SAUG vs. IWMY

Last updated Jun 24, 2026

SAUG (FT Cboe Vest U.S. Small Cap Moderate Buffer ETF - August) and IWMY (Defiance R2000 Enhanced Options & 0DTE Income ETF) are both Options Trading funds. SAUG is actively managed, while IWMY is passively managed. Over the past year, SAUG returned 19.55% vs 21.86% for IWMY. Their correlation of 0.89 suggests significant overlap in exposure. SAUG charges 0.90%/yr vs 0.99%/yr for IWMY.

Performance

SAUG vs. IWMY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Small Cap Moderate Buffer ETF - August (SAUG) and Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SAUG achieves a 8.49% return, which is significantly lower than IWMY's 14.94% return.

SAUG

• 1D: -0.15%
• 1M: 1.22%
• YTD: 8.49%
• 6M: 7.47%
• 1Y: 19.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWMY

• 1D: -0.81%
• 1M: 3.35%
• YTD: 14.94%
• 6M: 12.52%
• 1Y: 21.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SAUG vs. IWMY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SAUG FT Cboe Vest U.S. Small Cap Moderate Buffer ETF - August	8.49%	8.23%	11.08%	13.17%
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	14.94%	10.18%	5.56%	10.06%

Correlation

The correlation between SAUG and IWMY is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Oct 31, 2023	0.89

The correlation between SAUG and IWMY has been stable across timeframes, ranging from 0.89 to 0.89 - a consistent structural relationship.

Return for Risk

SAUG vs. IWMY — Risk / Return Rank

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

SAUG

SAUG Risk / Return Rank: 79
SAUG Sharpe Ratio Rank: 70
SAUG Sortino Ratio Rank: 78
SAUG Omega Ratio Rank: 74
SAUG Calmar Ratio Rank: 88
SAUG Martin Ratio Rank: 84

IWMY

IWMY Risk / Return Rank: 39
IWMY Sharpe Ratio Rank: 39
IWMY Sortino Ratio Rank: 37
IWMY Omega Ratio Rank: 36
IWMY Calmar Ratio Rank: 39
IWMY Martin Ratio Rank: 41

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.

SAUG vs. IWMY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Small Cap Moderate Buffer ETF - August (SAUG) and Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY). 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.

	SAUG	IWMY	Difference
Sharpe ratio: Return per unit of total volatility	2.07	1.34	+0.73
Sortino ratio: Return per unit of downside risk	3.16	1.84	+1.31
Omega ratio: Gain probability vs. loss probability	1.40	1.23	+0.16
Calmar ratio: Return relative to maximum drawdown	4.79	1.90	+2.89
Martin ratio: Return relative to average drawdown	15.75	6.20	+9.55

SAUG vs. IWMY - Sharpe Ratio Comparison

The current SAUG Sharpe Ratio is 2.07, which is higher than the IWMY Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of SAUG and IWMY, 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

SAUG vs. IWMY - Drawdown Comparison

The maximum SAUG drawdown since its inception was -14.62%, smaller than the maximum IWMY drawdown of -18.72%. Use the drawdown chart below to compare losses from any high point for SAUG and IWMY.

Drawdown Indicators

	SAUG	IWMY	Difference
Max Drawdown Largest peak-to-trough decline	-14.62%	-18.72%	+4.10%
Max Drawdown (1Y) Largest decline over 1 year	-4.10%	-11.57%	+7.47%
Current Drawdown Current decline from peak	-0.15%	-0.81%	+0.66%
Average Drawdown Average peak-to-trough decline	-2.21%	-2.94%	+0.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.24%	3.54%	-2.30%

Volatility

SAUG vs. IWMY - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Small Cap Moderate Buffer ETF - August (SAUG) is 1.35%, while Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) has a volatility of 6.20%. This indicates that SAUG experiences smaller price fluctuations and is considered to be less risky than IWMY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SAUG	IWMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.35%	6.20%	-4.85%
Volatility (6M) Calculated over the trailing 6-month period	5.39%	13.55%	-8.16%
Volatility (1Y) Calculated over the trailing 1-year period	9.48%	16.37%	-6.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.72%	15.95%	-4.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.72%	15.95%	-4.23%

SAUG vs. IWMY - Expense Ratio Comparison

SAUG has a 0.90% expense ratio, which is lower than IWMY's 0.99% expense ratio.

Dividends

SAUG vs. IWMY - Dividend Comparison

SAUG has not paid dividends to shareholders, while IWMY's dividend yield for the trailing twelve months is around 43.75%.

Position	TTM	2025	2024	2023
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	43.75%	63.33%	107.92%	11.34%
SAUG FT Cboe Vest U.S. Small Cap Moderate Buffer ETF - August	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SAUG and IWMY in my portfolio?

SAUG and IWMY have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SAUG or IWMY?

IWMY has higher volatility (6.20%) compared to SAUG (1.35%). In terms of maximum drawdown, SAUG dropped -14.62% vs IWMY's -18.72%.

Which ETF is better, SAUG or IWMY?

On 1-year performance, IWMY leads with 21.86% vs 19.55% for SAUG. On fees, SAUG is cheaper at 0.90% per year. On volatility, SAUG has been the lower-risk option at 1.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SAUG or IWMY?

Over the 1-year period, IWMY has performed better with a 21.86% return vs 19.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SAUG or IWMY?

SAUG is cheaper with a 0.90% expense ratio, compared with 0.99% for IWMY.

Which ETF pays a higher dividend yield, SAUG or IWMY?

IWMY has the higher dividend yield at 43.75%, compared with 0.00% for SAUG.

What is the main difference between SAUG and IWMY?

They also come from different issuers: FT Vest and Defiance. Their fees differ too: 0.90% for SAUG and 0.99% for IWMY.

Which has better risk-adjusted returns?

SAUG currently has the higher Sharpe Ratio (2.07 vs 1.34), 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.