OKLL vs. IWMY

Last updated Jul 12, 2026

OKLL (Defiance Daily Target 2x Long OKLO ETF) and IWMY (Defiance R2000 Weekly Distribution ETF) are both exchange-traded funds - OKLL is a Leveraged Equities fund actively managed by Defiance, while IWMY is a Options Trading fund actively managed by Defiance. Both are actively managed. Over the past year, OKLL returned -78.88% vs 18.08% for IWMY. A 0.54 correlation means they provide meaningful diversification when combined. OKLL charges 1.31%/yr vs 1.05%/yr for IWMY.

Performance

OKLL vs. IWMY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2x Long OKLO ETF (OKLL) and Defiance R2000 Weekly Distribution ETF (IWMY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OKLL achieves a -75.01% return, which is significantly lower than IWMY's 14.09% return.

OKLL

• 1D: -1.87%
• 1M: -31.54%
• 6M: -87.92%
• YTD: -75.01%
• 1Y: -78.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWMY

• 1D: -0.63%
• 1M: 0.35%
• 6M: 8.85%
• YTD: 14.09%
• 1Y: 18.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OKLL vs. IWMY - Yearly Performance Comparison

	2026 (YTD)	2025
OKLL Defiance Daily Target 2x Long OKLO ETF	-75.01%	-25.10%
IWMY Defiance R2000 Weekly Distribution ETF	14.09%	6.02%

Correlation

The correlation between OKLL and IWMY is 0.56, 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	0.56
Correlation (All Time) Calculated using the full available price history since Jun 24, 2025	0.54

The correlation between OKLL and IWMY has been stable across timeframes, ranging from 0.54 to 0.56 - a consistent structural relationship.

Return for Risk

OKLL vs. IWMY — Risk / Return Rank

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

OKLL

OKLL Risk / Return Rank: 7
OKLL Sharpe Ratio Rank: 6
OKLL Sortino Ratio Rank: 11
OKLL Omega Ratio Rank: 11
OKLL Calmar Ratio Rank: 2
OKLL Martin Ratio Rank: 4

IWMY

IWMY Risk / Return Rank: 38
IWMY Sharpe Ratio Rank: 39
IWMY Sortino Ratio Rank: 37
IWMY Omega Ratio Rank: 36
IWMY Calmar Ratio Rank: 38
IWMY Martin Ratio Rank: 40

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.

OKLL vs. IWMY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2x Long OKLO ETF (OKLL) and Defiance R2000 Weekly Distribution 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.

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.

	OKLL	IWMY	Difference
Sharpe ratio: Return per unit of total volatility	-0.39	1.11	-1.50
Sortino ratio: Return per unit of downside risk	0.34	1.57	-1.23
Omega ratio: Gain probability vs. loss probability	1.04	1.20	-0.16
Calmar ratio: Return relative to maximum drawdown	-0.81	1.57	-2.38
Martin ratio: Return relative to average drawdown	-1.06	5.12	-6.18

OKLL vs. IWMY - Sharpe Ratio Comparison

The current OKLL Sharpe Ratio is -0.39, which is lower than the IWMY Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of OKLL 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.

Drawdowns

OKLL vs. IWMY - Drawdown Comparison

The maximum OKLL drawdown since its inception was -97.15%, which is greater than IWMY's maximum drawdown of -18.72%. Use the drawdown chart below to compare losses from any high point for OKLL and IWMY.

Drawdown Indicators

	OKLL	IWMY	Difference
Max Drawdown Largest peak-to-trough decline	-97.15%	-18.72%	-78.43%
Max Drawdown (1Y) Largest decline over 1 year	-97.15%	-11.57%	-85.58%
Current Drawdown Current decline from peak	-96.98%	-2.00%	-94.98%
Average Drawdown Average peak-to-trough decline	-63.96%	-2.90%	-61.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	74.15%	3.54%	+70.61%

Volatility

OKLL vs. IWMY - Volatility Comparison

Defiance Daily Target 2x Long OKLO ETF (OKLL) has a higher volatility of 37.92% compared to Defiance R2000 Weekly Distribution ETF (IWMY) at 4.44%. This indicates that OKLL'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

	OKLL	IWMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	37.92%	4.44%	+33.48%
Volatility (6M) Calculated over the trailing 6-month period	130.96%	13.48%	+117.48%
Volatility (1Y) Calculated over the trailing 1-year period	202.13%	16.33%	+185.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	199.81%	15.85%	+183.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	199.81%	15.85%	+183.96%

OKLL vs. IWMY - Expense Ratio Comparison

OKLL has a 1.31% expense ratio, which is higher than IWMY's 1.05% expense ratio.

Dividends

OKLL vs. IWMY - Dividend Comparison

OKLL has not paid dividends to shareholders, while IWMY's dividend yield for the trailing twelve months is around 42.85%.

Position	TTM	2025	2024	2023
IWMY Defiance R2000 Weekly Distribution ETF	42.85%	63.33%	107.92%	11.34%
OKLL Defiance Daily Target 2x Long OKLO ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OKLL and IWMY in my portfolio?

OKLL and IWMY have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OKLL or IWMY?

OKLL has higher volatility (37.92%) compared to IWMY (4.44%). In terms of maximum drawdown, OKLL dropped -97.15% vs IWMY's -18.72%.

Which ETF is better, OKLL or IWMY?

On 1-year performance, IWMY leads with 18.08% vs -78.88% for OKLL. On fees, IWMY is cheaper at 1.05% per year. On volatility, IWMY has been the lower-risk option at 4.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OKLL or IWMY?

Over the 1-year period, IWMY has performed better with a 18.08% return vs -78.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OKLL or IWMY?

IWMY is cheaper with a 1.05% expense ratio, compared with 1.31% for OKLL.

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

IWMY has the higher dividend yield at 42.85%, compared with 0.00% for OKLL.

What is the main difference between OKLL and IWMY?

OKLL is categorized as Leveraged Equities, while IWMY is Options Trading. Their fees differ too: 1.31% for OKLL and 1.05% for IWMY.

Which has better risk-adjusted returns?

IWMY currently has the higher Sharpe Ratio (1.11 vs -0.39), 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.