IVVW vs XYLG: Grades, Fees and Holdings Compared

iShares S&P 500 BuyWrite ETF

IVVWACboe

Global X S&P 500 Covered Call & Growth ETF

XYLGANYSE Arca

Overlap

99.4%by weight

Expense ratio

IVVW −0.10pt a year

IVVW0.25%XYLG0.35%

Avg volume · 30D

IVVW 1.7×the volume

IVVW38.2KXYLG21.9K

IVVW vs XYLG Performance

Nov 7, 2025 – Nov 9, 2026

+13.4%IVVW+14.2%XYLG

Expense ratio: IVVW 0.25%, better; XYLG 0.35%
Fund size: IVVW $338M; XYLG $71M
1Y total return: IVVW +13.4%; XYLG +14.2%, better
Yield (12M): IVVW 18.52%, better; XYLG 12.72%
Holdings: IVVW 506; XYLG 505
Avg volume (30D): IVVW 38.2K sh, better; XYLG 21.9K sh
NAV per share: IVVW $42.84; XYLG $28.49
52W range

ETF.net Grade

Pillar letters and Scores for IVVW, XYLG, with each pillar’s weight
Pillar	IVVW	XYLG
Cost30% weight	A97Higher	A79
Mission25% weight	A100	A100
Risk15% weight	C54	B58Higher
Tradability15% weight	C49Higher	D31
Holdings10% weight	A73	A75Higher
Durability5% weight	A72Higher	B56

Rank among S&P 500 Option Income funds

How we build Categories ›

Same Category. IVVW and XYLG 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 XYLG 10th of 51 funds in the S&P 500 Option Income Category.

Rank 1ABALIiShares U.S. Large Cap Premium Income Active ETFScore 82
Rank 1ACSHINeos Enhanced Income Cash Alternative ETFScore 82
Rank 3AIVVWiShares S&P 500 BuyWrite ETFScore 80
Rank 4AGPIXGoldman Sachs S&P 500 Premium Income ETFScore 78
Rank 10ASPYINeos S&P 500(R) High Income ETFScore 72
Rank 10AXYLGGlobal X S&P 500 Covered Call & Growth ETFScore 72
Rank 13APAPIParametric Equity Premium Income ETFScore 71

Our read on each fund

ETF.net Research

IVVWAiShares S&P 500 BuyWrite ETF

XYLGAGlobal X S&P 500 Covered Call & Growth 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.

XYLG The covered call trade at half strength. XYLG holds the S&P 500 and writes calls on only about half the portfolio, so half the index's upside stays uncapped while the other half funds monthly income.

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.

XYLG The fund seeks to track the price and yield performance of the Cboe S&P 500 Half BuyWrite Index before fees and expenses. It buys S&P 500 stocks and sells corresponding call options on about half of the portfolio, combining option income with partial upside exposure.

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.

XYLG Half-covered by design: calls cover roughly 50% of the book, leaving the rest of the S&P 500's climb uncapped. A middle setting between plain index exposure and a full buy-write.cboe.com
0.35% a year, below the 0.60% median for S&P 500 option-income funds and half the fee of Global X's fully covered sibling XYLD.
Owns about 500 stocks, tracks the Cboe S&P 500 Half BuyWrite Index closely, and pays monthly. One of the stronger builds in a crowded S&P 500 income cohort.

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.

XYLG Option income rides on volatility. Premiums (and the monthly payouts they fund) shrink when markets go quiet.cboe.com
Half the portfolio is still capped. In a fast rally the written calls hand back part of that gain, and the premium is the only cushion on the way down.cboe.com
Smaller and thinner-traded than the headline names in its group, so limit orders earn their keep.

Full IVVW profile⁠

Full XYLG profile⁠

IVVW vs XYLG Holdings

How IVVW and XYLG differ

Overlap by weight

99.4%

Shared holdings make up 100% of IVVW and 99.98% of XYLG.

About this figure: IVVW earns income from options, which aren’t counted.

XYLG earns income from options, which aren’t counted.

Level by level

Sector11 Sectors96.9%
Holdings503 in both99.4%
Asset classStocks100%
Countryby domicile99.96%

Sector

Sector weights in IVVW and XYLG, widest gap first
Sector	Gap	IVVW	XYLG
Technology	XYLG +2.7 points	35.5%	38.2%
Financials	IVVW +0.8 points	12.8%	12.0%
Industrials	IVVW +0.5 points	8.1%	7.6%
Communication	IVVW +0.4 points	8.8%	8.4%
Energy	XYLG +0.4 points	3.5%	3.9%
Consumer Staples	IVVW +0.4 points	5.3%	4.9%
Consumer Discretionary	IVVW +0.3 points	9.5%	9.2%
Health Care	IVVW +0.4 points	10.6%	10.2%
Materials	IVVW +0.2 points	1.8%	1.6%
Real Estate	IVVW +0.1 points	1.9%	1.8%
Utilities	Same weight	2.1%	2.1%

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

IVVW37.7%
XYLG37.6%

Securities held

IVVW503
XYLG504

Asset class

IVVW: Stocks
XYLG: Stocks

Holdings

Only in IVVW0
In both503
Only in XYLG1

Only in IVVW

0 securities, 0.0% of IVVW by weight

Only in XYLG

1 security, 0.0% of XYLG by weight

Other Payable & Receivables0.04%

Weight gaps

The 100 widest of 503 Holdings in both funds.

