TPAY vs. IVVW
TPAY (Roundhill S&P 500 Target 10 Managed Distribution ETF) and IVVW (iShares S&P 500 BuyWrite ETF) are both Derivative Income funds. TPAY is actively managed, while IVVW is passively managed. Their correlation of 0.84 suggests significant overlap in exposure. TPAY charges 0.49%/yr vs 0.25%/yr for IVVW.
Performance
TPAY vs. IVVW - Performance Comparison
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Returns By Period
TPAY
- 1D
- -0.19%
- 1M
- -1.77%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IVVW
- 1D
- -0.02%
- 1M
- 0.80%
- 6M
- 5.70%
- YTD
- 5.70%
- 1Y
- 17.39%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TPAY vs. IVVW - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
TPAY Roundhill S&P 500 Target 10 Managed Distribution ETF | 8.65% |
IVVW iShares S&P 500 BuyWrite ETF | 5.26% |
Correlation
The correlation between TPAY and IVVW is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Feb 18, 2026 | 0.84 |
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Return for Risk
TPAY vs. IVVW — Risk / Return Rank
TPAY
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
IVVW
TPAY vs. IVVW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Roundhill S&P 500 Target 10 Managed Distribution ETF (TPAY) 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.
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.
| TPAY | IVVW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.47 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 3.00 | — |
| Martin ratioReturn relative to average drawdown | — | 15.95 | — |
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Drawdowns
TPAY vs. IVVW - Drawdown Comparison
The maximum TPAY drawdown since its inception was -8.62%, smaller than the maximum IVVW drawdown of -16.79%. Use the drawdown chart below to compare losses from any high point for TPAY and IVVW.
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Drawdown Indicators
| TPAY | IVVW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.62% | -16.79% | +8.17% |
Max Drawdown (1Y)Largest decline over 1 year | — | -5.81% | — |
Current DrawdownCurrent decline from peak | -1.77% | -0.02% | -1.75% |
Average DrawdownAverage peak-to-trough decline | -1.89% | -1.72% | -0.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 1.09% | — |
Volatility
TPAY vs. IVVW - Volatility Comparison
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Volatility by Period
| TPAY | IVVW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 3.61% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 6.98% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 14.60% | 8.09% | +6.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.60% | 12.64% | +1.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.60% | 12.64% | +1.96% |
TPAY vs. IVVW - Expense Ratio Comparison
TPAY has a 0.49% expense ratio, which is higher than IVVW's 0.25% expense ratio.
Dividends
TPAY vs. IVVW - Dividend Comparison
TPAY's dividend yield for the trailing twelve months is around 3.15%, less than IVVW's 19.26% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
IVVW iShares S&P 500 BuyWrite ETF | 19.26% | 18.55% | 13.72% |
TPAY Roundhill S&P 500 Target 10 Managed Distribution ETF | 3.15% | 0.00% | 0.00% |
Frequently Asked Questions
TPAY and IVVW have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
IVVW is cheaper with a 0.25% expense ratio, compared with 0.49% for TPAY.
IVVW has the higher dividend yield at 19.26%, compared with 3.15% for TPAY.
They also come from different issuers: Roundhill and iShares. Their fees differ too: 0.49% for TPAY and 0.25% for IVVW.
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