Data as of Nov 4, 2026.
IWMI vs OVS: Dividend Yield & Total Return
Over the year to Nov 4, 2026, IWMI paid 15.0% of its price in cash against OVS’s 11.3%, though OVS returned more with it reinvested.
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Net assets: $1.3bn on Oct 28, 2026 for NEOS Russell 2000 High Income ETF, and $39m on Aug 31, 2026 for Overlay Shares Small Cap Equity ETF.
About even with IWM
IWMI over 1 year: paid 15.0%, price +2.8%, total +18.6%, IWM +19.0%, −0.4 pts. Data to Nov 4, 2026.
IWM
+19.0%
IWMI
+18.6%
15.0% of it arrived as cash
about even with IWM
Total return, distributions reinvested
About even with IWM
IWMI over 1 year: paid 15.0%, price +2.8%, total +18.6%, IWM +19.0%, −0.4 pts. Data to Nov 4, 2026.
IWM
+19.0%
IWMI
+18.6%
15.0% cash
about even with IWM
15.0% of it arrived as cash. Total return, distributions reinvested. IWMI over 1 year: paid 15.0%, price +2.8%, total +18.6%, IWM +19.0%, −0.4 pts. Data to Nov 4, 2026.
Data to Nov 4, 2026.2.2 pts ahead of IJR
OVS over 1 year: paid 11.3%, price +14.4%, total +26.4%, IJR +24.2%, +2.2 pts. Data to Nov 4, 2026.
IJR
+24.2%
OVS
+26.4%
11.3% of it arrived as cash
2.2 pts ahead of IJR
Total return, distributions reinvested
2.2 pts ahead of IJR
OVS over 1 year: paid 11.3%, price +14.4%, total +26.4%, IJR +24.2%, +2.2 pts. Data to Nov 4, 2026.
IJR
+24.2%
OVS
+26.4%
2.2 pts ahead of IJR
11.3% of it arrived as cash. Both charts share one scale, 0 to +26.4%. OVS over 1 year: paid 11.3%, price +14.4%, total +26.4%, IJR +24.2%, +2.2 pts. Data to Nov 4, 2026.
Both charts share one scale, 0 to +26.4%. Data to Nov 4, 2026.Pair scorecard
IWMI costs 0.15 points a year less; their one-year returns differ by 7.8 points.
Points (pts) are percentage points.
| Measure | IWMI | OVS |
|---|---|---|
| Paid and earned | ||
| Total return, 1 year | +18.6% | +26.4% |
| Price change, 1 year | rose 2.8% | rose 14.4% |
| Return of capital, issuer estimate | 76% of the Oct 23, 2026 payment | 100% of the Oct 29, 2026 payment |
| Against its benchmark | ||
| Benchmark | Russell 2000, measured through IWM | iShares Core S&P Small-Cap ETF, measured through IJR |
| Cost and size | ||
| Expense ratio | 0.68% | 0.83% |
| Net assets, IWMI as of Oct 28, 2026 and OVS as of Aug 31, 2026 | $1.3bn | $39m |
| Holdings | ||
| Holdings in common | 0% | |
How much of its payouts the fund's total return covered, ranked against 167 income ETFs not writing on a single company. 100 is best. How it is computed
One year only, and a ratio of two published numbers: it says nothing about where a distribution came from. All income ETFs ranked by it →
Risk and return
Jul 5, 2024 to Oct 30, 2026 · 121 weekly returnsEach against its own benchmark: IWMI against IWM, Jul 5, 2024 to Oct 30, 2026; OVS against IJR, Oct 11, 2019 to Oct 30, 2026.
From Jul 2024 to Oct 2026, OVS returned slightly more: +38.9% to +38.1%. IWMI swung less: 15.7% to 20.4%. IWMI fell less at its worst: −21.4% to −26.7%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | IWMI | OVS | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +38.1% | +38.9% | OVS (slight) | Price change plus distributions, reinvested. |
| Annualized | +14.9% | +15.2% | Tie | Total return as a yearly rate. |
| Price return | −1.6% | +19.6% | OVS | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 15.7% | 20.4% | IWMI | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 11.1% | 13.8% | IWMI | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −21.4% | −26.7% | IWMI | Deepest fall from a high to the low after it. |
| Upside capture | 68.4% | 110.3% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 83.9% | 102.7% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.77 | 1.03 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.96 | 0.95 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.70 | 0.59 | IWMI | Return above Treasury bills per unit of volatility. |
| Sortino | 0.99 | 0.87 | IWMI | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.142 | 0.109 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.70 | 0.57 | IWMI | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | IWM | IJR | The ETF each fund is measured against. | |
| Alpha | +0.9% a year | +0.7% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | 0.42 | 0.32 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −3.3% to +5.1% | −3.5% to +4.8% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | −0.38 | 0.17 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 5.6% | 5.6% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 121 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, IWMI and OVS hold 0% of their money in the same securities at the same weight. Holdings dated Aug 31, 2026 and Nov 3, 2026.
half
0% in common
Only in one fund ↓
Side by side
As of Nov 4, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price. Payout rate: the latest payment, annualized, over today’s price.
Window by window
| Total return | Cash paid | Against the benchmark | ||||
|---|---|---|---|---|---|---|
| Window | IWMI | OVS | IWMI | OVS | IWMI | OVS |
| 3 months | −3.0% | −4.1% | 3.4% | 2.5% | +2.0 pts | −0.4 pts |
| 6 months | +1.9% | +2.9% | 7.0% | 5.2% | +2.3 pts | −0.6 pts |
| 1 year | +18.6% | +26.4% | 15.0% | 11.3% | −0.3 pts | +2.2 pts |
| 3 years | – | +67.1% | – | 22.8% | – | +8.2 pts |
| Since launchNot the same days: IWMI Jun 2024 · OVS Oct 2019 | +40.5% | +118.6% | 34.4% | 42.4% | −4.6 pts | +9.8 pts |
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IWMI
Over the year to Nov 4, 2026, IWMI paid 15.0% of its starting value in cash distributions while its price rose 2.8%. With every distribution reinvested, the fund returned +18.6%. Russell 2000 (IWM) returned +19.0% over the same days, so a holder was about even. At its price on Nov 4, 2026 the latest distribution annualizes to 13.9%, paid monthly. NEOS estimates that 76% of the distribution paid Oct 23, 2026 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.
OVS
Over the year to Nov 4, 2026, OVS paid 11.3% of its starting value in cash distributions while its price rose 14.4%. With every distribution reinvested, the fund returned +26.4%. iShares Core S&P Small-Cap ETF (IJR) returned +24.2% over the same days, so a holder was ahead by 2.2 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 10.3%, paid monthly. Overlay Shares estimates that 100% of the distribution paid Oct 29, 2026 was a return of capital (its 19a-1 notice).
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How this is computed
It is a place in a set, not a rating or a recommendation.
Overlap adds up the smaller of the two weights for each security both funds hold.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, IWMI against OVS, data as of Nov 4, 2026. https://etfiq.com/compare/income/iwmi-vs-ovs
ETFIQ. (Nov 4, 2026). IWMI against OVS. Retrieved from https://etfiq.com/compare/income/iwmi-vs-ovs
[IWMI against OVS (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/income/iwmi-vs-ovs)
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