BTCI vs. IWMI

Last updated Jun 5, 2026

BTCI (NEOS Bitcoin High Income ETF) and IWMI (NEOS Russell 2000 High Income ETF) are both exchange-traded funds - BTCI is a Cryptocurrency fund actively managed by Neos, while IWMI is a Derivative Income fund actively managed by Neos. Both are actively managed. Over the past year, BTCI returned -34.52% vs 35.91% for IWMI. At a 0.47 correlation, their price movements are largely independent. BTCI charges 0.99%/yr vs 0.68%/yr for IWMI.

Performance

BTCI vs. IWMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Bitcoin High Income ETF (BTCI) 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, BTCI achieves a -24.80% return, which is significantly lower than IWMI's 14.60% return.

BTCI

• 1D: -2.67%
• 1M: -19.78%
• YTD: -24.80%
• 6M: -28.14%
• 1Y: -34.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWMI

• 1D: 1.10%
• 1M: 3.08%
• YTD: 14.60%
• 6M: 13.67%
• 1Y: 35.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BTCI vs. IWMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCI NEOS Bitcoin High Income ETF	-24.80%	-1.09%	28.24%
IWMI NEOS Russell 2000 High Income ETF	14.60%	14.97%	-2.89%

Correlation

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

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (All Time) Calculated using the full available price history since Oct 18, 2024	0.47

Return for Risk

BTCI vs. IWMI — Risk / Return Rank

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

BTCI

BTCI Risk / Return Rank: 2
BTCI Sharpe Ratio Rank: 2
BTCI Sortino Ratio Rank: 3
BTCI Omega Ratio Rank: 2
BTCI Calmar Ratio Rank: 2
BTCI Martin Ratio Rank: 2

IWMI

IWMI Risk / Return Rank: 78
IWMI Sharpe Ratio Rank: 76
IWMI Sortino Ratio Rank: 76
IWMI Omega Ratio Rank: 71
IWMI Calmar Ratio Rank: 82
IWMI Martin Ratio Rank: 86

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.

BTCI vs. IWMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Bitcoin High Income ETF (BTCI) 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.

	BTCI	IWMI	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	2.43	-3.32
Sortino ratio: Return per unit of downside risk	-1.19	3.37	-4.56
Omega ratio: Gain probability vs. loss probability	0.86	1.42	-0.56
Calmar ratio: Return relative to maximum drawdown	-0.77	4.29	-5.06
Martin ratio: Return relative to average drawdown	-1.37	17.85	-19.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTCI vs. IWMI - Sharpe Ratio Comparison

The current BTCI Sharpe Ratio is -0.89, which is lower than the IWMI Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of BTCI and IWMI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BTCI	IWMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.89	2.43	-3.32
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	1.08	-1.15

Drawdowns

BTCI vs. IWMI - Drawdown Comparison

The maximum BTCI drawdown since its inception was -44.98%, which is greater than IWMI's maximum drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for BTCI and IWMI.

Drawdown Indicators

	BTCI	IWMI	Difference
Max Drawdown Largest peak-to-trough decline	-44.98%	-23.88%	-21.10%
Max Drawdown (1Y) Largest decline over 1 year	-44.98%	-8.40%	-36.58%
Current Drawdown Current decline from peak	-44.39%	0.00%	-44.39%
Average Drawdown Average peak-to-trough decline	-15.25%	-4.11%	-11.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.20%	2.02%	+23.18%

Volatility

BTCI vs. IWMI - Volatility Comparison

NEOS Bitcoin High Income ETF (BTCI) has a higher volatility of 8.15% compared to NEOS Russell 2000 High Income ETF (IWMI) at 4.28%. This indicates that BTCI's price experiences larger fluctuations and is considered to be riskier than IWMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCI	IWMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.15%	4.28%	+3.87%
Volatility (6M) Calculated over the trailing 6-month period	30.49%	10.78%	+19.71%
Volatility (1Y) Calculated over the trailing 1-year period	38.98%	14.85%	+24.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.12%	17.89%	+22.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.12%	17.89%	+22.23%

BTCI vs. IWMI - Expense Ratio Comparison

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

Dividends

BTCI vs. IWMI - Dividend Comparison

BTCI's dividend yield for the trailing twelve months is around 44.34%, more than IWMI's 13.38% yield.

Position	TTM	2025	2024
BTCI NEOS Bitcoin High Income ETF	44.34%	36.46%	6.76%
IWMI NEOS Russell 2000 High Income ETF	13.38%	14.05%	8.78%

Frequently Asked Questions

Can I hold both BTCI and IWMI in my portfolio?

BTCI 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 is riskier, BTCI or IWMI?

BTCI has higher volatility (8.15%) compared to IWMI (4.28%). In terms of maximum drawdown, BTCI dropped -44.98% vs IWMI's -23.88%.

Which ETF is better, BTCI or IWMI?

On 1-year performance, IWMI leads with 35.91% vs -34.52% for BTCI. On fees, IWMI is cheaper at 0.68% per year. On volatility, IWMI has been the lower-risk option at 4.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCI or IWMI?

Over the 1-year period, IWMI has performed better with a 35.91% return vs -34.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCI or IWMI?

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

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

BTCI has the higher dividend yield at 44.34%, compared with 13.38% for IWMI.

What is the main difference between BTCI and IWMI?

BTCI is categorized as Cryptocurrency, while IWMI is Derivative Income. Their fees differ too: 0.99% for BTCI and 0.68% for IWMI.

Which has better risk-adjusted returns?

IWMI currently has the higher Sharpe Ratio (2.43 vs -0.89), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.