SCLZ vs. BUYW

Last updated Aug 1, 2026

SCLZ (Swan Enhanced Dividend Income ETF) and BUYW (Main Buywrite ETF) are both Derivative Income funds. Both are actively managed. Over the past year, SCLZ returned 13.85% vs 9.05% for BUYW. Their 0.57 correlation means they have sometimes moved together and sometimes differently. SCLZ charges 0.79%/yr vs 1.29%/yr for BUYW.

Performance

SCLZ vs. BUYW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Swan Enhanced Dividend Income ETF (SCLZ) and Main Buywrite ETF (BUYW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SCLZ achieves a 6.21% return, which is significantly higher than BUYW's 4.80% return.

SCLZ

• 1D: 0.55%
• 1M: 0.16%
• 6M: 5.64%
• YTD: 6.21%
• 1Y: 13.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.23%

BUYW

• 1D: -0.21%
• 1M: 0.36%
• 6M: 4.27%
• YTD: 4.80%
• 1Y: 9.05%
• 3Y*: 8.70%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 9.92%

*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)
BUYW Main Buywrite ETF	$5.69M	$5.12M	$4.85M
SCLZ Swan Enhanced Dividend Income ETF	$90.98K	$64.06K	$62.77K

SCLZ vs. BUYW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SCLZ Swan Enhanced Dividend Income ETF	6.21%	11.12%	12.06%
BUYW Main Buywrite ETF	4.80%	9.08%	8.73%

Correlation

The correlation between SCLZ and BUYW is 0.56, 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.	0.56
Correlation (All Time) Calculated using the full available price history since Feb 27, 2024	0.57

The correlation between SCLZ and BUYW has been stable across timeframes, ranging from 0.56 to 0.57 - a consistent structural relationship.

Return for Risk

SCLZ vs. BUYW — Risk / Return Rank

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

SCLZ

SCLZ Risk / Return Rank: 56
SCLZ Sharpe Ratio Rank: 53
SCLZ Sortino Ratio Rank: 53
SCLZ Omega Ratio Rank: 54
SCLZ Calmar Ratio Rank: 52
SCLZ Martin Ratio Rank: 69

BUYW

BUYW Risk / Return Rank: 85
BUYW Sharpe Ratio Rank: 80
BUYW Sortino Ratio Rank: 83
BUYW Omega Ratio Rank: 82
BUYW Calmar Ratio Rank: 87
BUYW Martin Ratio Rank: 94

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.

SCLZ vs. BUYW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Swan Enhanced Dividend Income ETF (SCLZ) and Main Buywrite ETF (BUYW). 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.

	SCLZ	BUYW	Difference
Sharpe ratio: Return per unit of total volatility	1.30	1.82	-0.52
Sortino ratio: Return per unit of downside risk	1.89	2.71	-0.82
Omega ratio: Gain probability vs. loss probability	1.24	1.35	-0.10
Calmar ratio: Return relative to maximum drawdown	1.89	3.42	-1.53
Martin ratio: Return relative to average drawdown	8.62	18.22	-9.60

SCLZ vs. BUYW - Sharpe Ratio Comparison

The current SCLZ Sharpe Ratio is 1.30, which is comparable to the BUYW Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of SCLZ and BUYW, 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

SCLZ vs. BUYW - Drawdown Comparison

The maximum SCLZ drawdown since its inception was -12.58%, which is greater than BUYW's maximum drawdown of -9.36%. Use the drawdown chart below to compare losses from any high point for SCLZ and BUYW.

Drawdown Indicators

	SCLZ	BUYW	Difference
Max Drawdown Largest peak-to-trough decline	-12.58%	-9.36%	-3.22%
Max Drawdown (1Y) Largest decline over 1 year	-7.00%	-2.59%	-4.41%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.36%	—
Current Drawdown Current decline from peak	-1.35%	-0.21%	-1.14%
Average Drawdown Average peak-to-trough decline	-1.35%	-0.59%	-0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	0.49%	+1.04%

Volatility

SCLZ vs. BUYW - Volatility Comparison

Swan Enhanced Dividend Income ETF (SCLZ) has a higher volatility of 3.83% compared to Main Buywrite ETF (BUYW) at 1.10%. This indicates that SCLZ's price experiences larger fluctuations and is considered to be riskier than BUYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SCLZ	BUYW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.83%	1.10%	+2.73%
Volatility (6M) Calculated over the trailing 6-month period	8.47%	3.91%	+4.56%
Volatility (1Y) Calculated over the trailing 1-year period	10.16%	4.86%	+5.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.43%	8.34%	+3.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.43%	8.34%	+3.09%

SCLZ vs. BUYW - Expense Ratio Comparison

SCLZ has a 0.79% expense ratio, which is lower than BUYW's 1.29% expense ratio.

Dividends

SCLZ vs. BUYW - Dividend Comparison

SCLZ's dividend yield for the trailing twelve months is around 8.17%, more than BUYW's 5.92% yield.

Position	TTM	2025	2024	2023	2022
BUYW Main Buywrite ETF	5.92%	5.89%	5.93%	5.95%	0.50%
SCLZ Swan Enhanced Dividend Income ETF	8.17%	7.53%	4.86%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SCLZ and BUYW in my portfolio?

SCLZ and BUYW have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCLZ or BUYW?

SCLZ has higher volatility (3.83%) compared to BUYW (1.10%). In terms of maximum drawdown, SCLZ dropped -12.58% vs BUYW's -9.36%.

Which ETF is better, SCLZ or BUYW?

On 1-year performance, SCLZ leads with 13.85% vs 9.05% for BUYW. On fees, SCLZ is cheaper at 0.79% per year. On volatility, BUYW has been the lower-risk option at 1.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCLZ or BUYW?

Over the 1-year period, SCLZ has performed better with a 13.85% return vs 9.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCLZ or BUYW?

SCLZ is cheaper with a 0.79% expense ratio, compared with 1.29% for BUYW.

Which ETF pays a higher dividend yield, SCLZ or BUYW?

SCLZ has the higher dividend yield at 8.17%, compared with 5.92% for BUYW.

What is the main difference between SCLZ and BUYW?

They also come from different issuers: Swan and Main. Their fees differ too: 0.79% for SCLZ and 1.29% for BUYW.

Which has better risk-adjusted returns?

BUYW currently has the higher Sharpe Ratio (1.82 vs 1.30), 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.