IVVW vs SPYI: Income Fund Comparison
iShares S&P 500 BuyWrite ETF - US (IVVW) and NEOS S&P 500 High Income ETF - US (SPYI) are both income-focused funds. Below is our independent side-by-side review using the Dependable Income Investing 13-factor scoring system — designed specifically for income investors seeking reliable, sustainable distributions.
Also see: IVVW individual review · SPYI individual review
IVVW: Expense ratio is 0.25%. This is very low for a covered call fund. SPYI: Management fee and total annual fund operating expenses are 0.68%. IVVW fund inception date was March 14 2024 - about 2.2 years which rounds up to 3 years. SPYI fund inception was 8/29/2022 - approximately 3.5 years of history as of review date. Full Dependability and Return scores for both funds are available in the app.
| IVVW | SPYI | |
|---|---|---|
| Fund Name | iShares S&P 500 BuyWrite ETF - US | NEOS S&P 500 High Income ETF - US |
| Fund Type | Index Based Fund | Index Based Fund |
| Exchange | NYSE/NASDAQ | NYSE/NASDAQ |
| Last Reviewed | Jun 24, 2026 | Mar 6, 2026 |
| Author | Adam Hyde, Income Investing Analyst | |
🔒 Full scores available — with Premium subscription
Compare Performance — Free →Fund Attributes: IVVW vs SPYI 20% of overall score
Fund Attributes cover the foundational characteristics of each fund: cost, company backing, track record, and size. These factors reflect stability and cost-efficiency for long-term income investors.
Expense ratio is 0.25%. This is very low for a covered call fund.
Management fee and total annual fund operating expenses are 0.68%.
iShares (BlackRock) manages well over 3 trillion in assets.
NEOS Investments total ETF AUM is approximately $21.6 billion across all 19 funds as of 03/05/2026.
Fund inception date was March 14 2024 - about 2.2 years which rounds up to 3 years.
Fund inception was 8/29/2022 - approximately 3.5 years of history as of review date.
Net assets are about 286.86 million.
Fund net assets approximately $8.0 billion as of 03/03/2026.
Risk: IVVW vs SPYI 35% of overall score
Risk factors evaluate how each fund manages volatility, diversification, and the nature of its underlying assets — critical considerations for income investors who prioritise capital preservation.
Beta is 0.67 vs SPY over the price series since March 2024 - below market sensitivity. Standalone volatility is about 10.60% annualized (weekly returns) which is low-to-moderate and confirms the low beta reading.
Beta is 0.76 vs SPY over fund history (2022-09-09 to 2026-03-06) - below 0.8 threshold indicating lower market sensitivity than the index.
See the full Risk analysis for both IVVW and SPYI — volatility ratings, diversification scores, and analyst notes.
View Plans →Return: IVVW vs SPYI 45% of overall score
Return factors assess income generation quality: current yield, distribution consistency, price history, and payment frequency. This is the most heavily weighted category for income investors.
Pays monthly - confirmed from distribution history.
Monthly distributions - confirmed by distribution history showing consistent monthly payments since inception.
See the full Return analysis for both IVVW and SPYI — yield ratings, distribution consistency scores, and capital history.
View Plans →Our Review Methodology
Every fund reviewed on Dependable Income Investing is scored using our 13-factor Fund Report Card, organised into three weighted categories: Fund Attributes (20%), Risk (35%), and Return (45%). Each criterion is rated 1–5 by our analysts based on publicly available fund data.
We also calculate a Dependability Score — a weighted composite of six income-specific factors ranked by importance for retirement income investors: Yield Stability, Yield, Volatility, Capital History, Fund Risk, and Underlying Assets. This score answers the question income investors care about most: can I depend on this fund to pay me reliably?
Full scores, ratings, and analyst notes for both IVVW and SPYI are available in the Dependable Income Investing app.
See our full scoring methodology →
Frequently Asked Questions: IVVW vs SPYI
Which has a lower expense ratio, IVVW or SPYI?
IVVW: Expense ratio is 0.25%. This is very low for a covered call fund.
SPYI: Management fee and total annual fund operating expenses are 0.68%.
Which fund has more assets under management, IVVW or SPYI?
IVVW: Net assets are about 286.86 million.
SPYI: Fund net assets approximately $8.0 billion as of 03/03/2026.
Which fund has been trading longer, IVVW or SPYI?
IVVW: Fund inception date was March 14 2024 - about 2.2 years which rounds up to 3 years.
SPYI: Fund inception was 8/29/2022 - approximately 3.5 years of history as of review date.
Who manages IVVW vs SPYI?
IVVW: iShares (BlackRock) manages well over 3 trillion in assets.
SPYI: NEOS Investments total ETF AUM is approximately $21.6 billion across all 19 funds as of 03/05/2026.
Where can I see the full IVVW vs SPYI comparison with scores?
The complete side-by-side comparison — including all Risk and Return scores, analyst notes, Overall Score, and Dependability Score for both funds — is available in the Dependable Income Investing app.
What is the difference between IVVW and SPYI?
iShares S&P 500 BuyWrite ETF - US is a Index Based Fund. Expense ratio is 0.25%. This is very low for a covered call fund. NEOS S&P 500 High Income ETF - US is a Index Based Fund. Management fee and total annual fund operating expenses are 0.68%. Full comparison including Dependability Score is available in the Dependable Income Investing app.
Which is better for income investors, IVVW or SPYI?
IVVW: Expense ratio is 0.25%. This is very low for a covered call fund. Fund inception date was March 14 2024 - about 2.2 years which rounds up to 3 years. SPYI: Management fee and total annual fund operating expenses are 0.68%. Fund inception was 8/29/2022 - approximately 3.5 years of history as of review date. Which scores higher on Dependability and Return is available in the Dependable Income Investing app.
Do IVVW and SPYI pay monthly distributions?
IVVW: Pays monthly - confirmed from distribution history. SPYI: Monthly distributions - confirmed by distribution history showing consistent monthly payments since inception. Full yield and distribution stability scores for both funds are available in the Dependable Income Investing app.
See the Full IVVW vs SPYI Comparison
The Dependable Income Investing app gives you the complete picture: all 13 scoring factors for both funds, Risk and Return analyst notes, Dependability Scores, and tools to compare any income fund side by side.
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