IWMI and RYLD are both covered call ETFs tracking the same benchmark, but with different approaches. IWMI offers a 14.82% yield, while RYLD provides a 12.10% yield. Compare their scores, yields, and performance metrics to find the best fit for your portfolio.
Compare covered call ETFs with the same benchmark side by side
NEOS Russell 2000 High Income ETF
7.40
Overall Score
Global X Russell 2000 Covered Call ETF
6.73
Overall Score
| Criteria | IWMI | RYLD |
|---|---|---|
| Overall Score | 7.40 6.73 | |
| Total Return (25%) | 8.86 4.96 | |
| Downside Protection (25%) | 4.82 8.43 | |
| Upside Participation (25%) | 8.13 5.71 | |
| Consistency (15%) | 10.00 9.32 | |
| Expense Ratio (5%) | 4.00 5.00 | |
| Liquidity (5%) | 4.90 6.18 |
Since Inception
3 Years
Pro only
1 Year
Pro only
3 Months
Pro only
| Metric | IWMI | RYLD |
|---|---|---|
| Expense Ratio | 0.680% | 0.600% |
| Inception Date | Sep 14, 2023 | Apr 17, 2019 |
| Issuer | NEOS | Global X |
| Distribution Frequency | Monthly | Monthly |
| Maturity Rating | 2/5 stars | 4/5 stars |
Captured 81% of Russell 2000 upside with 25% lower volatility (13.9% vs 18.4%) and a 14.8% yield, over only 27 months.
Investor Profile:
IWMI holds the Vanguard Russell 2000 ETF (VTWO) for about 99% of assets and layers Russell 2000 index options on top, both sold and purchased. The options qualify as Section 1256 contracts, taxed at the 60/40 rate. NEOS manages it actively and distributions have been classified as return of capital. It pays monthly.
Paid 12.1% with volatility of 11.0%, but its worst drawdown (-31.1%) matched IWM's (-30.6%) and total return is half of IWM's.
Investor Profile:
RYLD tracks the Cboe Russell 2000 BuyWrite Index. It holds the Global X Russell 2000 ETF (RSSL) for essentially all of its assets and sells at-the-money call options on the Russell 2000 each month. The rules are mechanical and it pays monthly.
Both funds are scored on total return, downside protection, upside participation, distribution consistency, cost and liquidity, against the same benchmark and the same window.
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