PSK vs. IWMI

Last updated Jun 4, 2026

PSK (SPDR ICE Preferred Securities ETF) and IWMI (NEOS Russell 2000 High Income ETF) are both exchange-traded funds - PSK is a Preferred Stock/Convertible Bonds fund tracking the PSK-US - ICE Exchange-Listed Fixed& Adjustable Rate Preferred Securities Index, while IWMI is a Derivative Income fund actively managed by Neos. PSK is passively managed, while IWMI is actively managed. Over the past year, PSK returned 4.55% vs 34.38% for IWMI. At a 0.47 correlation, their price movements are largely independent. PSK charges 0.45%/yr vs 0.68%/yr for IWMI.

Performance

PSK vs. IWMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR ICE Preferred Securities ETF (PSK) 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, PSK achieves a -0.35% return, which is significantly lower than IWMI's 13.36% return.

PSK

• 1D: -0.26%
• 1M: -1.12%
• YTD: -0.35%
• 6M: -0.54%
• 1Y: 4.55%
• 3Y*: 3.10%
• 5Y*: -0.88%
• 10Y*: 2.10%

IWMI

• 1D: -1.02%
• 1M: 3.18%
• YTD: 13.36%
• 6M: 13.24%
• 1Y: 34.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PSK vs. IWMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PSK SPDR ICE Preferred Securities ETF	-0.35%	2.69%	0.59%
IWMI NEOS Russell 2000 High Income ETF	13.36%	14.97%	6.61%

Correlation

The correlation between PSK and IWMI is 0.53, 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	0.53
Correlation (All Time) Calculated using the full available price history since Jun 26, 2024	0.47

The correlation between PSK and IWMI has been stable across timeframes, ranging from 0.47 to 0.53 - a consistent structural relationship.

PSK vs. IWMI - Sectors Allocation Comparison

Sectors	PSK	IWMI
Financial Services	66.9%	16.0%
Utilities	9.5%	3.1%
Real Estate	4.8%	6.3%
Consumer Cyclical	1.8%	8.6%
Communication Services	1.6%	2.4%
Industrials	0.8%	16.6%
Basic Materials	-	5.0%
Consumer Defensive	-	2.6%
Energy	-	6.5%
Healthcare	-	17.9%
Technology	-	15.1%

Return for Risk

PSK vs. IWMI — Risk / Return Rank

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

PSK

PSK Risk / Return Rank: 20
PSK Sharpe Ratio Rank: 22
PSK Sortino Ratio Rank: 21
PSK Omega Ratio Rank: 20
PSK Calmar Ratio Rank: 20
PSK Martin Ratio Rank: 18

IWMI

IWMI Risk / Return Rank: 73
IWMI Sharpe Ratio Rank: 69
IWMI Sortino Ratio Rank: 69
IWMI Omega Ratio Rank: 66
IWMI Calmar Ratio Rank: 79
IWMI Martin Ratio Rank: 83

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.

PSK vs. IWMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR ICE Preferred Securities ETF (PSK) 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.

	PSK	IWMI	Difference
Sharpe ratio: Return per unit of total volatility	0.75	2.33	-1.58
Sortino ratio: Return per unit of downside risk	1.13	3.25	-2.12
Omega ratio: Gain probability vs. loss probability	1.13	1.41	-0.28
Calmar ratio: Return relative to maximum drawdown	0.83	4.11	-3.28
Martin ratio: Return relative to average drawdown	1.83	17.09	-15.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PSK vs. IWMI - Sharpe Ratio Comparison

The current PSK Sharpe Ratio is 0.75, which is lower than the IWMI Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of PSK and IWMI, 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

	PSK	IWMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.75	2.33	-1.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.08	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.18	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	1.04	-0.60

Drawdowns

PSK vs. IWMI - Drawdown Comparison

The maximum PSK drawdown since its inception was -30.10%, which is greater than IWMI's maximum drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for PSK and IWMI.

Drawdown Indicators

	PSK	IWMI	Difference
Max Drawdown Largest peak-to-trough decline	-30.10%	-23.88%	-6.22%
Max Drawdown (1Y) Largest decline over 1 year	-5.50%	-8.40%	+2.90%
Max Drawdown (3Y) Largest decline over 3 years	-10.30%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-22.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-30.10%	—	—
Current Drawdown Current decline from peak	-5.76%	-1.02%	-4.74%
Average Drawdown Average peak-to-trough decline	-3.98%	-4.12%	+0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.49%	2.02%	+0.47%

Volatility

PSK vs. IWMI - Volatility Comparison

The current volatility for SPDR ICE Preferred Securities ETF (PSK) is 1.65%, while NEOS Russell 2000 High Income ETF (IWMI) has a volatility of 4.31%. This indicates that PSK experiences smaller price fluctuations and is considered to be less risky than IWMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSK	IWMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.65%	4.31%	-2.66%
Volatility (6M) Calculated over the trailing 6-month period	4.15%	10.74%	-6.59%
Volatility (1Y) Calculated over the trailing 1-year period	6.05%	14.84%	-8.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.72%	17.89%	-7.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.91%	17.89%	-5.98%

PSK vs. IWMI - Expense Ratio Comparison

PSK has a 0.45% expense ratio, which is lower than IWMI's 0.68% expense ratio.

Dividends

PSK vs. IWMI - Dividend Comparison

PSK's dividend yield for the trailing twelve months is around 7.04%, less than IWMI's 13.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWMI NEOS Russell 2000 High Income ETF	13.52%	14.05%	8.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PSK SPDR ICE Preferred Securities ETF	7.04%	6.82%	6.55%	6.44%	6.55%	5.03%	5.08%	5.44%	6.47%	6.91%	5.92%	5.35%

Frequently Asked Questions

Can I hold both PSK and IWMI in my portfolio?

PSK and IWMI have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSK or IWMI?

IWMI has higher volatility (4.31%) compared to PSK (1.65%). In terms of maximum drawdown, PSK dropped -30.10% vs IWMI's -23.88%.

Which ETF is better, PSK or IWMI?

On 1-year performance, IWMI leads with 34.38% vs 4.55% for PSK. On fees, PSK is cheaper at 0.45% per year. On volatility, PSK has been the lower-risk option at 1.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSK or IWMI?

Over the 1-year period, IWMI has performed better with a 34.38% return vs 4.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSK or IWMI?

PSK is cheaper with a 0.45% expense ratio, compared with 0.68% for IWMI.

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

IWMI has the higher dividend yield at 13.52%, compared with 7.04% for PSK.

What is the main difference between PSK and IWMI?

PSK is categorized as Preferred Stock/Convertible Bonds, while IWMI is Derivative Income. They also come from different issuers: State Street and Neos. Their fees differ too: 0.45% for PSK and 0.68% for IWMI.

Which has better risk-adjusted returns?

IWMI currently has the higher Sharpe Ratio (2.33 vs 0.75), 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.