IVVW vs XYLD: Grades, Fees and Holdings Compared

iShares S&P 500 BuyWrite ETF

IVVWACboe

Global X S&P 500 Covered Call ETF

XYLDANYSE Arca

Overlap

96.4%by weight

Expense ratio

IVVW −0.35pt a year

IVVW0.25%XYLD0.60%

Avg volume · 30D

XYLD 14.1×the volume

IVVW41.5KXYLD588K

IVVW vs XYLD Performance

Oct 31, 2025 – Oct 30, 2026

+13.4%IVVW+14.5%XYLD

Expense ratio: IVVW 0.25%, better; XYLD 0.60%
Fund size: IVVW $348M; XYLD $3.35B
1Y total return: IVVW +13.4%; XYLD +14.5%, better
Yield (12M): IVVW 18.55%, better; XYLD 10.32%
Holdings: IVVW 506; XYLD 506
Avg volume (30D): IVVW 41.5K sh; XYLD 588K sh, better
NAV per share: IVVW $44.40; XYLD $41.08
52W range

ETF.net Grade

Pillar letters and Scores for IVVW, XYLD, with each pillar’s weight
Pillar	IVVW	XYLD
Cost30% weight	A96Higher	C50
Mission25% weight	A100	A100
Risk15% weight	C53	B66Higher
Tradability15% weight	C53	A91Higher
Holdings10% weight	A75Higher	B65
Durability5% weight	A72	A91Higher

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. IVVW and XYLD are both graded against the same 51 S&P 500 Option Income funds, so their Grades compare head to head.

S&P 500 Option Income⁠

Category · 51 funds

See all 51 ›

IVVW ranks 3rd and XYLD 6th of 51 funds in the S&P 500 Option Income Category.

Rank 1ACSHINeos Enhanced Income Cash Alternative ETFScore 83
Rank 2ABALIiShares U.S. Large Cap Premium Income Active ETFScore 81
Rank 3AIVVWiShares S&P 500 BuyWrite ETFScore 80
Rank 4AGPIXGoldman Sachs S&P 500 Premium Income ETFScore 78
Rank 6AGQINatixis Gateway Quality Income ETFScore 74
Rank 6AXYLDGlobal X S&P 500 Covered Call ETFScore 74
Rank 8AFYEEFidelity Yield Enhanced Equity ETFScore 73

Our read on each fund

ETF.net Research

IVVWAiShares S&P 500 BuyWrite ETF

XYLDAGlobal X S&P 500 Covered Call ETF

In short

IVVW BlackRock's version of the covered call: hold the whole S&P 500 through the iShares Core fund, sell one-month index calls struck 1% out of the money, pay the premium out monthly. All for a quarter-point fee.

XYLD The purist's covered call fund: XYLD owns the S&P 500 and sells at-the-money calls on the whole book each month, then pays the premium out. Maximum income mechanics, minimum upside left over. Running since 2013.

Stated mandate

IVVW The fund seeks to track an index strategy that holds the iShares Core S&P 500 ETF and sells one-month call options primarily on the S&P 500 Index to generate income. The short option position is intended to be offset by the fund’s long position in the underlying ETF.

XYLD The Fund seeks to generally match the performance of the Cboe S&P 500 BuyWrite Index before fees and expenses. It uses an indexed covered-call strategy combining S&P 500 equity exposure with written S&P 500 call options.

Why people hold it

IVVW Costs 0.25% a year against a category median near 0.60%. On an income strategy, that is less of the option premium quietly leaking out the door.
The calls sit 1% out of the money, so a slice of each month's rally still belongs to shareholders before the cap bites. At-the-money writers give that up.cboe.com
Rules over hunches: it tracks a Cboe index that pairs a long position in the iShares Core S&P 500 ETF with a short monthly S&P 500 call, rolled on a set schedule.cboe.com
Inside a crowded covered-call field where fat fees are the norm, this is one of the tighter builds in its peer group.

XYLD Rules to the letter: strikes and timing come from Cboe's BuyWrite methodology, not a manager's mood, and the fund has stayed tight to that index.cboe.com
Trading since 2013 and now a multi-billion-dollar fund that changes hands easily, so getting in and out rarely means fighting a wide spread.
Premiums land monthly, and the equity leg is the full S&P 500 (roughly 500 names), not a hand-picked slice of it.globalxetfs.com
Among 50-plus S&P 500 option-income funds, it is one of the stronger implementations of the classic buy-write.

Worth knowing

IVVW Covered calls trade upside for income. Above the strike, the month's gain is capped, and the premium cushions losses rather than blocking them.cboe.com
Monthly payouts come from option premium, so they move with volatility instead of arriving as a fixed amount.
Launched in 2024 and moderately traded, so the live record is short and spreads can run wider than the category's biggest names.

