IWMY vs. USHY
IWMY (Defiance R2000 Enhanced Options & 0DTE Income ETF) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both exchange-traded funds - IWMY is a Options Trading fund tracking the Russell 2000 Index, while USHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained Index. Both are passively managed. Over the past year, IWMY returned 19.66% vs 6.84% for USHY. A 0.69 correlation means they provide meaningful diversification when combined. IWMY charges 0.99%/yr vs 0.15%/yr for USHY.
Performance
IWMY vs. USHY - Performance Comparison
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Returns By Period
In the year-to-date period, IWMY achieves a 10.55% return, which is significantly higher than USHY's 1.29% return.
IWMY
- 1D
- 0.63%
- 1M
- -0.57%
- YTD
- 10.55%
- 6M
- 8.47%
- 1Y
- 19.66%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
USHY
- 1D
- 0.08%
- 1M
- -0.14%
- YTD
- 1.29%
- 6M
- 1.85%
- 1Y
- 6.84%
- 3Y*
- 8.79%
- 5Y*
- 4.16%
- 10Y*
- —
IWMY vs. USHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF | 10.55% | 10.18% | 5.56% | 10.06% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.29% | 8.81% | 8.45% | 8.42% |
Correlation
The correlation between IWMY and USHY is 0.72, 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 | 0.72 |
Correlation (All Time) Calculated using the full available price history since Oct 31, 2023 | 0.69 |
The correlation between IWMY and USHY has been stable across timeframes, ranging from 0.69 to 0.72 - a consistent structural relationship.
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Return for Risk
IWMY vs. USHY — Risk / Return Rank
IWMY
USHY
IWMY vs. USHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) and iShares Broad USD High Yield Corporate Bond ETF (USHY). 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 | USHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.65 | ||
| Sortino ratioReturn per unit of downside risk | -1.14 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.36 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.71 | 2.83 | -1.12 |
| Martin ratioReturn relative to average drawdown | 5.59 | 12.68 | -7.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IWMY | USHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.23 | 1.88 | -0.65 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.57 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.90 | 0.58 | +0.32 |
Drawdowns
IWMY vs. USHY - Drawdown Comparison
The maximum IWMY drawdown since its inception was -18.72%, smaller than the maximum USHY drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for IWMY and USHY.
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Drawdown Indicators
| IWMY | USHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.72% | -22.44% | +3.72% |
Max Drawdown (1Y)Largest decline over 1 year | -11.57% | -2.43% | -9.14% |
Max Drawdown (3Y)Largest decline over 3 years | — | -4.66% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.56% | — |
Current DrawdownCurrent decline from peak | -2.89% | -0.41% | -2.48% |
Average DrawdownAverage peak-to-trough decline | -2.98% | -2.66% | -0.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.53% | 0.54% | +2.99% |
Volatility
IWMY vs. USHY - Volatility Comparison
Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) has a higher volatility of 6.26% compared to iShares Broad USD High Yield Corporate Bond ETF (USHY) at 1.13%. This indicates that IWMY's price experiences larger fluctuations and is considered to be riskier than USHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IWMY | USHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.26% | 1.13% | +5.13% |
Volatility (6M)Calculated over the trailing 6-month period | 13.20% | 2.95% | +10.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.15% | 3.67% | +12.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.90% | 7.34% | +8.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.90% | 8.25% | +7.65% |
IWMY vs. USHY - Expense Ratio Comparison
IWMY has a 0.99% expense ratio, which is higher than USHY's 0.15% expense ratio.
Dividends
IWMY vs. USHY - Dividend Comparison
IWMY's dividend yield for the trailing twelve months is around 46.29%, more than USHY's 6.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.93% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% |
Frequently Asked Questions
IWMY and USHY have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWMY has higher volatility (6.26%) compared to USHY (1.13%). In terms of maximum drawdown, IWMY dropped -18.72% vs USHY's -22.44%.
On 1-year performance, IWMY leads with 19.66% vs 6.84% for USHY. On fees, USHY is cheaper at 0.15% per year. On volatility, USHY has been the lower-risk option at 1.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, IWMY has performed better with a 19.66% return vs 6.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USHY is cheaper with a 0.15% expense ratio, compared with 0.99% for IWMY.
IWMY has the higher dividend yield at 46.29%, compared with 6.93% for USHY.
IWMY is categorized as Options Trading, while USHY is High Yield Bonds. IWMY tracks Russell 2000 Index, while USHY tracks ICE BofA US High Yield Constrained Index. They also come from different issuers: Defiance and iShares. Their fees differ too: 0.99% for IWMY and 0.15% for USHY.
USHY currently has the higher Sharpe Ratio (1.88 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.
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