IWMI vs RYLD: Income Fund Comparison
NEOS Russell 2000 High Income ETF - US (IWMI) and GlobalX Russell 2000 Covered Call ETF - US (RYLD) 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: IWMI individual review · RYLD individual review
IWMI: Total Annual Fund Operating Expenses are 0.78% (management fee 0.68% contractually capped through September 2026 plus acquired fund fees and expenses of 0.10% from holding VTWO) as of March 2026. RYLD: Total expense ratio is 0.60% which is reasonable for a covered call ETF. IWMI fund inception June 24 2024. Approximately 1.7 years old as of review date - less than 2 years. RYLD fund inception date was April 17th 2019 - over 6 years of history as of review date. Full Dependability and Return scores for both funds are available in the app.
| IWMI | RYLD | |
|---|---|---|
| Fund Name | NEOS Russell 2000 High Income ETF - US | GlobalX Russell 2000 Covered Call ETF - US |
| Fund Type | Index Based Fund | Index Based Fund |
| Exchange | NYSE/NASDAQ | NYSE/NASDAQ |
| Last Reviewed | 2026-03-16 | 2026-03-06 |
| Author | Adam Hyde, Income Investing Analyst | |
🔒 Full scores available — with Premium subscription
Compare Performance — Free →Fund Attributes: IWMI vs RYLD 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.
Total Annual Fund Operating Expenses are 0.78% (management fee 0.68% contractually capped through September 2026 plus acquired fund fees and expenses of 0.10% from holding VTWO) as of March 2026.
Total expense ratio is 0.60% which is reasonable for a covered call ETF.
NEOS Investments manages approximately $20 billion in assets across 19 ETFs as of early 2026.
Mirae Asset Global Investments - a South Korean financial services company - manages over $632 billion in assets worldwide.
Fund inception June 24 2024. Approximately 1.7 years old as of review date - less than 2 years.
Fund inception date was April 17th 2019 - over 6 years of history as of review date.
Net assets $649.85 million as of March 13 2026 per the fund page.
$1.30 Billion in assets under management as of March 2026.
Risk: IWMI vs RYLD 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 0.88 vs SPY (weekly; July 2024 to March 2026) - in the 0.80-0.99 range. Standalone volatility 16.86% annualized (weekly total returns per data series) - low-to-moderate. Both metrics support score 4.
Beta is 0.69 vs SPY (2019-05-03 to 2026-03-06) which is lower than the overall market.
See the full Risk analysis for both IWMI and RYLD — volatility ratings, diversification scores, and analyst notes.
View Plans →Return: IWMI vs RYLD 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.
The fund pays distributions monthly confirmed from distribution history showing consistent monthly payments since June 2024.
Monthly distributions.
See the full Return analysis for both IWMI and RYLD — 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 IWMI and RYLD are available in the Dependable Income Investing app.
See our full scoring methodology →
Frequently Asked Questions: IWMI vs RYLD
Which has a lower expense ratio, IWMI or RYLD?
IWMI: Total Annual Fund Operating Expenses are 0.78% (management fee 0.68% contractually capped through September 2026 plus acquired fund fees and expenses of 0.10% from holding VTWO) as of March 2026.
RYLD: Total expense ratio is 0.60% which is reasonable for a covered call ETF.
Which fund has more assets under management, IWMI or RYLD?
IWMI: Net assets $649.85 million as of March 13 2026 per the fund page.
RYLD: $1.30 Billion in assets under management as of March 2026.
Which fund has been trading longer, IWMI or RYLD?
IWMI: Fund inception June 24 2024. Approximately 1.7 years old as of review date - less than 2 years.
RYLD: Fund inception date was April 17th 2019 - over 6 years of history as of review date.
Who manages IWMI vs RYLD?
IWMI: NEOS Investments manages approximately $20 billion in assets across 19 ETFs as of early 2026.
RYLD: Mirae Asset Global Investments - a South Korean financial services company - manages over $632 billion in assets worldwide.
Where can I see the full IWMI vs RYLD 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 IWMI and RYLD?
NEOS Russell 2000 High Income ETF - US is a Index Based Fund. Total Annual Fund Operating Expenses are 0.78% (management fee 0.68% contractually capped through September 2026 plus acquired fund fees and expenses of 0.10% from holding VTWO) as of March 2026. GlobalX Russell 2000 Covered Call ETF - US is a Index Based Fund. Total expense ratio is 0.60% which is reasonable for a covered call ETF. Full comparison including Dependability Score is available in the Dependable Income Investing app.
Which is better for income investors, IWMI or RYLD?
IWMI: Total Annual Fund Operating Expenses are 0.78% (management fee 0.68% contractually capped through September 2026 plus acquired fund fees and expenses of 0.10% from holding VTWO) as of March 2026. Fund inception June 24 2024. Approximately 1.7 years old as of review date - less than 2 years. RYLD: Total expense ratio is 0.60% which is reasonable for a covered call ETF. Fund inception date was April 17th 2019 - over 6 years of history as of review date. Which scores higher on Dependability and Return is available in the Dependable Income Investing app.
Do IWMI and RYLD pay monthly distributions?
IWMI: The fund pays distributions monthly confirmed from distribution history showing consistent monthly payments since June 2024. RYLD: Monthly distributions. Full yield and distribution stability scores for both funds are available in the Dependable Income Investing app.
See the Full IWMI vs RYLD 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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