FEPI vs. IWY

Last updated Jun 28, 2026

FEPI (REX FANG & Innovation Equity Premium Income ETF) and IWY (iShares Russell Top 200 Growth ETF) are both exchange-traded funds - FEPI is a Derivative Income fund actively managed by REX, while IWY is a Large Cap Growth Equities fund tracking the Russell Top 200 Growth Index. FEPI is actively managed, while IWY is passively managed. Over the past year, FEPI returned 16.30% vs 14.08% for IWY. Their correlation of 0.90 suggests significant overlap in exposure. FEPI charges 0.65%/yr vs 0.20%/yr for IWY.

Performance

FEPI vs. IWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in REX FANG & Innovation Equity Premium Income ETF (FEPI) and iShares Russell Top 200 Growth ETF (IWY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEPI achieves a 1.96% return, which is significantly higher than IWY's 0.62% return.

FEPI

• 1D: -0.50%
• 1M: -9.01%
• YTD: 1.96%
• 6M: 1.18%
• 1Y: 16.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWY

• 1D: 0.80%
• 1M: -7.16%
• YTD: 0.62%
• 6M: -0.84%
• 1Y: 14.08%
• 3Y*: 21.88%
• 5Y*: 13.99%
• 10Y*: 19.21%

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

FEPI vs. IWY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FEPI REX FANG & Innovation Equity Premium Income ETF	1.96%	18.33%	15.69%	11.75%
IWY iShares Russell Top 200 Growth ETF	0.62%	18.19%	34.89%	10.56%

Correlation

The correlation between FEPI and IWY is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since Oct 11, 2023	0.90

The correlation between FEPI and IWY has been stable across timeframes, ranging from 0.86 to 0.90 - a consistent structural relationship.

FEPI vs. IWY - Sectors Allocation Comparison

Sectors	FEPI	IWY
Technology	65.5%	56.3%
Communication Services	19.6%	12.3%
Consumer Cyclical	12.4%	10.5%
Basic Materials	-	0.3%
Consumer Defensive	-	2.9%
Energy	-	0.0%
Financial Services	-	5.5%
Healthcare	-	7.1%
Industrials	-	3.4%
Real Estate	-	0.3%
Utilities	-	1.1%

Return for Risk

FEPI vs. IWY — Risk / Return Rank

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

FEPI

FEPI Risk / Return Rank: 26
FEPI Sharpe Ratio Rank: 26
FEPI Sortino Ratio Rank: 25
FEPI Omega Ratio Rank: 26
FEPI Calmar Ratio Rank: 27
FEPI Martin Ratio Rank: 29

IWY

IWY Risk / Return Rank: 24
IWY Sharpe Ratio Rank: 26
IWY Sortino Ratio Rank: 25
IWY Omega Ratio Rank: 24
IWY Calmar Ratio Rank: 20
IWY Martin Ratio Rank: 23

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.

FEPI vs. IWY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for REX FANG & Innovation Equity Premium Income ETF (FEPI) and iShares Russell Top 200 Growth ETF (IWY). 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.

	FEPI	IWY	Difference
Sharpe ratio: Return per unit of total volatility	0.91	0.91	0.00
Sortino ratio: Return per unit of downside risk	1.31	1.32	-0.01
Omega ratio: Gain probability vs. loss probability	1.17	1.17	+0.01
Calmar ratio: Return relative to maximum drawdown	1.26	0.89	+0.37
Martin ratio: Return relative to average drawdown	3.92	2.80	+1.12

FEPI vs. IWY - Sharpe Ratio Comparison

The current FEPI Sharpe Ratio is 0.91, which is comparable to the IWY Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of FEPI and IWY, 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

FEPI vs. IWY - Drawdown Comparison

The maximum FEPI drawdown since its inception was -23.56%, smaller than the maximum IWY drawdown of -32.68%. Use the drawdown chart below to compare losses from any high point for FEPI and IWY.

Drawdown Indicators

	FEPI	IWY	Difference
Max Drawdown Largest peak-to-trough decline	-23.56%	-32.68%	+9.12%
Max Drawdown (1Y) Largest decline over 1 year	-12.91%	-16.63%	+3.72%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.22%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-32.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-32.68%	—
Current Drawdown Current decline from peak	-9.01%	-7.85%	-1.16%
Average Drawdown Average peak-to-trough decline	-3.55%	-4.75%	+1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.14%	5.29%	-1.15%

Volatility

FEPI vs. IWY - Volatility Comparison

REX FANG & Innovation Equity Premium Income ETF (FEPI) has a higher volatility of 7.43% compared to iShares Russell Top 200 Growth ETF (IWY) at 6.21%. This indicates that FEPI's price experiences larger fluctuations and is considered to be riskier than IWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEPI	IWY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.43%	6.21%	+1.22%
Volatility (6M) Calculated over the trailing 6-month period	13.93%	12.61%	+1.32%
Volatility (1Y) Calculated over the trailing 1-year period	17.78%	16.29%	+1.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.30%	21.60%	-2.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.30%	21.02%	-1.72%

FEPI vs. IWY - Expense Ratio Comparison

FEPI has a 0.65% expense ratio, which is higher than IWY's 0.20% expense ratio.

Dividends

FEPI vs. IWY - Dividend Comparison

FEPI's dividend yield for the trailing twelve months is around 25.49%, more than IWY's 0.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FEPI REX FANG & Innovation Equity Premium Income ETF	25.49%	25.48%	27.18%	4.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IWY iShares Russell Top 200 Growth ETF	0.36%	0.36%	0.42%	0.68%	0.88%	0.50%	0.71%	1.06%	1.32%	1.26%	1.51%	1.58%

Frequently Asked Questions

Can I hold both FEPI and IWY in my portfolio?

FEPI and IWY have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEPI or IWY?

FEPI has higher volatility (7.43%) compared to IWY (6.21%). In terms of maximum drawdown, FEPI dropped -23.56% vs IWY's -32.68%.

Which ETF is better, FEPI or IWY?

On 1-year performance, FEPI leads with 16.30% vs 14.08% for IWY. On fees, IWY is cheaper at 0.20% per year. On volatility, IWY has been the lower-risk option at 6.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEPI or IWY?

Over the 1-year period, FEPI has performed better with a 16.30% return vs 14.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEPI or IWY?

IWY is cheaper with a 0.20% expense ratio, compared with 0.65% for FEPI.

Which ETF pays a higher dividend yield, FEPI or IWY?

FEPI has the higher dividend yield at 25.49%, compared with 0.36% for IWY.

What is the main difference between FEPI and IWY?

FEPI is categorized as Derivative Income, while IWY is Large Cap Growth Equities. They also come from different issuers: REX and iShares. Their fees differ too: 0.65% for FEPI and 0.20% for IWY.

Which has better risk-adjusted returns?

FEPI currently has the higher Sharpe Ratio (0.91 vs 0.91), 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.