Options Income via ETFs (Covered-Call ETFs) vs PutWrite Income via ETFs (Cash-Secured Puts)
Two published track records side by side — same data, same methodology, zero verdicts.
Options Income via ETFs (Covered-Call ETFs)
coreAn equally-weighted, monthly-refreshed basket of covered-call / option-income ETFs (JEPI, JEPQ, QYLD, XYLD, RYLD, DIVO) — options exposure via real, total-return funds, not a fabricated option backtest. Covered calls trade upside for income: expect a smoother ride but less upside than a stock index. A fund's headline yield is not its total return, and no edge over holding the underlying is claimed. These funds use derivatives and may count as complex products at your broker (appropriateness test).
Full track record →
PutWrite Income via ETFs (Cash-Secured Puts)
coreAn equally-weighted, monthly basket of cash-secured put-write ETFs (led by WisdomTree's S&P 500 put-write fund, WTPI, formerly PUTW) — the mirror of covered calls: hold cash, sell puts, collect the premium. By put-call parity it's much like the covered-call basket, not a second edge. The premium is compensation for the market's crash risk, and a fund's yield is not its total return. No edge over the index is claimed. Derivatives-based; may count as a complex product at your broker (appropriateness test).
Full track record →
The numbers, side by side
| Options Income via ETFs (Covered-Call ETFs) | PutWrite Income via ETFs (Cash-Secured Puts) | |
|---|---|---|
| CAGR | 11.0% | 11.8% |
| Volatility (ann.) | 11.8% | 11.8% |
| Sharpe | 0.70 | 0.76 |
| Sortino | 0.99 | 1.06 |
| Max drawdown | -17.3% | -16.6% |
| Calmar | 0.64 | 0.71 |
| Simulated since | 2020-09 | 2020-09 |
Simulated backtests (up to 6 years of point-in-time data, costs included) — not live results. Methodology: here. Past performance does not predict future results.
What the data says
- PutWrite Income via ETFs (Cash-Secured Puts) posted the higher CAGR (11.8% vs 11.0%).
- PutWrite Income via ETFs (Cash-Secured Puts) fell less at its worst (-16.6% vs -17.3%).
- Options Income via ETFs (Covered-Call ETFs) had the calmer ride (volatility 11.8% vs 11.8%).
These are facts from the published snapshots, not a recommendation — the rules differ in their risk profile. Overlay both equity curves in the interactive comparison tool.