IYW vs. GLDY
IYW (iShares U.S. Technology ETF) and GLDY (Defiance Gold Enhanced Options Income ETF) are both exchange-traded funds - IYW is a Technology Equities fund tracking the Russell 1000 Technology RIC 22.5/45 Capped Index, while GLDY is a Derivative Income fund actively managed by Defiance. IYW is passively managed, while GLDY is actively managed. Over the past year, IYW returned 50.17% vs 5.56% for GLDY. At a 0.08 correlation, their price movements are largely independent. IYW charges 0.38%/yr vs 0.99%/yr for GLDY.
Performance
IYW vs. GLDY - Performance Comparison
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Returns By Period
In the year-to-date period, IYW achieves a 22.66% return, which is significantly higher than GLDY's -7.57% return.
IYW
- 1D
- 0.61%
- 1M
- 2.53%
- YTD
- 22.66%
- 6M
- 23.40%
- 1Y
- 50.17%
- 3Y*
- 32.06%
- 5Y*
- 21.19%
- 10Y*
- 25.63%
GLDY
- 1D
- 10.92%
- 1M
- -7.14%
- YTD
- -7.57%
- 6M
- -7.59%
- 1Y
- 5.56%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IYW vs. GLDY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IYW iShares U.S. Technology ETF | 22.66% | 40.92% |
GLDY Defiance Gold Enhanced Options Income ETF | -7.57% | 15.15% |
Correlation
The correlation between IYW and GLDY is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025 | 0.08 |
The correlation between IYW and GLDY shifts across timeframes, from 0.08 (all time) to 0.19 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
IYW vs. GLDY — Risk / Return Rank
IYW
GLDY
IYW vs. GLDY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Technology ETF (IYW) and Defiance Gold Enhanced Options Income ETF (GLDY). 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.
| IYW | GLDY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.98 | ||
| Sortino ratioReturn per unit of downside risk | +2.32 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.08 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 2.70 | 0.25 | +2.46 |
| Martin ratioReturn relative to average drawdown | 8.68 | 1.01 | +7.67 |
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Drawdowns
IYW vs. GLDY - Drawdown Comparison
The maximum IYW drawdown since its inception was -81.90%, which is greater than GLDY's maximum drawdown of -25.90%. Use the drawdown chart below to compare losses from any high point for IYW and GLDY.
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Drawdown Indicators
| IYW | GLDY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.90% | -25.90% | -56.00% |
Max Drawdown (1Y)Largest decline over 1 year | -17.81% | -25.90% | +8.09% |
Max Drawdown (3Y)Largest decline over 3 years | -26.47% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -39.44% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -39.44% | — | — |
Current DrawdownCurrent decline from peak | -5.81% | -17.80% | +11.99% |
Average DrawdownAverage peak-to-trough decline | -34.62% | -4.22% | -30.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.54% | 6.37% | -0.83% |
Volatility
IYW vs. GLDY - Volatility Comparison
The current volatility for iShares U.S. Technology ETF (IYW) is 9.41%, while Defiance Gold Enhanced Options Income ETF (GLDY) has a volatility of 14.74%. This indicates that IYW experiences smaller price fluctuations and is considered to be less risky than GLDY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IYW | GLDY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.41% | 14.74% | -5.33% |
Volatility (6M)Calculated over the trailing 6-month period | 17.67% | 23.06% | -5.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.47% | 24.44% | -2.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.07% | 23.33% | +2.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.20% | 23.33% | +1.87% |
IYW vs. GLDY - Expense Ratio Comparison
IYW has a 0.38% expense ratio, which is lower than GLDY's 0.99% expense ratio.
Dividends
IYW vs. GLDY - Dividend Comparison
IYW's dividend yield for the trailing twelve months is around 0.11%, less than GLDY's 50.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GLDY Defiance Gold Enhanced Options Income ETF | 50.86% | 37.38% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IYW iShares U.S. Technology ETF | 0.11% | 0.14% | 0.21% | 0.34% | 0.50% | 0.31% | 0.56% | 0.72% | 0.92% | 0.82% | 1.14% | 1.12% |
Frequently Asked Questions
IYW and GLDY have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLDY has higher volatility (14.74%) compared to IYW (9.41%). In terms of maximum drawdown, IYW dropped -81.90% vs GLDY's -25.90%.
On 1-year performance, IYW leads with 50.17% vs 5.56% for GLDY. On fees, IYW is cheaper at 0.38% per year. On volatility, IYW has been the lower-risk option at 9.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IYW has performed better with a 50.17% return vs 5.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IYW is cheaper with a 0.38% expense ratio, compared with 0.99% for GLDY.
GLDY has the higher dividend yield at 50.86%, compared with 0.11% for IYW.
IYW is categorized as Technology Equities, while GLDY is Derivative Income. They also come from different issuers: iShares and Defiance. Their fees differ too: 0.38% for IYW and 0.99% for GLDY.
IYW currently has the higher Sharpe Ratio (2.24 vs 0.26), 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.
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