IWMI vs. WEEL

Last updated Apr 4, 2026

Compare and contrast key facts about NEOS Russell 2000 High Income ETF (IWMI) and Peerless Option Income Wheel ETF (WEEL).

IWMI and WEEL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IWMI is an actively managed fund by Neos. It was launched on Jun 24, 2024. WEEL is an actively managed fund by Peerless ETFs. It was launched on May 15, 2024.

Performance

IWMI vs. WEEL - Performance Comparison

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

Returns By Period

In the year-to-date period, IWMI achieves a 1.97% return, which is significantly higher than WEEL's 0.31% return.

IWMI

• 1D: 0.61%
• 1M: -3.09%
• YTD: 1.97%
• 6M: 4.63%
• 1Y: 31.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

WEEL

• 1D: -0.15%
• 1M: -1.27%
• YTD: 0.31%
• 6M: 4.04%
• 1Y: 24.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IWMI vs. WEEL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IWMI NEOS Russell 2000 High Income ETF	1.97%	14.97%	6.61%
WEEL Peerless Option Income Wheel ETF	0.31%	17.73%	2.43%

Correlation

The correlation between IWMI and WEEL is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined. Holding both can reduce overall portfolio volatility compared to holding either one alone.

IWMI vs. WEEL - Expense Ratio Comparison

IWMI has a 0.68% expense ratio, which is lower than WEEL's 0.99% expense ratio.

WEEL

Peerless Option Income Wheel ETF

IWMI

NEOS Russell 2000 High Income ETF

Return for Risk

IWMI vs. WEEL — Risk / Return Rank

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

IWMI

IWMI Risk / Return Rank: 70
IWMI Sharpe Ratio Rank: 70
IWMI Sortino Ratio Rank: 73
IWMI Omega Ratio Rank: 67
IWMI Calmar Ratio Rank: 66
IWMI Martin Ratio Rank: 75

WEEL

WEEL Risk / Return Rank: 66
WEEL Sharpe Ratio Rank: 63
WEEL Sortino Ratio Rank: 67
WEEL Omega Ratio Rank: 80
WEEL Calmar Ratio Rank: 46
WEEL Martin Ratio Rank: 72

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. WEEL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Russell 2000 High Income ETF (IWMI) and Peerless Option Income Wheel ETF (WEEL). 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	WEEL	Difference
Sharpe ratio Return per unit of total volatility	1.32	1.17	+0.15
Sortino ratio Return per unit of downside risk	1.92	1.78	+0.14
Omega ratio Gain probability vs. loss probability	1.26	1.32	-0.06
Calmar ratio Return relative to maximum drawdown	2.16	1.51	+0.65
Martin ratio Return relative to average drawdown	9.86	9.39	+0.47
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. WEEL - Sharpe Ratio Comparison

The current IWMI Sharpe Ratio is 1.32, which is comparable to the WEEL Sharpe Ratio of 1.17. The chart below compares the historical Sharpe Ratios of IWMI and WEEL, 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	WEEL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.32	1.17	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.85	-0.11

Drawdowns

IWMI vs. WEEL - Drawdown Comparison

The maximum IWMI drawdown since its inception was -23.88%, which is greater than WEEL's maximum drawdown of -17.45%. Use the drawdown chart below to compare losses from any high point for IWMI and WEEL.

Drawdown Indicators

	IWMI	WEEL	Difference
Max Drawdown Largest peak-to-trough decline	-23.88%	-17.45%	-6.43%
Max Drawdown (1Y) Largest decline over 1 year	-8.40%	-4.60%	-3.80%
Current Drawdown Current decline from peak	-4.22%	-1.94%	-2.28%
Average Drawdown Average peak-to-trough decline	-4.44%	-1.54%	-2.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.72%	2.07%	+0.65%

Volatility

IWMI vs. WEEL - Volatility Comparison

NEOS Russell 2000 High Income ETF (IWMI) has a higher volatility of 6.92% compared to Peerless Option Income Wheel ETF (WEEL) at 3.95%. This indicates that IWMI's price experiences larger fluctuations and is considered to be riskier than WEEL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWMI	WEEL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.92%	3.95%	+2.97%
Volatility (6M) Calculated over the trailing 6-month period	11.90%	6.43%	+5.47%
Volatility (1Y) Calculated over the trailing 1-year period	19.09%	15.61%	+3.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.26%	13.23%	+5.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.26%	13.23%	+5.03%

Dividends

IWMI vs. WEEL - Dividend Comparison

IWMI's dividend yield for the trailing twelve months is around 14.33%, more than WEEL's 13.07% yield.

	TTM	2025	2024
IWMI NEOS Russell 2000 High Income ETF	14.33%	14.05%	8.78%
WEEL Peerless Option Income Wheel ETF	13.07%	12.72%	6.88%