IWMY vs. SPYV

Last updated Jun 9, 2026

IWMY (Defiance R2000 Enhanced Options & 0DTE Income ETF) and SPYV (SPDR Portfolio S&P 500 Value ETF) are both exchange-traded funds - IWMY is a Options Trading fund tracking the Russell 2000 Index, while SPYV is a S&P 500 fund tracking the S&P 500 Value Index. Both are passively managed. Over the past year, IWMY returned 19.66% vs 20.07% for SPYV. A 0.73 correlation means they provide meaningful diversification when combined. IWMY charges 0.99%/yr vs 0.04%/yr for SPYV.

Performance

IWMY vs. SPYV - Performance Comparison

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

Returns By Period

In the year-to-date period, IWMY achieves a 10.55% return, which is significantly higher than SPYV's 6.98% return.

IWMY

• 1D: 0.63%
• 1M: -0.57%
• YTD: 10.55%
• 6M: 8.47%
• 1Y: 19.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPYV

• 1D: -0.23%
• 1M: 0.75%
• YTD: 6.98%
• 6M: 7.88%
• 1Y: 20.07%
• 3Y*: 15.23%
• 5Y*: 10.75%
• 10Y*: 11.83%

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

IWMY vs. SPYV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	10.55%	10.18%	5.56%	10.06%
SPYV SPDR Portfolio S&P 500 Value ETF	6.98%	13.18%	12.24%	16.63%

Correlation

The correlation between IWMY and SPYV is 0.76, 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	0.76
Correlation (All Time) Calculated using the full available price history since Oct 31, 2023	0.73

The correlation between IWMY and SPYV has been stable across timeframes, ranging from 0.73 to 0.76 - a consistent structural relationship.

Return for Risk

IWMY vs. SPYV — Risk / Return Rank

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

IWMY

IWMY Risk / Return Rank: 37
IWMY Sharpe Ratio Rank: 38
IWMY Sortino Ratio Rank: 34
IWMY Omega Ratio Rank: 35
IWMY Calmar Ratio Rank: 38
IWMY Martin Ratio Rank: 39

SPYV

SPYV Risk / Return Rank: 70
SPYV Sharpe Ratio Rank: 69
SPYV Sortino Ratio Rank: 70
SPYV Omega Ratio Rank: 68
SPYV Calmar Ratio Rank: 71
SPYV Martin Ratio Rank: 73

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. SPYV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) and SPDR Portfolio S&P 500 Value ETF (SPYV). 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	SPYV	Difference
Sharpe ratio: Return per unit of total volatility	1.23	2.04	-0.81
Sortino ratio: Return per unit of downside risk	1.67	2.86	-1.19
Omega ratio: Gain probability vs. loss probability	1.21	1.36	-0.15
Calmar ratio: Return relative to maximum drawdown	1.71	3.24	-1.53
Martin ratio: Return relative to average drawdown	5.59	12.39	-6.80
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. SPYV - Sharpe Ratio Comparison

The current IWMY Sharpe Ratio is 1.23, which is lower than the SPYV Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of IWMY and SPYV, 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	SPYV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.23	2.04	-0.81
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.75	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.70	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.90	0.42	+0.48

Drawdowns

IWMY vs. SPYV - Drawdown Comparison

The maximum IWMY drawdown since its inception was -18.72%, smaller than the maximum SPYV drawdown of -58.45%. Use the drawdown chart below to compare losses from any high point for IWMY and SPYV.

Drawdown Indicators

	IWMY	SPYV	Difference
Max Drawdown Largest peak-to-trough decline	-18.72%	-58.45%	+39.73%
Max Drawdown (1Y) Largest decline over 1 year	-11.57%	-6.22%	-5.35%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.54%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-17.89%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.89%	—
Current Drawdown Current decline from peak	-2.89%	-1.35%	-1.54%
Average Drawdown Average peak-to-trough decline	-2.98%	-8.71%	+5.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.53%	1.62%	+1.91%

Volatility

IWMY vs. SPYV - Volatility Comparison

Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) has a higher volatility of 6.26% compared to SPDR Portfolio S&P 500 Value ETF (SPYV) at 2.28%. This indicates that IWMY's price experiences larger fluctuations and is considered to be riskier than SPYV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWMY	SPYV	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.26%	2.28%	+3.98%
Volatility (6M) Calculated over the trailing 6-month period	13.20%	7.18%	+6.02%
Volatility (1Y) Calculated over the trailing 1-year period	16.15%	9.91%	+6.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.90%	14.41%	+1.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.90%	16.95%	-1.05%

IWMY vs. SPYV - Expense Ratio Comparison

IWMY has a 0.99% expense ratio, which is higher than SPYV's 0.04% expense ratio.

Dividends

IWMY vs. SPYV - Dividend Comparison

IWMY's dividend yield for the trailing twelve months is around 46.29%, more than SPYV's 1.70% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	46.29%	63.33%	107.92%	11.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPYV SPDR Portfolio S&P 500 Value ETF	1.70%	1.77%	2.29%	1.75%	2.22%	2.10%	2.38%	2.25%	2.97%	2.77%	2.39%	2.53%

Frequently Asked Questions

Can I hold both IWMY and SPYV in my portfolio?

IWMY and SPYV have a correlation of 0.76, 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 SPYV?

IWMY has higher volatility (6.26%) compared to SPYV (2.28%). In terms of maximum drawdown, IWMY dropped -18.72% vs SPYV's -58.45%.

Which ETF is better, IWMY or SPYV?

On 1-year performance, SPYV leads with 20.07% vs 19.66% for IWMY. On fees, SPYV is cheaper at 0.04% per year. On volatility, SPYV has been the lower-risk option at 2.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWMY or SPYV?

Over the 1-year period, SPYV has performed better with a 20.07% return vs 19.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWMY or SPYV?

SPYV is cheaper with a 0.04% expense ratio, compared with 0.99% for IWMY.

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

IWMY has the higher dividend yield at 46.29%, compared with 1.70% for SPYV.

What is the main difference between IWMY and SPYV?

IWMY is categorized as Options Trading, while SPYV is S&P 500. IWMY tracks Russell 2000 Index, while SPYV tracks S&P 500 Value Index. They also come from different issuers: Defiance and State Street. Their fees differ too: 0.99% for IWMY and 0.04% for SPYV.

Which has better risk-adjusted returns?

SPYV currently has the higher Sharpe Ratio (2.04 vs 1.23), 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.