IWMI vs. IWMW

Last updated Jun 5, 2026

IWMI (NEOS Russell 2000 High Income ETF) and IWMW (iShares Russell 2000 BuyWrite ETF) are both Derivative Income funds. IWMI is actively managed, while IWMW is passively managed. Over the past year, IWMI returned 35.91% vs 25.30% for IWMW. Their correlation of 0.91 suggests significant overlap in exposure. IWMI charges 0.68%/yr vs 0.39%/yr for IWMW.

Performance

IWMI vs. IWMW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Russell 2000 High Income ETF (IWMI) and iShares Russell 2000 BuyWrite ETF (IWMW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWMI achieves a 14.60% return, which is significantly higher than IWMW's 9.09% return.

IWMI

• 1D: 1.10%
• 1M: 3.08%
• YTD: 14.60%
• 6M: 13.67%
• 1Y: 35.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWMW

• 1D: 0.55%
• 1M: 2.91%
• YTD: 9.09%
• 6M: 9.30%
• 1Y: 25.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IWMI vs. IWMW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IWMI NEOS Russell 2000 High Income ETF	14.60%	14.97%	6.61%
IWMW iShares Russell 2000 BuyWrite ETF	9.09%	7.82%	8.22%

Correlation

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

IWMI vs. IWMW - Sectors Allocation Comparison

Sectors	IWMI	IWMW
Healthcare	17.9%	16.6%
Industrials	16.6%	17.6%
Financial Services	16.0%	16.0%
Technology	15.1%	19.2%
Consumer Cyclical	8.6%	7.8%
Energy	6.5%	6.4%
Real Estate	6.3%	5.8%
Basic Materials	5.0%	4.8%
Utilities	3.1%	3.1%
Consumer Defensive	2.6%	2.2%
Communication Services	2.4%	2.0%

Return for Risk

IWMI vs. IWMW — Risk / Return Rank

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

IWMI

IWMI Risk / Return Rank: 78
IWMI Sharpe Ratio Rank: 76
IWMI Sortino Ratio Rank: 76
IWMI Omega Ratio Rank: 71
IWMI Calmar Ratio Rank: 82
IWMI Martin Ratio Rank: 86

IWMW

IWMW Risk / Return Rank: 67
IWMW Sharpe Ratio Rank: 63
IWMW Sortino Ratio Rank: 61
IWMW Omega Ratio Rank: 70
IWMW Calmar Ratio Rank: 74
IWMW Martin Ratio Rank: 69

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. IWMW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Russell 2000 High Income ETF (IWMI) and iShares Russell 2000 BuyWrite ETF (IWMW). 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	IWMW	Difference
Sharpe ratio: Return per unit of total volatility	2.43	2.07	+0.36
Sortino ratio: Return per unit of downside risk	3.37	2.81	+0.55
Omega ratio: Gain probability vs. loss probability	1.42	1.41	+0.01
Calmar ratio: Return relative to maximum drawdown	4.29	3.66	+0.63
Martin ratio: Return relative to average drawdown	17.85	12.67	+5.18
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. IWMW - Sharpe Ratio Comparison

The current IWMI Sharpe Ratio is 2.43, which is comparable to the IWMW Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of IWMI and IWMW, 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	IWMW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	2.07	+0.36
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	0.66	+0.42

Drawdowns

IWMI vs. IWMW - Drawdown Comparison

The maximum IWMI drawdown since its inception was -23.88%, which is greater than IWMW's maximum drawdown of -21.82%. Use the drawdown chart below to compare losses from any high point for IWMI and IWMW.

Drawdown Indicators

	IWMI	IWMW	Difference
Max Drawdown Largest peak-to-trough decline	-23.88%	-21.82%	-2.06%
Max Drawdown (1Y) Largest decline over 1 year	-8.40%	-6.94%	-1.46%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.11%	-3.84%	-0.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	2.00%	+0.02%

Volatility

IWMI vs. IWMW - Volatility Comparison

NEOS Russell 2000 High Income ETF (IWMI) has a higher volatility of 4.28% compared to iShares Russell 2000 BuyWrite ETF (IWMW) at 3.01%. This indicates that IWMI's price experiences larger fluctuations and is considered to be riskier than IWMW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWMI	IWMW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.28%	3.01%	+1.27%
Volatility (6M) Calculated over the trailing 6-month period	10.78%	8.76%	+2.02%
Volatility (1Y) Calculated over the trailing 1-year period	14.85%	12.29%	+2.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.89%	16.11%	+1.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.89%	16.11%	+1.78%

IWMI vs. IWMW - Expense Ratio Comparison

IWMI has a 0.68% expense ratio, which is higher than IWMW's 0.39% expense ratio.

Dividends

IWMI vs. IWMW - Dividend Comparison

IWMI's dividend yield for the trailing twelve months is around 13.38%, less than IWMW's 22.28% yield.

Position	TTM	2025	2024
IWMI NEOS Russell 2000 High Income ETF	13.38%	14.05%	8.78%
IWMW iShares Russell 2000 BuyWrite ETF	22.28%	20.98%	17.73%

Frequently Asked Questions

Can I hold both IWMI and IWMW in my portfolio?

With a correlation of 0.91, IWMI and IWMW 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 IWMW?

IWMI has higher volatility (4.28%) compared to IWMW (3.01%). In terms of maximum drawdown, IWMI dropped -23.88% vs IWMW's -21.82%.

Which ETF is better, IWMI or IWMW?

On 1-year performance, IWMI leads with 35.91% vs 25.30% for IWMW. On fees, IWMW is cheaper at 0.39% per year. On volatility, IWMW has been the lower-risk option at 3.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWMI or IWMW?

Over the 1-year period, IWMI has performed better with a 35.91% return vs 25.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWMI or IWMW?

IWMW is cheaper with a 0.39% expense ratio, compared with 0.68% for IWMI.

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

IWMW has the higher dividend yield at 22.28%, compared with 13.38% for IWMI.

What is the main difference between IWMI and IWMW?

They also come from different issuers: Neos and iShares. Their fees differ too: 0.68% for IWMI and 0.39% for IWMW.

Which has better risk-adjusted returns?

IWMI currently has the higher Sharpe Ratio (2.43 vs 2.07), 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.