JULZ vs. IWMY

Last updated Jun 24, 2026

JULZ (Trueshares Structured Outcome (July) ETF) and IWMY (Defiance R2000 Enhanced Options & 0DTE Income ETF) are both Options Trading funds - JULZ tracks the Cboe S&P 500 Buffer Protect Index July while IWMY tracks the Russell 2000 Index. Both are passively managed. Over the past year, JULZ returned 18.08% vs 21.86% for IWMY. A 0.74 correlation means they provide meaningful diversification when combined. JULZ charges 0.79%/yr vs 0.99%/yr for IWMY.

Performance

JULZ vs. IWMY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Trueshares Structured Outcome (July) ETF (JULZ) 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, JULZ achieves a 6.03% return, which is significantly lower than IWMY's 14.94% return.

JULZ

• 1D: -1.21%
• 1M: -1.47%
• YTD: 6.03%
• 6M: 5.25%
• 1Y: 18.08%
• 3Y*: 15.38%
• 5Y*: 10.56%
• 10Y*: —

IWMY

• 1D: -0.81%
• 1M: 3.35%
• YTD: 14.94%
• 6M: 12.52%
• 1Y: 21.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JULZ vs. IWMY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
JULZ Trueshares Structured Outcome (July) ETF	6.03%	13.23%	18.76%	9.93%
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	14.94%	10.18%	5.56%	10.06%

Correlation

The correlation between JULZ and IWMY is 0.76, 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	0.76
Correlation (All Time) Calculated using the full available price history since Oct 31, 2023	0.74

The correlation between JULZ and IWMY has been stable across timeframes, ranging from 0.74 to 0.76 - a consistent structural relationship.

Return for Risk

JULZ vs. IWMY — Risk / Return Rank

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

JULZ

JULZ Risk / Return Rank: 52
JULZ Sharpe Ratio Rank: 53
JULZ Sortino Ratio Rank: 52
JULZ Omega Ratio Rank: 52
JULZ Calmar Ratio Rank: 46
JULZ Martin Ratio Rank: 55

IWMY

IWMY Risk / Return Rank: 39
IWMY Sharpe Ratio Rank: 39
IWMY Sortino Ratio Rank: 37
IWMY Omega Ratio Rank: 36
IWMY Calmar Ratio Rank: 39
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.

JULZ vs. IWMY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Trueshares Structured Outcome (July) ETF (JULZ) 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.

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.

	JULZ	IWMY	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.34	+0.35
Sortino ratio: Return per unit of downside risk	2.34	1.84	+0.50
Omega ratio: Gain probability vs. loss probability	1.30	1.23	+0.07
Calmar ratio: Return relative to maximum drawdown	2.13	1.90	+0.23
Martin ratio: Return relative to average drawdown	9.01	6.20	+2.81

JULZ vs. IWMY - Sharpe Ratio Comparison

The current JULZ Sharpe Ratio is 1.69, which is comparable to the IWMY Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of JULZ 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.

Drawdowns

JULZ vs. IWMY - Drawdown Comparison

The maximum JULZ drawdown since its inception was -14.71%, smaller than the maximum IWMY drawdown of -18.72%. Use the drawdown chart below to compare losses from any high point for JULZ and IWMY.

Drawdown Indicators

	JULZ	IWMY	Difference
Max Drawdown Largest peak-to-trough decline	-14.71%	-18.72%	+4.01%
Max Drawdown (1Y) Largest decline over 1 year	-8.53%	-11.57%	+3.04%
Max Drawdown (3Y) Largest decline over 3 years	-14.71%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-14.71%	—	—
Current Drawdown Current decline from peak	-3.04%	-0.81%	-2.23%
Average Drawdown Average peak-to-trough decline	-2.97%	-2.94%	-0.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	3.54%	-1.53%

Volatility

JULZ vs. IWMY - Volatility Comparison

The current volatility for Trueshares Structured Outcome (July) ETF (JULZ) is 4.09%, while Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) has a volatility of 6.20%. This indicates that JULZ experiences smaller price fluctuations and is considered to be less risky than IWMY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JULZ	IWMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.09%	6.20%	-2.11%
Volatility (6M) Calculated over the trailing 6-month period	8.78%	13.55%	-4.77%
Volatility (1Y) Calculated over the trailing 1-year period	10.79%	16.37%	-5.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.29%	15.95%	-3.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.36%	15.95%	-3.59%

JULZ vs. IWMY - Expense Ratio Comparison

JULZ has a 0.79% expense ratio, which is lower than IWMY's 0.99% expense ratio.

Dividends

JULZ vs. IWMY - Dividend Comparison

JULZ's dividend yield for the trailing twelve months is around 11.28%, less than IWMY's 43.75% yield.

Position	TTM	2025	2024	2023	2022
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	43.75%	63.33%	107.92%	11.34%	0.00%
JULZ Trueshares Structured Outcome (July) ETF	11.28%	11.96%	3.30%	3.59%	0.07%

Frequently Asked Questions

Can I hold both JULZ and IWMY in my portfolio?

JULZ and IWMY have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JULZ or IWMY?

IWMY has higher volatility (6.20%) compared to JULZ (4.09%). In terms of maximum drawdown, JULZ dropped -14.71% vs IWMY's -18.72%.

Which ETF is better, JULZ or IWMY?

On 1-year performance, IWMY leads with 21.86% vs 18.08% for JULZ. On fees, JULZ is cheaper at 0.79% per year. On volatility, JULZ has been the lower-risk option at 4.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JULZ or IWMY?

Over the 1-year period, IWMY has performed better with a 21.86% return vs 18.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JULZ or IWMY?

JULZ is cheaper with a 0.79% expense ratio, compared with 0.99% for IWMY.

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

IWMY has the higher dividend yield at 43.75%, compared with 11.28% for JULZ.

What is the main difference between JULZ and IWMY?

JULZ tracks Cboe S&P 500 Buffer Protect Index July, while IWMY tracks Russell 2000 Index. They also come from different issuers: TrueShares and Defiance. Their fees differ too: 0.79% for JULZ and 0.99% for IWMY.

Which has better risk-adjusted returns?

JULZ currently has the higher Sharpe Ratio (1.69 vs 1.34), 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.