IYRI vs. IWMI

Last updated Jun 4, 2026

IYRI (NEOS Real Estate High Income ETF) and IWMI (NEOS Russell 2000 High Income ETF) are both Derivative Income funds from Neos. IYRI is passively managed, while IWMI is actively managed. Over the past year, IYRI returned 8.34% vs 34.38% for IWMI. A 0.53 correlation means they provide meaningful diversification when combined. Both charge a 0.68% expense ratio.

Performance

IYRI vs. IWMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Real Estate High Income ETF (IYRI) and NEOS Russell 2000 High Income ETF (IWMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IYRI achieves a 4.08% return, which is significantly lower than IWMI's 13.36% return.

IYRI

• 1D: 0.17%
• 1M: -1.04%
• YTD: 4.08%
• 6M: 3.47%
• 1Y: 8.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWMI

• 1D: -1.02%
• 1M: 3.18%
• YTD: 13.36%
• 6M: 13.24%
• 1Y: 34.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IYRI vs. IWMI - Yearly Performance Comparison

	2026 (YTD)	2025
IYRI NEOS Real Estate High Income ETF	4.08%	7.95%
IWMI NEOS Russell 2000 High Income ETF	13.36%	13.32%

Correlation

The correlation between IYRI and IWMI is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (All Time) Calculated using the full available price history since Jan 16, 2025	0.53

The correlation between IYRI and IWMI has been stable across timeframes, ranging from 0.48 to 0.53 - a consistent structural relationship.

IYRI vs. IWMI - Sectors Allocation Comparison

Sectors	IYRI	IWMI
Real Estate	98.0%	6.3%
Basic Materials	1.3%	5.0%
Communication Services	0.6%	2.4%
Consumer Cyclical	-	8.6%
Consumer Defensive	-	2.6%
Energy	-	6.5%
Financial Services	-	16.0%
Healthcare	-	17.9%
Industrials	-	16.6%
Technology	-	15.1%
Utilities	-	3.1%

Return for Risk

IYRI vs. IWMI — Risk / Return Rank

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

IYRI

IYRI Risk / Return Rank: 23
IYRI Sharpe Ratio Rank: 23
IYRI Sortino Ratio Rank: 21
IYRI Omega Ratio Rank: 22
IYRI Calmar Ratio Rank: 24
IYRI Martin Ratio Rank: 28

IWMI

IWMI Risk / Return Rank: 73
IWMI Sharpe Ratio Rank: 69
IWMI Sortino Ratio Rank: 69
IWMI Omega Ratio Rank: 66
IWMI Calmar Ratio Rank: 79
IWMI Martin Ratio Rank: 83

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.

IYRI vs. IWMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Real Estate High Income ETF (IYRI) and NEOS Russell 2000 High Income ETF (IWMI). 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.

	IYRI	IWMI	Difference
Sharpe ratio Return per unit of total volatility	0.81	2.33	-1.52
Sortino ratio Return per unit of downside risk	1.16	3.25	-2.08
Omega ratio Gain probability vs. loss probability	1.15	1.41	-0.26
Calmar ratio Return relative to maximum drawdown	1.11	4.11	-3.00
Martin ratio Return relative to average drawdown	4.00	17.09	-13.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IYRI vs. IWMI - Sharpe Ratio Comparison

The current IYRI Sharpe Ratio is 0.81, which is lower than the IWMI Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of IYRI and IWMI, 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

	IYRI	IWMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.81	2.33	-1.52
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	1.04	-0.36

Drawdowns

IYRI vs. IWMI - Drawdown Comparison

The maximum IYRI drawdown since its inception was -12.12%, smaller than the maximum IWMI drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for IYRI and IWMI.

Drawdown Indicators

	IYRI	IWMI	Difference
Max Drawdown Largest peak-to-trough decline	-12.12%	-23.88%	+11.76%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	-8.40%	+0.87%
Current Drawdown Current decline from peak	-2.17%	-1.02%	-1.15%
Average Drawdown Average peak-to-trough decline	-1.72%	-4.12%	+2.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	2.02%	+0.07%

Volatility

IYRI vs. IWMI - Volatility Comparison

The current volatility for NEOS Real Estate High Income ETF (IYRI) is 3.03%, while NEOS Russell 2000 High Income ETF (IWMI) has a volatility of 4.31%. This indicates that IYRI experiences smaller price fluctuations and is considered to be less risky than IWMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IYRI	IWMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.03%	4.31%	-1.28%
Volatility (6M) Calculated over the trailing 6-month period	7.17%	10.74%	-3.57%
Volatility (1Y) Calculated over the trailing 1-year period	10.31%	14.84%	-4.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.07%	17.89%	-4.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.07%	17.89%	-4.82%

IYRI vs. IWMI - Expense Ratio Comparison

Both IYRI and IWMI have an expense ratio of 0.68%.

Dividends

IYRI vs. IWMI - Dividend Comparison

IYRI's dividend yield for the trailing twelve months is around 11.27%, less than IWMI's 13.52% yield.

Position	TTM	2025	2024
IWMI NEOS Russell 2000 High Income ETF	13.52%	14.05%	8.78%
IYRI NEOS Real Estate High Income ETF	11.27%	11.72%	0.00%

Frequently Asked Questions

Can I hold both IYRI and IWMI in my portfolio?

IYRI and IWMI have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IYRI or IWMI?

IWMI has higher volatility (4.31%) compared to IYRI (3.03%). In terms of maximum drawdown, IYRI dropped -12.12% vs IWMI's -23.88%.

Which ETF is better, IYRI or IWMI?

On 1-year performance, IWMI leads with 34.38% vs 8.34% for IYRI. Both ETFs have the same 0.68% expense ratio. On volatility, IYRI has been the lower-risk option at 3.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IYRI or IWMI?

Over the 1-year period, IWMI has performed better with a 34.38% return vs 8.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IYRI or IWMI?

IYRI and IWMI have the same expense ratio: 0.68% per year.

Which ETF pays a higher dividend yield, IYRI or IWMI?

IWMI has the higher dividend yield at 13.52%, compared with 11.27% for IYRI.

Which has better risk-adjusted returns?

IWMI currently has the higher Sharpe Ratio (2.33 vs 0.81), 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.