SCAP vs. IWMI

Last updated Jun 24, 2026

SCAP (Infracap Small Cap Income ETF) and IWMI (NEOS Russell 2000 High Income ETF) are both exchange-traded funds - SCAP is a Small Cap Value Equities fund actively managed by InfraCap, while IWMI is a Derivative Income fund actively managed by Neos. Both are actively managed. Over the past year, SCAP returned 26.20% vs 35.89% for IWMI. Their correlation of 0.86 suggests significant overlap in exposure. SCAP charges 0.80%/yr vs 0.68%/yr for IWMI.

Performance

SCAP vs. IWMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Infracap Small Cap Income ETF (SCAP) 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, SCAP achieves a 11.10% return, which is significantly lower than IWMI's 16.33% return.

SCAP

• 1D: -1.65%
• 1M: 3.11%
• YTD: 11.10%
• 6M: 9.71%
• 1Y: 26.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWMI

• 1D: -0.73%
• 1M: 3.68%
• YTD: 16.33%
• 6M: 14.17%
• 1Y: 35.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SCAP vs. IWMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SCAP Infracap Small Cap Income ETF	11.10%	11.85%	9.19%
IWMI NEOS Russell 2000 High Income ETF	16.33%	14.97%	6.58%

Correlation

The correlation between SCAP and IWMI is 0.83, 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	0.83
Correlation (All Time) Calculated using the full available price history since Jun 25, 2024	0.86

The correlation between SCAP and IWMI has been stable across timeframes, ranging from 0.83 to 0.86 - a consistent structural relationship.

SCAP vs. IWMI - Sectors Allocation Comparison

Sectors	SCAP	IWMI
Industrials	21.5%	17.7%
Financial Services	17.1%	15.7%
Consumer Cyclical	14.5%	8.4%
Technology	12.8%	17.0%
Real Estate	9.8%	6.1%
Basic Materials	8.2%	4.8%
Energy	4.3%	6.1%
Consumer Defensive	3.7%	2.4%
Communication Services	2.9%	2.4%
Healthcare	2.8%	16.5%
Utilities	2.4%	2.9%

Return for Risk

SCAP vs. IWMI — Risk / Return Rank

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

SCAP

SCAP Risk / Return Rank: 48
SCAP Sharpe Ratio Rank: 49
SCAP Sortino Ratio Rank: 48
SCAP Omega Ratio Rank: 46
SCAP Calmar Ratio Rank: 50
SCAP Martin Ratio Rank: 48

IWMI

IWMI Risk / Return Rank: 79
IWMI Sharpe Ratio Rank: 77
IWMI Sortino Ratio Rank: 76
IWMI Omega Ratio Rank: 72
IWMI Calmar Ratio Rank: 83
IWMI Martin Ratio Rank: 87

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.

SCAP vs. IWMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Infracap Small Cap Income ETF (SCAP) 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.

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.

	SCAP	IWMI	Difference
Sharpe ratio: Return per unit of total volatility	1.59	2.34	-0.75
Sortino ratio: Return per unit of downside risk	2.23	3.23	-1.00
Omega ratio: Gain probability vs. loss probability	1.28	1.40	-0.13
Calmar ratio: Return relative to maximum drawdown	2.28	4.29	-2.01
Martin ratio: Return relative to average drawdown	7.54	17.68	-10.14

SCAP vs. IWMI - Sharpe Ratio Comparison

The current SCAP Sharpe Ratio is 1.59, which is lower than the IWMI Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of SCAP 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.

Drawdowns

SCAP vs. IWMI - Drawdown Comparison

The maximum SCAP drawdown since its inception was -24.13%, roughly equal to the maximum IWMI drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for SCAP and IWMI.

Drawdown Indicators

	SCAP	IWMI	Difference
Max Drawdown Largest peak-to-trough decline	-24.13%	-23.88%	-0.25%
Max Drawdown (1Y) Largest decline over 1 year	-11.55%	-8.40%	-3.15%
Current Drawdown Current decline from peak	-2.49%	-0.73%	-1.76%
Average Drawdown Average peak-to-trough decline	-4.18%	-4.03%	-0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.48%	2.04%	+1.44%

Volatility

SCAP vs. IWMI - Volatility Comparison

Infracap Small Cap Income ETF (SCAP) has a higher volatility of 5.98% compared to NEOS Russell 2000 High Income ETF (IWMI) at 5.22%. This indicates that SCAP'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

	SCAP	IWMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.98%	5.22%	+0.76%
Volatility (6M) Calculated over the trailing 6-month period	12.73%	11.45%	+1.28%
Volatility (1Y) Calculated over the trailing 1-year period	16.57%	15.41%	+1.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.78%	17.95%	+0.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.78%	17.95%	+0.83%

SCAP vs. IWMI - Expense Ratio Comparison

SCAP has a 0.80% expense ratio, which is higher than IWMI's 0.68% expense ratio.

Dividends

SCAP vs. IWMI - Dividend Comparison

SCAP's dividend yield for the trailing twelve months is around 6.88%, less than IWMI's 14.53% yield.

Position	TTM	2025	2024	2023
IWMI NEOS Russell 2000 High Income ETF	14.53%	14.05%	8.78%	0.00%
SCAP Infracap Small Cap Income ETF	6.88%	6.71%	6.89%	0.27%

Frequently Asked Questions

Can I hold both SCAP and IWMI in my portfolio?

SCAP and IWMI have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SCAP or IWMI?

SCAP has higher volatility (5.98%) compared to IWMI (5.22%). In terms of maximum drawdown, SCAP dropped -24.13% vs IWMI's -23.88%.

Which ETF is better, SCAP or IWMI?

On 1-year performance, IWMI leads with 35.89% vs 26.20% for SCAP. On fees, IWMI is cheaper at 0.68% per year. On volatility, IWMI has been the lower-risk option at 5.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SCAP or IWMI?

Over the 1-year period, IWMI has performed better with a 35.89% return vs 26.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SCAP or IWMI?

IWMI is cheaper with a 0.68% expense ratio, compared with 0.80% for SCAP.

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

IWMI has the higher dividend yield at 14.53%, compared with 6.88% for SCAP.

What is the main difference between SCAP and IWMI?

SCAP is categorized as Small Cap Value Equities, while IWMI is Derivative Income. They also come from different issuers: InfraCap and Neos. Their fees differ too: 0.80% for SCAP and 0.68% for IWMI.

Which has better risk-adjusted returns?

IWMI currently has the higher Sharpe Ratio (2.34 vs 1.59), 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.