MSDD vs. IWMI

Last updated Jun 5, 2026

MSDD (GraniteShares 2x Short MSTR Daily ETF) and IWMI (NEOS Russell 2000 High Income ETF) are both exchange-traded funds - MSDD is a Inverse Equities fund actively managed by GraniteShares, while IWMI is a Derivative Income fund actively managed by Neos. Both are actively managed. At a correlation of -0.48, they often move in opposite directions. MSDD charges 1.50%/yr vs 0.68%/yr for IWMI.

Performance

MSDD vs. IWMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Short MSTR Daily ETF (MSDD) 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, MSDD achieves a -49.24% return, which is significantly lower than IWMI's 14.60% return.

MSDD

• 1D: -3.94%
• 1M: 84.54%
• YTD: -49.24%
• 6M: -28.51%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWMI

• 1D: 1.10%
• 1M: 3.08%
• YTD: 14.60%
• 6M: 13.67%
• 1Y: 35.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSDD vs. IWMI - Yearly Performance Comparison

	2026 (YTD)	2025
MSDD GraniteShares 2x Short MSTR Daily ETF	-49.24%	271.43%
IWMI NEOS Russell 2000 High Income ETF	14.60%	16.53%

Correlation

The correlation between MSDD and IWMI is -0.48, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 11, 2025	-0.48

MSDD vs. IWMI - Sectors Allocation Comparison

Sectors	MSDD	IWMI
Technology	200.1%	15.1%
Basic Materials	-	5.0%
Communication Services	-	2.4%
Consumer Cyclical	-	8.6%
Consumer Defensive	-	2.6%
Energy	-	6.5%
Financial Services	-	16.0%
Healthcare	-	17.9%
Industrials	-	16.6%
Real Estate	-	6.3%
Utilities	-	3.1%

Return for Risk

MSDD vs. IWMI — Risk / Return Rank

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

IWMI

IWMI Risk / Return Rank: 78
IWMI Sharpe Ratio Rank: 76
IWMI Sortino Ratio Rank: 76
IWMI Omega Ratio Rank: 71
IWMI Calmar Ratio Rank: 82
IWMI Martin Ratio Rank: 86

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.

MSDD vs. IWMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short MSTR Daily ETF (MSDD) 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.

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

Sharpe Ratios by Period

	MSDD	IWMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.43	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	1.08	-0.43

Drawdowns

MSDD vs. IWMI - Drawdown Comparison

The maximum MSDD drawdown since its inception was -84.91%, which is greater than IWMI's maximum drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for MSDD and IWMI.

Drawdown Indicators

	MSDD	IWMI	Difference
Max Drawdown Largest peak-to-trough decline	-84.91%	-23.88%	-61.03%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.40%	—
Current Drawdown Current decline from peak	-68.95%	0.00%	-68.95%
Average Drawdown Average peak-to-trough decline	-29.58%	-4.11%	-25.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.02%	—

Volatility

Volatility by Period

	MSDD	IWMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.28%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.78%	—
Volatility (1Y) Calculated over the trailing 1-year period	141.35%	14.85%	+126.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	141.35%	17.89%	+123.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	141.35%	17.89%	+123.46%

MSDD vs. IWMI - Expense Ratio Comparison

MSDD has a 1.50% expense ratio, which is higher than IWMI's 0.68% expense ratio.

Dividends

MSDD vs. IWMI - Dividend Comparison

MSDD has not paid dividends to shareholders, while IWMI's dividend yield for the trailing twelve months is around 13.38%.

Position	TTM	2025	2024
IWMI NEOS Russell 2000 High Income ETF	13.38%	14.05%	8.78%
MSDD GraniteShares 2x Short MSTR Daily ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSDD and IWMI in my portfolio?

MSDD and IWMI have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MSDD or IWMI?

On fees, IWMI is cheaper at 0.68% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MSDD or IWMI?

IWMI is cheaper with a 0.68% expense ratio, compared with 1.50% for MSDD.

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

IWMI has the higher dividend yield at 13.38%, compared with 0.00% for MSDD.

What is the main difference between MSDD and IWMI?

MSDD is categorized as Inverse Equities, while IWMI is Derivative Income. They also come from different issuers: GraniteShares and Neos. Their fees differ too: 1.50% for MSDD and 0.68% for IWMI.