%	2.4%
Utilities	2.8%	1.9%
Consumer Defensive	2.6%	3.7%
Communication Services	2.2%	11.1%

Return for Risk

IWMW vs. SPIN — 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

SPIN

SPIN Risk / Return Rank: 46
SPIN Sharpe Ratio Rank: 47
SPIN Sortino Ratio Rank: 46
SPIN Omega Ratio Rank: 47
SPIN Calmar Ratio Rank: 40
SPIN Martin Ratio Rank: 49

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. SPIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 BuyWrite ETF (IWMW) and State Street US Equity Premium Income ETF (SPIN). 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	SPIN	Difference
Sharpe ratio: Return per unit of total volatility	2.21	1.35	+0.86
Sortino ratio: Return per unit of downside risk	2.99	1.90	+1.09
Omega ratio: Gain probability vs. loss probability	1.43	1.25	+0.19
Calmar ratio: Return relative to maximum drawdown	3.97	1.60	+2.38
Martin ratio: Return relative to average drawdown	13.75	6.39	+7.36

IWMW vs. SPIN - Sharpe Ratio Comparison

The current IWMW Sharpe Ratio is 2.21, which is higher than the SPIN Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of IWMW and SPIN, 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. SPIN - Drawdown Comparison

The maximum IWMW drawdown since its inception was -21.82%, which is greater than SPIN's maximum drawdown of -16.85%. Use the drawdown chart below to compare losses from any high point for IWMW and SPIN.

Drawdown Indicators

	IWMW	SPIN	Difference
Max Drawdown Largest peak-to-trough decline	-21.82%	-16.85%	-4.97%
Max Drawdown (1Y) Largest decline over 1 year	-6.94%	-9.81%	+2.87%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.60%	-2.20%	-1.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	2.45%	-0.45%

Volatility

IWMW vs. SPIN - Volatility Comparison

The current volatility for iShares Russell 2000 BuyWrite ETF (IWMW) is 3.21%, while State Street US Equity Premium Income ETF (SPIN) has a volatility of 3.83%. This indicates that IWMW experiences smaller price fluctuations and is considered to be less risky than SPIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWMW	SPIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.21%	3.83%	-0.62%
Volatility (6M) Calculated over the trailing 6-month period	9.40%	8.95%	+0.45%
Volatility (1Y) Calculated over the trailing 1-year period	12.61%	11.70%	+0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.81%	14.28%	+1.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.81%	14.28%	+1.53%

IWMW vs. SPIN - Expense Ratio Comparison

IWMW has a 0.39% expense ratio, which is higher than SPIN's 0.25% expense ratio.

Dividends

IWMW vs. SPIN - Dividend Comparison

IWMW's dividend yield for the trailing twelve months is around 20.25%, more than SPIN's 4.84% yield.

Position	TTM	2025	2024
IWMW iShares Russell 2000 BuyWrite ETF	20.25%	20.98%	17.73%
SPIN State Street US Equity Premium Income ETF	4.84%	8.20%	2.36%

Frequently Asked Questions

Can I hold both IWMW and SPIN in my portfolio?

IWMW and SPIN have a correlation of 0.69, 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 SPIN?

SPIN has higher volatility (3.83%) compared to IWMW (3.21%). In terms of maximum drawdown, IWMW dropped -21.82% vs SPIN's -16.85%.

Which ETF is better, IWMW or SPIN?

On 1-year performance, IWMW leads with 27.46% vs 15.59% for SPIN. On fees, SPIN is cheaper at 0.25% 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 SPIN?

Over the 1-year period, IWMW has performed better with a 27.46% return vs 15.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWMW or SPIN?

SPIN is cheaper with a 0.25% expense ratio, compared with 0.39% for IWMW.

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

IWMW has the higher dividend yield at 20.25%, compared with 4.84% for SPIN.

What is the main difference between IWMW and SPIN?

They also come from different issuers: iShares and State Street. Their fees differ too: 0.39% for IWMW and 0.25% for SPIN.

Which has better risk-adjusted returns?

IWMW currently has the higher Sharpe Ratio (2.21 vs 1.35), 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.