IWMW vs. VOO

Last updated Aug 4, 2026

IWMW (iShares Russell 2000 BuyWrite ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - IWMW is a Derivative Income fund tracking the Cboe FTSE Russell IWM 2% OTM BuyWrite Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past year, IWMW returned 28.86% vs 23.30% for VOO. Their 0.75 correlation means they have sometimes moved together and sometimes differently. IWMW charges 0.39%/yr vs 0.03%/yr for VOO.

Performance

IWMW vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2000 BuyWrite ETF (IWMW) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWMW achieves a 14.93% return, which is significantly higher than VOO's 11.72% return.

IWMW

• 1D: 1.25%
• 1M: 1.52%
• 6M: 12.44%
• YTD: 14.93%
• 1Y: 28.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.05%

VOO

• 1D: 1.42%
• 1M: 1.69%
• 6M: 9.53%
• YTD: 11.72%
• 1Y: 23.30%
• 3Y*: 20.85%
• 5Y*: 13.12%
• 10Y*: 15.17%
• ALL TIME*: 14.88%

*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	$499.64K	$470.58K	$525.87K
VOO Vanguard S&P 500 ETF	$3.97B	$3.80B	$5.49B

IWMW vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IWMW iShares Russell 2000 BuyWrite ETF	14.93%	7.82%	5.85%
VOO Vanguard S&P 500 ETF	11.72%	17.82%	15.35%

Correlation

The correlation between IWMW and VOO is 0.75, 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.	0.75
Correlation (All Time) Calculated using the full available price history since Mar 15, 2024	0.75

The correlation between IWMW and VOO has been stable across timeframes, ranging from 0.75 to 0.75 - a consistent structural relationship.

IWMW vs. VOO - Sectors Allocation Comparison

Sectors	IWMW	VOO
Healthcare	20.3%	8.9%
Financial Services	17.6%	11.4%
Technology	14.5%	38.6%
Industrials	14.1%	8.5%
Consumer Cyclical	9.2%	9.5%
Real Estate	6.7%	1.8%
Energy	5.5%	3.0%
Basic Materials	4.4%	1.7%
Utilities	2.8%	2.2%
Consumer Defensive	2.6%	4.5%
Communication Services	2.2%	9.9%

Return for Risk

IWMW vs. VOO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IWMW

IWMW Risk / Return Rank: 90
IWMW Sharpe Ratio Rank: 90
IWMW Sortino Ratio Rank: 89
IWMW Omega Ratio Rank: 92
IWMW Calmar Ratio Rank: 91
IWMW Martin Ratio Rank: 89

VOO

VOO Risk / Return Rank: 78
VOO Sharpe Ratio Rank: 79
VOO Sortino Ratio Rank: 77
VOO Omega Ratio Rank: 78
VOO Calmar Ratio Rank: 74
VOO Martin Ratio Rank: 83

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 BuyWrite ETF (IWMW) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	2.30	1.83	+0.47
Sortino ratio: Return per unit of downside risk	3.13	2.53	+0.60
Omega ratio: Gain probability vs. loss probability	1.45	1.33	+0.12
Calmar ratio: Return relative to maximum drawdown	4.17	2.63	+1.54
Martin ratio: Return relative to average drawdown	14.45	11.23	+3.21

IWMW vs. VOO - Sharpe Ratio Comparison

The current IWMW Sharpe Ratio is 2.30, which is comparable to the VOO Sharpe Ratio of 1.83. The chart below compares the historical Sharpe Ratios of IWMW and VOO, 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. VOO - Drawdown Comparison

The maximum IWMW drawdown since its inception was -21.82%, smaller than the maximum VOO drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for IWMW and VOO.

Drawdown Indicators

	IWMW	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-21.82%	-33.99%	+12.17%
Max Drawdown (1Y) Largest decline over 1 year	-6.94%	-8.90%	+1.96%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.69%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.52%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-3.61%	-3.67%	+0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	2.08%	-0.08%

Volatility

IWMW vs. VOO - Volatility Comparison

The current volatility for iShares Russell 2000 BuyWrite ETF (IWMW) is 3.10%, while Vanguard S&P 500 ETF (VOO) has a volatility of 3.81%. This indicates that IWMW experiences smaller price fluctuations and is considered to be less risky than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWMW	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.10%	3.81%	-0.71%
Volatility (6M) Calculated over the trailing 6-month period	9.39%	10.18%	-0.79%
Volatility (1Y) Calculated over the trailing 1-year period	12.61%	12.80%	-0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.81%	16.95%	-1.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.81%	18.02%	-2.21%

IWMW vs. VOO - Expense Ratio Comparison

IWMW has a 0.39% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

IWMW vs. VOO - Dividend Comparison

IWMW's dividend yield for the trailing twelve months is around 20.90%, more than VOO's 1.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWMW iShares Russell 2000 BuyWrite ETF	20.90%	20.98%	17.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both IWMW and VOO in my portfolio?

IWMW and VOO have a correlation of 0.75, 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 VOO?

VOO has higher volatility (3.81%) compared to IWMW (3.10%). In terms of maximum drawdown, IWMW dropped -21.82% vs VOO's -33.99%.

Which ETF is better, IWMW or VOO?

On 1-year performance, IWMW leads with 28.86% vs 23.30% for VOO. On fees, VOO is cheaper at 0.03% per year. On volatility, IWMW has been the lower-risk option at 3.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWMW or VOO?

Over the 1-year period, IWMW has performed better with a 28.86% return vs 23.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWMW or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.39% for IWMW.

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

IWMW has the higher dividend yield at 20.90%, compared with 1.05% for VOO.

What is the main difference between IWMW and VOO?

IWMW is categorized as Derivative Income, while VOO is S&P 500. IWMW tracks Cboe FTSE Russell IWM 2% OTM BuyWrite Index, while VOO tracks S&P 500 Index. They also come from different issuers: iShares and Vanguard. Their fees differ too: 0.39% for IWMW and 0.03% for VOO.

Which has better risk-adjusted returns?

IWMW currently has the higher Sharpe Ratio (2.30 vs 1.83), 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.