OARK vs. IWMY

Last updated Jun 4, 2026

OARK (YieldMax Innovation Option Income Strategy ETF) and IWMY (Defiance R2000 Enhanced Options & 0DTE Income ETF) are both Options Trading funds. OARK is actively managed, while IWMY is passively managed. Over the past year, OARK returned 32.85% vs 23.33% for IWMY. A 0.72 correlation means they provide meaningful diversification when combined. Both charge a 0.99% expense ratio.

Performance

OARK vs. IWMY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Innovation Option Income Strategy ETF (OARK) 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, OARK achieves a 6.11% return, which is significantly lower than IWMY's 12.25% return.

OARK

• 1D: -1.57%
• 1M: 0.36%
• YTD: 6.11%
• 6M: 4.26%
• 1Y: 32.85%
• 3Y*: 14.35%
• 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)

OARK vs. IWMY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
OARK YieldMax Innovation Option Income Strategy ETF	6.11%	20.37%	7.32%	26.76%
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	12.25%	10.18%	5.56%	9.74%

Correlation

The correlation between OARK and IWMY is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (All Time) Calculated using the full available price history since Nov 1, 2023	0.72

The correlation between OARK and IWMY has been stable across timeframes, ranging from 0.70 to 0.72 - a consistent structural relationship.

Return for Risk

OARK vs. IWMY — Risk / Return Rank

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

OARK

OARK Risk / Return Rank: 29
OARK Sharpe Ratio Rank: 32
OARK Sortino Ratio Rank: 31
OARK Omega Ratio Rank: 30
OARK Calmar Ratio Rank: 29
OARK Martin Ratio Rank: 25

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.

OARK vs. IWMY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Innovation Option Income Strategy ETF (OARK) 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.

	OARK	IWMY	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.49	-0.32
Sortino ratio: Return per unit of downside risk	1.68	2.02	-0.34
Omega ratio: Gain probability vs. loss probability	1.21	1.26	-0.05
Calmar ratio: Return relative to maximum drawdown	1.42	2.03	-0.61
Martin ratio: Return relative to average drawdown	3.37	6.66	-3.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OARK vs. IWMY - Sharpe Ratio Comparison

The current OARK Sharpe Ratio is 1.18, which is comparable to the IWMY Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of OARK 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

	OARK	IWMY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	1.49	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.40	0.95	-0.56

Drawdowns

OARK vs. IWMY - Drawdown Comparison

The maximum OARK drawdown since its inception was -35.48%, which is greater than IWMY's maximum drawdown of -18.72%. Use the drawdown chart below to compare losses from any high point for OARK and IWMY.

Drawdown Indicators

	OARK	IWMY	Difference
Max Drawdown Largest peak-to-trough decline	-35.48%	-18.72%	-16.76%
Max Drawdown (1Y) Largest decline over 1 year	-23.26%	-11.57%	-11.69%
Max Drawdown (3Y) Largest decline over 3 years	-35.48%	—	—
Current Drawdown Current decline from peak	-6.75%	-1.36%	-5.39%
Average Drawdown Average peak-to-trough decline	-10.58%	-2.98%	-7.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.77%	3.51%	+6.26%

Volatility

OARK vs. IWMY - Volatility Comparison

YieldMax Innovation Option Income Strategy ETF (OARK) has a higher volatility of 6.50% compared to Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) at 5.42%. This indicates that OARK'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

	OARK	IWMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.50%	5.42%	+1.08%
Volatility (6M) Calculated over the trailing 6-month period	19.93%	12.62%	+7.31%
Volatility (1Y) Calculated over the trailing 1-year period	28.07%	15.69%	+12.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.84%	15.75%	+15.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.84%	15.75%	+15.09%

OARK vs. IWMY - Expense Ratio Comparison

Both OARK and IWMY have an expense ratio of 0.99%.

Dividends

OARK vs. IWMY - Dividend Comparison

OARK's dividend yield for the trailing twelve months is around 64.29%, more 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%
OARK YieldMax Innovation Option Income Strategy ETF	64.29%	61.86%	47.86%	45.03%

Frequently Asked Questions

Can I hold both OARK and IWMY in my portfolio?

OARK and IWMY have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OARK or IWMY?

OARK has higher volatility (6.50%) compared to IWMY (5.42%). In terms of maximum drawdown, OARK dropped -35.48% vs IWMY's -18.72%.

Which ETF is better, OARK or IWMY?

On 1-year performance, OARK leads with 32.85% vs 23.33% for IWMY. Both ETFs have the same 0.99% expense ratio. 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, OARK or IWMY?

Over the 1-year period, OARK has performed better with a 32.85% return vs 23.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OARK or IWMY?

OARK and IWMY have the same expense ratio: 0.99% per year.

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

OARK has the higher dividend yield at 64.29%, compared with 45.96% for IWMY.

What is the main difference between OARK and IWMY?

They also come from different issuers: YieldMax and Defiance.

Which has better risk-adjusted returns?

IWMY currently has the higher Sharpe Ratio (1.49 vs 1.18), 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.