OKLS vs. IWMY

Last updated Jun 27, 2026

OKLS (Defiance Daily Target 2X Short OKLO ETF) and IWMY (Defiance R2000 Enhanced Options & 0DTE Income ETF) are both exchange-traded funds - OKLS is a Inverse Equities fund actively managed by Defiance, while IWMY is a Options Trading fund tracking the Russell 2000 Index. OKLS is actively managed, while IWMY is passively managed. At a correlation of -0.66, they often move in opposite directions. OKLS charges 1.31%/yr vs 0.99%/yr for IWMY.

Performance

OKLS vs. IWMY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Short OKLO ETF (OKLS) 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, OKLS achieves a -57.45% return, which is significantly lower than IWMY's 15.42% return.

OKLS

• 1D: 3.84%
• 1M: 50.03%
• YTD: -57.45%
• 6M: -51.50%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWMY

• 1D: -0.56%
• 1M: 2.07%
• YTD: 15.42%
• 6M: 13.51%
• 1Y: 22.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OKLS vs. IWMY - Yearly Performance Comparison

	2026 (YTD)	2025
OKLS Defiance Daily Target 2X Short OKLO ETF	-57.45%	12.18%
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	15.42%	-0.45%

Correlation

The correlation between OKLS and IWMY is -0.66, 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 Nov 26, 2025	-0.66

Return for Risk

OKLS vs. IWMY — Risk / Return Rank

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

OKLS

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

IWMY

IWMY Risk / Return Rank: 41
IWMY Sharpe Ratio Rank: 42
IWMY Sortino Ratio Rank: 39
IWMY Omega Ratio Rank: 39
IWMY Calmar Ratio Rank: 43
IWMY Martin Ratio Rank: 43

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.

OKLS vs. IWMY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short OKLO ETF (OKLS) 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.

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.

	OKLS	IWMY	Difference
Sharpe ratio: Return per unit of total volatility	—	1.36	—
Sortino ratio: Return per unit of downside risk	—	1.87	—
Omega ratio: Gain probability vs. loss probability	—	1.24	—
Calmar ratio: Return relative to maximum drawdown	—	1.92	—
Martin ratio: Return relative to average drawdown	—	6.28	—

Drawdowns

OKLS vs. IWMY - Drawdown Comparison

The maximum OKLS drawdown since its inception was -81.03%, which is greater than IWMY's maximum drawdown of -18.72%. Use the drawdown chart below to compare losses from any high point for OKLS and IWMY.

Drawdown Indicators

	OKLS	IWMY	Difference
Max Drawdown Largest peak-to-trough decline	-81.03%	-18.72%	-62.31%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.57%	—
Current Drawdown Current decline from peak	-65.31%	-0.56%	-64.75%
Average Drawdown Average peak-to-trough decline	-42.29%	-2.93%	-39.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.54%	—

Volatility

Volatility by Period

	OKLS	IWMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.00%	—
Volatility (6M) Calculated over the trailing 6-month period	—	13.55%	—
Volatility (1Y) Calculated over the trailing 1-year period	195.27%	16.35%	+178.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	195.27%	15.92%	+179.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	195.27%	15.92%	+179.35%

OKLS vs. IWMY - Expense Ratio Comparison

OKLS has a 1.31% expense ratio, which is higher than IWMY's 0.99% expense ratio.

Dividends

OKLS vs. IWMY - Dividend Comparison

OKLS has not paid dividends to shareholders, while IWMY's dividend yield for the trailing twelve months is around 43.18%.

Position	TTM	2025	2024	2023
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	43.18%	63.33%	107.92%	11.34%
OKLS Defiance Daily Target 2X Short OKLO ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OKLS and IWMY in my portfolio?

OKLS and IWMY have a correlation of -0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, OKLS or IWMY?

On fees, IWMY is cheaper at 0.99% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, OKLS or IWMY?

IWMY is cheaper with a 0.99% expense ratio, compared with 1.31% for OKLS.

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

IWMY has the higher dividend yield at 43.18%, compared with 0.00% for OKLS.

What is the main difference between OKLS and IWMY?

OKLS is categorized as Inverse Equities, while IWMY is Options Trading. Their fees differ too: 1.31% for OKLS and 0.99% for IWMY.