IWMY vs. APRP

Last updated Jun 4, 2026

IWMY (Defiance R2000 Enhanced Options & 0DTE Income ETF) and APRP (PGIM US Large-Cap Buffer 12 ETF - April) are both Options Trading funds. IWMY is passively managed, while APRP is actively managed. Over the past year, IWMY returned 23.33% vs 17.90% for APRP. A 0.72 correlation means they provide meaningful diversification when combined. IWMY charges 0.99%/yr vs 0.50%/yr for APRP.

Performance

IWMY vs. APRP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) and PGIM US Large-Cap Buffer 12 ETF - April (APRP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWMY achieves a 12.25% return, which is significantly higher than APRP's 9.34% return.

IWMY

• 1D: -1.36%
• 1M: 3.06%
• YTD: 12.25%
• 6M: 10.99%
• 1Y: 23.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

APRP

• 1D: -0.19%
• 1M: 1.87%
• YTD: 9.34%
• 6M: 10.32%
• 1Y: 17.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IWMY vs. APRP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	12.25%	10.18%	3.74%
APRP PGIM US Large-Cap Buffer 12 ETF - April	9.34%	7.80%	10.28%

Correlation

The correlation between IWMY and APRP is 0.73, 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	0.73
Correlation (All Time) Calculated using the full available price history since Apr 2, 2024	0.72

The correlation between IWMY and APRP has been stable across timeframes, ranging from 0.72 to 0.73 - a consistent structural relationship.

Return for Risk

IWMY vs. APRP — Risk / Return Rank

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

IWMY

IWMY Risk / Return Rank: 40
IWMY Sharpe Ratio Rank: 42
IWMY Sortino Ratio Rank: 38
IWMY Omega Ratio Rank: 39
IWMY Calmar Ratio Rank: 41
IWMY Martin Ratio Rank: 41

APRP

APRP Risk / Return Rank: 98
APRP Sharpe Ratio Rank: 96
APRP Sortino Ratio Rank: 98
APRP Omega Ratio Rank: 98
APRP Calmar Ratio Rank: 98
APRP Martin Ratio Rank: 98

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.

IWMY vs. APRP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) and PGIM US Large-Cap Buffer 12 ETF - April (APRP). 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.

	IWMY	APRP	Difference
Sharpe ratio: Return per unit of total volatility	1.49	4.15	-2.66
Sortino ratio: Return per unit of downside risk	2.02	7.11	-5.08
Omega ratio: Gain probability vs. loss probability	1.26	2.04	-0.78
Calmar ratio: Return relative to maximum drawdown	2.03	16.51	-14.49
Martin ratio: Return relative to average drawdown	6.66	73.52	-66.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWMY vs. APRP - Sharpe Ratio Comparison

The current IWMY Sharpe Ratio is 1.49, which is lower than the APRP Sharpe Ratio of 4.15. The chart below compares the historical Sharpe Ratios of IWMY and APRP, 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

	IWMY	APRP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.49	4.15	-2.66
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	1.36	-0.41

Drawdowns

IWMY vs. APRP - Drawdown Comparison

The maximum IWMY drawdown since its inception was -18.72%, which is greater than APRP's maximum drawdown of -13.66%. Use the drawdown chart below to compare losses from any high point for IWMY and APRP.

Drawdown Indicators

	IWMY	APRP	Difference
Max Drawdown Largest peak-to-trough decline	-18.72%	-13.66%	-5.06%
Max Drawdown (1Y) Largest decline over 1 year	-11.57%	-1.09%	-10.48%
Current Drawdown Current decline from peak	-1.36%	-0.19%	-1.17%
Average Drawdown Average peak-to-trough decline	-2.98%	-1.23%	-1.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.51%	0.24%	+3.27%

Volatility

IWMY vs. APRP - Volatility Comparison

Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) has a higher volatility of 5.42% compared to PGIM US Large-Cap Buffer 12 ETF - April (APRP) at 1.16%. This indicates that IWMY's price experiences larger fluctuations and is considered to be riskier than APRP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWMY	APRP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.42%	1.16%	+4.26%
Volatility (6M) Calculated over the trailing 6-month period	12.62%	3.37%	+9.25%
Volatility (1Y) Calculated over the trailing 1-year period	15.69%	4.33%	+11.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.75%	9.49%	+6.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.75%	9.49%	+6.26%

IWMY vs. APRP - Expense Ratio Comparison

IWMY has a 0.99% expense ratio, which is higher than APRP's 0.50% expense ratio.

Dividends

IWMY vs. APRP - Dividend Comparison

IWMY's dividend yield for the trailing twelve months is around 45.96%, while APRP has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
APRP PGIM US Large-Cap Buffer 12 ETF - April	0.00%	0.00%	0.00%	0.00%
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	45.96%	63.33%	107.92%	11.34%

Frequently Asked Questions

Can I hold both IWMY and APRP in my portfolio?

IWMY and APRP have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWMY or APRP?

IWMY has higher volatility (5.42%) compared to APRP (1.16%). In terms of maximum drawdown, IWMY dropped -18.72% vs APRP's -13.66%.

Which ETF is better, IWMY or APRP?

On 1-year performance, IWMY leads with 23.33% vs 17.90% for APRP. On fees, APRP is cheaper at 0.50% per year. On volatility, APRP has been the lower-risk option at 1.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWMY or APRP?

Over the 1-year period, IWMY has performed better with a 23.33% return vs 17.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWMY or APRP?

APRP is cheaper with a 0.50% expense ratio, compared with 0.99% for IWMY.

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

IWMY has the higher dividend yield at 45.96%, compared with 0.00% for APRP.

What is the main difference between IWMY and APRP?

They also come from different issuers: Defiance and PGIM. Their fees differ too: 0.99% for IWMY and 0.50% for APRP.

Which has better risk-adjusted returns?

APRP currently has the higher Sharpe Ratio (4.15 vs 1.49), 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.