WPAY vs. IVVW

Last updated Apr 2, 2026

Compare and contrast key facts about Roundhill WeeklyPay™ Universe ETF (WPAY) and iShares S&P 500 BuyWrite ETF (IVVW).

WPAY and IVVW are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. WPAY is a passively managed fund by Roundhill that tracks the performance of the Solactive Roundhill WeeklyPay™ Universe Index. It was launched on Sep 3, 2025. IVVW is a passively managed fund by iShares that tracks the performance of the Cboe S&P 500 Enhanced 1% OTM BuyWrite Index. It was launched on Mar 14, 2024. Both WPAY and IVVW are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

WPAY vs. IVVW - Performance Comparison

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

WPAY vs. IVVW - Yearly Performance Comparison

	2026 (YTD)	2025
WPAY Roundhill WeeklyPay™ Universe ETF	-10.65%	-2.47%
IVVW iShares S&P 500 BuyWrite ETF	-1.13%	7.65%

Returns By Period

In the year-to-date period, WPAY achieves a -10.65% return, which is significantly lower than IVVW's -1.13% return.

WPAY

• 1D: -1.58%
• 1M: -3.42%
• YTD: -10.65%
• 6M: -19.86%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IVVW

• 1D: 0.60%
• 1M: -2.43%
• YTD: -1.13%
• 6M: 4.20%
• 1Y: 13.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

WPAY vs. IVVW - Expense Ratio Comparison

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

WPAY

Roundhill WeeklyPay™ Universe ETF

IVVW

iShares S&P 500 BuyWrite ETF

Return for Risk

WPAY 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: 57
IVVW Sharpe Ratio Rank: 47
IVVW Sortino Ratio Rank: 51
IVVW Omega Ratio Rank: 73
IVVW Calmar Ratio Rank: 46
IVVW Martin Ratio Rank: 70

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.

WPAY vs. IVVW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill WeeklyPay™ Universe ETF (WPAY) 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

	WPAY	IVVW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.78	0.88	-1.66

Correlation

The correlation between WPAY and IVVW is 0.70, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

WPAY vs. IVVW - Dividend Comparison

WPAY's dividend yield for the trailing twelve months is around 36.55%, more than IVVW's 19.78% yield.

	TTM	2025	2024
WPAY Roundhill WeeklyPay™ Universe ETF	36.55%	21.51%	0.00%
IVVW iShares S&P 500 BuyWrite ETF	19.78%	18.55%	13.72%

Drawdowns

WPAY vs. IVVW - Drawdown Comparison

The maximum WPAY drawdown since its inception was -26.17%, which is greater than IVVW's maximum drawdown of -16.79%. Use the drawdown chart below to compare losses from any high point for WPAY and IVVW.

Drawdown Indicators

	WPAY	IVVW	Difference
Max Drawdown Largest peak-to-trough decline	-26.17%	-16.79%	-9.38%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.21%	—
Current Drawdown Current decline from peak	-25.35%	-2.90%	-22.45%
Average Drawdown Average peak-to-trough decline	-11.92%	-1.87%	-10.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.88%	—

Volatility

Volatility by Period

	WPAY	IVVW	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.54%	—
Volatility (6M) Calculated over the trailing 6-month period	—	6.63%	—
Volatility (1Y) Calculated over the trailing 1-year period	28.83%	15.56%	+13.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.83%	13.10%	+15.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.83%	13.10%	+15.73%