IYRI vs. JELM

Last updated Aug 5, 2026

IYRI (NEOS Real Estate High Income ETF) and JELM (Janus Henderson Equity Linked Moderate Income ETF) are both Derivative Income funds. Both are actively managed. Their 0.27 correlation means their historical movements had little consistent relationship. IYRI charges 0.68%/yr vs 0.59%/yr for JELM.

Performance

IYRI vs. JELM - Performance Comparison

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

Returns By Period

IYRI

• 1D: -0.14%
• 1M: 1.21%
• 6M: 7.99%
• YTD: 9.43%
• 1Y: 10.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.71%

JELM

• 1D: 0.20%
• 1M: 1.29%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IYRI NEOS Real Estate High Income ETF	$3.36M	$3.54M	$3.80M
JELM Janus Henderson Equity Linked Moderate Income ETF	$199.95K	$786.17K	$963.17K

IYRI vs. JELM - Yearly Performance Comparison

	2026 (YTD)
IYRI NEOS Real Estate High Income ETF	3.91%
JELM Janus Henderson Equity Linked Moderate Income ETF	2.35%

Correlation

The correlation between IYRI and JELM is 0.27, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 22, 2026	0.27

Return for Risk

IYRI vs. JELM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IYRI

IYRI Risk / Return Rank: 38
IYRI Sharpe Ratio Rank: 37
IYRI Sortino Ratio Rank: 35
IYRI Omega Ratio Rank: 35
IYRI Calmar Ratio Rank: 38
IYRI Martin Ratio Rank: 43

JELM

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IYRI vs. JELM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Real Estate High Income ETF (IYRI) and Janus Henderson Equity Linked Moderate Income ETF (JELM). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	IYRI	JELM	Difference
Sharpe ratio: Return per unit of total volatility	1.02	—	—
Sortino ratio: Return per unit of downside risk	1.46	—	—
Omega ratio: Gain probability vs. loss probability	1.19	—	—
Calmar ratio: Return relative to maximum drawdown	1.44	—	—
Martin ratio: Return relative to average drawdown	5.25	—	—

Drawdowns

IYRI vs. JELM - Drawdown Comparison

The maximum IYRI drawdown since its inception was -12.12%, which is greater than JELM's maximum drawdown of -0.69%. Use the drawdown chart below to compare losses from any high point for IYRI and JELM.

Drawdown Indicators

	IYRI	JELM	Difference
Max Drawdown Largest peak-to-trough decline	-12.12%	-0.69%	-11.43%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	—	—
Current Drawdown Current decline from peak	-0.85%	-0.25%	-0.60%
Average Drawdown Average peak-to-trough decline	-1.60%	-0.21%	-1.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	—	—

Volatility

Volatility by Period

	IYRI	JELM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.76%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.10%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.69%	3.69%	+7.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.98%	3.69%	+9.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.98%	3.69%	+9.29%

IYRI vs. JELM - Expense Ratio Comparison

IYRI has a 0.68% expense ratio, which is higher than JELM's 0.59% expense ratio.

Dividends

IYRI vs. JELM - Dividend Comparison

IYRI's dividend yield for the trailing twelve months is around 10.84%, more than JELM's 1.21% yield.

Position	TTM	2025
IYRI NEOS Real Estate High Income ETF	10.84%	11.72%
JELM Janus Henderson Equity Linked Moderate Income ETF	1.21%	0.00%

Frequently Asked Questions

Can I hold both IYRI and JELM in my portfolio?

IYRI and JELM have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IYRI or JELM?

On fees, JELM is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IYRI or JELM?

JELM is cheaper with a 0.59% expense ratio, compared with 0.68% for IYRI.

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

IYRI has the higher dividend yield at 10.84%, compared with 1.21% for JELM.

What is the main difference between IYRI and JELM?

They also come from different issuers: Neos and Janus Henderson. Their fees differ too: 0.68% for IYRI and 0.59% for JELM.