IWMY vs. XDTE

Last updated Jun 5, 2026

IWMY (Defiance R2000 Enhanced Options & 0DTE Income ETF) and XDTE (Roundhill S&P 500 0DTE Covered Call Strategy ETF) are both exchange-traded funds - IWMY is a Options Trading fund tracking the Russell 2000 Index, while XDTE is a Derivative Income fund actively managed by Roundhill. IWMY is passively managed, while XDTE is actively managed. Over the past year, IWMY returned 24.81% vs 25.78% for XDTE. A 0.74 correlation means they provide meaningful diversification when combined. IWMY charges 0.99%/yr vs 0.97%/yr for XDTE.

Performance

IWMY vs. XDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) and Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE). 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 XDTE's 9.12% return.

IWMY

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

XDTE

• 1D: 0.27%
• 1M: 3.52%
• YTD: 9.12%
• 6M: 9.07%
• 1Y: 25.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IWMY vs. XDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	13.83%	10.18%	5.05%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	9.12%	12.60%	16.39%

Correlation

The correlation between IWMY and XDTE is 0.74, 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	0.74
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024	0.74

The correlation between IWMY and XDTE has been stable across timeframes, ranging from 0.74 to 0.74 - a consistent structural relationship.

Return for Risk

IWMY vs. XDTE — 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

XDTE

XDTE Risk / Return Rank: 73
XDTE Sharpe Ratio Rank: 73
XDTE Sortino Ratio Rank: 71
XDTE Omega Ratio Rank: 73
XDTE Calmar Ratio Rank: 69
XDTE Martin Ratio Rank: 79

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. XDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) and Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE). 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	XDTE	Difference
Sharpe ratio: Return per unit of total volatility	1.58	2.36	-0.77
Sortino ratio: Return per unit of downside risk	2.13	3.16	-1.03
Omega ratio: Gain probability vs. loss probability	1.27	1.43	-0.16
Calmar ratio: Return relative to maximum drawdown	2.15	3.37	-1.22
Martin ratio: Return relative to average drawdown	7.08	15.42	-8.34
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. XDTE - Sharpe Ratio Comparison

The current IWMY Sharpe Ratio is 1.58, which is lower than the XDTE Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of IWMY and XDTE, 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	XDTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.58	2.36	-0.77
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	1.26	-0.27

Drawdowns

IWMY vs. XDTE - Drawdown Comparison

The maximum IWMY drawdown since its inception was -18.72%, roughly equal to the maximum XDTE drawdown of -19.09%. Use the drawdown chart below to compare losses from any high point for IWMY and XDTE.

Drawdown Indicators

	IWMY	XDTE	Difference
Max Drawdown Largest peak-to-trough decline	-18.72%	-19.09%	+0.37%
Max Drawdown (1Y) Largest decline over 1 year	-11.57%	-7.68%	-3.89%
Current Drawdown Current decline from peak	0.00%	-0.39%	+0.39%
Average Drawdown Average peak-to-trough decline	-2.98%	-2.31%	-0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.51%	1.68%	+1.83%

Volatility

IWMY vs. XDTE - Volatility Comparison

Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) has a higher volatility of 5.37% compared to Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE) at 2.43%. This indicates that IWMY's price experiences larger fluctuations and is considered to be riskier than XDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWMY	XDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.37%	2.43%	+2.94%
Volatility (6M) Calculated over the trailing 6-month period	12.69%	8.28%	+4.41%
Volatility (1Y) Calculated over the trailing 1-year period	15.74%	10.99%	+4.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.76%	13.84%	+1.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.76%	13.84%	+1.92%

IWMY vs. XDTE - Expense Ratio Comparison

IWMY has a 0.99% expense ratio, which is higher than XDTE's 0.97% expense ratio.

Dividends

IWMY vs. XDTE - Dividend Comparison

IWMY's dividend yield for the trailing twelve months is around 46.16%, more than XDTE's 33.55% yield.

Position	TTM	2025	2024	2023
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	46.16%	63.33%	107.92%	11.34%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	33.55%	39.16%	20.35%	0.00%

Frequently Asked Questions

Can I hold both IWMY and XDTE in my portfolio?

IWMY and XDTE have a correlation of 0.74, 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 XDTE?

IWMY has higher volatility (5.37%) compared to XDTE (2.43%). In terms of maximum drawdown, IWMY dropped -18.72% vs XDTE's -19.09%.

Which ETF is better, IWMY or XDTE?

On 1-year performance, XDTE leads with 25.78% vs 24.81% for IWMY. On fees, XDTE is cheaper at 0.97% per year. On volatility, XDTE has been the lower-risk option at 2.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWMY or XDTE?

Over the 1-year period, XDTE has performed better with a 25.78% return vs 24.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWMY or XDTE?

XDTE is cheaper with a 0.97% expense ratio, compared with 0.99% for IWMY.

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

IWMY has the higher dividend yield at 46.16%, compared with 33.55% for XDTE.

What is the main difference between IWMY and XDTE?

IWMY is categorized as Options Trading, while XDTE is Derivative Income. They also come from different issuers: Defiance and Roundhill. Their fees differ too: 0.99% for IWMY and 0.97% for XDTE.

Which has better risk-adjusted returns?

XDTE currently has the higher Sharpe Ratio (2.36 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.