IWMY vs. MSTY

Last updated Jun 14, 2026

IWMY (Defiance R2000 Enhanced Options & 0DTE Income ETF) and MSTY (YieldMax™ MSTR Option Income Strategy ETF) are both exchange-traded funds - IWMY is a Options Trading fund tracking the Russell 2000 Index, while MSTY is a Derivative Income fund actively managed by YieldMax. IWMY is passively managed, while MSTY is actively managed. Over the past year, IWMY returned 23.55% vs -62.19% for MSTY. At a 0.47 correlation, their price movements are largely independent. Both charge a 0.99% expense ratio.

Performance

IWMY vs. MSTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWMY achieves a 13.70% return, which is significantly higher than MSTY's -16.01% return.

IWMY

• 1D: 0.68%
• 1M: 4.70%
• YTD: 13.70%
• 6M: 10.66%
• 1Y: 23.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTY

• 1D: 2.79%
• 1M: -27.19%
• YTD: -16.01%
• 6M: -25.33%
• 1Y: -62.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IWMY vs. MSTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	13.70%	10.18%	9.71%
MSTY YieldMax™ MSTR Option Income Strategy ETF	-16.01%	-42.71%	212.16%

Correlation

The correlation between IWMY and MSTY is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Feb 22, 2024	0.47

Return for Risk

IWMY vs. MSTY — Risk / Return Rank

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

IWMY

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

MSTY

MSTY Risk / Return Rank: 2
MSTY Sharpe Ratio Rank: 1
MSTY Sortino Ratio Rank: 1
MSTY Omega Ratio Rank: 1
MSTY Calmar Ratio Rank: 2
MSTY Martin Ratio Rank: 3

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. MSTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). 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	MSTY	Difference
Sharpe ratio: Return per unit of total volatility	1.31	-1.01	+2.32
Sortino ratio: Return per unit of downside risk	1.79	-1.72	+3.51
Omega ratio: Gain probability vs. loss probability	1.23	0.81	+0.42
Calmar ratio: Return relative to maximum drawdown	1.85	-0.86	+2.71
Martin ratio: Return relative to average drawdown	6.03	-1.29	+7.31

IWMY vs. MSTY - Sharpe Ratio Comparison

The current IWMY Sharpe Ratio is 1.31, which is higher than the MSTY Sharpe Ratio of -1.01. The chart below compares the historical Sharpe Ratios of IWMY and MSTY, 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. MSTY - Drawdown Comparison

The maximum IWMY drawdown since its inception was -18.72%, smaller than the maximum MSTY drawdown of -71.79%. Use the drawdown chart below to compare losses from any high point for IWMY and MSTY.

Drawdown Indicators

	IWMY	MSTY	Difference
Max Drawdown Largest peak-to-trough decline	-18.72%	-71.79%	+53.07%
Max Drawdown (1Y) Largest decline over 1 year	-11.57%	-71.79%	+60.22%
Current Drawdown Current decline from peak	-0.12%	-66.98%	+66.86%
Average Drawdown Average peak-to-trough decline	-2.96%	-26.54%	+23.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	48.20%	-44.66%

Volatility

IWMY vs. MSTY - Volatility Comparison

The current volatility for Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) is 6.80%, while YieldMax™ MSTR Option Income Strategy ETF (MSTY) has a volatility of 19.17%. This indicates that IWMY experiences smaller price fluctuations and is considered to be less risky than MSTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWMY	MSTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.80%	19.17%	-12.37%
Volatility (6M) Calculated over the trailing 6-month period	13.47%	49.63%	-36.16%
Volatility (1Y) Calculated over the trailing 1-year period	16.36%	61.33%	-44.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.94%	71.88%	-55.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.94%	71.88%	-55.94%

IWMY vs. MSTY - Expense Ratio Comparison

Both IWMY and MSTY have an expense ratio of 0.99%.

Dividends

IWMY vs. MSTY - Dividend Comparison

IWMY's dividend yield for the trailing twelve months is around 44.61%, less than MSTY's 241.17% yield.

Position	TTM	2025	2024	2023
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	44.61%	63.33%	107.92%	11.34%
MSTY YieldMax™ MSTR Option Income Strategy ETF	241.17%	294.61%	104.56%	0.00%

Frequently Asked Questions

Can I hold both IWMY and MSTY in my portfolio?

IWMY and MSTY have a correlation of 0.48, 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 MSTY?

MSTY has higher volatility (19.17%) compared to IWMY (6.80%). In terms of maximum drawdown, IWMY dropped -18.72% vs MSTY's -71.79%.

Which ETF is better, IWMY or MSTY?

On 1-year performance, IWMY leads with 23.55% vs -62.19% for MSTY. Both ETFs have the same 0.99% expense ratio. On volatility, IWMY has been the lower-risk option at 6.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWMY or MSTY?

Over the 1-year period, IWMY has performed better with a 23.55% return vs -62.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWMY or MSTY?

IWMY and MSTY have the same expense ratio: 0.99% per year.

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

MSTY has the higher dividend yield at 241.17%, compared with 44.61% for IWMY.

What is the main difference between IWMY and MSTY?

IWMY is categorized as Options Trading, while MSTY is Derivative Income. They also come from different issuers: Defiance and YieldMax.

Which has better risk-adjusted returns?

IWMY currently has the higher Sharpe Ratio (1.31 vs -1.01), 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.