TOPW vs. HYGW
TOPW (Roundhill Top WeeklyPay ETF) and HYGW (iShares High Yield Corporate Bond Buywrite Strategy ETF) are both Derivative Income funds - TOPW tracks the Solactive Roundhill WeeklyPay Universe Index while HYGW tracks the Cboe HYG BuyWrite Index. Both are passively managed. Their 0.48 correlation means their historical movements had little consistent relationship. TOPW charges 0.99%/yr vs 0.69%/yr for HYGW.
Performance
TOPW vs. HYGW - Performance Comparison
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Returns By Period
In the year-to-date period, TOPW achieves a 0.61% return, which is significantly lower than HYGW's 2.36% return.
TOPW
- 1D
- 2.78%
- 1M
- 2.62%
- 6M
- 3.61%
- YTD
- 0.61%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
HYGW
- 1D
- 0.14%
- 1M
- 0.03%
- 6M
- 1.81%
- YTD
- 2.36%
- 1Y
- 5.90%
- 3Y*
- 5.30%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 5.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $480.97K | $636.40K | $814.79K | |
| $2.24M | $2.19M | $2.72M |
TOPW vs. HYGW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TOPW Roundhill Top WeeklyPay ETF | 0.61% | -1.33% |
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 2.36% | 2.48% |
Correlation
The correlation between TOPW and HYGW is 0.48, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 4, 2025 | 0.48 |
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Return for Risk
TOPW vs. HYGW — Risk / Return Rank
TOPW
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
HYGW
TOPW vs. HYGW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Roundhill Top WeeklyPay ETF (TOPW) 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.
| TOPW | HYGW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.42 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 3.26 | — |
| Martin ratioReturn relative to average drawdown | — | 14.57 | — |
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Drawdowns
TOPW vs. HYGW - Drawdown Comparison
The maximum TOPW drawdown since its inception was -29.87%, which is greater than HYGW's maximum drawdown of -5.49%. Use the drawdown chart below to compare losses from any high point for TOPW and HYGW.
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Drawdown Indicators
| TOPW | HYGW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.87% | -5.49% | -24.38% |
Max Drawdown (1Y)Largest decline over 1 year | — | -1.82% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -3.42% | — |
Current DrawdownCurrent decline from peak | -15.94% | -0.21% | -15.73% |
Average DrawdownAverage peak-to-trough decline | -13.53% | -0.59% | -12.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.41% | — |
Volatility
TOPW vs. HYGW - Volatility Comparison
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Volatility by Period
| TOPW | HYGW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 0.80% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 2.32% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 27.68% | 2.92% | +24.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.68% | 4.62% | +23.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.68% | 4.62% | +23.06% |
TOPW vs. HYGW - Expense Ratio Comparison
TOPW has a 0.99% expense ratio, which is higher than HYGW's 0.69% expense ratio.
Dividends
TOPW vs. HYGW - Dividend Comparison
TOPW's dividend yield for the trailing twelve months is around 51.46%, more than HYGW's 10.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
HYGW iShares High Yield Corporate Bond Buywrite Strategy ETF | 10.71% | 12.53% | 12.30% | 15.98% | 8.71% |
TOPW Roundhill Top WeeklyPay ETF | 51.46% | 21.52% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TOPW 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.
On fees, HYGW is cheaper at 0.69% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HYGW is cheaper with a 0.69% expense ratio, compared with 0.99% for TOPW.
TOPW has the higher dividend yield at 51.46%, compared with 10.71% for HYGW.
TOPW tracks Solactive Roundhill WeeklyPay Universe Index, while HYGW tracks Cboe HYG BuyWrite Index. They also come from different issuers: Roundhill and iShares. Their fees differ too: 0.99% for TOPW and 0.69% for HYGW.
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