PutWrite Income via ETFs (Cash-Secured Puts) vs Wheel Income via ETFs (Puts + Covered Calls)
Two published track records side by side — same data, same methodology, zero verdicts.
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).
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Wheel Income via ETFs (Puts + Covered Calls)
coreA 50/50, monthly-refreshed blend of the cash-secured put-write and covered-call ETF baskets — the always-on, listed expression of the options wheel. Sells the same short-volatility premium as its two parts, so it's a distinct portfolio, not a second edge. Expect a smoother ride with less upside than a stock index; a fund's yield is not its total return. No edge over the underlying is claimed. These funds use derivatives and may count as complex products at your broker (appropriateness test).
Full track record →
The numbers, side by side
| PutWrite Income via ETFs (Cash-Secured Puts) | Wheel Income via ETFs (Puts + Covered Calls) | |
|---|---|---|
| CAGR | 11.8% | 11.5% |
| Volatility (ann.) | 11.8% | 11.5% |
| Sharpe | 0.76 | 0.75 |
| Sortino | 1.06 | 1.04 |
| Max drawdown | -16.6% | -16.7% |
| Calmar | 0.71 | 0.69 |
| 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 11.5%).
- PutWrite Income via ETFs (Cash-Secured Puts) fell less at its worst (-16.6% vs -16.7%).
- Wheel Income via ETFs (Puts + Covered Calls) had the calmer ride (volatility 11.5% 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.