SOXY vs. HYGW

Last updated Aug 4, 2026

SOXY (YieldMax Target 12™ Semiconductor Option Income ETF) and HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) are both Derivative Income funds. SOXY is actively managed, while HYGW is passively managed. Over the past year, SOXY returned 95.22% vs 6.23% for HYGW. Their 0.41 correlation means their historical movements had little consistent relationship. SOXY charges 1.06%/yr vs 0.69%/yr for HYGW.

Performance

SOXY vs. HYGW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Target 12™ Semiconductor Option Income ETF (SOXY) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SOXY achieves a 59.66% return, which is significantly higher than HYGW's 2.68% return.

SOXY

• 1D: 0.84%
• 1M: -11.28%
• 6M: 41.13%
• YTD: 59.66%
• 1Y: 95.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 59.08%

HYGW

• 1D: 0.31%
• 1M: 0.35%
• 6M: 2.13%
• YTD: 2.68%
• 1Y: 6.23%
• 3Y*: 5.49%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.75%

*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)
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	$507.28K	$613.90K	$793.25K
SOXY YieldMax Target 12™ Semiconductor Option Income ETF	$2.13M	$2.40M	$2.09M

SOXY vs. HYGW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SOXY YieldMax Target 12™ Semiconductor Option Income ETF	59.66%	37.00%	-0.99%
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	2.68%	6.19%	-0.55%

Correlation

The correlation between SOXY and HYGW is 0.39, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.39
Correlation (All Time) Calculated using the full available price history since Dec 3, 2024	0.41

Return for Risk

SOXY vs. HYGW — Risk / Return Rank

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

SOXY

SOXY Risk / Return Rank: 87
SOXY Sharpe Ratio Rank: 92
SOXY Sortino Ratio Rank: 84
SOXY Omega Ratio Rank: 85
SOXY Calmar Ratio Rank: 85
SOXY Martin Ratio Rank: 90

HYGW

HYGW Risk / Return Rank: 89
HYGW Sharpe Ratio Rank: 87
HYGW Sortino Ratio Rank: 88
HYGW Omega Ratio Rank: 91
HYGW Calmar Ratio Rank: 86
HYGW Martin Ratio Rank: 91

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.

SOXY vs. HYGW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Target 12™ Semiconductor Option Income ETF (SOXY) and iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW). 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.

	SOXY	HYGW	Difference
Sharpe ratio: Return per unit of total volatility	2.41	2.13	+0.27
Sortino ratio: Return per unit of downside risk	2.81	3.10	-0.29
Omega ratio: Gain probability vs. loss probability	1.38	1.44	-0.06
Calmar ratio: Return relative to maximum drawdown	3.35	3.44	-0.09
Martin ratio: Return relative to average drawdown	14.82	15.37	-0.55

SOXY vs. HYGW - Sharpe Ratio Comparison

The current SOXY Sharpe Ratio is 2.41, which is comparable to the HYGW Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of SOXY and HYGW, 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

SOXY vs. HYGW - Drawdown Comparison

The maximum SOXY drawdown since its inception was -30.22%, which is greater than HYGW's maximum drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for SOXY and HYGW.

Drawdown Indicators

	SOXY	HYGW	Difference
Max Drawdown Largest peak-to-trough decline	-30.22%	-5.49%	-24.73%
Max Drawdown (1Y) Largest decline over 1 year	-28.56%	-1.82%	-26.74%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.42%	—
Current Drawdown Current decline from peak	-21.05%	0.00%	-21.05%
Average Drawdown Average peak-to-trough decline	-5.53%	-0.59%	-4.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.45%	0.41%	+6.04%

Volatility

SOXY vs. HYGW - Volatility Comparison

YieldMax Target 12™ Semiconductor Option Income ETF (SOXY) has a higher volatility of 17.94% compared to iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) at 0.86%. This indicates that SOXY's price experiences larger fluctuations and is considered to be riskier than HYGW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SOXY	HYGW	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.94%	0.86%	+17.08%
Volatility (6M) Calculated over the trailing 6-month period	35.55%	2.34%	+33.21%
Volatility (1Y) Calculated over the trailing 1-year period	39.88%	2.94%	+36.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.26%	4.62%	+34.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.26%	4.62%	+34.64%

SOXY vs. HYGW - Expense Ratio Comparison

SOXY has a 1.06% expense ratio, which is higher than HYGW's 0.69% expense ratio.

Dividends

SOXY vs. HYGW - Dividend Comparison

SOXY's dividend yield for the trailing twelve months is around 9.34%, less than HYGW's 10.67% yield.

Position	TTM	2025	2024	2023	2022
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF	10.67%	12.53%	12.30%	15.98%	8.71%
SOXY YieldMax Target 12™ Semiconductor Option Income ETF	9.34%	11.47%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SOXY and HYGW in my portfolio?

SOXY and HYGW have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SOXY or HYGW?

SOXY has higher volatility (17.94%) compared to HYGW (0.86%). In terms of maximum drawdown, SOXY dropped -30.22% vs HYGW's -5.49%.

Which ETF is better, SOXY or HYGW?

On 1-year performance, SOXY leads with 95.22% vs 6.23% for HYGW. On fees, HYGW is cheaper at 0.69% per year. On volatility, HYGW has been the lower-risk option at 0.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SOXY or HYGW?

Over the 1-year period, SOXY has performed better with a 95.22% return vs 6.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SOXY or HYGW?

HYGW is cheaper with a 0.69% expense ratio, compared with 1.06% for SOXY.

Which ETF pays a higher dividend yield, SOXY or HYGW?

HYGW has the higher dividend yield at 10.67%, compared with 9.34% for SOXY.

What is the main difference between SOXY and HYGW?

They also come from different issuers: YieldMax and iShares. Their fees differ too: 1.06% for SOXY and 0.69% for HYGW.

Which has better risk-adjusted returns?

SOXY currently has the higher Sharpe Ratio (2.41 vs 2.13), 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.