JPO vs. IWMY

Last updated Jun 3, 2026

JPO (YieldMax JPM Option Income Strategy ETF) and IWMY (Defiance R2000 Enhanced Options & 0DTE Income ETF) are both Options Trading funds. JPO is actively managed, while IWMY is passively managed. Over the past year, JPO returned 12.42% vs 23.33% for IWMY. At a 0.45 correlation, their price movements are largely independent. JPO charges 1.19%/yr vs 0.99%/yr for IWMY.

Performance

JPO vs. IWMY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax JPM Option Income Strategy ETF (JPO) and Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JPO achieves a -4.00% return, which is significantly lower than IWMY's 12.25% return.

JPO

• 1D: 1.66%
• 1M: -2.71%
• YTD: -4.00%
• 6M: -0.79%
• 1Y: 12.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWMY

• 1D: -1.36%
• 1M: 3.06%
• YTD: 12.25%
• 6M: 10.99%
• 1Y: 23.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JPO vs. IWMY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JPO YieldMax JPM Option Income Strategy ETF	-4.00%	22.26%	13.97%	10.41%
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	12.25%	10.18%	5.56%	9.74%

Correlation

The correlation between JPO and IWMY is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Nov 1, 2023	0.45

Return for Risk

JPO vs. IWMY — Risk / Return Rank

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

JPO

JPO Risk / Return Rank: 20
JPO Sharpe Ratio Rank: 20
JPO Sortino Ratio Rank: 19
JPO Omega Ratio Rank: 20
JPO Calmar Ratio Rank: 20
JPO Martin Ratio Rank: 20

IWMY

IWMY Risk / Return Rank: 40
IWMY Sharpe Ratio Rank: 42
IWMY Sortino Ratio Rank: 38
IWMY Omega Ratio Rank: 39
IWMY Calmar Ratio Rank: 41
IWMY Martin Ratio Rank: 41

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.

JPO vs. IWMY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax JPM Option Income Strategy ETF (JPO) and Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY). 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.

	JPO	IWMY	Difference
Sharpe ratio Return per unit of total volatility	0.67	1.49	-0.82
Sortino ratio Return per unit of downside risk	0.97	2.02	-1.05
Omega ratio Gain probability vs. loss probability	1.13	1.26	-0.13
Calmar ratio Return relative to maximum drawdown	0.91	2.03	-1.11
Martin ratio Return relative to average drawdown	2.29	6.66	-4.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JPO vs. IWMY - Sharpe Ratio Comparison

The current JPO Sharpe Ratio is 0.67, which is lower than the IWMY Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of JPO and IWMY, 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

	JPO	IWMY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.67	1.49	-0.82
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.95	-0.25

Drawdowns

JPO vs. IWMY - Drawdown Comparison

The maximum JPO drawdown since its inception was -24.80%, which is greater than IWMY's maximum drawdown of -18.72%. Use the drawdown chart below to compare losses from any high point for JPO and IWMY.

Drawdown Indicators

	JPO	IWMY	Difference
Max Drawdown Largest peak-to-trough decline	-24.80%	-18.72%	-6.08%
Max Drawdown (1Y) Largest decline over 1 year	-14.24%	-11.57%	-2.67%
Current Drawdown Current decline from peak	-6.81%	-1.36%	-5.45%
Average Drawdown Average peak-to-trough decline	-4.59%	-2.98%	-1.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.68%	3.51%	+2.17%

Volatility

JPO vs. IWMY - Volatility Comparison

YieldMax JPM Option Income Strategy ETF (JPO) has a higher volatility of 6.13% compared to Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) at 5.42%. This indicates that JPO's price experiences larger fluctuations and is considered to be riskier than IWMY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JPO	IWMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.13%	5.42%	+0.71%
Volatility (6M) Calculated over the trailing 6-month period	15.19%	12.62%	+2.57%
Volatility (1Y) Calculated over the trailing 1-year period	18.63%	15.69%	+2.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.06%	15.75%	+3.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.06%	15.75%	+3.31%

JPO vs. IWMY - Expense Ratio Comparison

JPO has a 1.19% expense ratio, which is higher than IWMY's 0.99% expense ratio.

Dividends

JPO vs. IWMY - Dividend Comparison

JPO's dividend yield for the trailing twelve months is around 34.21%, less than IWMY's 45.96% yield.

Position	TTM	2025	2024	2023
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	45.96%	63.33%	107.92%	11.34%
JPO YieldMax JPM Option Income Strategy ETF	34.21%	34.13%	25.15%	4.84%

Frequently Asked Questions

Can I hold both JPO and IWMY in my portfolio?

JPO and IWMY have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPO or IWMY?

JPO has higher volatility (6.13%) compared to IWMY (5.42%). In terms of maximum drawdown, JPO dropped -24.80% vs IWMY's -18.72%.

Which ETF is better, JPO or IWMY?

On 1-year performance, IWMY leads with 23.33% vs 12.42% for JPO. On fees, IWMY is cheaper at 0.99% per year. On volatility, IWMY has been the lower-risk option at 5.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPO or IWMY?

Over the 1-year period, IWMY has performed better with a 23.33% return vs 12.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPO or IWMY?

IWMY is cheaper with a 0.99% expense ratio, compared with 1.19% for JPO.

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

IWMY has the higher dividend yield at 45.96%, compared with 34.21% for JPO.

What is the main difference between JPO and IWMY?

They also come from different issuers: Tidal and Defiance. Their fees differ too: 1.19% for JPO and 0.99% for IWMY.

Which has better risk-adjusted returns?

IWMY currently has the higher Sharpe Ratio (1.49 vs 0.67), 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.