VOE vs. IWMY
VOE (Vanguard Mid-Cap Value ETF) and IWMY (Defiance R2000 Enhanced Options & 0DTE Income ETF) are both exchange-traded funds - VOE is a Mid Cap Value Equities fund tracking the CRSP US Mid Cap Value Index, while IWMY is a Options Trading fund tracking the Russell 2000 Index. Both are passively managed. Over the past year, VOE returned 22.48% vs 19.66% for IWMY. A 0.75 correlation means they provide meaningful diversification when combined. VOE charges 0.05%/yr vs 0.99%/yr for IWMY.
Performance
VOE vs. IWMY - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with VOE having a 10.52% return and IWMY slightly higher at 10.55%.
VOE
- 1D
- -0.22%
- 1M
- 1.68%
- YTD
- 10.52%
- 6M
- 11.54%
- 1Y
- 22.48%
- 3Y*
- 15.80%
- 5Y*
- 8.50%
- 10Y*
- 10.54%
IWMY
- 1D
- 0.63%
- 1M
- -0.57%
- YTD
- 10.55%
- 6M
- 8.47%
- 1Y
- 19.66%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
VOE vs. IWMY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
VOE Vanguard Mid-Cap Value ETF | 10.52% | 12.08% | 14.00% | 16.73% |
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF | 10.55% | 10.18% | 5.56% | 10.06% |
Correlation
The correlation between VOE 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 Oct 31, 2023 | 0.75 |
The correlation between VOE and IWMY has been stable across timeframes, ranging from 0.73 to 0.75 - a consistent structural relationship.
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Return for Risk
VOE vs. IWMY — Risk / Return Rank
VOE
IWMY
VOE vs. IWMY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Value ETF (VOE) 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.
| VOE | IWMY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.74 | ||
| Sortino ratioReturn per unit of downside risk | +1.17 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.21 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.26 | 1.71 | +1.55 |
| Martin ratioReturn relative to average drawdown | 12.35 | 5.59 | +6.76 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VOE | IWMY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.97 | 1.23 | +0.74 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.53 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.56 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.44 | 0.90 | -0.46 |
Drawdowns
VOE vs. IWMY - Drawdown Comparison
The maximum VOE drawdown since its inception was -61.50%, which is greater than IWMY's maximum drawdown of -18.72%. Use the drawdown chart below to compare losses from any high point for VOE and IWMY.
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Drawdown Indicators
| VOE | IWMY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -61.50% | -18.72% | -42.78% |
Max Drawdown (1Y)Largest decline over 1 year | -6.93% | -11.57% | +4.64% |
Max Drawdown (3Y)Largest decline over 3 years | -18.45% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -19.70% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -43.18% | — | — |
Current DrawdownCurrent decline from peak | -1.12% | -2.89% | +1.77% |
Average DrawdownAverage peak-to-trough decline | -8.35% | -2.98% | -5.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.82% | 3.53% | -1.71% |
Volatility
VOE vs. IWMY - Volatility Comparison
The current volatility for Vanguard Mid-Cap Value ETF (VOE) is 2.55%, while Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) has a volatility of 6.26%. This indicates that VOE 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.
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Volatility by Period
| VOE | IWMY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.55% | 6.26% | -3.71% |
Volatility (6M)Calculated over the trailing 6-month period | 8.20% | 13.20% | -5.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 11.51% | 16.15% | -4.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.04% | 15.90% | +0.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.83% | 15.90% | +2.93% |
VOE vs. IWMY - Expense Ratio Comparison
VOE has a 0.05% expense ratio, which is lower than IWMY's 0.99% expense ratio.
Dividends
VOE vs. IWMY - Dividend Comparison
VOE's dividend yield for the trailing twelve months is around 1.88%, less than IWMY's 46.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF | 46.29% | 63.33% | 107.92% | 11.34% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VOE Vanguard Mid-Cap Value ETF | 1.88% | 2.10% | 2.11% | 2.27% | 2.27% | 1.78% | 2.36% | 2.05% | 2.75% | 1.86% | 1.92% | 2.05% |
Frequently Asked Questions
VOE 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.
IWMY has higher volatility (6.26%) compared to VOE (2.55%). In terms of maximum drawdown, VOE dropped -61.50% vs IWMY's -18.72%.
On 1-year performance, VOE leads with 22.48% vs 19.66% for IWMY. On fees, VOE is cheaper at 0.05% per year. On volatility, VOE has been the lower-risk option at 2.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, VOE has performed better with a 22.48% return vs 19.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOE is cheaper with a 0.05% expense ratio, compared with 0.99% for IWMY.
IWMY has the higher dividend yield at 46.29%, compared with 1.88% for VOE.
VOE is categorized as Mid Cap Value Equities, while IWMY is Options Trading. VOE tracks CRSP US Mid Cap Value Index, while IWMY tracks Russell 2000 Index. They also come from different issuers: Vanguard and Defiance. Their fees differ too: 0.05% for VOE and 0.99% for IWMY.
VOE currently has the higher Sharpe Ratio (1.97 vs 1.23), 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.
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