KIO vs. IWMI

Last updated Aug 4, 2026

KIO (KKR Income Opportunities Fund) and IWMI (NEOS Russell 2000 High Income ETF) are both funds - KIO is a Multisector Bonds fund managed by KKR, while IWMI is a Derivative Income fund actively managed by Neos. Over the past year, KIO returned -2.19% vs 34.64% for IWMI. Their 0.40 correlation means their historical movements had little consistent relationship. KIO charges 0.04%/yr vs 0.68%/yr for IWMI.

Performance

KIO vs. IWMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KKR Income Opportunities Fund (KIO) 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, KIO achieves a 2.31% return, which is significantly lower than IWMI's 17.08% return.

KIO

• 1D: -0.09%
• 1M: -2.13%
• 6M: 0.38%
• YTD: 2.31%
• 1Y: -2.19%
• 3Y*: 9.61%
• 5Y*: 3.32%
• 10Y*: 7.21%
• ALL TIME*: 5.87%

IWMI

• 1D: 1.28%
• 1M: -0.26%
• 6M: 11.58%
• YTD: 17.08%
• 1Y: 34.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.70%

*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)
IWMI NEOS Russell 2000 High Income ETF	$18.74M	$19.78M	$18.18M
KIO KKR Income Opportunities Fund	$2.83M	$2.45M	$2.07M

KIO vs. IWMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KIO KKR Income Opportunities Fund	2.31%	-2.49%	4.37%
IWMI NEOS Russell 2000 High Income ETF	17.08%	14.97%	6.58%

Correlation

The correlation between KIO and IWMI is 0.43, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.43
Correlation (All Time) Calculated using the full available price history since Jun 25, 2024	0.40

Return for Risk

KIO vs. IWMI — Risk / Return Rank

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

KIO

KIO Risk / Return Rank: 2
KIO Sharpe Ratio Rank: 2
KIO Sortino Ratio Rank: 2
KIO Omega Ratio Rank: 2
KIO Calmar Ratio Rank: 2
KIO Martin Ratio Rank: 2

IWMI

IWMI Risk / Return Rank: 90
IWMI Sharpe Ratio Rank: 90
IWMI Sortino Ratio Rank: 90
IWMI Omega Ratio Rank: 87
IWMI Calmar Ratio Rank: 91
IWMI Martin Ratio Rank: 93

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.

KIO vs. IWMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KKR Income Opportunities Fund (KIO) 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.

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.

	KIO	IWMI	Difference
Sharpe ratio: Return per unit of total volatility	-0.21	2.27	-2.49
Sortino ratio: Return per unit of downside risk	-0.23	3.18	-3.41
Omega ratio: Gain probability vs. loss probability	0.97	1.40	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.20	4.14	-4.34
Martin ratio: Return relative to average drawdown	-0.43	17.05	-17.48

KIO vs. IWMI - Sharpe Ratio Comparison

The current KIO Sharpe Ratio is -0.21, which is lower than the IWMI Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of KIO 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.

Drawdowns

KIO vs. IWMI - Drawdown Comparison

The maximum KIO drawdown since its inception was -43.87%, which is greater than IWMI's maximum drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for KIO and IWMI.

Drawdown Indicators

	KIO	IWMI	Difference
Max Drawdown Largest peak-to-trough decline	-43.87%	-23.88%	-19.99%
Max Drawdown (1Y) Largest decline over 1 year	-11.01%	-8.40%	-2.61%
Max Drawdown (3Y) Largest decline over 3 years	-22.85%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.87%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-43.87%	—	—
Current Drawdown Current decline from peak	-8.92%	-0.89%	-8.03%
Average Drawdown Average peak-to-trough decline	-8.08%	-3.87%	-4.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.16%	2.04%	+3.12%

Volatility

KIO vs. IWMI - Volatility Comparison

The current volatility for KKR Income Opportunities Fund (KIO) is 2.61%, while NEOS Russell 2000 High Income ETF (IWMI) has a volatility of 3.76%. This indicates that KIO 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

	KIO	IWMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.61%	3.76%	-1.15%
Volatility (6M) Calculated over the trailing 6-month period	7.91%	11.70%	-3.79%
Volatility (1Y) Calculated over the trailing 1-year period	10.29%	15.33%	-5.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.19%	17.67%	-4.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.34%	17.67%	-1.33%

KIO vs. IWMI - Expense Ratio Comparison

KIO has a 0.04% expense ratio, which is lower than IWMI's 0.68% expense ratio.

Dividends

KIO vs. IWMI - Dividend Comparison

KIO's dividend yield for the trailing twelve months is around 13.25%, less than IWMI's 13.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWMI NEOS Russell 2000 High Income ETF	13.66%	14.05%	8.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
KIO KKR Income Opportunities Fund	13.25%	12.58%	10.90%	11.32%	11.44%	7.45%	10.12%	9.51%	10.53%	9.66%	9.92%	10.81%

Frequently Asked Questions

Can I hold both KIO and IWMI in my portfolio?

KIO and IWMI have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KIO or IWMI?

IWMI has higher volatility (3.76%) compared to KIO (2.61%). In terms of maximum drawdown, KIO dropped -43.87% vs IWMI's -23.88%.

Which has better risk-adjusted returns?

IWMI currently has the higher Sharpe Ratio (2.27 vs -0.21), 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.