Holding weights in IVVW and XYLG, widest gap first
Holding	Gap	IVVW	XYLG
Equinix ReitEQIX	IVVW +0.02 points	0.16%	0.14%
Ww Grainger IncGWW	IVVW +0.01 points	0.10%	0.09%
United RentalsURI	IVVW +0.01 points	0.10%	0.09%
Roper TechnologiesROP	IVVW +0.01 points	0.07%	0.06%
Parker-HannifinPH	XYLG +0.01 points	0.18%	0.19%
BlackRockBLK	XYLG +0.01 points	0.27%	0.28%
Monolithic Power Systems IncMPWR	IVVW +0.01 points	0.09%	0.08%
Regeneron PharmaceuticalsREGN	IVVW +0.01 points	0.14%	0.13%
Mettler ToledoMTD	IVVW +0.01 points	0.05%	0.04%
Idexx LaboratoriesIDXX	IVVW +0.01 points	0.08%	0.07%
Goldman Sachs GroupGS	IVVW +0.01 points	0.40%	0.39%
Cboe Global MarketsCBOE	IVVW +0.01 points	0.06%	0.05%
AutozoneAZO	IVVW +0.01 points	0.08%	0.07%
Transdigm GroupTDG	IVVW +0.01 points	0.10%	0.09%
MsciMSCI	IVVW +0.01 points	0.07%	0.06%
SterisSTE	IVVW +0.01 points	0.04%	0.03%
Ameriprise Finance IncAMP	IVVW +0.01 points	0.07%	0.06%
Lumentum HoldingsLITE	IVVW +0.01 points	0.08%	0.07%
Caseys General Stores IncCASY	IVVW +0.01 points	0.04%	0.03%
Skyworks SolutionsSWKS	IVVW +0.01 points	0.03%	0.02%
Willis Towers WatsonWTW	IVVW +0.01 points	0.05%	0.04%
Rockwell Automation IncROK	IVVW +0.01 points	0.07%	0.06%
Ge VernovaGEV	Same weight	0.32%	0.32%
Emcor GroupEME	Same weight	0.04%	0.04%
Thermo Fisher ScientificTMO	XYLG +0.01 points	0.40%	0.41%
Martin Marietta MaterialsMLM	IVVW +0.01 points	0.05%	0.04%
CorpayCPAY	IVVW +0.01 points	0.05%	0.04%
Alphabet Class CGOOG	IVVW +0.01 points	2.13%	2.12%
Ulta Beauty IncULTA	Same weight	0.04%	0.04%
Home DepotHD	IVVW +0.01 points	0.54%	0.53%
JabilJBL	IVVW +0.01 points	0.04%	0.03%
Comfort Systems UsaFIX	IVVW +0.01 points	0.06%	0.05%
Becton DickinsonBDX	IVVW +0.01 points	0.09%	0.08%
Constellation Energy CorpCEG	IVVW +0.01 points	0.13%	0.12%
Yum BrandsYUM	IVVW +0.01 points	0.07%	0.06%
Vulcan MaterialsVMC	Same weight	0.06%	0.06%
Quest Diagnostics IncDGX	Same weight	0.04%	0.04%
Illinois Tool IncITW	Same weight	0.11%	0.11%
Simon Property Group Reit IncSPG	IVVW +0.01 points	0.12%	0.11%
Morgan StanleyMS	Same weight	0.34%	0.34%
Cadence Design SystemsCDNS	IVVW +0.01 points	0.14%	0.13%
Meta Platforms Class AMETA	Same weight	2.12%	2.12%
Amgen IncAMGN	Same weight	0.39%	0.39%
American ExpressAXP	IVVW +0.01 points	0.27%	0.26%
DeereDE	IVVW +0.01 points	0.27%	0.26%
Williams Sonoma IncWSM	Same weight	0.05%	0.05%
Linde PLCLIN	Same weight	0.37%	0.37%
First SolarFSLR	Same weight	0.03%	0.03%
RevvityRVTY	Same weight	0.03%	0.03%
Pinnacle WestPNW	XYLG +0.01 points	0.02%	0.03%
Nasdaq IncNDAQ	XYLG +0.01 points	0.07%	0.08%
CignaCI	Same weight	0.12%	0.12%
Paccar IncPCAR	Same weight	0.08%	0.08%
Ross Stores IncROST	IVVW +0.01 points	0.12%	0.11%
MascoMAS	Same weight	0.03%	0.03%
Textron IncTXT	XYLG +0.01 points	0.02%	0.03%
Republic Services IncRSG	Same weight	0.08%	0.08%
Vertex PharmaceuticalsVRTX	IVVW +0.01 points	0.22%	0.21%
Berkshire Hathaway Inc Class BBRK.B	Same weight	1.67%	1.67%
Cf Industries Holdings IncCF	Same weight	0.03%	0.03%
Ingersoll RandIR	Same weight	0.05%	0.05%
AppleAAPL	Same weight	7.87%	7.87%
Cardinal HealthCAH	Same weight	0.10%	0.10%
IntuitINTU	IVVW +0.01 points	0.15%	0.14%
T Mobile Us IncTMUS	Same weight	0.12%	0.12%
Target CorpTGT	Same weight	0.11%	0.11%
Dell Technologies Inc Class CDELL	IVVW +0.01 points	0.16%	0.15%
Westinghouse Air Brake TechnologieWAB	Same weight	0.08%	0.08%
Crh Public Limited PLCCRH	Same weight	0.10%	0.10%
Copart IncCPRT	XYLG +0.01 points	0.04%	0.05%
Church and Dwight IncCHD	Same weight	0.04%	0.04%
EquifaxEFX	Same weight	0.04%	0.04%
American Water WorksAWK	IVVW +0.01 points	0.05%	0.04%
Edwards LifesciencesEW	XYLG +0.01 points	0.09%	0.10%
Kinder MorganKMI	XYLG +0.01 points	0.09%	0.10%
Fox Class BFOX	XYLG +0.01 points	0.01%	0.02%
Stanley Black & DeckerSWK	Same weight	0.03%	0.03%
Camden Property Trust ReitCPT	IVVW +0.01 points	0.02%	0.01%
FastenalFAST	Same weight	0.10%	0.10%
Sherwin WilliamsSHW	Same weight	0.12%	0.12%
Ch Robinson WorldwideCHRW	XYLG +0.01 points	0.02%	0.03%
Axon EnterpriseAXON	Same weight	0.04%	0.04%
Estee Lauder Inc Class AEL	XYLG +0.01 points	0.04%	0.05%
Northrop Grumman CorpNOC	Same weight	0.11%	0.11%
Airbnb Class AABNB	IVVW +0.01 points	0.13%	0.12%
Darden Restaurants IncDRI	Same weight	0.04%	0.04%
OneokOKE	XYLG +0.01 points	0.08%	0.09%
Freeport Mcmoran IncFCX	Same weight	0.13%	0.13%
AutodeskADSK	Same weight	0.09%	0.09%
Royal Caribbean GroupRCL	IVVW +0.01 points	0.13%	0.12%
NVIDIANVDA	IVVW +0.01 points	7.12%	7.11%
Omnicom Group IncOMC	IVVW +0.01 points	0.04%	0.03%
Fox Class AFOXA	XYLG +0.01 points	0.02%	0.03%
Best BuyBBY	XYLG +0.01 points	0.03%	0.04%
L3HARRIS TechnologiesLHX	Same weight	0.08%	0.08%
Incyte CorpINCY	XYLG +0.01 points	0.03%	0.04%
Adobe IncADBE	Same weight	0.15%	0.15%
Cisco Systems IncCSCO	XYLG +0.01 points	0.58%	0.59%
Charles River Laboratories InternaCRL	IVVW +0.01 points	0.03%	0.02%
Dupont De NemoursDD	XYLG +0.01 points	0.03%	0.04%

