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 69 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% | 27.28M | Nov 2024 | IWMI vs PEPS | |
| State Street US Equity Premium Income ETF | 0.25% | 46.44M | Sep 2024 | IWMI vs SPIN | |
| iShares S&P 500 BuyWrite ETF | 0.25% | 292.36M | Mar 2024 | IWMI vs IVVW | |
| Fidelity Yield Enhanced Equity ETF | 0.28% | 166.08M | Apr 2024 | IWMI vs FYEE | |
| Invesco S&P 500 BuyWrite ETF | 0.29% | 344.74M | Dec 2007 | IWMI vs PBP |
Best Risk-Adjusted Alternatives to IWMI
IWMI has a PortfoliosLab risk / return rank of 73. There are 29 ETFs in the Derivative Income category with higher risk-adjusted ranks, going as high as 97.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| YieldMax Semiconductor Portfolio Option Income ETF | 97 | 1.02B | Apr 2025 | IWMI vs CHPY | |
| SoFi Enhanced Yield ETF | 92 | 34.73M | Nov 2023 | IWMI vs THTA | |
| YieldMax GOOGL Option Income Strategy ETF | 92 | 298.09M | Jul 2023 | IWMI vs GOOY | |
| Global X NASDAQ 100 Covered Call ETF | 88 | 8.41B | Dec 2013 | IWMI vs QYLD | |
| YieldMax TSM Option Income Strategy ETF | 88 | 117.86M | Aug 2024 | IWMI vs TSMY |
Top Performing IWMI Alternatives (YTD)
IWMI is at 13.36% YTD. There are 47 ETFs in the Derivative Income category with higher YTD returns, going as high as 363.23%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Roundhill ARM WeeklyPay ETF | 363.23% | 14.71M | Oct 2025 | IWMI vs ARMW | |
| Roundhill AMD WeeklyPay ETF | 192.40% | 90.88M | Jul 2025 | IWMI vs AMDW | |
| YieldMax Semiconductor Portfolio Option Income ETF | 85.77% | 1.02B | Apr 2025 | IWMI vs CHPY | |
| Defiance Oil Enhanced Options Income ETF | 62.18% | 62.15M | May 2024 | IWMI vs USOY | |
| YieldMax MRNA Option Income Strategy ETF | 51.59% | 82.87M | Oct 2023 | IWMI vs MRNY |
Lowest Volatility Alternatives to IWMI
IWMI has 14.84% 1-year volatility. There are 101 ETFs in the Derivative Income category with lower 1-year volatility, going as low as 0.00%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Dividend Performers ETF | 0.00% | 20.88M | Dec 2018 | IWMI vs IPDP | |
| Simplify Treasury Option Income ETF | 3.14% | 438.06M | Oct 2022 | IWMI vs BUCK | |
| FT Vest High Yield & Target Income ETF | 3.83% | 90.68M | Feb 2025 | IWMI vs HYTI | |
| Main Buywrite ETF | 4.85% | 1.21B | Dec 2015 | IWMI vs BUYW | |
| FT Vest Investment Grade & Target Income ETF | 5.10% | 287.53M | Feb 2025 | IWMI vs LQTI |
Lowest Drawdown Alternatives to IWMI
IWMI has a 1-year max drawdown of -8.40%. There are 49 ETFs in the Derivative Income category with shallower 1-year drawdowns, going as shallow as -1.31%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Simplify Treasury Option Income ETF | -1.31% | 438.06M | Oct 2022 | IWMI vs BUCK | |
| FT Vest High Yield & Target Income ETF | -2.38% | 90.68M | Feb 2025 | IWMI vs HYTI | |
| Main Buywrite ETF | -2.59% | 1.21B | 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 9 categories. AUM among these funds goes as high as $12B.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| NEOS Nasdaq-100 High Income ETF | Nasdaq-100, Derivative Income | 68 | 13.43% | 12.25B | Jan 2024 | IWMI vs QQQI | |
| NEOS S&P 500 High Income ETF | Derivative Income, S&P 500 | 71 | 7.72% | 10.07B | Aug 2022 | IWMI vs SPYI | |
| NEOS Bitcoin High Income ETF | Cryptocurrency, Derivative Income | 2 | -22.74% | 1.24B | Oct 2024 | IWMI vs BTCI | |
| NEOS Gold High Income ETF | Derivative Income, Gold | — | 1.64% | 462.95M | Jun 2025 | IWMI vs IAUI | |
| Neos Enhanced Income Cash Alternative ETF | Ultrashort Bond | 99 | 2.26% | 1.28B | Aug 2022 | IWMI vs CSHI | |
| NEOS Nasdaq-100 Hedged Equity Income ETF | Nasdaq-100, Hedge Fund | 62 | 7.91% | 375.87M | Dec 2019 | IWMI vs QQQH | |
| NEOS Real Estate High Income ETF | Derivative Income | 23 | 4.08% | 272.46M | Jan 2025 | IWMI vs IYRI | |
| Neos MLP & Energy Infrastructure High Income ETF | Energy Equities | — | 17.58% | 643.40M | Dec 2025 | IWMI vs MLPI | |
| NEOS MSCI EAFE High Income ETF | Derivative Income | — | 5.84% | 166.96M | Sep 2025 | IWMI vs NIHI | |
| Neos Enhanced Income Aggregate Bond ETF | Intermediate Core-Plus Bond | 50 | 1.29% | 171.12M | Aug 2022 | IWMI vs BNDI |
Often Compared With IWMI
Investors most often compare IWMI with IWM, IWMY, RDTE. These 20 comparison targets span 8 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