XYLD The full at-the-money overwrite is the trade: in a strong up month, the written calls give back most of the gain above the strike.cboe.com
At 0.60% it sits right at the peer median, while newer entrants like IVVW (0.25%) and GPIX (0.35%) come in cheaper.
Monthly payouts float with option premiums. There is no declared target rate, so the size of the check moves with volatility.globalxetfs.com

Full IVVW profile⁠

Full XYLD profile⁠

IVVW vs XYLD Holdings

As of Oct 13, 2026

How IVVW and XYLD differ

Overlap by weight

96.4%

Shared holdings make up 100% of XYLD and 100% of IVVW.

Level by level

Holdings503 in both96.4%
Sector11 Sectors97.0%
Asset classEquity100%
Countryby domicile100%

Sector

Sector weights in IVVW and XYLD, widest gap first
Sector	More in IVVWMore in XYLD	IVVW	XYLD
Technology	XYLD +2.0 points	38.5%	40.5%
Communication	XYLD +1.0 points	8.9%	9.9%
Financials	IVVW +0.6 points	11.8%	11.2%
Health Care	IVVW +0.5 points	9.8%	9.3%
Consumer Staples	IVVW +0.5 points	4.8%	4.3%
Industrials	IVVW +0.4 points	8.0%	7.5%
Energy	IVVW +0.3 points	3.7%	3.4%
Consumer Discretionary	IVVW +0.2 points	9.0%	8.8%
Utilities	IVVW +0.1 points	2.0%	1.9%
Materials	IVVW +0.1 points	1.7%	1.6%
Real Estate	Same weight	1.7%	1.7%

Country, concentration and asset class

Country by domicile

Country weights in IVVW and XYLD, widest gap first
Country	More in IVVWMore in XYLD	IVVW	XYLD
United States	IVVW +0.1 points	99.5%	99.5%
Switzerland	Same weight	0.3%	0.3%
China	Same weight	0.1%	0.1%
Mexico	XYLD +0.1 points	0.0%	0.1%
Ireland	Same weight	0.0%	0.0%
United Kingdom	Same weight	0.0%	0.0%

Concentration

Weight in the 10 largest Holdings

IVVW37.3%
XYLD39.9%

Securities held

IVVW503
XYLD505

Asset class

IVVW: Equity
XYLD: Equity

Holdings

Only in IVVW0
In both503
Only in XYLD2

Only in IVVW

0 securities, 0.0% of IVVW by weight

Only in XYLD

2 securities, 0.1% of XYLD by weight

Global X Us 500 Etf0.11%
Other Payable & Receivables0.03%

Weight gaps

The 100 widest of 503 Holdings in both funds.

