FIVY vs. IWMY

Last updated Jun 4, 2026

FIVY (YieldMax Dorsey Wright Hybrid 5 Income ETF) and IWMY (Defiance R2000 Enhanced Options & 0DTE Income ETF) are both exchange-traded funds - FIVY is a Derivative Income fund tracking the Nasdaq Dorsey Wright Tactical Hybrid Option Income Strategy Index, while IWMY is a Options Trading fund tracking the Russell 2000 Index. Both are passively managed. Over the past year, FIVY returned -6.42% vs 23.33% for IWMY. A 0.60 correlation means they provide meaningful diversification when combined. FIVY charges 0.88%/yr vs 0.99%/yr for IWMY.

Performance

FIVY vs. IWMY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Dorsey Wright Hybrid 5 Income ETF (FIVY) 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, FIVY achieves a -6.31% return, which is significantly lower than IWMY's 12.25% return.

FIVY

• 1D: -1.54%
• 1M: -1.09%
• YTD: -6.31%
• 6M: -9.72%
• 1Y: -6.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWMY

• 1D: -1.36%
• 1M: 3.06%
• YTD: 12.25%
• 6M: 10.99%
• 1Y: 23.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FIVY vs. IWMY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FIVY YieldMax Dorsey Wright Hybrid 5 Income ETF	-6.31%	-1.07%	-9.94%
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	12.25%	10.18%	-2.87%

Correlation

The correlation between FIVY and IWMY is 0.54, 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	0.54
Correlation (All Time) Calculated using the full available price history since Dec 18, 2024	0.60

The correlation between FIVY and IWMY has been stable across timeframes, ranging from 0.54 to 0.60 - a consistent structural relationship.

Return for Risk

FIVY vs. IWMY — 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: 7
FIVY Sortino Ratio Rank: 7
FIVY Omega Ratio Rank: 7
FIVY Calmar Ratio Rank: 7
FIVY Martin Ratio Rank: 7

IWMY

IWMY Risk / Return Rank: 40
IWMY Sharpe Ratio Rank: 42
IWMY Sortino Ratio Rank: 38
IWMY Omega Ratio Rank: 39
IWMY Calmar Ratio Rank: 41
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.

FIVY vs. IWMY - Risk-Adjusted Trends Comparison

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

	FIVY	IWMY	Difference
Sharpe ratio: Return per unit of total volatility	-0.21	1.49	-1.71
Sortino ratio: Return per unit of downside risk	-0.09	2.02	-2.11
Omega ratio: Gain probability vs. loss probability	0.99	1.26	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.20	2.03	-2.22
Martin ratio: Return relative to average drawdown	-0.41	6.66	-7.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIVY vs. IWMY - Sharpe Ratio Comparison

The current FIVY Sharpe Ratio is -0.21, which is lower than the IWMY Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of FIVY 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.

Sharpe Ratios by Period

	FIVY	IWMY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.21	1.49	-1.71
Sharpe Ratio (All Time) Calculated using the full available price history	-0.36	0.95	-1.31

Drawdowns

FIVY vs. IWMY - Drawdown Comparison

The maximum FIVY drawdown since its inception was -32.77%, which is greater than IWMY's maximum drawdown of -18.72%. Use the drawdown chart below to compare losses from any high point for FIVY and IWMY.

Drawdown Indicators

	FIVY	IWMY	Difference
Max Drawdown Largest peak-to-trough decline	-32.77%	-18.72%	-14.05%
Max Drawdown (1Y) Largest decline over 1 year	-32.77%	-11.57%	-21.20%
Current Drawdown Current decline from peak	-20.05%	-1.36%	-18.69%
Average Drawdown Average peak-to-trough decline	-13.11%	-2.98%	-10.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.84%	3.51%	+12.33%

Volatility

FIVY vs. IWMY - Volatility Comparison

YieldMax Dorsey Wright Hybrid 5 Income ETF (FIVY) has a higher volatility of 7.47% compared to Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) at 5.42%. This indicates that FIVY's price experiences larger fluctuations and is considered to be riskier than IWMY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIVY	IWMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.47%	5.42%	+2.05%
Volatility (6M) Calculated over the trailing 6-month period	21.19%	12.62%	+8.57%
Volatility (1Y) Calculated over the trailing 1-year period	30.28%	15.69%	+14.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.80%	15.75%	+17.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.80%	15.75%	+17.05%

FIVY vs. IWMY - Expense Ratio Comparison

FIVY has a 0.88% expense ratio, which is lower than IWMY's 0.99% expense ratio.

Dividends

FIVY vs. IWMY - Dividend Comparison

FIVY's dividend yield for the trailing twelve months is around 50.96%, more than IWMY's 45.96% yield.

Position	TTM	2025	2024	2023
FIVY YieldMax Dorsey Wright Hybrid 5 Income ETF	50.96%	46.51%	0.00%	0.00%
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	45.96%	63.33%	107.92%	11.34%

Frequently Asked Questions

Can I hold both FIVY and IWMY in my portfolio?

FIVY and IWMY have a correlation of 0.54, 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 IWMY?

FIVY has higher volatility (7.47%) compared to IWMY (5.42%). In terms of maximum drawdown, FIVY dropped -32.77% vs IWMY's -18.72%.

Which ETF is better, FIVY or IWMY?

On 1-year performance, IWMY leads with 23.33% vs -6.42% for FIVY. On fees, FIVY is cheaper at 0.88% per year. On volatility, IWMY has been the lower-risk option at 5.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FIVY or IWMY?

Over the 1-year period, IWMY has performed better with a 23.33% return vs -6.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FIVY or IWMY?

FIVY is cheaper with a 0.88% expense ratio, compared with 0.99% for IWMY.

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

FIVY has the higher dividend yield at 50.96%, compared with 45.96% for IWMY.

What is the main difference between FIVY and IWMY?

FIVY is categorized as Derivative Income, while IWMY is Options Trading. FIVY tracks Nasdaq Dorsey Wright Tactical Hybrid Option Income Strategy Index, while IWMY tracks Russell 2000 Index. They also come from different issuers: YieldMax and Defiance. Their fees differ too: 0.88% for FIVY and 0.99% for IWMY.

Which has better risk-adjusted returns?

IWMY currently has the higher Sharpe Ratio (1.49 vs -0.21), 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.