PUTW vs. GAUG

Last updated Jun 4, 2026

PUTW (WisdomTree Equity Premium Income Fund) and GAUG (FT Cboe Vest U.S. Equity Moderate Buffer ETF - August) are both funds - PUTW is a Derivative Income fund tracking the Volos U.S. Large Cap Target 2.5% PutWrite Index, while GAUG is a Options Trading fund tracking the S&P 500. Both are passively managed. Over the past year, PUTW returned 18.84% vs 14.06% for GAUG. Their correlation of 0.81 suggests significant overlap in exposure. PUTW charges 0.44%/yr vs 0.85%/yr for GAUG.

Performance

PUTW vs. GAUG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Equity Premium Income Fund (PUTW) and FT Cboe Vest U.S. Equity Moderate Buffer ETF - August (GAUG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PUTW achieves a 4.26% return, which is significantly lower than GAUG's 4.97% return.

PUTW

• 1D: -0.18%
• 1M: 1.94%
• YTD: 4.26%
• 6M: 4.65%
• 1Y: 18.84%
• 3Y*: 13.62%
• 5Y*: 9.92%
• 10Y*: 8.30%

GAUG

• 1D: -0.18%
• 1M: 1.59%
• YTD: 4.97%
• 6M: 5.40%
• 1Y: 14.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

PUTW vs. GAUG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PUTW WisdomTree Equity Premium Income Fund	4.26%	14.45%	17.18%	3.84%
GAUG FT Cboe Vest U.S. Equity Moderate Buffer ETF - August	4.97%	11.28%	11.78%	5.84%

Correlation

The correlation between PUTW and GAUG is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (All Time) Calculated using the full available price history since Aug 22, 2023	0.81

The correlation between PUTW and GAUG has been stable across timeframes, ranging from 0.80 to 0.81 - a consistent structural relationship.

PUTW vs. GAUG - Sectors Allocation Comparison

Sectors	PUTW	GAUG
Basic Materials	-	1.8%
Communication Services	-	10.9%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Healthcare	-	8.4%
Industrials	-	8.1%
Real Estate	-	1.9%
Technology	-	36.2%
Utilities	-	2.3%
Financial Services	-0.0%	11.9%

Return for Risk

PUTW vs. GAUG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PUTW

PUTW Risk / Return Rank: 55
PUTW Sharpe Ratio Rank: 52
PUTW Sortino Ratio Rank: 50
PUTW Omega Ratio Rank: 60
PUTW Calmar Ratio Rank: 48
PUTW Martin Ratio Rank: 65

GAUG

GAUG Risk / Return Rank: 80
GAUG Sharpe Ratio Rank: 77
GAUG Sortino Ratio Rank: 83
GAUG Omega Ratio Rank: 83
GAUG Calmar Ratio Rank: 71
GAUG Martin Ratio Rank: 86

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PUTW vs. GAUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Equity Premium Income Fund (PUTW) and FT Cboe Vest U.S. Equity Moderate Buffer ETF - August (GAUG). 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.

	PUTW	GAUG	Difference
Sharpe ratio Return per unit of total volatility	2.14	2.48	-0.34
Sortino ratio Return per unit of downside risk	2.98	3.71	-0.72
Omega ratio Gain probability vs. loss probability	1.43	1.50	-0.07
Calmar ratio Return relative to maximum drawdown	2.65	3.52	-0.88
Martin ratio Return relative to average drawdown	12.69	18.35	-5.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PUTW vs. GAUG - Sharpe Ratio Comparison

The current PUTW Sharpe Ratio is 2.14, which is comparable to the GAUG Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of PUTW and GAUG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PUTW	GAUG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.14	2.48	-0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	1.65	-1.00

Drawdowns

PUTW vs. GAUG - Drawdown Comparison

The maximum PUTW drawdown since its inception was -28.40%, which is greater than GAUG's maximum drawdown of -10.08%. Use the drawdown chart below to compare losses from any high point for PUTW and GAUG.

Drawdown Indicators

	PUTW	GAUG	Difference
Max Drawdown Largest peak-to-trough decline	-28.40%	-10.08%	-18.32%
Max Drawdown (1Y) Largest decline over 1 year	-7.15%	-4.01%	-3.14%
Max Drawdown (3Y) Largest decline over 3 years	-15.26%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.56%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-28.40%	—	—
Current Drawdown Current decline from peak	-0.27%	-0.18%	-0.09%
Average Drawdown Average peak-to-trough decline	-3.44%	-0.73%	-2.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.49%	0.77%	+0.72%

Volatility

PUTW vs. GAUG - Volatility Comparison

WisdomTree Equity Premium Income Fund (PUTW) has a higher volatility of 0.90% compared to FT Cboe Vest U.S. Equity Moderate Buffer ETF - August (GAUG) at 0.75%. This indicates that PUTW's price experiences larger fluctuations and is considered to be riskier than GAUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PUTW	GAUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.90%	0.75%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	7.00%	4.33%	+2.67%
Volatility (1Y) Calculated over the trailing 1-year period	8.86%	5.70%	+3.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.13%	7.53%	+4.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.22%	7.53%	+5.69%

PUTW vs. GAUG - Expense Ratio Comparison

PUTW has a 0.44% expense ratio, which is lower than GAUG's 0.85% expense ratio.

Dividends

PUTW vs. GAUG - Dividend Comparison

PUTW's dividend yield for the trailing twelve months is around 12.06%, while GAUG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
GAUG FT Cboe Vest U.S. Equity Moderate Buffer ETF - August	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PUTW WisdomTree Equity Premium Income Fund	12.06%	13.18%	11.99%	8.94%	3.27%	0.00%	1.43%	1.47%	6.46%	3.52%	2.27%

Frequently Asked Questions

Can I hold both PUTW and GAUG in my portfolio?

PUTW and GAUG have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PUTW or GAUG?

PUTW has higher volatility (0.90%) compared to GAUG (0.75%). In terms of maximum drawdown, PUTW dropped -28.40% vs GAUG's -10.08%.

Which has better risk-adjusted returns?

GAUG currently has the higher Sharpe Ratio (2.48 vs 2.14), 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.