Holding weights in IVVW and XYLD, widest gap first
Holding	More in IVVWMore in XYLD	IVVW	XYLD
NVIDIANVDA	XYLD +0.74 points	7.58%	8.32%
Alphabet Class AGOOGL	XYLD +0.63 points	2.51%	3.14%
Alphabet Class CGOOG	XYLD +0.48 points	2.03%	2.51%
Meta Platforms Class AMETA	XYLD +0.41 points	2.08%	2.49%
Eli LillyLLY	IVVW +0.30 points	1.74%	1.44%
Intel CorporationINTC	XYLD +0.27 points	0.50%	0.77%
Amazon.com IncAMZN	XYLD +0.26 points	3.61%	3.87%
Advanced Micro DevicesAMD	XYLD +0.22 points	1.26%	1.48%
Broadcom IncAVGO	XYLD +0.19 points	2.38%	2.57%
Micron TechnologyMU	XYLD +0.17 points	1.53%	1.70%
MicrosoftMSFT	XYLD +0.17 points	5.93%	6.10%
AppleAAPL	IVVW +0.13 points	7.70%	7.57%
Lam ResearchLRCX	XYLD +0.12 points	0.46%	0.58%
Applied Material IncAMAT	XYLD +0.12 points	0.47%	0.59%
Caterpillar IncCAT	XYLD +0.12 points	0.44%	0.56%
Tesla IncTSLA	IVVW +0.11 points	1.73%	1.62%
Exxonmobil Holdings CorpXOM	IVVW +0.10 points	1.18%	1.08%
Marvell TechnologyMRVL	XYLD +0.10 points	0.26%	0.36%
Berkshire Hathaway Inc Class BBRK.B	IVVW +0.08 points	1.55%	1.47%
Palantir Technologies Class APLTR	XYLD +0.07 points	0.65%	0.72%
WalmartWMT	IVVW +0.07 points	0.84%	0.77%
SandiskSNDK	XYLD +0.07 points	0.26%	0.33%
Dell Technologies Inc Class CDELL	XYLD +0.07 points	0.20%	0.27%
Visa Class AV	IVVW +0.07 points	1.08%	1.01%
Home DepotHD	IVVW +0.06 points	0.50%	0.44%
Arista NetworksANET	XYLD +0.07 points	0.27%	0.34%
ChevronCVX	IVVW +0.06 points	0.71%	0.65%
Ge VernovaGEV	XYLD +0.06 points	0.35%	0.41%
KlaKLAC	XYLD +0.05 points	0.32%	0.37%
Mastercard Class AMA	IVVW +0.06 points	0.79%	0.73%
Cisco Systems IncCSCO	XYLD +0.06 points	0.63%	0.69%
FortinetFTNT	XYLD +0.05 points	0.13%	0.18%
NetflixNFLX	XYLD +0.05 points	0.40%	0.45%
International Business Machines CoIBM	IVVW +0.05 points	0.37%	0.32%
ServicenowNOW	XYLD +0.05 points	0.17%	0.22%
AbbVieABBV	IVVW +0.05 points	0.80%	0.75%
Amgen IncAMGN	IVVW +0.05 points	0.39%	0.34%
Costco Wholesale CorpCOST	IVVW +0.05 points	0.69%	0.64%
Gilead SciencesGILD	IVVW +0.04 points	0.32%	0.28%
Lockheed MartinLMT	IVVW +0.05 points	0.20%	0.15%
Accenture PLC Class AACN	IVVW +0.04 points	0.24%	0.20%
UnitedHealth GroupUNH	IVVW +0.04 points	0.56%	0.52%
Johnson & JohnsonJNJ	IVVW +0.04 points	1.01%	0.97%
Bank of AmericaBAC	XYLD +0.04 points	0.50%	0.54%
Procter & GamblePG	IVVW +0.04 points	0.58%	0.54%
Palo Alto NetworksPANW	XYLD +0.03 points	0.46%	0.49%
Texas InstrumentTXN	IVVW +0.03 points	0.42%	0.39%
Coca-ColaKO	IVVW +0.04 points	0.56%	0.52%
RtxRTX	IVVW +0.03 points	0.41%	0.38%
Seagate Technology Holdings PLCSTX	XYLD +0.04 points	0.22%	0.26%
ConocophillipsCOP	IVVW +0.03 points	0.28%	0.25%
TeradyneTER	XYLD +0.02 points	0.07%	0.09%
S&P GlobalSPGI	IVVW +0.03 points	0.22%	0.19%
Bloom Energy Class ABE	XYLD +0.03 points	0.09%	0.12%
Eaton PLCETN	XYLD +0.03 points	0.22%	0.25%
Hewlett Packard EnterpriseHPE	XYLD +0.03 points	0.11%	0.14%
PepsicoPEP	IVVW +0.03 points	0.29%	0.26%
Mcdonalds CorpMCD	IVVW +0.03 points	0.28%	0.25%
Robinhood Markets Class AHOOD	XYLD +0.03 points	0.10%	0.13%
Thermo Fisher ScientificTMO	IVVW +0.02 points	0.39%	0.37%
Union PacificUNP	IVVW +0.03 points	0.28%	0.25%
CitigroupC	XYLD +0.03 points	0.31%	0.34%
Regeneron PharmaceuticalsREGN	IVVW +0.03 points	0.14%	0.11%
Philip Morris InternationalPM	IVVW +0.03 points	0.50%	0.47%
Starbucks CorpSBUX	IVVW +0.02 points	0.18%	0.16%
PfizerPFE	IVVW +0.03 points	0.27%	0.24%
Lowes Companies IncLOW	IVVW +0.02 points	0.18%	0.16%
Merck & Co IncMRK	IVVW +0.02 points	0.56%	0.54%
Freeport Mcmoran IncFCX	XYLD +0.02 points	0.14%	0.16%
Lumentum HoldingsLITE	XYLD +0.03 points	0.11%	0.14%
Comfort Systems UsaFIX	XYLD +0.02 points	0.07%	0.09%
CorningGLW	XYLD +0.02 points	0.15%	0.17%
BoeingBA	XYLD +0.02 points	0.21%	0.23%
Nextera EnergyNEE	IVVW +0.02 points	0.27%	0.25%
Valero Energy CorpVLO	XYLD +0.02 points	0.18%	0.20%
CoherentCOHR	XYLD +0.02 points	0.06%	0.08%
Keysight TechnologiesKEYS	XYLD +0.02 points	0.08%	0.10%
CienaCIEN	XYLD +0.02 points	0.07%	0.09%
Datadog Inc Class ADDOG	XYLD +0.02 points	0.12%	0.14%
Trane Technologies PLCTT	XYLD +0.02 points	0.14%	0.16%
Altria Group IncMO	IVVW +0.02 points	0.20%	0.18%
JPMorgan Chase & CoJPM	IVVW +0.02 points	1.37%	1.35%
MarshMRSH	IVVW +0.02 points	0.15%	0.13%
Linde PLCLIN	IVVW +0.02 points	0.36%	0.34%
Amphenol Corp Class AAPH	XYLD +0.02 points	0.30%	0.32%
Bristol Myers SquibbBMY	IVVW +0.02 points	0.20%	0.18%
Charles SchwabSCHW	XYLD +0.02 points	0.22%	0.24%
Twilio Class ATWLO	XYLD +0.02 points	0.05%	0.07%
Arthur J GallagherAJG	IVVW +0.02 points	0.11%	0.09%
DeereDE	IVVW +0.02 points	0.26%	0.24%
United Parcel Service Inc Class BUPS	IVVW +0.01 points	0.12%	0.11%
BlackRockBLK	IVVW +0.01 points	0.25%	0.24%
Northrop Grumman CorpNOC	IVVW +0.01 points	0.11%	0.10%
Cme Group Class ACME	IVVW +0.02 points	0.17%	0.15%
Vertex PharmaceuticalsVRTX	IVVW +0.02 points	0.22%	0.20%
OracleORCL	XYLD +0.01 points	0.35%	0.36%
Everpure Inc Class AP	XYLD +0.02 points	0.06%	0.08%
Comcast Class ACMCSA	IVVW +0.02 points	0.13%	0.11%
Verizon Communications IncVZ	IVVW +0.01 points	0.28%	0.27%
Flex LtdFLEX	XYLD +0.02 points	0.05%	0.07%

