TDAX vs. IWMI

Last updated Jun 5, 2026

TDAX (TDAQ Lift ETF) and IWMI (NEOS Russell 2000 High Income ETF) are both exchange-traded funds - TDAX is a Leveraged Equities fund actively managed by TappAlpha, while IWMI is a Derivative Income fund actively managed by Neos. Both are actively managed. A 0.72 correlation means they provide meaningful diversification when combined. TDAX charges 0.98%/yr vs 0.68%/yr for IWMI.

Performance

TDAX vs. IWMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TDAQ Lift ETF (TDAX) and NEOS Russell 2000 High Income ETF (IWMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TDAX

• 1D: -0.64%
• 1M: 11.17%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWMI

• 1D: 1.10%
• 1M: 3.08%
• YTD: 14.60%
• 6M: 13.67%
• 1Y: 35.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TDAX vs. IWMI - Yearly Performance Comparison

	2026 (YTD)
TDAX TDAQ Lift ETF	20.74%
IWMI NEOS Russell 2000 High Income ETF	11.60%

Correlation

The correlation between TDAX and IWMI is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 8, 2026	0.72

Return for Risk

TDAX vs. IWMI — Risk / Return Rank

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

IWMI

IWMI Risk / Return Rank: 78
IWMI Sharpe Ratio Rank: 76
IWMI Sortino Ratio Rank: 76
IWMI Omega Ratio Rank: 71
IWMI Calmar Ratio Rank: 82
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.

TDAX vs. IWMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TDAQ Lift ETF (TDAX) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	TDAX	IWMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.43	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.52	1.08	+1.45

Drawdowns

TDAX vs. IWMI - Drawdown Comparison

The maximum TDAX drawdown since its inception was -14.69%, smaller than the maximum IWMI drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for TDAX and IWMI.

Drawdown Indicators

	TDAX	IWMI	Difference
Max Drawdown Largest peak-to-trough decline	-14.69%	-23.88%	+9.19%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.40%	—
Current Drawdown Current decline from peak	-0.71%	0.00%	-0.71%
Average Drawdown Average peak-to-trough decline	-3.68%	-4.11%	+0.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.02%	—

Volatility

Volatility by Period

	TDAX	IWMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.28%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.78%	—
Volatility (1Y) Calculated over the trailing 1-year period	23.63%	14.85%	+8.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.63%	17.89%	+5.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.63%	17.89%	+5.74%

TDAX vs. IWMI - Expense Ratio Comparison

TDAX has a 0.98% expense ratio, which is higher than IWMI's 0.68% expense ratio.

Dividends

TDAX vs. IWMI - Dividend Comparison

TDAX's dividend yield for the trailing twelve months is around 7.45%, less than IWMI's 13.38% yield.

Position	TTM	2025	2024
IWMI NEOS Russell 2000 High Income ETF	13.38%	14.05%	8.78%
TDAX TDAQ Lift ETF	7.45%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TDAX and IWMI in my portfolio?

TDAX and IWMI have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TDAX or IWMI?

On fees, IWMI is cheaper at 0.68% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TDAX or IWMI?

IWMI is cheaper with a 0.68% expense ratio, compared with 0.98% for TDAX.

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

IWMI has the higher dividend yield at 13.38%, compared with 7.45% for TDAX.

What is the main difference between TDAX and IWMI?

TDAX is categorized as Leveraged Equities, while IWMI is Derivative Income. They also come from different issuers: TappAlpha and Neos. Their fees differ too: 0.98% for TDAX and 0.68% for IWMI.