IWMY vs. SPYT

Last updated Jun 5, 2026

IWMY (Defiance R2000 Enhanced Options & 0DTE Income ETF) and SPYT (Defiance S&P 500 Income Target ETF) are both exchange-traded funds - IWMY is a Options Trading fund tracking the Russell 2000 Index, while SPYT is a Derivative Income fund actively managed by Defiance. IWMY is passively managed, while SPYT is actively managed. Over the past year, IWMY returned 24.81% vs 23.85% for SPYT. A 0.72 correlation means they provide meaningful diversification when combined. IWMY charges 0.99%/yr vs 0.87%/yr for SPYT.

Performance

IWMY vs. SPYT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) and Defiance S&P 500 Income Target ETF (SPYT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWMY achieves a 13.83% return, which is significantly higher than SPYT's 10.13% return.

IWMY

• 1D: 1.41%
• 1M: 2.87%
• YTD: 13.83%
• 6M: 12.08%
• 1Y: 24.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPYT

• 1D: 0.40%
• 1M: 3.68%
• YTD: 10.13%
• 6M: 10.06%
• 1Y: 23.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IWMY vs. SPYT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	13.83%	10.18%	5.05%
SPYT Defiance S&P 500 Income Target ETF	10.13%	12.41%	12.94%

Correlation

The correlation between IWMY and SPYT 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 Mar 8, 2024	0.72

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

Return for Risk

IWMY vs. SPYT — Risk / Return Rank

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

IWMY

IWMY Risk / Return Rank: 44
IWMY Sharpe Ratio Rank: 47
IWMY Sortino Ratio Rank: 43
IWMY Omega Ratio Rank: 43
IWMY Calmar Ratio Rank: 44
IWMY Martin Ratio Rank: 44

SPYT

SPYT Risk / Return Rank: 69
SPYT Sharpe Ratio Rank: 68
SPYT Sortino Ratio Rank: 67
SPYT Omega Ratio Rank: 74
SPYT Calmar Ratio Rank: 61
SPYT Martin Ratio Rank: 75

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. SPYT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) and Defiance S&P 500 Income Target ETF (SPYT). 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	SPYT	Difference
Sharpe ratio: Return per unit of total volatility	1.58	2.21	-0.62
Sortino ratio: Return per unit of downside risk	2.13	3.04	-0.91
Omega ratio: Gain probability vs. loss probability	1.27	1.44	-0.17
Calmar ratio: Return relative to maximum drawdown	2.15	3.00	-0.84
Martin ratio: Return relative to average drawdown	7.08	13.92	-6.84
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. SPYT - Sharpe Ratio Comparison

The current IWMY Sharpe Ratio is 1.58, which is comparable to the SPYT Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of IWMY and SPYT, 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	SPYT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.58	2.21	-0.62
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	1.10	-0.11

Drawdowns

IWMY vs. SPYT - Drawdown Comparison

The maximum IWMY drawdown since its inception was -18.72%, roughly equal to the maximum SPYT drawdown of -18.25%. Use the drawdown chart below to compare losses from any high point for IWMY and SPYT.

Drawdown Indicators

	IWMY	SPYT	Difference
Max Drawdown Largest peak-to-trough decline	-18.72%	-18.25%	-0.47%
Max Drawdown (1Y) Largest decline over 1 year	-11.57%	-8.00%	-3.57%
Current Drawdown Current decline from peak	0.00%	-0.28%	+0.28%
Average Drawdown Average peak-to-trough decline	-2.98%	-2.00%	-0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.51%	1.72%	+1.79%

Volatility

IWMY vs. SPYT - Volatility Comparison

Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) has a higher volatility of 5.37% compared to Defiance S&P 500 Income Target ETF (SPYT) at 2.53%. This indicates that IWMY's price experiences larger fluctuations and is considered to be riskier than SPYT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWMY	SPYT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.37%	2.53%	+2.84%
Volatility (6M) Calculated over the trailing 6-month period	12.69%	8.33%	+4.36%
Volatility (1Y) Calculated over the trailing 1-year period	15.74%	10.86%	+4.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.76%	14.79%	+0.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.76%	14.79%	+0.97%

IWMY vs. SPYT - Expense Ratio Comparison

IWMY has a 0.99% expense ratio, which is higher than SPYT's 0.87% expense ratio.

Dividends

IWMY vs. SPYT - Dividend Comparison

IWMY's dividend yield for the trailing twelve months is around 46.16%, more than SPYT's 20.65% yield.

Position	TTM	2025	2024	2023
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	46.16%	63.33%	107.92%	11.34%
SPYT Defiance S&P 500 Income Target ETF	20.65%	21.40%	17.37%	0.00%

Frequently Asked Questions

Can I hold both IWMY and SPYT in my portfolio?

IWMY and SPYT 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 SPYT?

IWMY has higher volatility (5.37%) compared to SPYT (2.53%). In terms of maximum drawdown, IWMY dropped -18.72% vs SPYT's -18.25%.

Which ETF is better, IWMY or SPYT?

On 1-year performance, IWMY leads with 24.81% vs 23.85% for SPYT. On fees, SPYT is cheaper at 0.87% per year. On volatility, SPYT has been the lower-risk option at 2.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWMY or SPYT?

Over the 1-year period, IWMY has performed better with a 24.81% return vs 23.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWMY or SPYT?

SPYT is cheaper with a 0.87% expense ratio, compared with 0.99% for IWMY.

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

IWMY has the higher dividend yield at 46.16%, compared with 20.65% for SPYT.

What is the main difference between IWMY and SPYT?

IWMY is categorized as Options Trading, while SPYT is Derivative Income. Their fees differ too: 0.99% for IWMY and 0.87% for SPYT.

Which has better risk-adjusted returns?

SPYT currently has the higher Sharpe Ratio (2.21 vs 1.58), 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.