FSCO vs. IWMI

Last updated Jun 20, 2026

FSCO (FS Credit Opportunities Corp.) is a stock, while IWMI (NEOS Russell 2000 High Income ETF) is Derivative Income fund actively managed by Neos. Over the past year, FSCO returned -22.70% vs 37.32% for IWMI. At a 0.29 correlation, their price movements are largely independent.

Performance

FSCO vs. IWMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FS Credit Opportunities Corp. (FSCO) 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, FSCO achieves a -17.20% return, which is significantly lower than IWMI's 16.41% return.

FSCO

• 1D: -0.60%
• 1M: -2.57%
• YTD: -17.20%
• 6M: -13.96%
• 1Y: -22.70%
• 3Y*: 14.91%
• 5Y*: —
• 10Y*: —

IWMI

• 1D: 1.72%
• 1M: 3.75%
• YTD: 16.41%
• 6M: 14.83%
• 1Y: 37.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FSCO vs. IWMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FSCO FS Credit Opportunities Corp.	-17.20%	3.68%	13.03%
IWMI NEOS Russell 2000 High Income ETF	16.41%	14.97%	6.58%

Correlation

The correlation between FSCO and IWMI is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jun 25, 2024	0.29

Return for Risk

FSCO vs. IWMI — Risk / Return Rank

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

FSCO

FSCO Risk / Return Rank: 12
FSCO Sharpe Ratio Rank: 8
FSCO Sortino Ratio Rank: 11
FSCO Omega Ratio Rank: 11
FSCO Calmar Ratio Rank: 19
FSCO Martin Ratio Rank: 12

IWMI

IWMI Risk / Return Rank: 82
IWMI Sharpe Ratio Rank: 80
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.

FSCO vs. IWMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FS Credit Opportunities Corp. (FSCO) 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.

	FSCO	IWMI	Difference
Sharpe ratio: Return per unit of total volatility	-0.83	2.42	-3.25
Sortino ratio: Return per unit of downside risk	-1.03	3.33	-4.35
Omega ratio: Gain probability vs. loss probability	0.86	1.42	-0.56
Calmar ratio: Return relative to maximum drawdown	-0.64	4.43	-5.06
Martin ratio: Return relative to average drawdown	-1.26	18.24	-19.50

FSCO vs. IWMI - Sharpe Ratio Comparison

The current FSCO Sharpe Ratio is -0.83, which is lower than the IWMI Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of FSCO 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

FSCO vs. IWMI - Drawdown Comparison

The maximum FSCO drawdown since its inception was -35.53%, which is greater than IWMI's maximum drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for FSCO and IWMI.

Drawdown Indicators

	FSCO	IWMI	Difference
Max Drawdown Largest peak-to-trough decline	-35.53%	-23.88%	-11.65%
Max Drawdown (1Y) Largest decline over 1 year	-35.53%	-8.40%	-27.13%
Max Drawdown (3Y) Largest decline over 3 years	-35.53%	—	—
Current Drawdown Current decline from peak	-27.71%	0.00%	-27.71%
Average Drawdown Average peak-to-trough decline	-8.11%	-4.04%	-4.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.93%	2.03%	+15.90%

Volatility

FSCO vs. IWMI - Volatility Comparison

FS Credit Opportunities Corp. (FSCO) has a higher volatility of 6.04% compared to NEOS Russell 2000 High Income ETF (IWMI) at 5.41%. This indicates that FSCO'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

	FSCO	IWMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.04%	5.41%	+0.63%
Volatility (6M) Calculated over the trailing 6-month period	22.58%	11.46%	+11.12%
Volatility (1Y) Calculated over the trailing 1-year period	27.39%	15.38%	+12.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.18%	17.97%	+10.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.18%	17.97%	+10.21%

Dividends

FSCO vs. IWMI - Dividend Comparison

FSCO's dividend yield for the trailing twelve months is around 15.92%, more than IWMI's 14.51% yield.

Position	TTM	2025	2024	2023	2022
FSCO FS Credit Opportunities Corp.	15.92%	12.65%	10.47%	11.26%	1.95%
IWMI NEOS Russell 2000 High Income ETF	14.51%	14.05%	8.78%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FSCO and IWMI in my portfolio?

FSCO and IWMI have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSCO or IWMI?

FSCO has higher volatility (6.04%) compared to IWMI (5.41%). In terms of maximum drawdown, FSCO dropped -35.53% vs IWMI's -23.88%.

Which has better risk-adjusted returns?

IWMI currently has the higher Sharpe Ratio (2.42 vs -0.83), 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.