TOPW vs. IVVW

Last updated Jun 4, 2026

TOPW (Roundhill Top WeeklyPay ETF) and IVVW (iShares S&P 500 BuyWrite ETF) are both Derivative Income funds - TOPW tracks the Solactive Roundhill WeeklyPay Universe Index while IVVW tracks the Cboe S&P 500 Enhanced 1% OTM BuyWrite Index. Both are passively managed. A 0.72 correlation means they provide meaningful diversification when combined. TOPW charges 0.99%/yr vs 0.25%/yr for IVVW.

Performance

TOPW vs. IVVW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Top WeeklyPay ETF (TOPW) and iShares S&P 500 BuyWrite ETF (IVVW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TOPW achieves a 7.71% return, which is significantly higher than IVVW's 4.84% return.

TOPW

• 1D: -1.52%
• 1M: 3.60%
• YTD: 7.71%
• 6M: -0.67%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IVVW

• 1D: -0.02%
• 1M: 1.90%
• YTD: 4.84%
• 6M: 6.58%
• 1Y: 20.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TOPW vs. IVVW - Yearly Performance Comparison

	2026 (YTD)	2025
TOPW Roundhill Top WeeklyPay ETF	7.71%	-2.47%
IVVW iShares S&P 500 BuyWrite ETF	4.84%	7.65%

Correlation

The correlation between TOPW and IVVW is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 5, 2025	0.72

Return for Risk

TOPW vs. IVVW — Risk / Return Rank

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

IVVW

IVVW Risk / Return Rank: 82
IVVW Sharpe Ratio Rank: 82
IVVW Sortino Ratio Rank: 83
IVVW Omega Ratio Rank: 91
IVVW Calmar Ratio Rank: 69
IVVW Martin Ratio Rank: 87

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.

TOPW vs. IVVW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Top WeeklyPay ETF (TOPW) and iShares S&P 500 BuyWrite ETF (IVVW). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	TOPW	IVVW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.73	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	1.07	-0.82

Drawdowns

TOPW vs. IVVW - Drawdown Comparison

The maximum TOPW drawdown since its inception was -29.87%, which is greater than IVVW's maximum drawdown of -16.79%. Use the drawdown chart below to compare losses from any high point for TOPW and IVVW.

Drawdown Indicators

	TOPW	IVVW	Difference
Max Drawdown Largest peak-to-trough decline	-29.87%	-16.79%	-13.08%
Max Drawdown (1Y) Largest decline over 1 year	—	-5.81%	—
Current Drawdown Current decline from peak	-10.02%	-0.09%	-9.93%
Average Drawdown Average peak-to-trough decline	-12.88%	-1.75%	-11.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.05%	—

Volatility

Volatility by Period

	TOPW	IVVW	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.13%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.07%	—
Volatility (1Y) Calculated over the trailing 1-year period	27.36%	7.40%	+19.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.36%	12.66%	+14.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.36%	12.66%	+14.70%

TOPW vs. IVVW - Expense Ratio Comparison

TOPW has a 0.99% expense ratio, which is higher than IVVW's 0.25% expense ratio.

Dividends

TOPW vs. IVVW - Dividend Comparison

TOPW's dividend yield for the trailing twelve months is around 40.33%, more than IVVW's 19.70% yield.

Position	TTM	2025	2024
IVVW iShares S&P 500 BuyWrite ETF	19.70%	18.55%	13.72%
TOPW Roundhill Top WeeklyPay ETF	40.33%	21.52%	0.00%

Frequently Asked Questions

Can I hold both TOPW and IVVW in my portfolio?

TOPW and IVVW have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TOPW or IVVW?

On fees, IVVW is cheaper at 0.25% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TOPW or IVVW?

IVVW is cheaper with a 0.25% expense ratio, compared with 0.99% for TOPW.

Which ETF pays a higher dividend yield, TOPW or IVVW?

TOPW has the higher dividend yield at 40.33%, compared with 19.70% for IVVW.

What is the main difference between TOPW and IVVW?

TOPW tracks Solactive Roundhill WeeklyPay Universe Index, while IVVW tracks Cboe S&P 500 Enhanced 1% OTM BuyWrite Index. They also come from different issuers: Roundhill Investments and iShares. Their fees differ too: 0.99% for TOPW and 0.25% for IVVW.