TIME vs. HYGW
TIME (Clockwise Core Equity & Innovation ETF) and HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) are both exchange-traded funds - TIME is a Technology Equities fund actively managed by Clockwise Capital, while HYGW is a High Yield Bonds fund tracking the Cboe HYG BuyWrite Index. TIME is actively managed, while HYGW is passively managed. Over the past year, TIME returned 20.87% vs 6.56% for HYGW. A 0.52 correlation means they provide meaningful diversification when combined. TIME charges 1.00%/yr vs 0.69%/yr for HYGW.
Performance
TIME vs. HYGW - Performance Comparison
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Returns By Period
In the year-to-date period, TIME achieves a 8.52% return, which is significantly higher than HYGW's 2.12% return.
TIME
- 1D
- 1.51%
- 1M
- 0.83%
- YTD
- 8.52%
- 6M
- 10.22%
- 1Y
- 20.87%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HYGW
- 1D
- 0.24%
- 1M
- 1.37%
- YTD
- 2.12%
- 6M
- 2.45%
- 1Y
- 6.56%
- 3Y*
- 5.70%
- 5Y*
- —
- 10Y*
- —
TIME vs. HYGW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TIME Clockwise Core Equity & Innovation ETF | 8.52% | 10.17% | 5.94% |
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 2.12% | 6.19% | 3.08% |
Correlation
The correlation between TIME and HYGW is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (All Time) Calculated using the full available price history since Jun 24, 2024 | 0.52 |
The correlation between TIME and HYGW has been stable across timeframes, ranging from 0.48 to 0.52 - a consistent structural relationship.
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Return for Risk
TIME vs. HYGW — Risk / Return Rank
TIME
HYGW
TIME vs. HYGW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Clockwise Core Equity & Innovation ETF (TIME) 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.
| TIME | HYGW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.80 | ||
| Sortino ratioReturn per unit of downside risk | -1.33 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.49 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 1.60 | 3.62 | -2.02 |
| Martin ratioReturn relative to average drawdown | 5.79 | 16.51 | -10.72 |
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Drawdowns
TIME vs. HYGW - Drawdown Comparison
The maximum TIME drawdown since its inception was -24.26%, which is greater than HYGW's maximum drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for TIME and HYGW.
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Drawdown Indicators
| TIME | HYGW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.26% | -5.49% | -18.77% |
Max Drawdown (1Y)Largest decline over 1 year | -13.09% | -1.82% | -11.27% |
Max Drawdown (3Y)Largest decline over 3 years | — | -3.66% | — |
Current DrawdownCurrent decline from peak | -1.91% | 0.00% | -1.91% |
Average DrawdownAverage peak-to-trough decline | -5.54% | -0.60% | -4.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.62% | 0.40% | +3.22% |
Volatility
TIME vs. HYGW - Volatility Comparison
Clockwise Core Equity & Innovation ETF (TIME) has a higher volatility of 5.05% compared to iShares High Yield Corporate Bond Buywrite Strategy ETF (HYGW) at 0.91%. This indicates that TIME'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.
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Volatility by Period
| TIME | HYGW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.05% | 0.91% | +4.14% |
Volatility (6M)Calculated over the trailing 6-month period | 10.98% | 2.24% | +8.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.88% | 2.87% | +11.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.73% | 4.67% | +13.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.73% | 4.67% | +13.06% |
TIME vs. HYGW - Expense Ratio Comparison
TIME has a 1.00% expense ratio, which is higher than HYGW's 0.69% expense ratio.
Dividends
TIME vs. HYGW - Dividend Comparison
TIME's dividend yield for the trailing twelve months is around 9.23%, less than HYGW's 11.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 11.52% | 12.53% | 12.30% | 15.98% | 8.71% |
TIME Clockwise Core Equity & Innovation ETF | 9.23% | 10.02% | 15.84% | 0.00% | 0.00% |
Frequently Asked Questions
TIME and HYGW have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TIME has higher volatility (5.05%) compared to HYGW (0.91%). In terms of maximum drawdown, TIME dropped -24.26% vs HYGW's -5.49%.
On 1-year performance, TIME leads with 20.87% vs 6.56% for HYGW. On fees, HYGW is cheaper at 0.69% per year. On volatility, HYGW has been the lower-risk option at 0.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, TIME has performed better with a 20.87% return vs 6.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYGW is cheaper with a 0.69% expense ratio, compared with 1.00% for TIME.
HYGW has the higher dividend yield at 11.52%, compared with 9.23% for TIME.
TIME is categorized as Technology Equities, while HYGW is High Yield Bonds. They also come from different issuers: Clockwise Capital and iShares. Their fees differ too: 1.00% for TIME and 0.69% for HYGW.
HYGW currently has the higher Sharpe Ratio (2.31 vs 1.51), 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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