IWMY vs. QDTY

Last updated Jun 13, 2026

IWMY (Defiance R2000 Enhanced Options & 0DTE Income ETF) and QDTY (YieldMax Nasdaq 100 0DTE Covered Call Strategy ETF) are both exchange-traded funds - IWMY is a Options Trading fund tracking the Russell 2000 Index, while QDTY is a Nasdaq-100 fund actively managed by YieldMax. IWMY is passively managed, while QDTY is actively managed. Over the past year, IWMY returned 21.26% vs 31.52% for QDTY. A 0.67 correlation means they provide meaningful diversification when combined. IWMY charges 0.99%/yr vs 1.01%/yr for QDTY.

Performance

IWMY vs. QDTY - 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 Nasdaq 100 0DTE Covered Call Strategy ETF (QDTY). 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 QDTY's 11.46% return.

IWMY

• 1D: 0.68%
• 1M: 2.79%
• YTD: 13.70%
• 6M: 10.66%
• 1Y: 21.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QDTY

• 1D: 0.65%
• 1M: 0.87%
• YTD: 11.46%
• 6M: 12.70%
• 1Y: 31.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IWMY vs. QDTY - Yearly Performance Comparison

	2026 (YTD)	2025
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	13.70%	5.46%
QDTY YieldMax Nasdaq 100 0DTE Covered Call Strategy ETF	11.46%	12.21%

Correlation

The correlation between IWMY and QDTY is 0.62, 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	0.63
Correlation (All Time) Calculated using the full available price history since Feb 13, 2025	0.67

The correlation between IWMY and QDTY has been stable across timeframes, ranging from 0.62 to 0.67 - a consistent structural relationship.

Return for Risk

IWMY vs. QDTY — 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

QDTY

QDTY Risk / Return Rank: 65
QDTY Sharpe Ratio Rank: 69
QDTY Sortino Ratio Rank: 62
QDTY Omega Ratio Rank: 66
QDTY Calmar Ratio Rank: 65
QDTY Martin Ratio Rank: 64

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. QDTY - 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 Nasdaq 100 0DTE Covered Call Strategy ETF (QDTY). 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	QDTY	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.95	-0.65
Sortino ratio: Return per unit of downside risk	1.79	2.52	-0.73
Omega ratio: Gain probability vs. loss probability	1.23	1.34	-0.12
Calmar ratio: Return relative to maximum drawdown	1.85	2.85	-1.01
Martin ratio: Return relative to average drawdown	6.03	10.13	-4.10

IWMY vs. QDTY - Sharpe Ratio Comparison

The current IWMY Sharpe Ratio is 1.31, which is lower than the QDTY Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of IWMY and QDTY, 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. QDTY - Drawdown Comparison

The maximum IWMY drawdown since its inception was -18.72%, smaller than the maximum QDTY drawdown of -23.45%. Use the drawdown chart below to compare losses from any high point for IWMY and QDTY.

Drawdown Indicators

	IWMY	QDTY	Difference
Max Drawdown Largest peak-to-trough decline	-18.72%	-23.45%	+4.73%
Max Drawdown (1Y) Largest decline over 1 year	-11.57%	-11.10%	-0.47%
Current Drawdown Current decline from peak	-0.12%	-4.22%	+4.10%
Average Drawdown Average peak-to-trough decline	-2.96%	-4.47%	+1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	3.12%	+0.42%

Volatility

IWMY vs. QDTY - Volatility Comparison

Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) and YieldMax Nasdaq 100 0DTE Covered Call Strategy ETF (QDTY) have volatilities of 6.80% and 6.75%, 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	QDTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.80%	6.75%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	13.47%	13.16%	+0.31%
Volatility (1Y) Calculated over the trailing 1-year period	16.36%	16.22%	+0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.94%	26.06%	-10.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.94%	26.06%	-10.12%

IWMY vs. QDTY - Expense Ratio Comparison

IWMY has a 0.99% expense ratio, which is lower than QDTY's 1.01% expense ratio.

Dividends

IWMY vs. QDTY - Dividend Comparison

IWMY's dividend yield for the trailing twelve months is around 44.61%, more than QDTY's 31.79% yield.

Position	TTM	2025	2024	2023
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	44.61%	63.33%	107.92%	11.34%
QDTY YieldMax Nasdaq 100 0DTE Covered Call Strategy ETF	31.79%	26.82%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IWMY and QDTY in my portfolio?

IWMY and QDTY have a correlation of 0.62, 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 QDTY?

IWMY has higher volatility (6.80%) compared to QDTY (6.75%). In terms of maximum drawdown, IWMY dropped -18.72% vs QDTY's -23.45%.

Which ETF is better, IWMY or QDTY?

On 1-year performance, QDTY leads with 31.52% vs 21.26% for IWMY. On fees, IWMY is cheaper at 0.99% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWMY or QDTY?

Over the 1-year period, QDTY has performed better with a 31.52% return vs 21.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWMY or QDTY?

IWMY is cheaper with a 0.99% expense ratio, compared with 1.01% for QDTY.

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

IWMY has the higher dividend yield at 44.61%, compared with 31.79% for QDTY.

What is the main difference between IWMY and QDTY?

IWMY is categorized as Options Trading, while QDTY is Nasdaq-100. They also come from different issuers: Defiance and YieldMax. Their fees differ too: 0.99% for IWMY and 1.01% for QDTY.

Which has better risk-adjusted returns?

QDTY currently has the higher Sharpe Ratio (1.95 vs 1.31), 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.