IWMY vs. IWMI

Last updated Aug 2, 2026

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

Performance

IWMY vs. IWMI - Performance Comparison

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

Returns By Period

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

IWMY

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

IWMI

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

*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

IWMY vs. IWMI - Yearly Performance Comparison

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

Correlation

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

Return for Risk

IWMY vs. IWMI — Risk / Return Rank

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

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

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

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.

IWMY vs. IWMI - Risk-Adjusted Trends Comparison

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

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

IWMY vs. IWMI - Sharpe Ratio Comparison

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

IWMY vs. IWMI - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

IWMY vs. IWMI - Volatility Comparison

Defiance R2000 Weekly Distribution ETF (IWMY) and NEOS Russell 2000 High Income ETF (IWMI) have volatilities of 3.40% and 3.53%, 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

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

IWMY vs. IWMI - Expense Ratio Comparison

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

Dividends

IWMY vs. IWMI - Dividend Comparison

IWMY's dividend yield for the trailing twelve months is around 41.85%, more than IWMI's 13.84% 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 IWMY and IWMI in my portfolio?

With a correlation of 0.95, IWMY and IWMI 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, IWMY or IWMI?

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

Which ETF is better, IWMY or IWMI?

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, IWMY or IWMI?

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, IWMY or IWMI?

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

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

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

What is the main difference between IWMY and IWMI?

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

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.