IWMY vs. IWMW

Last updated Aug 4, 2026

IWMY (Defiance R2000 Weekly Distribution ETF) and IWMW (iShares Russell 2000 BuyWrite ETF) are both exchange-traded funds - IWMY is a Options Trading fund actively managed by Defiance, while IWMW is a Derivative Income fund tracking the Cboe FTSE Russell IWM 2% OTM BuyWrite Index. IWMY is actively managed, while IWMW is passively managed. Over the past year, IWMY returned 21.52% vs 28.86% for IWMW. Their correlation of 0.87 means they have usually moved in the same direction. IWMY charges 1.05%/yr vs 0.39%/yr for IWMW.

Performance

IWMY vs. IWMW - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with IWMY having a 15.27% return and IWMW slightly lower at 14.93%.

IWMY

• 1D: 1.69%
• 1M: -0.31%
• 6M: 10.17%
• YTD: 15.27%
• 1Y: 21.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.16%

IWMW

• 1D: 1.25%
• 1M: 1.52%
• 6M: 12.44%
• YTD: 14.93%
• 1Y: 28.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.05%

*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)
IWMW iShares Russell 2000 BuyWrite ETF	$499.64K	$470.58K	$525.87K
IWMY Defiance R2000 Weekly Distribution ETF	$647.71K	$735.48K	$1.03M

IWMY vs. IWMW - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IWMY Defiance R2000 Weekly Distribution ETF	15.27%	10.18%	5.65%
IWMW iShares Russell 2000 BuyWrite ETF	14.93%	7.82%	5.85%

Correlation

The correlation between IWMY and IWMW is 0.88, 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.	0.88
Correlation (All Time) Calculated using the full available price history since Mar 15, 2024	0.87

The correlation between IWMY and IWMW has been stable across timeframes, ranging from 0.87 to 0.88 - a consistent structural relationship.

Return for Risk

IWMY vs. IWMW — Risk / Return Rank

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

IWMY

IWMY Risk / Return Rank: 51
IWMY Sharpe Ratio Rank: 53
IWMY Sortino Ratio Rank: 50
IWMY Omega Ratio Rank: 49
IWMY Calmar Ratio Rank: 51
IWMY Martin Ratio Rank: 51

IWMW

IWMW Risk / Return Rank: 90
IWMW Sharpe Ratio Rank: 90
IWMW Sortino Ratio Rank: 89
IWMW Omega Ratio Rank: 92
IWMW Calmar Ratio Rank: 91
IWMW Martin Ratio Rank: 89

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. IWMW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance R2000 Weekly Distribution ETF (IWMY) and iShares Russell 2000 BuyWrite ETF (IWMW). 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	IWMW	Difference
Sharpe ratio: Return per unit of total volatility	1.33	2.30	-0.98
Sortino ratio: Return per unit of downside risk	1.85	3.13	-1.28
Omega ratio: Gain probability vs. loss probability	1.23	1.45	-0.22
Calmar ratio: Return relative to maximum drawdown	1.87	4.17	-2.31
Martin ratio: Return relative to average drawdown	6.07	14.45	-8.38

IWMY vs. IWMW - Sharpe Ratio Comparison

The current IWMY Sharpe Ratio is 1.33, which is lower than the IWMW Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of IWMY and IWMW, 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. IWMW - Drawdown Comparison

The maximum IWMY drawdown since its inception was -18.72%, smaller than the maximum IWMW drawdown of -21.82%. Use the drawdown chart below to compare losses from any high point for IWMY and IWMW.

Drawdown Indicators

	IWMY	IWMW	Difference
Max Drawdown Largest peak-to-trough decline	-18.72%	-21.82%	+3.10%
Max Drawdown (1Y) Largest decline over 1 year	-11.57%	-6.94%	-4.63%
Current Drawdown Current decline from peak	-0.99%	0.00%	-0.99%
Average Drawdown Average peak-to-trough decline	-2.88%	-3.61%	+0.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.56%	2.00%	+1.56%

Volatility

IWMY vs. IWMW - Volatility Comparison

Defiance R2000 Weekly Distribution ETF (IWMY) has a higher volatility of 3.81% compared to iShares Russell 2000 BuyWrite ETF (IWMW) at 3.10%. This indicates that IWMY's price experiences larger fluctuations and is considered to be riskier than IWMW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWMY	IWMW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.81%	3.10%	+0.71%
Volatility (6M) Calculated over the trailing 6-month period	13.49%	9.39%	+4.10%
Volatility (1Y) Calculated over the trailing 1-year period	16.34%	12.61%	+3.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.80%	15.81%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.80%	15.81%	-0.01%

IWMY vs. IWMW - Expense Ratio Comparison

IWMY has a 1.05% expense ratio, which is higher than IWMW's 0.39% expense ratio.

Dividends

IWMY vs. IWMW - Dividend Comparison

IWMY's dividend yield for the trailing twelve months is around 41.16%, more than IWMW's 20.90% yield.

Position	TTM	2025	2024	2023
IWMW iShares Russell 2000 BuyWrite ETF	20.90%	20.98%	17.73%	0.00%
IWMY Defiance R2000 Weekly Distribution ETF	41.16%	63.33%	107.92%	11.34%

Frequently Asked Questions

Can I hold both IWMY and IWMW in my portfolio?

IWMY and IWMW have a correlation of 0.88, 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 IWMW?

IWMY has higher volatility (3.81%) compared to IWMW (3.10%). In terms of maximum drawdown, IWMY dropped -18.72% vs IWMW's -21.82%.

Which ETF is better, IWMY or IWMW?

On 1-year performance, IWMW leads with 28.86% vs 21.52% for IWMY. On fees, IWMW is cheaper at 0.39% per year. On volatility, IWMW has been the lower-risk option at 3.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWMY or IWMW?

Over the 1-year period, IWMW has performed better with a 28.86% return vs 21.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWMY or IWMW?

IWMW is cheaper with a 0.39% expense ratio, compared with 1.05% for IWMY.

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

IWMY has the higher dividend yield at 41.16%, compared with 20.90% for IWMW.

What is the main difference between IWMY and IWMW?

IWMY is categorized as Options Trading, while IWMW is Derivative Income. They also come from different issuers: Defiance and iShares. Their fees differ too: 1.05% for IWMY and 0.39% for IWMW.

Which has better risk-adjusted returns?

IWMW currently has the higher Sharpe Ratio (2.30 vs 1.33), 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.