RDTE vs. IWMI

Last updated Jun 3, 2026

RDTE (Roundhill Small Cap 0DTE Covered Call Strategy ETF) and IWMI (NEOS Russell 2000 High Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, RDTE returned 31.27% vs 37.08% for IWMI. Their correlation of 0.93 suggests significant overlap in exposure. RDTE charges 0.95%/yr vs 0.68%/yr for IWMI.

Performance

RDTE vs. IWMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Small Cap 0DTE Covered Call Strategy ETF (RDTE) and NEOS Russell 2000 High Income ETF (IWMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with RDTE having a 13.94% return and IWMI slightly higher at 14.53%.

RDTE

• 1D: 1.11%
• 1M: 2.89%
• YTD: 13.94%
• 6M: 14.87%
• 1Y: 31.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWMI

• 1D: 0.72%
• 1M: 3.73%
• YTD: 14.53%
• 6M: 15.99%
• 1Y: 37.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RDTE vs. IWMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RDTE Roundhill Small Cap 0DTE Covered Call Strategy ETF	13.94%	9.46%	8.81%
IWMI NEOS Russell 2000 High Income ETF	14.53%	14.97%	5.00%

Correlation

The correlation between RDTE and IWMI is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (All Time) Calculated using the full available price history since Sep 11, 2024	0.93

The correlation between RDTE and IWMI has been stable across timeframes, ranging from 0.93 to 0.93 - a consistent structural relationship.

RDTE vs. IWMI - Sectors Allocation Comparison

Sectors	RDTE	IWMI
Financial Services	6.4%	16.0%
Basic Materials	-	5.0%
Communication Services	-	2.4%
Consumer Cyclical	-	8.6%
Consumer Defensive	-	2.6%
Energy	-	6.5%
Healthcare	-	17.9%
Industrials	-	16.6%
Real Estate	-	6.3%
Technology	-	15.1%
Utilities	-	3.1%

Return for Risk

RDTE vs. IWMI — Risk / Return Rank

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

RDTE

RDTE Risk / Return Rank: 58
RDTE Sharpe Ratio Rank: 54
RDTE Sortino Ratio Rank: 52
RDTE Omega Ratio Rank: 50
RDTE Calmar Ratio Rank: 69
RDTE Martin Ratio Rank: 66

IWMI

IWMI Risk / Return Rank: 79
IWMI Sharpe Ratio Rank: 76
IWMI Sortino Ratio Rank: 76
IWMI Omega Ratio Rank: 73
IWMI Calmar Ratio Rank: 83
IWMI Martin Ratio Rank: 86

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.

RDTE vs. IWMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Small Cap 0DTE Covered Call Strategy ETF (RDTE) 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.

	RDTE	IWMI	Difference
Sharpe ratio Return per unit of total volatility	1.88	2.52	-0.63
Sortino ratio Return per unit of downside risk	2.57	3.48	-0.90
Omega ratio Gain probability vs. loss probability	1.32	1.44	-0.12
Calmar ratio Return relative to maximum drawdown	3.49	4.43	-0.94
Martin ratio Return relative to average drawdown	12.17	18.47	-6.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RDTE vs. IWMI - Sharpe Ratio Comparison

The current RDTE Sharpe Ratio is 1.88, which is comparable to the IWMI Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of RDTE 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

	RDTE	IWMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.88	2.52	-0.63
Sharpe Ratio (All Time) Calculated using the full available price history	1.02	1.08	-0.06

Drawdowns

RDTE vs. IWMI - Drawdown Comparison

The maximum RDTE drawdown since its inception was -24.32%, roughly equal to the maximum IWMI drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for RDTE and IWMI.

Drawdown Indicators

	RDTE	IWMI	Difference
Max Drawdown Largest peak-to-trough decline	-24.32%	-23.88%	-0.44%
Max Drawdown (1Y) Largest decline over 1 year	-9.17%	-8.40%	-0.77%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-4.68%	-4.13%	-0.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.63%	2.02%	+0.61%

Volatility

RDTE vs. IWMI - Volatility Comparison

Roundhill Small Cap 0DTE Covered Call Strategy ETF (RDTE) has a higher volatility of 4.88% compared to NEOS Russell 2000 High Income ETF (IWMI) at 4.18%. This indicates that RDTE's price experiences larger fluctuations and is considered to be riskier than IWMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RDTE	IWMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.88%	4.18%	+0.70%
Volatility (6M) Calculated over the trailing 6-month period	12.34%	10.72%	+1.62%
Volatility (1Y) Calculated over the trailing 1-year period	16.68%	14.79%	+1.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.17%	17.89%	+1.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.17%	17.89%	+1.28%

RDTE vs. IWMI - Expense Ratio Comparison

RDTE has a 0.95% expense ratio, which is higher than IWMI's 0.68% expense ratio.

Dividends

RDTE vs. IWMI - Dividend Comparison

RDTE's dividend yield for the trailing twelve months is around 44.67%, more than IWMI's 13.38% yield.

Position	TTM	2025	2024
IWMI NEOS Russell 2000 High Income ETF	13.38%	14.05%	8.78%
RDTE Roundhill Small Cap 0DTE Covered Call Strategy ETF	44.67%	50.16%	10.70%

Frequently Asked Questions

Can I hold both RDTE and IWMI in my portfolio?

With a correlation of 0.93, RDTE and IWMI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, RDTE or IWMI?

RDTE has higher volatility (4.88%) compared to IWMI (4.18%). In terms of maximum drawdown, RDTE dropped -24.32% vs IWMI's -23.88%.

Which ETF is better, RDTE or IWMI?

On 1-year performance, IWMI leads with 37.08% vs 31.27% for RDTE. On fees, IWMI is cheaper at 0.68% per year. On volatility, IWMI has been the lower-risk option at 4.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RDTE or IWMI?

Over the 1-year period, IWMI has performed better with a 37.08% return vs 31.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RDTE or IWMI?

IWMI is cheaper with a 0.68% expense ratio, compared with 0.95% for RDTE.

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

RDTE has the higher dividend yield at 44.67%, compared with 13.38% for IWMI.

What is the main difference between RDTE and IWMI?

They also come from different issuers: Roundhill and Neos. Their fees differ too: 0.95% for RDTE and 0.68% for IWMI.

Which has better risk-adjusted returns?

IWMI currently has the higher Sharpe Ratio (2.52 vs 1.88), 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.