All IVVW holdings⁠All 504 XYLG 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 XYLG Cost

Overpaying XYLG vs IVVW

$1,967

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

IVVW 0.25%
$5,159
XYLG 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

IVVW 0.25%
XYLG 0.35%
Overpaying

Year by year

Year	IVVW	XYLG	Overpaying
10	$455	$634	$179
20	$1,769	$2,454	$685
30	$5,159	$7,126	$1,967

Expense ratio

0.25%IVVW, cheaper
0.35%XYLG

IVVW0.25%XYLG0.35%

0.10%1.18%

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

IVVW 2nd cheapest of 51 funds

XYLG 11th cheapest of 51 funds

IVVW vs XYLG Dividends

Last 12 months to Nov 9, 2026

Yield (12M): IVVW 18.52%, better; XYLG 12.72%
Payout (12M): IVVW $8.10; XYLG $3.71
Last payment: IVVW $0.58; XYLG $0.11
Ex-dividend: IVVW Nov 3, 2026; XYLG Oct 19, 2026
Paid on: IVVW Nov 6, 2026; XYLG Oct 22, 2026
Frequency: IVVW Monthly; XYLG Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

IVVWMonthly · 32 paymentsAll IVVW payments⁠

XYLGMonthly · 47 paymentsAll XYLG payments⁠

IVVW vs XYLG 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 2024XYLG 8.8%
Return per unit of riskSharpe ratio, 3 years: IVVW 1.10since Apr 2024XYLG 1.53
Worst fallMax drawdown, 5 years: IVVW −16.8%since Mar 2024XYLG −21.3%
Market sensitivityBeta, 5 years: IVVW 0.54XYLG 0.71; Market = 1

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