QLDY vs. IWMY

Last updated Jun 5, 2026

QLDY (Defiance Nasdaq 100 LightningSpread Income ETF) and IWMY (Defiance R2000 Enhanced Options & 0DTE Income ETF) are both exchange-traded funds - QLDY is a Nasdaq-100 fund actively managed by Defiance, while IWMY is a Options Trading fund tracking the Russell 2000 Index. QLDY is actively managed, while IWMY is passively managed. A 0.71 correlation means they provide meaningful diversification when combined. QLDY charges 1.04%/yr vs 0.99%/yr for IWMY.

Performance

QLDY vs. IWMY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Nasdaq 100 LightningSpread Income ETF (QLDY) 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, QLDY achieves a 18.34% return, which is significantly higher than IWMY's 13.83% return.

QLDY

• 1D: -0.79%
• 1M: 9.29%
• YTD: 18.34%
• 6M: 15.88%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWMY

• 1D: 1.41%
• 1M: 2.87%
• YTD: 13.83%
• 6M: 12.08%
• 1Y: 24.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QLDY vs. IWMY - Yearly Performance Comparison

	2026 (YTD)	2025
QLDY Defiance Nasdaq 100 LightningSpread Income ETF	18.34%	1.50%
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	13.83%	-3.75%

Correlation

The correlation between QLDY and IWMY is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 19, 2025	0.71

Return for Risk

QLDY vs. IWMY — Risk / Return Rank

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

IWMY

IWMY Risk / Return Rank: 44
IWMY Sharpe Ratio Rank: 47
IWMY Sortino Ratio Rank: 43
IWMY Omega Ratio Rank: 43
IWMY Calmar Ratio Rank: 44
IWMY Martin Ratio Rank: 44

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.

QLDY vs. IWMY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Nasdaq 100 LightningSpread Income ETF (QLDY) 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.

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

Sharpe Ratios by Period

	QLDY	IWMY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.58	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.52	0.99	+0.53

Drawdowns

QLDY vs. IWMY - Drawdown Comparison

The maximum QLDY drawdown since its inception was -17.44%, smaller than the maximum IWMY drawdown of -18.72%. Use the drawdown chart below to compare losses from any high point for QLDY and IWMY.

Drawdown Indicators

	QLDY	IWMY	Difference
Max Drawdown Largest peak-to-trough decline	-17.44%	-18.72%	+1.28%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.57%	—
Current Drawdown Current decline from peak	-0.79%	0.00%	-0.79%
Average Drawdown Average peak-to-trough decline	-4.23%	-2.98%	-1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.51%	—

Volatility

Volatility by Period

	QLDY	IWMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.37%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.69%	—
Volatility (1Y) Calculated over the trailing 1-year period	19.55%	15.74%	+3.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.55%	15.76%	+3.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.55%	15.76%	+3.79%

QLDY vs. IWMY - Expense Ratio Comparison

QLDY has a 1.04% expense ratio, which is higher than IWMY's 0.99% expense ratio.

Dividends

QLDY vs. IWMY - Dividend Comparison

QLDY's dividend yield for the trailing twelve months is around 21.64%, less than IWMY's 46.16% yield.

Position	TTM	2025	2024	2023
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	46.16%	63.33%	107.92%	11.34%
QLDY Defiance Nasdaq 100 LightningSpread Income ETF	21.64%	9.34%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QLDY and IWMY in my portfolio?

QLDY and IWMY have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QLDY 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, QLDY or IWMY?

IWMY is cheaper with a 0.99% expense ratio, compared with 1.04% for QLDY.

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

IWMY has the higher dividend yield at 46.16%, compared with 21.64% for QLDY.

What is the main difference between QLDY and IWMY?

QLDY is categorized as Nasdaq-100, while IWMY is Options Trading. Their fees differ too: 1.04% for QLDY and 0.99% for IWMY.