DJUL vs. IWMY

Last updated Jun 24, 2026

DJUL (FT Cboe Vest U.S. Equity Deep Buffer ETF - July) and IWMY (Defiance R2000 Enhanced Options & 0DTE Income ETF) are both Options Trading funds - DJUL tracks the Cboe S&P 500 30% (-5% to -35%) Buffer Protect July Series Index while IWMY tracks the Russell 2000 Index. Both are passively managed. Over the past year, DJUL returned 15.14% vs 21.86% for IWMY. A 0.71 correlation means they provide meaningful diversification when combined. DJUL charges 0.85%/yr vs 0.99%/yr for IWMY.

Performance

DJUL vs. IWMY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Deep Buffer ETF - July (DJUL) and Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DJUL achieves a 4.98% return, which is significantly lower than IWMY's 14.94% return.

DJUL

• 1D: -0.17%
• 1M: 0.52%
• YTD: 4.98%
• 6M: 4.83%
• 1Y: 15.14%
• 3Y*: 13.48%
• 5Y*: 8.93%
• 10Y*: —

IWMY

• 1D: -0.81%
• 1M: 3.35%
• YTD: 14.94%
• 6M: 12.52%
• 1Y: 21.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DJUL vs. IWMY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DJUL FT Cboe Vest U.S. Equity Deep Buffer ETF - July	4.98%	13.31%	15.02%	9.05%
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	14.94%	10.18%	5.56%	10.06%

Correlation

The correlation between DJUL and IWMY is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.73
Correlation (All Time) Calculated using the full available price history since Oct 31, 2023	0.71

The correlation between DJUL and IWMY has been stable across timeframes, ranging from 0.71 to 0.73 - a consistent structural relationship.

Return for Risk

DJUL vs. IWMY — Risk / Return Rank

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

DJUL

DJUL Risk / Return Rank: 89
DJUL Sharpe Ratio Rank: 91
DJUL Sortino Ratio Rank: 94
DJUL Omega Ratio Rank: 94
DJUL Calmar Ratio Rank: 76
DJUL Martin Ratio Rank: 91

IWMY

IWMY Risk / Return Rank: 39
IWMY Sharpe Ratio Rank: 39
IWMY Sortino Ratio Rank: 37
IWMY Omega Ratio Rank: 36
IWMY Calmar Ratio Rank: 39
IWMY Martin Ratio Rank: 41

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.

DJUL vs. IWMY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Deep Buffer ETF - July (DJUL) and Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DJUL	IWMY	Difference
Sharpe ratio: Return per unit of total volatility	2.85	1.34	+1.50
Sortino ratio: Return per unit of downside risk	4.30	1.84	+2.46
Omega ratio: Gain probability vs. loss probability	1.60	1.23	+0.37
Calmar ratio: Return relative to maximum drawdown	3.58	1.90	+1.68
Martin ratio: Return relative to average drawdown	19.44	6.20	+13.24

DJUL vs. IWMY - Sharpe Ratio Comparison

The current DJUL Sharpe Ratio is 2.85, which is higher than the IWMY Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of DJUL and IWMY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DJUL vs. IWMY - Drawdown Comparison

The maximum DJUL drawdown since its inception was -12.54%, smaller than the maximum IWMY drawdown of -18.72%. Use the drawdown chart below to compare losses from any high point for DJUL and IWMY.

Drawdown Indicators

	DJUL	IWMY	Difference
Max Drawdown Largest peak-to-trough decline	-12.54%	-18.72%	+6.18%
Max Drawdown (1Y) Largest decline over 1 year	-4.25%	-11.57%	+7.32%
Max Drawdown (3Y) Largest decline over 3 years	-11.29%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-12.54%	—	—
Current Drawdown Current decline from peak	-0.17%	-0.81%	+0.64%
Average Drawdown Average peak-to-trough decline	-1.98%	-2.94%	+0.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	3.54%	-2.76%

Volatility

DJUL vs. IWMY - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Deep Buffer ETF - July (DJUL) is 0.87%, while Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) has a volatility of 6.20%. This indicates that DJUL experiences smaller price fluctuations and is considered to be less risky than IWMY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DJUL	IWMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.87%	6.20%	-5.33%
Volatility (6M) Calculated over the trailing 6-month period	4.18%	13.55%	-9.37%
Volatility (1Y) Calculated over the trailing 1-year period	5.40%	16.37%	-10.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.40%	15.95%	-7.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.91%	15.95%	-8.04%

DJUL vs. IWMY - Expense Ratio Comparison

DJUL has a 0.85% expense ratio, which is lower than IWMY's 0.99% expense ratio.

Dividends

DJUL vs. IWMY - Dividend Comparison

DJUL has not paid dividends to shareholders, while IWMY's dividend yield for the trailing twelve months is around 43.75%.

Position	TTM	2025	2024	2023
DJUL FT Cboe Vest U.S. Equity Deep Buffer ETF - July	0.00%	0.00%	0.00%	0.00%
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	43.75%	63.33%	107.92%	11.34%

Frequently Asked Questions

Can I hold both DJUL and IWMY in my portfolio?

DJUL and IWMY have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DJUL or IWMY?

IWMY has higher volatility (6.20%) compared to DJUL (0.87%). In terms of maximum drawdown, DJUL dropped -12.54% vs IWMY's -18.72%.

Which ETF is better, DJUL or IWMY?

On 1-year performance, IWMY leads with 21.86% vs 15.14% for DJUL. On fees, DJUL is cheaper at 0.85% per year. On volatility, DJUL has been the lower-risk option at 0.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DJUL or IWMY?

Over the 1-year period, IWMY has performed better with a 21.86% return vs 15.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DJUL or IWMY?

DJUL is cheaper with a 0.85% expense ratio, compared with 0.99% for IWMY.

Which ETF pays a higher dividend yield, DJUL or IWMY?

IWMY has the higher dividend yield at 43.75%, compared with 0.00% for DJUL.

What is the main difference between DJUL and IWMY?

DJUL tracks Cboe S&P 500 30% (-5% to -35%) Buffer Protect July Series Index, while IWMY tracks Russell 2000 Index. They also come from different issuers: FT Vest and Defiance. Their fees differ too: 0.85% for DJUL and 0.99% for IWMY.

Which has better risk-adjusted returns?

DJUL currently has the higher Sharpe Ratio (2.85 vs 1.34), 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.