SPYT vs. IWMY

Last updated Jun 4, 2026

SPYT (Defiance S&P 500 Income Target ETF) and IWMY (Defiance R2000 Enhanced Options & 0DTE Income ETF) are both exchange-traded funds - SPYT is a Derivative Income fund actively managed by Defiance, while IWMY is a Options Trading fund tracking the Russell 2000 Index. SPYT is actively managed, while IWMY is passively managed. Over the past year, SPYT returned 23.29% vs 23.33% for IWMY. A 0.72 correlation means they provide meaningful diversification when combined. SPYT charges 0.87%/yr vs 0.99%/yr for IWMY.

Performance

SPYT vs. IWMY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance S&P 500 Income Target ETF (SPYT) 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, SPYT achieves a 9.70% return, which is significantly lower than IWMY's 12.25% return.

SPYT

• 1D: -0.68%
• 1M: 3.81%
• YTD: 9.70%
• 6M: 9.51%
• 1Y: 23.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWMY

• 1D: -1.36%
• 1M: 3.06%
• YTD: 12.25%
• 6M: 10.99%
• 1Y: 23.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYT vs. IWMY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYT Defiance S&P 500 Income Target ETF	9.70%	12.41%	12.94%
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	12.25%	10.18%	5.05%

Correlation

The correlation between SPYT and IWMY is 0.73, 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	0.73
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024	0.72

The correlation between SPYT and IWMY has been stable across timeframes, ranging from 0.72 to 0.73 - a consistent structural relationship.

Return for Risk

SPYT vs. IWMY — Risk / Return Rank

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

SPYT

SPYT Risk / Return Rank: 65
SPYT Sharpe Ratio Rank: 63
SPYT Sortino Ratio Rank: 63
SPYT Omega Ratio Rank: 70
SPYT Calmar Ratio Rank: 58
SPYT Martin Ratio Rank: 72

IWMY

IWMY Risk / Return Rank: 40
IWMY Sharpe Ratio Rank: 42
IWMY Sortino Ratio Rank: 38
IWMY Omega Ratio Rank: 39
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.

SPYT vs. IWMY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance S&P 500 Income Target ETF (SPYT) 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.

	SPYT	IWMY	Difference
Sharpe ratio: Return per unit of total volatility	2.16	1.49	+0.66
Sortino ratio: Return per unit of downside risk	2.98	2.02	+0.96
Omega ratio: Gain probability vs. loss probability	1.43	1.26	+0.17
Calmar ratio: Return relative to maximum drawdown	2.93	2.03	+0.90
Martin ratio: Return relative to average drawdown	13.59	6.66	+6.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYT vs. IWMY - Sharpe Ratio Comparison

The current SPYT Sharpe Ratio is 2.16, which is higher than the IWMY Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of SPYT 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.

Sharpe Ratios by Period

	SPYT	IWMY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.16	1.49	+0.66
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	0.95	+0.13

Drawdowns

SPYT vs. IWMY - Drawdown Comparison

The maximum SPYT drawdown since its inception was -18.25%, roughly equal to the maximum IWMY drawdown of -18.72%. Use the drawdown chart below to compare losses from any high point for SPYT and IWMY.

Drawdown Indicators

	SPYT	IWMY	Difference
Max Drawdown Largest peak-to-trough decline	-18.25%	-18.72%	+0.47%
Max Drawdown (1Y) Largest decline over 1 year	-8.00%	-11.57%	+3.57%
Current Drawdown Current decline from peak	-0.68%	-1.36%	+0.68%
Average Drawdown Average peak-to-trough decline	-2.00%	-2.98%	+0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.72%	3.51%	-1.79%

Volatility

SPYT vs. IWMY - Volatility Comparison

The current volatility for Defiance S&P 500 Income Target ETF (SPYT) is 2.54%, while Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) has a volatility of 5.42%. This indicates that SPYT experiences smaller price fluctuations and is considered to be less risky than IWMY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYT	IWMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.54%	5.42%	-2.88%
Volatility (6M) Calculated over the trailing 6-month period	8.32%	12.62%	-4.30%
Volatility (1Y) Calculated over the trailing 1-year period	10.86%	15.69%	-4.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.80%	15.75%	-0.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.80%	15.75%	-0.95%

SPYT vs. IWMY - Expense Ratio Comparison

SPYT has a 0.87% expense ratio, which is lower than IWMY's 0.99% expense ratio.

Dividends

SPYT vs. IWMY - Dividend Comparison

SPYT's dividend yield for the trailing twelve months is around 20.73%, less than IWMY's 45.96% yield.

Position	TTM	2025	2024	2023
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	45.96%	63.33%	107.92%	11.34%
SPYT Defiance S&P 500 Income Target ETF	20.73%	21.40%	17.37%	0.00%

Frequently Asked Questions

Can I hold both SPYT and IWMY in my portfolio?

SPYT and IWMY have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYT or IWMY?

IWMY has higher volatility (5.42%) compared to SPYT (2.54%). In terms of maximum drawdown, SPYT dropped -18.25% vs IWMY's -18.72%.

Which ETF is better, SPYT or IWMY?

On 1-year performance, IWMY leads with 23.33% vs 23.29% for SPYT. On fees, SPYT is cheaper at 0.87% per year. On volatility, SPYT has been the lower-risk option at 2.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYT or IWMY?

Over the 1-year period, IWMY has performed better with a 23.33% return vs 23.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYT or IWMY?

SPYT is cheaper with a 0.87% expense ratio, compared with 0.99% for IWMY.

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

IWMY has the higher dividend yield at 45.96%, compared with 20.73% for SPYT.

What is the main difference between SPYT and IWMY?

SPYT is categorized as Derivative Income, while IWMY is Options Trading. Their fees differ too: 0.87% for SPYT and 0.99% for IWMY.

Which has better risk-adjusted returns?

SPYT currently has the higher Sharpe Ratio (2.16 vs 1.49), 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.