RCAX vs. IWMY

Last updated Jun 6, 2026

RCAX (Defiance Daily Target 2X Long RCAT ETF) and IWMY (Defiance R2000 Enhanced Options & 0DTE Income ETF) are both exchange-traded funds - RCAX is a Leveraged Equities fund tracking the Red Cat Holdings, Inc. (RCAT), while IWMY is a Options Trading fund tracking the Russell 2000 Index. Both are passively managed. At a 0.42 correlation, their price movements are largely independent. RCAX charges 1.31%/yr vs 0.99%/yr for IWMY.

Performance

RCAX vs. IWMY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long RCAT ETF (RCAX) and Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

RCAX

• 1D: -28.03%
• 1M: 16.56%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWMY

• 1D: -3.49%
• 1M: -1.96%
• YTD: 9.86%
• 6M: 8.21%
• 1Y: 20.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RCAX vs. IWMY - Yearly Performance Comparison

	2026 (YTD)
RCAX Defiance Daily Target 2X Long RCAT ETF	-56.40%
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	4.84%

Correlation

The correlation between RCAX and IWMY is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 4, 2026	0.42

Return for Risk

RCAX 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: 36
IWMY Sharpe Ratio Rank: 36
IWMY Sortino Ratio Rank: 33
IWMY Omega Ratio Rank: 34
IWMY Calmar Ratio Rank: 37
IWMY Martin Ratio Rank: 38

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.

RCAX vs. IWMY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long RCAT ETF (RCAX) 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

	RCAX	IWMY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.26	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.37	0.88	-1.26

Drawdowns

RCAX vs. IWMY - Drawdown Comparison

The maximum RCAX drawdown since its inception was -81.30%, which is greater than IWMY's maximum drawdown of -18.72%. Use the drawdown chart below to compare losses from any high point for RCAX and IWMY.

Drawdown Indicators

	RCAX	IWMY	Difference
Max Drawdown Largest peak-to-trough decline	-81.30%	-18.72%	-62.58%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.57%	—
Current Drawdown Current decline from peak	-63.85%	-3.49%	-60.36%
Average Drawdown Average peak-to-trough decline	-44.08%	-2.98%	-41.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.52%	—

Volatility

Volatility by Period

	RCAX	IWMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.38%	—
Volatility (6M) Calculated over the trailing 6-month period	—	13.20%	—
Volatility (1Y) Calculated over the trailing 1-year period	245.47%	16.15%	+229.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	245.47%	15.91%	+229.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	245.47%	15.91%	+229.56%

RCAX vs. IWMY - Expense Ratio Comparison

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

Dividends

RCAX vs. IWMY - Dividend Comparison

RCAX has not paid dividends to shareholders, while IWMY's dividend yield for the trailing twelve months is around 46.58%.

Position	TTM	2025	2024	2023
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	46.58%	63.33%	107.92%	11.34%
RCAX Defiance Daily Target 2X Long RCAT ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RCAX and IWMY in my portfolio?

RCAX and IWMY have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RCAX 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, RCAX or IWMY?

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

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

IWMY has the higher dividend yield at 46.58%, compared with 0.00% for RCAX.

What is the main difference between RCAX and IWMY?

RCAX is categorized as Leveraged Equities, while IWMY is Options Trading. RCAX tracks Red Cat Holdings, Inc. (RCAT), while IWMY tracks Russell 2000 Index. Their fees differ too: 1.31% for RCAX and 0.99% for IWMY.