IWMI vs. JELM

Last updated Aug 5, 2026

IWMI (NEOS Russell 2000 High Income ETF) and JELM (Janus Henderson Equity Linked Moderate Income ETF) are both Derivative Income funds. Both are actively managed. Their -0.01 correlation means they have often moved in opposite directions in the past. IWMI charges 0.68%/yr vs 0.59%/yr for JELM.

Performance

IWMI vs. JELM - Performance Comparison

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

Returns By Period

IWMI

• 1D: 1.20%
• 1M: 0.94%
• 6M: 12.72%
• YTD: 18.49%
• 1Y: 33.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.35%

JELM

• 1D: 0.20%
• 1M: 1.29%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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	$18.07M	$19.78M	$18.17M
JELM Janus Henderson Equity Linked Moderate Income ETF	$199.95K	$786.17K	$963.17K

IWMI vs. JELM - Yearly Performance Comparison

	2026 (YTD)
IWMI NEOS Russell 2000 High Income ETF	8.81%
JELM Janus Henderson Equity Linked Moderate Income ETF	2.35%

Correlation

The correlation between IWMI and JELM is -0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 22, 2026	-0.01

Return for Risk

IWMI vs. JELM — 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: 83
IWMI Calmar Ratio Rank: 89
IWMI Martin Ratio Rank: 91

JELM

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. JELM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Russell 2000 High Income ETF (IWMI) and Janus Henderson Equity Linked Moderate Income ETF (JELM). 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	JELM	Difference
Sharpe ratio: Return per unit of total volatility	2.22	—	—
Sortino ratio: Return per unit of downside risk	3.10	—	—
Omega ratio: Gain probability vs. loss probability	1.39	—	—
Calmar ratio: Return relative to maximum drawdown	4.02	—	—
Martin ratio: Return relative to average drawdown	16.56	—	—

Drawdowns

IWMI vs. JELM - Drawdown Comparison

The maximum IWMI drawdown since its inception was -23.88%, which is greater than JELM's maximum drawdown of -0.69%. Use the drawdown chart below to compare losses from any high point for IWMI and JELM.

Drawdown Indicators

	IWMI	JELM	Difference
Max Drawdown Largest peak-to-trough decline	-23.88%	-0.69%	-23.19%
Max Drawdown (1Y) Largest decline over 1 year	-8.40%	—	—
Current Drawdown Current decline from peak	0.00%	-0.25%	+0.25%
Average Drawdown Average peak-to-trough decline	-3.86%	-0.21%	-3.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.04%	—	—

Volatility

Volatility by Period

	IWMI	JELM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.93%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.73%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	15.34%	3.69%	+11.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.67%	3.69%	+13.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.67%	3.69%	+13.98%

IWMI vs. JELM - Expense Ratio Comparison

IWMI has a 0.68% expense ratio, which is higher than JELM's 0.59% expense ratio.

Dividends

IWMI vs. JELM - Dividend Comparison

IWMI's dividend yield for the trailing twelve months is around 13.50%, more than JELM's 1.21% yield.

Position	TTM	2025	2024
IWMI NEOS Russell 2000 High Income ETF	13.50%	14.05%	8.78%
JELM Janus Henderson Equity Linked Moderate Income ETF	1.21%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IWMI and JELM in my portfolio?

IWMI and JELM have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IWMI or JELM?

On fees, JELM is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IWMI or JELM?

JELM is cheaper with a 0.59% expense ratio, compared with 0.68% for IWMI.

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

IWMI has the higher dividend yield at 13.50%, compared with 1.21% for JELM.

What is the main difference between IWMI and JELM?

They also come from different issuers: Neos and Janus Henderson. Their fees differ too: 0.68% for IWMI and 0.59% for JELM.