TOPW vs. IWMI
TOPW (Roundhill Top WeeklyPay ETF) and IWMI (NEOS Russell 2000 High Income ETF) are both Derivative Income funds. TOPW is passively managed, while IWMI is actively managed. A 0.63 correlation means they provide meaningful diversification when combined. TOPW charges 0.99%/yr vs 0.68%/yr for IWMI.
Performance
TOPW vs. IWMI - Performance Comparison
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Returns By Period
In the year-to-date period, TOPW achieves a 7.71% return, which is significantly lower than IWMI's 13.36% return.
TOPW
- 1D
- -1.52%
- 1M
- 3.60%
- YTD
- 7.71%
- 6M
- -0.67%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IWMI
- 1D
- -1.02%
- 1M
- 3.18%
- YTD
- 13.36%
- 6M
- 13.24%
- 1Y
- 34.38%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TOPW vs. IWMI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TOPW Roundhill Top WeeklyPay ETF | 7.71% | -2.47% |
IWMI NEOS Russell 2000 High Income ETF | 13.36% | 6.40% |
Correlation
The correlation between TOPW and IWMI is 0.63, 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 Sep 5, 2025 | 0.63 |
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Return for Risk
TOPW vs. IWMI — Risk / Return Rank
TOPW
IWMI
TOPW vs. IWMI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Roundhill Top WeeklyPay ETF (TOPW) 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.
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Sharpe Ratios by Period
| TOPW | IWMI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 2.33 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 1.04 | -0.79 |
Drawdowns
TOPW vs. IWMI - Drawdown Comparison
The maximum TOPW drawdown since its inception was -29.87%, which is greater than IWMI's maximum drawdown of -23.88%. Use the drawdown chart below to compare losses from any high point for TOPW and IWMI.
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Drawdown Indicators
| TOPW | IWMI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.87% | -23.88% | -5.99% |
Max Drawdown (1Y)Largest decline over 1 year | — | -8.40% | — |
Current DrawdownCurrent decline from peak | -10.02% | -1.02% | -9.00% |
Average DrawdownAverage peak-to-trough decline | -12.88% | -4.12% | -8.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.02% | — |
Volatility
TOPW vs. IWMI - Volatility Comparison
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Volatility by Period
| TOPW | IWMI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 4.31% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 10.74% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 27.36% | 14.84% | +12.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.36% | 17.89% | +9.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.36% | 17.89% | +9.47% |
TOPW vs. IWMI - Expense Ratio Comparison
TOPW has a 0.99% expense ratio, which is higher than IWMI's 0.68% expense ratio.
Dividends
TOPW vs. IWMI - Dividend Comparison
TOPW's dividend yield for the trailing twelve months is around 40.33%, more than IWMI's 13.52% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
IWMI NEOS Russell 2000 High Income ETF | 13.52% | 14.05% | 8.78% |
TOPW Roundhill Top WeeklyPay ETF | 40.33% | 21.52% | 0.00% |
Frequently Asked Questions
TOPW and IWMI have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
IWMI is cheaper with a 0.68% expense ratio, compared with 0.99% for TOPW.
TOPW has the higher dividend yield at 40.33%, compared with 13.52% for IWMI.
They also come from different issuers: Roundhill Investments and Neos. Their fees differ too: 0.99% for TOPW and 0.68% for IWMI.
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