ARMW vs. IWMI

Last updated Jun 4, 2026

ARMW (Roundhill ARM WeeklyPay ETF) and IWMI (NEOS Russell 2000 High Income ETF) are both Derivative Income funds. Both are actively managed. At a 0.49 correlation, their price movements are largely independent. ARMW charges 0.99%/yr vs 0.68%/yr for IWMI.

Performance

ARMW vs. IWMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill ARM WeeklyPay ETF (ARMW) and NEOS Russell 2000 High Income ETF (IWMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ARMW achieves a 363.23% return, which is significantly higher than IWMI's 13.36% return.

ARMW

• 1D: 3.44%
• 1M: 128.75%
• YTD: 363.23%
• 6M: 245.13%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWMI

• 1D: -1.02%
• 1M: 3.18%
• YTD: 13.36%
• 6M: 13.24%
• 1Y: 34.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ARMW vs. IWMI - Yearly Performance Comparison

	2026 (YTD)	2025
ARMW Roundhill ARM WeeklyPay ETF	363.23%	-40.49%
IWMI NEOS Russell 2000 High Income ETF	13.36%	2.03%

Correlation

The correlation between ARMW and IWMI is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 24, 2025	0.49

ARMW vs. IWMI - Sectors Allocation Comparison

Sectors	ARMW	IWMI
Technology	36.0%	15.1%
Basic Materials	-	5.0%
Communication Services	-	2.4%
Consumer Cyclical	-	8.6%
Consumer Defensive	-	2.6%
Energy	-	6.5%
Financial Services	-	16.0%
Healthcare	-	17.9%
Industrials	-	16.6%
Real Estate	-	6.3%
Utilities	-	3.1%

Return for Risk

ARMW vs. IWMI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IWMI

IWMI Risk / Return Rank: 73
IWMI Sharpe Ratio Rank: 69
IWMI Sortino Ratio Rank: 69
IWMI Omega Ratio Rank: 66
IWMI Calmar Ratio Rank: 79
IWMI Martin Ratio Rank: 83

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ARMW vs. IWMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill ARM WeeklyPay ETF (ARMW) and NEOS Russell 2000 High Income ETF (IWMI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	ARMW	IWMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.33	—
Sharpe Ratio (All Time) Calculated using the full available price history	4.96	1.04	+3.92

Drawdowns

ARMW vs. IWMI - Drawdown Comparison

The maximum ARMW drawdown since its inception was -48.47%, which is greater than IWMI's maximum drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for ARMW and IWMI.

Drawdown Indicators

	ARMW	IWMI	Difference
Max Drawdown Largest peak-to-trough decline	-48.47%	-23.88%	-24.59%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.40%	—
Current Drawdown Current decline from peak	0.00%	-1.02%	+1.02%
Average Drawdown Average peak-to-trough decline	-26.55%	-4.12%	-22.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.02%	—

Volatility

Volatility by Period

	ARMW	IWMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.31%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.74%	—
Volatility (1Y) Calculated over the trailing 1-year period	88.46%	14.84%	+73.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	88.46%	17.89%	+70.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	88.46%	17.89%	+70.57%

ARMW vs. IWMI - Expense Ratio Comparison

ARMW has a 0.99% expense ratio, which is higher than IWMI's 0.68% expense ratio.

Dividends

ARMW vs. IWMI - Dividend Comparison

ARMW's dividend yield for the trailing twelve months is around 15.20%, more than IWMI's 13.52% yield.

Position	TTM	2025	2024
ARMW Roundhill ARM WeeklyPay ETF	15.20%	16.38%	0.00%
IWMI NEOS Russell 2000 High Income ETF	13.52%	14.05%	8.78%

Frequently Asked Questions

Can I hold both ARMW and IWMI in my portfolio?

ARMW and IWMI have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ARMW or IWMI?

On fees, IWMI is cheaper at 0.68% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ARMW or IWMI?

IWMI is cheaper with a 0.68% expense ratio, compared with 0.99% for ARMW.

Which ETF pays a higher dividend yield, ARMW or IWMI?

ARMW has the higher dividend yield at 15.20%, compared with 13.52% for IWMI.

What is the main difference between ARMW and IWMI?

They also come from different issuers: Roundhill Investments and Neos. Their fees differ too: 0.99% for ARMW and 0.68% for IWMI.