IWMI vs SPY
IWMI vs SPY
NEOS Russell 2000 High Income ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | IWMI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.68% | 0.09% | |
| AUM | $1.1B | $789.1B | |
| Dividend Yield | 13.25% | 1.01% | |
| Holdings | 4 | 505 | |
| YTD Return | +8.31% | +13.79% | |
| 1Y Return | +21.63% | +23.66% | |
| 3Y Return (annualized) | - | +21.40% | |
| 5Y Return (annualized) | - | +13.37% | |
| Volatility (annualized) | 13.6% | 15.3% | |
| Max Drawdown | -23.9% | -56.5% | |
| Fund Family | NEOS | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jun 25, 2024 | Jan 22, 1993 |
IWMI vs SPY Performance
NEOS Russell 2000 High Income ETF (IWMI) is a ETF from NEOS and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year IWMI returned +21.63% while SPY returned +23.66%. Year to date, IWMI is up 8.31% versus a gain of 13.79% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 13.6% for IWMI. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -23.9% for IWMI and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.84. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
IWMI charges 0.68% per year while SPY charges 0.09%. On a $10,000 position that is $68 vs $9 annually, a gap of $59 per year that compounds over a long holding period. On income, IWMI currently yields 13.25% against 1.01% for SPY.
Holdings Overlap
IWMI and SPY share 0 holdings out of 504 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, IWMI or SPY?
IWMI has an expense ratio of 0.68% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $59 per year of difference.
Which performed better, IWMI or SPY?
Over the past year IWMI returned +21.63% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), IWMI annualized +14.10% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, IWMI or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 13.6% for IWMI. Worst drawdown: IWMI -23.9% vs SPY -56.5%.
Should I hold both IWMI and SPY?
IWMI and SPY have a monthly-return correlation of 0.84, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IWMI and SPY?
IWMI and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 504 unique securities.
Which pays a higher dividend, IWMI or SPY?
IWMI yields 13.25% while SPY yields 1.01%, so IWMI currently pays the higher dividend yield.
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