IWMI vs. IWMY

Last updated Aug 2, 2026

IWMI (NEOS Russell 2000 High Income ETF) and IWMY (Defiance R2000 Weekly Distribution ETF) are both exchange-traded funds - IWMI is a Derivative Income fund actively managed by Neos, while IWMY is a Options Trading fund actively managed by Defiance. Both are actively managed. Over the past year, IWMI returned 32.94% vs 19.50% for IWMY. Their correlation of 0.92 means they have usually moved in the same direction. IWMI charges 0.68%/yr vs 1.05%/yr for IWMY.

Performance

IWMI vs. IWMY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Russell 2000 High Income ETF (IWMI) and Defiance R2000 Weekly Distribution ETF (IWMY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWMI achieves a 15.60% return, which is significantly higher than IWMY's 13.35% return.

IWMI

• 1D: -0.46%
• 1M: -1.52%
• 6M: 11.05%
• YTD: 15.60%
• 1Y: 32.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.06%

IWMY

• 1D: -0.41%
• 1M: -1.97%
• 6M: 9.10%
• YTD: 13.35%
• 1Y: 19.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.50%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IWMI NEOS Russell 2000 High Income ETF	$20.57M	$19.53M	$18.04M
IWMY Defiance R2000 Weekly Distribution ETF	$636.13K	$744.03K	$1.04M

IWMI vs. IWMY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IWMI NEOS Russell 2000 High Income ETF	15.60%	14.97%	6.58%
IWMY Defiance R2000 Weekly Distribution ETF	13.35%	10.18%	2.79%

Correlation

The correlation between IWMI and IWMY is 0.95, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.95
Correlation (All Time) Calculated using the full available price history since Jun 25, 2024	0.92

The correlation between IWMI and IWMY has been stable across timeframes, ranging from 0.92 to 0.95 - a consistent structural relationship.

Return for Risk

IWMI vs. IWMY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IWMI

IWMI Risk / Return Rank: 87
IWMI Sharpe Ratio Rank: 86
IWMI Sortino Ratio Rank: 85
IWMI Omega Ratio Rank: 82
IWMI Calmar Ratio Rank: 89
IWMI Martin Ratio Rank: 91

IWMY

IWMY Risk / Return Rank: 44
IWMY Sharpe Ratio Rank: 45
IWMY Sortino Ratio Rank: 44
IWMY Omega Ratio Rank: 43
IWMY Calmar Ratio Rank: 44
IWMY Martin Ratio Rank: 45

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IWMI vs. IWMY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Russell 2000 High Income ETF (IWMI) and Defiance R2000 Weekly Distribution 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.

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.

	IWMI	IWMY	Difference
Sharpe ratio: Return per unit of total volatility	2.00	1.12	+0.88
Sortino ratio: Return per unit of downside risk	2.82	1.59	+1.23
Omega ratio: Gain probability vs. loss probability	1.35	1.20	+0.15
Calmar ratio: Return relative to maximum drawdown	3.65	1.58	+2.08
Martin ratio: Return relative to average drawdown	15.05	5.12	+9.93

IWMI vs. IWMY - Sharpe Ratio Comparison

The current IWMI Sharpe Ratio is 2.00, which is higher than the IWMY Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of IWMI 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.

Drawdowns

IWMI vs. IWMY - Drawdown Comparison

The maximum IWMI drawdown since its inception was -23.88%, which is greater than IWMY's maximum drawdown of -18.72%. Use the drawdown chart below to compare losses from any high point for IWMI and IWMY.

Drawdown Indicators

	IWMI	IWMY	Difference
Max Drawdown Largest peak-to-trough decline	-23.88%	-18.72%	-5.16%
Max Drawdown (1Y) Largest decline over 1 year	-8.40%	-11.57%	+3.17%
Current Drawdown Current decline from peak	-2.14%	-2.64%	+0.50%
Average Drawdown Average peak-to-trough decline	-3.88%	-2.88%	-1.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	3.56%	-1.52%

Volatility

IWMI vs. IWMY - Volatility Comparison

NEOS Russell 2000 High Income ETF (IWMI) and Defiance R2000 Weekly Distribution ETF (IWMY) have volatilities of 3.53% and 3.40%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWMI	IWMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.53%	3.40%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	11.67%	13.46%	-1.79%
Volatility (1Y) Calculated over the trailing 1-year period	15.40%	16.30%	-0.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.66%	15.78%	+1.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.66%	15.78%	+1.88%

IWMI vs. IWMY - Expense Ratio Comparison

IWMI has a 0.68% expense ratio, which is lower than IWMY's 1.05% expense ratio.

Dividends

IWMI vs. IWMY - Dividend Comparison

IWMI's dividend yield for the trailing twelve months is around 13.84%, less than IWMY's 41.85% yield.

Position	TTM	2025	2024	2023
IWMI NEOS Russell 2000 High Income ETF	13.84%	14.05%	8.78%	0.00%
IWMY Defiance R2000 Weekly Distribution ETF	41.85%	63.33%	107.92%	11.34%

Frequently Asked Questions

Can I hold both IWMI and IWMY in my portfolio?

With a correlation of 0.95, IWMI and IWMY 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 IWMY?

IWMI has higher volatility (3.53%) compared to IWMY (3.40%). In terms of maximum drawdown, IWMI dropped -23.88% vs IWMY's -18.72%.

Which ETF is better, IWMI or IWMY?

On 1-year performance, IWMI leads with 32.94% vs 19.50% for IWMY. On fees, IWMI is cheaper at 0.68% per year. On volatility, IWMY has been the lower-risk option at 3.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWMI or IWMY?

Over the 1-year period, IWMI has performed better with a 32.94% return vs 19.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWMI or IWMY?

IWMI is cheaper with a 0.68% expense ratio, compared with 1.05% for IWMY.

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

IWMY has the higher dividend yield at 41.85%, compared with 13.84% for IWMI.

What is the main difference between IWMI and IWMY?

IWMI is categorized as Derivative Income, while IWMY is Options Trading. They also come from different issuers: Neos and Defiance. Their fees differ too: 0.68% for IWMI and 1.05% for IWMY.

Which has better risk-adjusted returns?

IWMI currently has the higher Sharpe Ratio (2.00 vs 1.12), 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.