MLPI vs. IWMI

Last updated Jun 24, 2026

MLPI (NEOS MLP & Energy Infrastructure High Income ETF) and IWMI (NEOS Russell 2000 High Income ETF) are both exchange-traded funds - MLPI is a MLPs fund actively managed by NEOS, while IWMI is a Derivative Income fund actively managed by Neos. Both are actively managed. At a correlation of -0.03, they often move in opposite directions. Both charge a 0.68% expense ratio.

Performance

MLPI vs. IWMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS MLP & Energy Infrastructure High Income ETF (MLPI) 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, MLPI achieves a 19.61% return, which is significantly higher than IWMI's 16.33% return.

MLPI

• 1D: 1.09%
• 1M: -2.18%
• YTD: 19.61%
• 6M: 18.17%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWMI

• 1D: -0.73%
• 1M: 3.68%
• YTD: 16.33%
• 6M: 14.17%
• 1Y: 35.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MLPI vs. IWMI - Yearly Performance Comparison

	2026 (YTD)	2025
MLPI NEOS MLP & Energy Infrastructure High Income ETF	19.61%	0.36%
IWMI NEOS Russell 2000 High Income ETF	16.33%	-0.02%

Correlation

The correlation between MLPI and IWMI is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 18, 2025	-0.03

Return for Risk

MLPI vs. IWMI — Risk / Return Rank

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

MLPI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

IWMI

IWMI Risk / Return Rank: 79
IWMI Sharpe Ratio Rank: 77
IWMI Sortino Ratio Rank: 76
IWMI Omega Ratio Rank: 72
IWMI Calmar Ratio Rank: 83
IWMI Martin Ratio Rank: 87

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.

MLPI vs. IWMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS MLP & Energy Infrastructure High Income ETF (MLPI) 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.

	MLPI	IWMI	Difference
Sharpe ratio: Return per unit of total volatility	—	2.34	—
Sortino ratio: Return per unit of downside risk	—	3.23	—
Omega ratio: Gain probability vs. loss probability	—	1.40	—
Calmar ratio: Return relative to maximum drawdown	—	4.29	—
Martin ratio: Return relative to average drawdown	—	17.68	—

Drawdowns

MLPI vs. IWMI - Drawdown Comparison

The maximum MLPI drawdown since its inception was -5.38%, smaller than the maximum IWMI drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for MLPI and IWMI.

Drawdown Indicators

	MLPI	IWMI	Difference
Max Drawdown Largest peak-to-trough decline	-5.38%	-23.88%	+18.50%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.40%	—
Current Drawdown Current decline from peak	-2.18%	-0.73%	-1.45%
Average Drawdown Average peak-to-trough decline	-1.49%	-4.03%	+2.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.04%	—

Volatility

Volatility by Period

	MLPI	IWMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.22%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.45%	—
Volatility (1Y) Calculated over the trailing 1-year period	13.05%	15.41%	-2.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.05%	17.95%	-4.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.05%	17.95%	-4.90%

MLPI vs. IWMI - Expense Ratio Comparison

Both MLPI and IWMI have an expense ratio of 0.68%.

Dividends

MLPI vs. IWMI - Dividend Comparison

MLPI's dividend yield for the trailing twelve months is around 7.19%, less than IWMI's 14.53% yield.

Position	TTM	2025	2024
IWMI NEOS Russell 2000 High Income ETF	14.53%	14.05%	8.78%
MLPI NEOS MLP & Energy Infrastructure High Income ETF	7.19%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MLPI and IWMI in my portfolio?

MLPI and IWMI have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MLPI or IWMI?

Both ETFs have the same 0.68% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MLPI or IWMI?

MLPI and IWMI have the same expense ratio: 0.68% per year.

Which ETF pays a higher dividend yield, MLPI or IWMI?

IWMI has the higher dividend yield at 14.53%, compared with 7.19% for MLPI.

What is the main difference between MLPI and IWMI?

MLPI is categorized as MLPs, while IWMI is Derivative Income. They also come from different issuers: NEOS and Neos.