IWMI vs. OVL

Last updated Jun 9, 2026

IWMI (NEOS Russell 2000 High Income ETF) and OVL (Overlay Shares Large Cap Equity ETF) are both exchange-traded funds - IWMI is a Derivative Income fund actively managed by Neos, while OVL is a Large Cap Growth Equities fund actively managed by Liquid Strategies. Both are actively managed. Over the past year, IWMI returned 32.02% vs 29.22% for OVL. A 0.78 correlation means they provide meaningful diversification when combined. IWMI charges 0.68%/yr vs 0.79%/yr for OVL.

Performance

IWMI vs. OVL - Performance Comparison

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

Returns By Period

In the year-to-date period, IWMI achieves a 12.27% return, which is significantly higher than OVL's 10.47% return.

IWMI

• 1D: 0.82%
• 1M: 0.38%
• YTD: 12.27%
• 6M: 11.67%
• 1Y: 32.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

OVL

• 1D: 0.14%
• 1M: -0.14%
• YTD: 10.47%
• 6M: 10.55%
• 1Y: 29.22%
• 3Y*: 23.11%
• 5Y*: 13.78%
• 10Y*: —

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

IWMI vs. OVL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IWMI NEOS Russell 2000 High Income ETF	12.27%	14.97%	6.58%
OVL Overlay Shares Large Cap Equity ETF	10.47%	17.81%	8.80%

Correlation

The correlation between IWMI and OVL is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jun 25, 2024	0.78

The correlation between IWMI and OVL has been stable across timeframes, ranging from 0.78 to 0.79 - a consistent structural relationship.

IWMI vs. OVL - Sectors Allocation Comparison

Sectors	IWMI	OVL
Healthcare	17.9%	8.5%
Industrials	16.6%	8.3%
Financial Services	16.0%	11.6%
Technology	15.1%	35.7%
Consumer Cyclical	8.6%	10.2%
Energy	6.5%	3.5%
Real Estate	6.3%	1.9%
Basic Materials	5.0%	1.8%
Utilities	3.1%	2.4%
Consumer Defensive	2.6%	4.9%
Communication Services	2.4%	11.3%

Return for Risk

IWMI vs. OVL — Risk / Return Rank

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

IWMI

IWMI Risk / Return Rank: 76
IWMI Sharpe Ratio Rank: 73
IWMI Sortino Ratio Rank: 73
IWMI Omega Ratio Rank: 69
IWMI Calmar Ratio Rank: 81
IWMI Martin Ratio Rank: 84

OVL

OVL Risk / Return Rank: 72
OVL Sharpe Ratio Rank: 70
OVL Sortino Ratio Rank: 66
OVL Omega Ratio Rank: 69
OVL Calmar Ratio Rank: 73
OVL Martin Ratio Rank: 82

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. OVL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Russell 2000 High Income ETF (IWMI) and Overlay Shares Large Cap Equity ETF (OVL). 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	OVL	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.06	+0.07
Sortino ratio: Return per unit of downside risk	2.93	2.73	+0.21
Omega ratio: Gain probability vs. loss probability	1.37	1.37	0.00
Calmar ratio: Return relative to maximum drawdown	3.83	3.36	+0.47
Martin ratio: Return relative to average drawdown	15.82	14.80	+1.02
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. OVL - Sharpe Ratio Comparison

The current IWMI Sharpe Ratio is 2.13, which is comparable to the OVL Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of IWMI and OVL, 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	OVL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	2.06	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.70	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.00	0.78	+0.22

Drawdowns

IWMI vs. OVL - Drawdown Comparison

The maximum IWMI drawdown since its inception was -23.88%, smaller than the maximum OVL drawdown of -35.49%. Use the drawdown chart below to compare losses from any high point for IWMI and OVL.

Drawdown Indicators

	IWMI	OVL	Difference
Max Drawdown Largest peak-to-trough decline	-23.88%	-35.49%	+11.61%
Max Drawdown (1Y) Largest decline over 1 year	-8.40%	-8.73%	+0.33%
Max Drawdown (3Y) Largest decline over 3 years	—	-21.73%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-29.23%	—
Current Drawdown Current decline from peak	-2.04%	-3.33%	+1.29%
Average Drawdown Average peak-to-trough decline	-4.10%	-6.70%	+2.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	1.98%	+0.05%

Volatility

IWMI vs. OVL - Volatility Comparison

NEOS Russell 2000 High Income ETF (IWMI) has a higher volatility of 5.01% compared to Overlay Shares Large Cap Equity ETF (OVL) at 4.23%. This indicates that IWMI's price experiences larger fluctuations and is considered to be riskier than OVL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWMI	OVL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.01%	4.23%	+0.78%
Volatility (6M) Calculated over the trailing 6-month period	11.12%	10.95%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	15.16%	14.31%	+0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.98%	19.84%	-1.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.98%	22.55%	-4.57%

IWMI vs. OVL - Expense Ratio Comparison

IWMI has a 0.68% expense ratio, which is lower than OVL's 0.79% expense ratio.

Dividends

IWMI vs. OVL - Dividend Comparison

IWMI's dividend yield for the trailing twelve months is around 13.65%, more than OVL's 6.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
IWMI NEOS Russell 2000 High Income ETF	13.65%	14.05%	8.78%	0.00%	0.00%	0.00%	0.00%	0.00%
OVL Overlay Shares Large Cap Equity ETF	6.33%	2.99%	3.10%	3.33%	3.85%	3.63%	2.43%	0.50%

Frequently Asked Questions

Can I hold both IWMI and OVL in my portfolio?

IWMI and OVL have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWMI or OVL?

IWMI has higher volatility (5.01%) compared to OVL (4.23%). In terms of maximum drawdown, IWMI dropped -23.88% vs OVL's -35.49%.

Which ETF is better, IWMI or OVL?

On 1-year performance, IWMI leads with 32.02% vs 29.22% for OVL. On fees, IWMI is cheaper at 0.68% per year. On volatility, OVL has been the lower-risk option at 4.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWMI or OVL?

Over the 1-year period, IWMI has performed better with a 32.02% return vs 29.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWMI or OVL?

IWMI is cheaper with a 0.68% expense ratio, compared with 0.79% for OVL.

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

IWMI has the higher dividend yield at 13.65%, compared with 6.33% for OVL.

What is the main difference between IWMI and OVL?

IWMI is categorized as Derivative Income, while OVL is Large Cap Growth Equities. They also come from different issuers: Neos and Liquid Strategies. Their fees differ too: 0.68% for IWMI and 0.79% for OVL.

Which has better risk-adjusted returns?

IWMI currently has the higher Sharpe Ratio (2.13 vs 2.06), 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.