All IVVW holdings⁠All 504 XYLD holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

IVVW vs XYLD Cost

Overpaying XYLD vs IVVW

$6,658

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

IVVW 0.25%
$5,159
XYLD 0.60%
$11,817

Amount$10,000

Years30 years

Cost over time

IVVW 0.25%
XYLD 0.60%
Overpaying

Year by year

Year	IVVW	XYLD	Overpaying
10	$455	$1,076	$621
20	$1,769	$4,116	$2,347
30	$5,159	$11,817	$6,658

Expense ratio

0.25%IVVW, cheaper
0.60%XYLD

IVVW0.25%XYLD0.60%

0.10%1.18%

Middle half of S&P 500 Option Income funds
Median 0.60%

IVVW 2nd cheapest of 51 funds

XYLD 25th cheapest of 51 funds

IVVW vs XYLD Dividends

Last 12 months to Oct 30, 2026

Yield (12M): IVVW 18.55%, better; XYLD 10.32%
Payout (12M): IVVW $8.25; XYLD $4.24
Last payment: IVVW $0.88; XYLD $0.31
Ex-dividend: IVVW Oct 2, 2026; XYLD Oct 19, 2026
Paid on: IVVW Oct 7, 2026; XYLD Oct 22, 2026
Frequency: IVVW Monthly; XYLD Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

IVVWMonthly · 31 paymentsAll IVVW payments⁠

XYLDMonthly · 46 paymentsAll XYLD payments⁠

IVVW vs XYLD Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: IVVW 7.3%since Apr 2024XYLD 6.1%
Return per unit of riskSharpe ratio, 3 years: IVVW 1.10since Apr 2024XYLD 1.50
Worst fallMax drawdown, 5 years: IVVW −16.8%since Mar 2024XYLD −18.7%
Market sensitivityBeta, 5 years: IVVW 0.54XYLD 0.41; Market = 1

Popular comparisons

IVVWAvsCSHIA
iShares S&P 500 BuyWrite ETF · Neos Enhanced Income Cash Alternative ETF
Expense ratio
0.25% · 0.38%
Category
XYLDAvsCSHIA
Global X S&P 500 Covered Call ETF · Neos Enhanced Income Cash Alternative ETF
Expense ratio
0.60% · 0.38%
Category
IVVWAvsBALIA
iShares S&P 500 BuyWrite ETF · iShares U.S. Large Cap Premium Income Active ETF
Expense ratio
0.25% · 0.35%
Category
XYLDAvsBALIA
Global X S&P 500 Covered Call ETF · iShares U.S. Large Cap Premium Income Active ETF
Expense ratio
0.60% · 0.35%
Category
IVVWAvsGPIXA
iShares S&P 500 BuyWrite ETF · Goldman Sachs S&P 500 Premium Income ETF
Expense ratio
0.25% · 0.29%
Category
XYLDAvsGPIXA
Global X S&P 500 Covered Call ETF · Goldman Sachs S&P 500 Premium Income ETF
Expense ratio
0.60% · 0.29%
Category