NEOS Russell 2000 High Income ETF (IWMI) belongs to the Derivative Income category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with IWMI. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to IWMI
IWMI charges 0.68% annually. There are 78 ETFs in the Derivative Income category with lower expense ratios, going as low as 0.10%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Parametric Equity Plus ETF | 0.10% | 29.28M | Nov 2024 | IWMI vs PEPS | |
| iShares S&P 500 BuyWrite ETF | 0.25% | 324.77M | Mar 2024 | IWMI vs IVVW | |
| State Street US Equity Premium Income ETF | 0.25% | 45.73M | Sep 2024 | IWMI vs SPIN | |
| Fidelity Yield Enhanced Equity ETF | 0.28% | 198.84M | Apr 2024 | IWMI vs FYEE | |
| Parametric Equity Premium Income ETF | 0.29% | 414.48M | Oct 2023 | IWMI vs PAPI |
Best Risk-Adjusted Alternatives to IWMI
IWMI has a PortfoliosLab risk / return rank of 82. There are 17 ETFs in the Derivative Income category with higher risk-adjusted ranks, going as high as 96.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| SoFi Enhanced Yield ETF | 96 | 34.73M | Nov 2023 | IWMI vs THTA | |
| Simplify Treasury Option Income ETF | 95 | 474.96M | Oct 2022 | IWMI vs BUCK | |
| YieldMax Semiconductor Portfolio Option Income ETF | 95 | 1.16B | Apr 2025 | IWMI vs CHPY | |
| YieldMax AMD Option Income Strategy ETF | 94 | 443.39M | Sep 2023 | IWMI vs AMDY | |
| YieldMax GOOGL Option Income Strategy ETF | 93 | 246.95M | Jul 2023 | IWMI vs GOOY |
Top Performing IWMI Alternatives (YTD)
IWMI is at 16.75% YTD. There are 21 ETFs in the Derivative Income category with higher YTD returns, going as high as 192.73%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Roundhill AMD WeeklyPay ETF | 192.73% | 116.76M | Jul 2025 | IWMI vs AMDW | |
| Roundhill ARM WeeklyPay ETF | 185.60% | 27.86M | Oct 2025 | IWMI vs ARMW | |
| YieldMax AMD Option Income Strategy ETF | 113.61% | 443.39M | Sep 2023 | IWMI vs AMDY | |
| YieldMax MRNA Option Income Strategy ETF | 91.45% | 127.56M | Oct 2023 | IWMI vs MRNY | |
| YieldMax Semiconductor Portfolio Option Income ETF | 74.58% | 1.16B | Apr 2025 | IWMI vs CHPY |
Lowest Volatility Alternatives to IWMI
IWMI has 15.35% 1-year volatility. There are 108 ETFs in the Derivative Income category with lower 1-year volatility, going as low as 2.80%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Simplify Treasury Option Income ETF | 2.80% | 474.96M | Oct 2022 | IWMI vs BUCK | |
| FT Vest Laddered Autocallable Barrier & Resilient ... | 3.44% | 206.17M | Apr 2026 | IWMI vs ACYS | |
| FT Vest High Yield & Target Income ETF | 3.85% | 88.48M | Feb 2025 | IWMI vs HYTI | |
| Main Buywrite ETF | 4.85% | 1.26B | Dec 2015 | IWMI vs BUYW | |
| GraniteShares YieldBOOST 20Y+ Treasuries ETF | 5.05% | 726.94K | May 2026 | IWMI vs FIYY |
Lowest Drawdown Alternatives to IWMI
IWMI has a 1-year max drawdown of -8.40%. There are 57 ETFs in the Derivative Income category with shallower 1-year drawdowns, going as shallow as -0.84%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Simplify Treasury Option Income ETF | -0.84% | 474.96M | Oct 2022 | IWMI vs BUCK | |
| FT Vest High Yield & Target Income ETF | -2.38% | 88.48M | Feb 2025 | IWMI vs HYTI | |
| Main Buywrite ETF | -2.59% | 1.26B | Dec 2015 | IWMI vs BUYW | |
| SoFi Enhanced Yield ETF | -2.64% | 34.73M | Nov 2023 | IWMI vs THTA | |
| VistaShares Target 15™ Berkshire Select Income ETF | -3.00% | 774.36M | Mar 2025 | IWMI vs OMAH |
Other ETFs from Neos
The 10 most viewed Neos ETFs shown here include QQQI, SPYI, BTCI and span 13 categories. AUM among these funds goes as high as $13B.
Often Compared With IWMI
Investors most often compare IWMI with IWM, IWMY, RDTE. These 20 comparison targets span 12 categories, based on PortfoliosLab usage data.
Compare IWMI with Any Fund or Stock
Compare IWMI with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair IWMI with funds that move differently
NEOS Russell 2000 High Income ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to IWMI.
Explore IWMI Diversifiers