FIVY vs. IWMI

Last updated Jun 25, 2026

FIVY (YieldMax Dorsey Wright Hybrid 5 Income ETF) and IWMI (NEOS Russell 2000 High Income ETF) are both Derivative Income funds. FIVY is passively managed, while IWMI is actively managed. Over the past year, FIVY returned -8.80% vs 35.30% for IWMI. A 0.63 correlation means they provide meaningful diversification when combined. FIVY charges 0.88%/yr vs 0.68%/yr for IWMI.

Performance

FIVY vs. IWMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Dorsey Wright Hybrid 5 Income ETF (FIVY) 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, FIVY achieves a -6.12% return, which is significantly lower than IWMI's 16.75% return.

FIVY

• 1D: 0.00%
• 1M: -1.85%
• YTD: -6.12%
• 6M: -8.33%
• 1Y: -8.80%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWMI

• 1D: 0.36%
• 1M: 4.05%
• YTD: 16.75%
• 6M: 14.40%
• 1Y: 35.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FIVY vs. IWMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FIVY YieldMax Dorsey Wright Hybrid 5 Income ETF	-6.12%	-1.07%	-10.55%
IWMI NEOS Russell 2000 High Income ETF	16.75%	14.97%	-5.05%

Correlation

The correlation between FIVY and IWMI is 0.57, 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	0.57
Correlation (All Time) Calculated using the full available price history since Dec 17, 2024	0.63

The correlation between FIVY and IWMI has been stable across timeframes, ranging from 0.57 to 0.63 - a consistent structural relationship.

FIVY vs. IWMI - Sectors Allocation Comparison

Sectors	FIVY	IWMI
Technology	44.7%	17.0%
Communication Services	22.7%	2.4%
Healthcare	16.5%	16.5%
Financial Services	16.1%	15.7%
Basic Materials	-	4.8%
Consumer Cyclical	-	8.4%
Consumer Defensive	-	2.4%
Energy	-	6.1%
Industrials	-	17.7%
Real Estate	-	6.1%
Utilities	-	2.9%

Return for Risk

FIVY vs. IWMI — Risk / Return Rank

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

FIVY

FIVY Risk / Return Rank: 7
FIVY Sharpe Ratio Rank: 6
FIVY Sortino Ratio Rank: 7
FIVY Omega Ratio Rank: 7
FIVY Calmar Ratio Rank: 7
FIVY Martin Ratio Rank: 7

IWMI

IWMI Risk / Return Rank: 82
IWMI Sharpe Ratio Rank: 81
IWMI Sortino Ratio Rank: 80
IWMI Omega Ratio Rank: 76
IWMI Calmar Ratio Rank: 85
IWMI Martin Ratio Rank: 88

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.

FIVY vs. IWMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Dorsey Wright Hybrid 5 Income ETF (FIVY) 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.

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.

	FIVY	IWMI	Difference
Sharpe ratio: Return per unit of total volatility	-0.28	2.31	-2.59
Sortino ratio: Return per unit of downside risk	-0.18	3.19	-3.37
Omega ratio: Gain probability vs. loss probability	0.98	1.40	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.27	4.22	-4.49
Martin ratio: Return relative to average drawdown	-0.53	17.39	-17.92

FIVY vs. IWMI - Sharpe Ratio Comparison

The current FIVY Sharpe Ratio is -0.28, which is lower than the IWMI Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of FIVY 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.

Drawdowns

FIVY vs. IWMI - Drawdown Comparison

The maximum FIVY drawdown since its inception was -32.77%, which is greater than IWMI's maximum drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for FIVY and IWMI.

Drawdown Indicators

	FIVY	IWMI	Difference
Max Drawdown Largest peak-to-trough decline	-32.77%	-23.88%	-8.89%
Max Drawdown (1Y) Largest decline over 1 year	-32.77%	-8.40%	-24.37%
Current Drawdown Current decline from peak	-19.89%	-0.38%	-19.51%
Average Drawdown Average peak-to-trough decline	-13.67%	-4.02%	-9.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.60%	2.04%	+14.56%

Volatility

FIVY vs. IWMI - Volatility Comparison

YieldMax Dorsey Wright Hybrid 5 Income ETF (FIVY) has a higher volatility of 8.65% compared to NEOS Russell 2000 High Income ETF (IWMI) at 5.21%. This indicates that FIVY'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

	FIVY	IWMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.65%	5.21%	+3.44%
Volatility (6M) Calculated over the trailing 6-month period	21.98%	11.43%	+10.55%
Volatility (1Y) Calculated over the trailing 1-year period	31.19%	15.38%	+15.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.82%	17.93%	+14.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.82%	17.93%	+14.89%

FIVY vs. IWMI - Expense Ratio Comparison

FIVY has a 0.88% expense ratio, which is higher than IWMI's 0.68% expense ratio.

Dividends

FIVY vs. IWMI - Dividend Comparison

FIVY's dividend yield for the trailing twelve months is around 47.61%, more than IWMI's 14.47% yield.

Position	TTM	2025	2024
FIVY YieldMax Dorsey Wright Hybrid 5 Income ETF	47.61%	46.51%	0.00%
IWMI NEOS Russell 2000 High Income ETF	14.47%	14.05%	8.78%

Frequently Asked Questions

Can I hold both FIVY and IWMI in my portfolio?

FIVY and IWMI have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIVY or IWMI?

FIVY has higher volatility (8.65%) compared to IWMI (5.21%). In terms of maximum drawdown, FIVY dropped -32.77% vs IWMI's -23.88%.

Which ETF is better, FIVY or IWMI?

On 1-year performance, IWMI leads with 35.30% vs -8.80% for FIVY. On fees, IWMI is cheaper at 0.68% per year. On volatility, IWMI has been the lower-risk option at 5.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FIVY or IWMI?

Over the 1-year period, IWMI has performed better with a 35.30% return vs -8.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FIVY or IWMI?

IWMI is cheaper with a 0.68% expense ratio, compared with 0.88% for FIVY.

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

FIVY has the higher dividend yield at 47.61%, compared with 14.47% for IWMI.

What is the main difference between FIVY and IWMI?

They also come from different issuers: YieldMax and Neos. Their fees differ too: 0.88% for FIVY and 0.68% for IWMI.

Which has better risk-adjusted returns?

IWMI currently has the higher Sharpe Ratio (2.31 vs -0.28), 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.