SOUX vs. IWMY

Last updated Jun 25, 2026

SOUX (Defiance Daily Target 2X Long SOUN ETF) and IWMY (Defiance R2000 Enhanced Options & 0DTE Income ETF) are both exchange-traded funds - SOUX is a Leveraged Equities fund managed by Defiance, while IWMY is a Options Trading fund tracking the Russell 2000 Index. Over the past year, SOUX returned -84.61% vs 21.49% for IWMY. A 0.51 correlation means they provide meaningful diversification when combined. SOUX charges 1.29%/yr vs 0.99%/yr for IWMY.

Performance

SOUX vs. IWMY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long SOUN ETF (SOUX) 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, SOUX achieves a -74.34% return, which is significantly lower than IWMY's 15.11% return.

SOUX

• 1D: -4.42%
• 1M: -44.51%
• YTD: -74.34%
• 6M: -79.06%
• 1Y: -84.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWMY

• 1D: 0.15%
• 1M: 3.51%
• YTD: 15.11%
• 6M: 12.53%
• 1Y: 21.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SOUX vs. IWMY - Yearly Performance Comparison

	2026 (YTD)	2025
SOUX Defiance Daily Target 2X Long SOUN ETF	-74.34%	-41.14%
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	15.11%	6.02%

Correlation

The correlation between SOUX and IWMY is 0.51, 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	0.51
Correlation (All Time) Calculated using the full available price history since Jun 24, 2025	0.51

The correlation between SOUX and IWMY has been stable across timeframes, ranging from 0.51 to 0.51 - a consistent structural relationship.

Return for Risk

SOUX vs. IWMY — Risk / Return Rank

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

SOUX

SOUX Risk / Return Rank: 4
SOUX Sharpe Ratio Rank: 5
SOUX Sortino Ratio Rank: 5
SOUX Omega Ratio Rank: 5
SOUX Calmar Ratio Rank: 1
SOUX Martin Ratio Rank: 4

IWMY

IWMY Risk / Return Rank: 40
IWMY Sharpe Ratio Rank: 41
IWMY Sortino Ratio Rank: 38
IWMY Omega Ratio Rank: 38
IWMY Calmar Ratio Rank: 41
IWMY Martin Ratio Rank: 41

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.

SOUX vs. IWMY - Risk-Adjusted Trends Comparison

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

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.

	SOUX	IWMY	Difference
Sharpe ratio: Return per unit of total volatility	-0.52	1.32	-1.84
Sortino ratio: Return per unit of downside risk	-0.61	1.82	-2.43
Omega ratio: Gain probability vs. loss probability	0.94	1.23	-0.29
Calmar ratio: Return relative to maximum drawdown	-0.89	1.87	-2.75
Martin ratio: Return relative to average drawdown	-1.21	6.09	-7.30

SOUX vs. IWMY - Sharpe Ratio Comparison

The current SOUX Sharpe Ratio is -0.52, which is lower than the IWMY Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of SOUX and IWMY, 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

SOUX vs. IWMY - Drawdown Comparison

The maximum SOUX drawdown since its inception was -95.47%, which is greater than IWMY's maximum drawdown of -18.72%. Use the drawdown chart below to compare losses from any high point for SOUX and IWMY.

Drawdown Indicators

	SOUX	IWMY	Difference
Max Drawdown Largest peak-to-trough decline	-95.47%	-18.72%	-76.75%
Max Drawdown (1Y) Largest decline over 1 year	-95.47%	-11.57%	-83.90%
Current Drawdown Current decline from peak	-95.47%	-0.65%	-94.82%
Average Drawdown Average peak-to-trough decline	-61.24%	-2.94%	-58.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	69.89%	3.54%	+66.35%

Volatility

SOUX vs. IWMY - Volatility Comparison

Defiance Daily Target 2X Long SOUN ETF (SOUX) has a higher volatility of 41.48% compared to Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) at 6.15%. This indicates that SOUX's price experiences larger fluctuations and is considered to be riskier than IWMY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SOUX	IWMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	41.48%	6.15%	+35.33%
Volatility (6M) Calculated over the trailing 6-month period	104.67%	13.54%	+91.13%
Volatility (1Y) Calculated over the trailing 1-year period	161.61%	16.36%	+145.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	161.61%	15.93%	+145.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	161.61%	15.93%	+145.68%

SOUX vs. IWMY - Expense Ratio Comparison

SOUX has a 1.29% expense ratio, which is higher than IWMY's 0.99% expense ratio.

Dividends

SOUX vs. IWMY - Dividend Comparison

SOUX's dividend yield for the trailing twelve months is around 79.09%, more than IWMY's 43.68% yield.

Position	TTM	2025	2024	2023
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	43.68%	63.33%	107.92%	11.34%
SOUX Defiance Daily Target 2X Long SOUN ETF	79.09%	20.29%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SOUX and IWMY in my portfolio?

SOUX and IWMY have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SOUX or IWMY?

SOUX has higher volatility (41.48%) compared to IWMY (6.15%). In terms of maximum drawdown, SOUX dropped -95.47% vs IWMY's -18.72%.

Which ETF is better, SOUX or IWMY?

On 1-year performance, IWMY leads with 21.49% vs -84.61% for SOUX. On fees, IWMY is cheaper at 0.99% per year. On volatility, IWMY has been the lower-risk option at 6.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SOUX or IWMY?

Over the 1-year period, IWMY has performed better with a 21.49% return vs -84.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SOUX or IWMY?

IWMY is cheaper with a 0.99% expense ratio, compared with 1.29% for SOUX.

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

SOUX has the higher dividend yield at 79.09%, compared with 43.68% for IWMY.

What is the main difference between SOUX and IWMY?

SOUX is categorized as Leveraged Equities, while IWMY is Options Trading. Their fees differ too: 1.29% for SOUX and 0.99% for IWMY.

Which has better risk-adjusted returns?

IWMY currently has the higher Sharpe Ratio (1.32 vs -0.52), 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.