IWMI vs. FJACX

Last updated Jun 4, 2026

IWMI (NEOS Russell 2000 High Income ETF) and FJACX (Fidelity Series Small Cap Discovery Fund) are both funds - IWMI is a Derivative Income fund actively managed by Neos, while FJACX is a Small Cap Blend Equities fund managed by Fidelity. Over the past year, IWMI returned 34.38% vs 31.17% for FJACX. Their correlation of 0.91 suggests significant overlap in exposure. IWMI charges 0.68%/yr vs 0.00%/yr for FJACX.

Performance

IWMI vs. FJACX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Russell 2000 High Income ETF (IWMI) and Fidelity Series Small Cap Discovery Fund (FJACX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWMI achieves a 13.36% return, which is significantly lower than FJACX's 14.74% return.

IWMI

• 1D: -1.02%
• 1M: 3.18%
• YTD: 13.36%
• 6M: 13.24%
• 1Y: 34.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FJACX

• 1D: 1.78%
• 1M: 5.43%
• YTD: 14.74%
• 6M: 15.07%
• 1Y: 31.17%
• 3Y*: 15.13%
• 5Y*: 8.63%
• 10Y*: 10.66%

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

IWMI vs. FJACX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IWMI NEOS Russell 2000 High Income ETF	13.36%	14.97%	6.61%
FJACX Fidelity Series Small Cap Discovery Fund	14.74%	11.80%	2.96%

Correlation

The correlation between IWMI and FJACX is 0.91, 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	0.91
Correlation (All Time) Calculated using the full available price history since Jun 26, 2024	0.91

The correlation between IWMI and FJACX has been stable across timeframes, ranging from 0.91 to 0.91 - a consistent structural relationship.

Return for Risk

IWMI vs. FJACX — Risk / Return Rank

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

IWMI

IWMI Risk / Return Rank: 73
IWMI Sharpe Ratio Rank: 69
IWMI Sortino Ratio Rank: 69
IWMI Omega Ratio Rank: 66
IWMI Calmar Ratio Rank: 79
IWMI Martin Ratio Rank: 83

FJACX

FJACX Risk / Return Rank: 45
FJACX Sharpe Ratio Rank: 41
FJACX Sortino Ratio Rank: 42
FJACX Omega Ratio Rank: 36
FJACX Calmar Ratio Rank: 60
FJACX Martin Ratio Rank: 47

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.

IWMI vs. FJACX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Russell 2000 High Income ETF (IWMI) and Fidelity Series Small Cap Discovery Fund (FJACX). 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.

	IWMI	FJACX	Difference
Sharpe ratio: Return per unit of total volatility	2.33	1.86	+0.47
Sortino ratio: Return per unit of downside risk	3.25	2.70	+0.55
Omega ratio: Gain probability vs. loss probability	1.41	1.32	+0.09
Calmar ratio: Return relative to maximum drawdown	4.11	2.98	+1.13
Martin ratio: Return relative to average drawdown	17.09	9.84	+7.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWMI vs. FJACX - Sharpe Ratio Comparison

The current IWMI Sharpe Ratio is 2.33, which is comparable to the FJACX Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of IWMI and FJACX, 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

	IWMI	FJACX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.33	1.86	+0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.43	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	0.45	+0.59

Drawdowns

IWMI vs. FJACX - Drawdown Comparison

The maximum IWMI drawdown since its inception was -23.88%, smaller than the maximum FJACX drawdown of -45.60%. Use the drawdown chart below to compare losses from any high point for IWMI and FJACX.

Drawdown Indicators

	IWMI	FJACX	Difference
Max Drawdown Largest peak-to-trough decline	-23.88%	-45.60%	+21.72%
Max Drawdown (1Y) Largest decline over 1 year	-8.40%	-11.19%	+2.79%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.71%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-23.69%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-45.60%	—
Current Drawdown Current decline from peak	-1.02%	0.00%	-1.02%
Average Drawdown Average peak-to-trough decline	-4.12%	-6.55%	+2.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	3.38%	-1.36%

Volatility

IWMI vs. FJACX - Volatility Comparison

The current volatility for NEOS Russell 2000 High Income ETF (IWMI) is 4.31%, while Fidelity Series Small Cap Discovery Fund (FJACX) has a volatility of 5.80%. This indicates that IWMI experiences smaller price fluctuations and is considered to be less risky than FJACX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWMI	FJACX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.31%	5.80%	-1.49%
Volatility (6M) Calculated over the trailing 6-month period	10.74%	12.99%	-2.25%
Volatility (1Y) Calculated over the trailing 1-year period	14.84%	17.88%	-3.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.89%	20.09%	-2.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.89%	21.58%	-3.69%

IWMI vs. FJACX - Expense Ratio Comparison

IWMI has a 0.68% expense ratio, which is higher than FJACX's 0.00% expense ratio.

Dividends

IWMI vs. FJACX - Dividend Comparison

IWMI's dividend yield for the trailing twelve months is around 13.52%, more than FJACX's 9.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FJACX Fidelity Series Small Cap Discovery Fund	9.10%	10.44%	10.79%	2.90%	24.03%	17.66%	2.67%	6.65%	8.36%	1.15%	0.45%	5.64%
IWMI NEOS Russell 2000 High Income ETF	13.52%	14.05%	8.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IWMI and FJACX in my portfolio?

With a correlation of 0.91, IWMI and FJACX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IWMI or FJACX?

FJACX has higher volatility (5.80%) compared to IWMI (4.31%). In terms of maximum drawdown, IWMI dropped -23.88% vs FJACX's -45.60%.

Which has better risk-adjusted returns?

IWMI currently has the higher Sharpe Ratio (2.33 vs 1.86), 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.