KLIP vs. IWMY

Last updated Jun 3, 2026

KLIP (KraneShares China Internet and Covered Call Strategy ETF) and IWMY (Defiance R2000 Enhanced Options & 0DTE Income ETF) are both Options Trading funds. Over the past year, KLIP returned 3.54% vs 25.77% for IWMY. At a 0.38 correlation, their price movements are largely independent. KLIP charges 0.95%/yr vs 0.99%/yr for IWMY.

Performance

KLIP vs. IWMY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in KraneShares China Internet and Covered Call Strategy ETF (KLIP) 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, KLIP achieves a -5.93% return, which is significantly lower than IWMY's 13.80% return.

KLIP

• 1D: 2.16%
• 1M: -0.26%
• YTD: -5.93%
• 6M: -8.29%
• 1Y: 3.54%
• 3Y*: 9.17%
• 5Y*: —
• 10Y*: —

IWMY

• 1D: 0.96%
• 1M: 3.92%
• YTD: 13.80%
• 6M: 13.18%
• 1Y: 25.77%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

KLIP vs. IWMY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
KLIP KraneShares China Internet and Covered Call Strategy ETF	-5.93%	16.92%	3.37%	7.12%
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	13.80%	10.18%	5.56%	9.74%

Correlation

The correlation between KLIP and IWMY is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Nov 1, 2023	0.38

Return for Risk

KLIP vs. IWMY — Risk / Return Rank

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

KLIP

KLIP Risk / Return Rank: 12
KLIP Sharpe Ratio Rank: 12
KLIP Sortino Ratio Rank: 11
KLIP Omega Ratio Rank: 12
KLIP Calmar Ratio Rank: 12
KLIP Martin Ratio Rank: 11

IWMY

IWMY Risk / Return Rank: 45
IWMY Sharpe Ratio Rank: 47
IWMY Sortino Ratio Rank: 44
IWMY Omega Ratio Rank: 44
IWMY Calmar Ratio Rank: 45
IWMY Martin Ratio Rank: 45

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.

KLIP vs. IWMY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for KraneShares China Internet and Covered Call Strategy ETF (KLIP) 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.

	KLIP	IWMY	Difference
Sharpe ratio Return per unit of total volatility	0.23	1.66	-1.43
Sortino ratio Return per unit of downside risk	0.42	2.22	-1.80
Omega ratio Gain probability vs. loss probability	1.06	1.28	-0.23
Calmar ratio Return relative to maximum drawdown	0.25	2.27	-2.02
Martin ratio Return relative to average drawdown	0.61	7.47	-6.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KLIP vs. IWMY - Sharpe Ratio Comparison

The current KLIP Sharpe Ratio is 0.23, which is lower than the IWMY Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of KLIP 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

	KLIP	IWMY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.23	1.66	-1.43
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.99	-0.60

Drawdowns

KLIP vs. IWMY - Drawdown Comparison

The maximum KLIP drawdown since its inception was -18.61%, roughly equal to the maximum IWMY drawdown of -18.72%. Use the drawdown chart below to compare losses from any high point for KLIP and IWMY.

Drawdown Indicators

	KLIP	IWMY	Difference
Max Drawdown Largest peak-to-trough decline	-18.61%	-18.72%	+0.11%
Max Drawdown (1Y) Largest decline over 1 year	-15.97%	-11.57%	-4.40%
Max Drawdown (3Y) Largest decline over 3 years	-18.61%	—	—
Current Drawdown Current decline from peak	-11.33%	0.00%	-11.33%
Average Drawdown Average peak-to-trough decline	-3.78%	-2.98%	-0.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.65%	3.51%	+3.14%

Volatility

KLIP vs. IWMY - Volatility Comparison

KraneShares China Internet and Covered Call Strategy ETF (KLIP) and Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) have volatilities of 5.30% and 5.24%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KLIP	IWMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.30%	5.24%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	12.74%	12.59%	+0.15%
Volatility (1Y) Calculated over the trailing 1-year period	15.70%	15.63%	+0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.10%	15.74%	+2.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.10%	15.74%	+2.36%

KLIP vs. IWMY - Expense Ratio Comparison

KLIP has a 0.95% expense ratio, which is lower than IWMY's 0.99% expense ratio.

Dividends

KLIP vs. IWMY - Dividend Comparison

KLIP's dividend yield for the trailing twelve months is around 27.57%, less than IWMY's 45.33% yield.

Position	TTM	2025	2024	2023
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	45.33%	63.33%	107.92%	11.34%
KLIP KraneShares China Internet and Covered Call Strategy ETF	27.57%	25.14%	54.26%	61.22%

Frequently Asked Questions

Can I hold both KLIP and IWMY in my portfolio?

KLIP and IWMY have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KLIP or IWMY?

KLIP has higher volatility (5.30%) compared to IWMY (5.24%). In terms of maximum drawdown, KLIP dropped -18.61% vs IWMY's -18.72%.

Which ETF is better, KLIP or IWMY?

On 1-year performance, IWMY leads with 25.77% vs 3.54% for KLIP. On fees, KLIP is cheaper at 0.95% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KLIP or IWMY?

Over the 1-year period, IWMY has performed better with a 25.77% return vs 3.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KLIP or IWMY?

KLIP is cheaper with a 0.95% expense ratio, compared with 0.99% for IWMY.

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

IWMY has the higher dividend yield at 45.33%, compared with 27.57% for KLIP.

What is the main difference between KLIP and IWMY?

They also come from different issuers: CICC and Defiance. Their fees differ too: 0.95% for KLIP and 0.99% for IWMY.

Which has better risk-adjusted returns?

IWMY currently has the higher Sharpe Ratio (1.66 vs 0.23), 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.