LLYX vs. IWMY

Last updated Jun 4, 2026

LLYX (Defiance Daily Target 2X Long LLY ETF) and IWMY (Defiance R2000 Enhanced Options & 0DTE Income ETF) are both exchange-traded funds - LLYX is a Leveraged Equities fund actively managed by Defiance, while IWMY is a Options Trading fund tracking the Russell 2000 Index. LLYX is actively managed, while IWMY is passively managed. Over the past year, LLYX returned 58.74% vs 23.33% for IWMY. At a 0.24 correlation, their price movements are largely independent. LLYX charges 1.32%/yr vs 0.99%/yr for IWMY.

Performance

LLYX vs. IWMY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long LLY ETF (LLYX) 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, LLYX achieves a -9.81% return, which is significantly lower than IWMY's 12.25% return.

LLYX

• 1D: 3.19%
• 1M: 23.54%
• YTD: -9.81%
• 6M: -3.59%
• 1Y: 58.74%
• 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)

LLYX vs. IWMY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
LLYX Defiance Daily Target 2X Long LLY ETF	-9.81%	44.29%	-23.40%
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	12.25%	10.18%	3.02%

Correlation

The correlation between LLYX and IWMY is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (All Time) Calculated using the full available price history since Aug 9, 2024	0.24

Return for Risk

LLYX vs. IWMY — Risk / Return Rank

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

LLYX

LLYX Risk / Return Rank: 26
LLYX Sharpe Ratio Rank: 23
LLYX Sortino Ratio Rank: 28
LLYX Omega Ratio Rank: 30
LLYX Calmar Ratio Rank: 27
LLYX Martin Ratio Rank: 22

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.

LLYX vs. IWMY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long LLY ETF (LLYX) 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.

	LLYX	IWMY	Difference
Sharpe ratio: Return per unit of total volatility	0.79	1.49	-0.71
Sortino ratio: Return per unit of downside risk	1.48	2.02	-0.54
Omega ratio: Gain probability vs. loss probability	1.20	1.26	-0.06
Calmar ratio: Return relative to maximum drawdown	1.25	2.03	-0.78
Martin ratio: Return relative to average drawdown	2.68	6.66	-3.98
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LLYX vs. IWMY - Sharpe Ratio Comparison

The current LLYX Sharpe Ratio is 0.79, which is lower than the IWMY Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of LLYX 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

	LLYX	IWMY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.79	1.49	-0.71
Sharpe Ratio (All Time) Calculated using the full available price history	-0.00	0.95	-0.96

Drawdowns

LLYX vs. IWMY - Drawdown Comparison

The maximum LLYX drawdown since its inception was -67.98%, which is greater than IWMY's maximum drawdown of -18.72%. Use the drawdown chart below to compare losses from any high point for LLYX and IWMY.

Drawdown Indicators

	LLYX	IWMY	Difference
Max Drawdown Largest peak-to-trough decline	-67.98%	-18.72%	-49.26%
Max Drawdown (1Y) Largest decline over 1 year	-47.36%	-11.57%	-35.79%
Current Drawdown Current decline from peak	-21.95%	-1.36%	-20.59%
Average Drawdown Average peak-to-trough decline	-33.60%	-2.98%	-30.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.00%	3.51%	+18.49%

Volatility

LLYX vs. IWMY - Volatility Comparison

Defiance Daily Target 2X Long LLY ETF (LLYX) has a higher volatility of 18.20% compared to Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) at 5.42%. This indicates that LLYX'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

	LLYX	IWMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.20%	5.42%	+12.78%
Volatility (6M) Calculated over the trailing 6-month period	52.69%	12.62%	+40.07%
Volatility (1Y) Calculated over the trailing 1-year period	74.98%	15.69%	+59.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	76.29%	15.75%	+60.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	76.29%	15.75%	+60.54%

LLYX vs. IWMY - Expense Ratio Comparison

LLYX has a 1.32% expense ratio, which is higher than IWMY's 0.99% expense ratio.

Dividends

LLYX vs. IWMY - Dividend Comparison

LLYX's dividend yield for the trailing twelve months is around 3.06%, 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%
LLYX Defiance Daily Target 2X Long LLY ETF	3.06%	2.76%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LLYX and IWMY in my portfolio?

LLYX and IWMY have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LLYX or IWMY?

LLYX has higher volatility (18.20%) compared to IWMY (5.42%). In terms of maximum drawdown, LLYX dropped -67.98% vs IWMY's -18.72%.

Which ETF is better, LLYX or IWMY?

On 1-year performance, LLYX leads with 58.74% vs 23.33% for IWMY. 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, LLYX or IWMY?

Over the 1-year period, LLYX has performed better with a 58.74% return vs 23.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LLYX or IWMY?

IWMY is cheaper with a 0.99% expense ratio, compared with 1.32% for LLYX.

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

IWMY has the higher dividend yield at 45.96%, compared with 3.06% for LLYX.

What is the main difference between LLYX and IWMY?

LLYX is categorized as Leveraged Equities, while IWMY is Options Trading. Their fees differ too: 1.32% for LLYX and 0.99% for IWMY.

Which has better risk-adjusted returns?

IWMY currently has the higher Sharpe Ratio (1.49 vs 0.79), 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.