YSPY vs. IWMY

Last updated Jun 9, 2026

YSPY (GraniteShares YieldBOOST SPY ETF) and IWMY (Defiance R2000 Enhanced Options & 0DTE Income ETF) are both exchange-traded funds - YSPY is a Leveraged Equities fund actively managed by GraniteShares, while IWMY is a Options Trading fund tracking the Russell 2000 Index. YSPY is actively managed, while IWMY is passively managed. Over the past year, YSPY returned 23.83% vs 19.66% for IWMY. A 0.71 correlation means they provide meaningful diversification when combined. YSPY charges 1.07%/yr vs 0.99%/yr for IWMY.

Performance

YSPY vs. IWMY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares YieldBOOST SPY ETF (YSPY) 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, YSPY achieves a 3.10% return, which is significantly lower than IWMY's 10.55% return.

YSPY

• 1D: -0.03%
• 1M: 0.42%
• YTD: 3.10%
• 6M: 4.22%
• 1Y: 23.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IWMY

• 1D: 0.63%
• 1M: -0.57%
• YTD: 10.55%
• 6M: 8.47%
• 1Y: 19.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

YSPY vs. IWMY - Yearly Performance Comparison

	2026 (YTD)	2025
YSPY GraniteShares YieldBOOST SPY ETF	3.10%	9.17%
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	10.55%	7.76%

Correlation

The correlation between YSPY and IWMY is 0.69, 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	0.69
Correlation (All Time) Calculated using the full available price history since Feb 27, 2025	0.71

The correlation between YSPY and IWMY has been stable across timeframes, ranging from 0.69 to 0.71 - a consistent structural relationship.

Return for Risk

YSPY vs. IWMY — Risk / Return Rank

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

YSPY

YSPY Risk / Return Rank: 39
YSPY Sharpe Ratio Rank: 39
YSPY Sortino Ratio Rank: 32
YSPY Omega Ratio Rank: 47
YSPY Calmar Ratio Rank: 37
YSPY Martin Ratio Rank: 41

IWMY

IWMY Risk / Return Rank: 37
IWMY Sharpe Ratio Rank: 38
IWMY Sortino Ratio Rank: 34
IWMY Omega Ratio Rank: 35
IWMY Calmar Ratio Rank: 38
IWMY Martin Ratio Rank: 39

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.

YSPY vs. IWMY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares YieldBOOST SPY ETF (YSPY) 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.

	YSPY	IWMY	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.23	+0.02
Sortino ratio: Return per unit of downside risk	1.58	1.67	-0.09
Omega ratio: Gain probability vs. loss probability	1.27	1.21	+0.06
Calmar ratio: Return relative to maximum drawdown	1.64	1.71	-0.07
Martin ratio: Return relative to average drawdown	6.06	5.59	+0.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

YSPY vs. IWMY - Sharpe Ratio Comparison

The current YSPY Sharpe Ratio is 1.25, which is comparable to the IWMY Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of YSPY 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

	YSPY	IWMY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.25	1.23	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.90	-0.44

Drawdowns

YSPY vs. IWMY - Drawdown Comparison

The maximum YSPY drawdown since its inception was -18.74%, roughly equal to the maximum IWMY drawdown of -18.72%. Use the drawdown chart below to compare losses from any high point for YSPY and IWMY.

Drawdown Indicators

	YSPY	IWMY	Difference
Max Drawdown Largest peak-to-trough decline	-18.74%	-18.72%	-0.02%
Max Drawdown (1Y) Largest decline over 1 year	-14.60%	-11.57%	-3.03%
Current Drawdown Current decline from peak	-2.73%	-2.89%	+0.16%
Average Drawdown Average peak-to-trough decline	-4.97%	-2.98%	-1.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.94%	3.53%	+0.41%

Volatility

YSPY vs. IWMY - Volatility Comparison

The current volatility for GraniteShares YieldBOOST SPY ETF (YSPY) is 2.68%, while Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) has a volatility of 6.26%. This indicates that YSPY 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

	YSPY	IWMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.68%	6.26%	-3.58%
Volatility (6M) Calculated over the trailing 6-month period	14.35%	13.20%	+1.15%
Volatility (1Y) Calculated over the trailing 1-year period	19.24%	16.15%	+3.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.28%	15.90%	+5.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.28%	15.90%	+5.38%

YSPY vs. IWMY - Expense Ratio Comparison

YSPY has a 1.07% expense ratio, which is higher than IWMY's 0.99% expense ratio.

Dividends

YSPY vs. IWMY - Dividend Comparison

YSPY's dividend yield for the trailing twelve months is around 57.64%, more than IWMY's 46.29% yield.

Position	TTM	2025	2024	2023
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	46.29%	63.33%	107.92%	11.34%
YSPY GraniteShares YieldBOOST SPY ETF	57.64%	45.57%	0.00%	0.00%

Frequently Asked Questions

Can I hold both YSPY and IWMY in my portfolio?

YSPY and IWMY have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YSPY or IWMY?

IWMY has higher volatility (6.26%) compared to YSPY (2.68%). In terms of maximum drawdown, YSPY dropped -18.74% vs IWMY's -18.72%.

Which ETF is better, YSPY or IWMY?

On 1-year performance, YSPY leads with 23.83% vs 19.66% for IWMY. On fees, IWMY is cheaper at 0.99% per year. On volatility, YSPY has been the lower-risk option at 2.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YSPY or IWMY?

Over the 1-year period, YSPY has performed better with a 23.83% return vs 19.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YSPY or IWMY?

IWMY is cheaper with a 0.99% expense ratio, compared with 1.07% for YSPY.

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

YSPY has the higher dividend yield at 57.64%, compared with 46.29% for IWMY.

What is the main difference between YSPY and IWMY?

YSPY is categorized as Leveraged Equities, while IWMY is Options Trading. They also come from different issuers: GraniteShares and Defiance. Their fees differ too: 1.07% for YSPY and 0.99% for IWMY.

Which has better risk-adjusted returns?

YSPY currently has the higher Sharpe Ratio (1.25 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.