Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
IYRI has lagged O over the trailing twelve months, posting a 7.41% total return against 11.47%. Measured from Jan 2025 — when the younger fund began trading — O has compounded at 15.28% a year versus 9.15% for IYRI. IYRI has been the steadier holding, though — annualized volatility of 10.6% against 16.2% for O. Figures are total returns: price change plus every distribution reinvested.
Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 4, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Jan 2025” measures every fund from January 15, 2025 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Side-by-side snapshot
Side-by-side snapshot. Each row is one metric;
each column is one fund.
Seeks to generate high monthly income with the potential for equity appreciation.
A real estate investment trust that invests in freestanding, single-tenant commercial properties subject to long-term net lease agreements. Known as "The Monthly Dividend Company," Realty Income has a long track record of monthly dividend payments and consistent dividend growth.
Bottom lineChoose IYRI if you want to maximize current income — roughly 11.08%, generated by selling options premium. Choose O if you want real-estate income and inflation sensitivity. There's no free lunch: IYRI's payout comes from selling options, which caps upside and can erode the share price over time, while O keeps full price exposure.
How the risk works
Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.
Capped upside and premium dependence. IYRI generates income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
NEOS is known for developing specialized income-focused ETFs that employ strategies like covered calls, hedging, and enhanced yields across various asset classes. The firm manages 19 funds organized into nine distinct families, including offerings in equity high income, fixed income enhancement, digital assets, and alternative strategies, with popular tickers like SPYI (S&P 500 covered call), QQQI (Nasdaq-100 covered call), and QQQH (Nasdaq-100 hedged equity income). NEOS distinguishes itself in the ETF landscape through its emphasis on income generation and downside protection strategies rather than traditional growth approaches.
See our curated list of related YouTube videos on IYRI.
IYRI (NEOS Real Estate High Income ETF) is an ETF, while O (Realty Income Corporation) is a real estate investment trust — their trading structures differ.
IYRI offers the higher yield at 11.08% vs 5.31% for O. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
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On a $10,000 investment, IYRI would generate roughly $92.33/month, while O would produce $44.25/month, at current distribution rates. Both pay monthly distributions.
IYRI yield11.08%
O yield5.31%
Monthly diff on $10K$48.08
Cost & efficiency
IYRI charges a 0.68% expense ratio — roughly $680 over 10 years on $10,000 (simplified, not compounded). O is a real estate investment trust, not a fund, so it charges no expense ratio.
IYRI ER0.68%
Strategy & risk
IYRI tracks Dow Jones U.S. Real Estate Capped Index with an options approach, while O is a real estate investment trust built around net lease REIT exposure.
IYRI beta—
O beta0.712
Security details
IYRI is managed by NEOS (launched 01/14/2025) with $312M in assets. O (Realty Income Corporation) is a real estate investment trust.
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Frequently asked questions
What is the current distribution rate for IYRI and O?
IYRI currently distributes 11.08% and O 5.31%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.
Is IYRI or O better for dividend income?
It depends on your goals. IYRI currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.
What is the difference between IYRI and O?
IYRI (NEOS Real Estate High Income ETF) tracks Dow Jones U.S. Real Estate Capped Index with an options approach, while O (Realty Income Corporation) is a real estate investment trust built around net lease REIT exposure. They are issued by NEOS and Realty Income respectively.
Can I hold both IYRI and O?
Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.
Is IYRI or O safer?
By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — O scores 100, IYRI scores 79, so O's payout currently looks the more resilient of the two. No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.
Which has lower fees, IYRI or O?
IYRI charges a 0.68% expense ratio. O is a real estate investment trust, not a fund, so it has no expense ratio — owning it directly costs nothing in ongoing fund fees.
How much income does $10,000 in IYRI vs O generate?
At current rates, $10,000 in IYRI would generate roughly $92.33 per month ($1,108.00 annually). The same in O would produce about $44.25 per month ($531.00 annually).
Which has performed better historically, IYRI or O?
IYRI has lagged O over the trailing twelve months, posting a 7.41% total return against 11.47%. Measured from Jan 2025 — when the younger fund began trading — O has compounded at 15.28% a year versus 9.15% for IYRI. IYRI has been the steadier holding, though — annualized volatility of 10.6% against 16.2% for O. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
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O is a net-lease REIT that owns and leases single-tenant commercial properties directly, generating income from tenant rent payments and selling properties for capital gains.
How they differ
The core difference is structure and income source. IYRI generates its 11.08% yield primarily through options strategies layered onto the Dow Jones U.S. Real Estate Capped Index; O generates its 5.31% yield from actual property leases and asset sales, backed by a 30-year operating history. IYRI carries a 0.68% expense ratio and holds $312M in assets, reflecting its recent launch in 01/14/2025. O has been paying monthly dividends since 10/18/1994, trades at per share, and carries a 0.712 beta. Dividends from O are backed by decades of covenant-driven lease revenue; IYRI's distributions depend on continuous capture of options premium against its underlying holdings.
O: Fits investors who prioritize demonstrated, durable income streams backed by tangible assets and long-term tenant relationships, and who value the reassurance of a REIT with consistent dividend growth over several decades and lower volatility relative to broader market swings.
Derivative and options rollover risk.IYRI's yield depends on continuous sale of covered calls and other options strategies on its index holdings. If implied volatility collapses or the real estate sector experiences a sustained rally, premium capture could decline sharply, reducing future distributions.
Sector concentration. Both funds hold real estate; their underlying exposures may overlap significantly (net-lease operators, shopping centers, offices, apartment REITs), meaning a sector-specific shock could hurt both simultaneously.
REIT-level credit and lease risk (O).O's dividend depends on tenant ability to pay rent and Realty Income's capital structure. Economic downturns, retail weakness, or tenant bankruptcies could pressure lease collections and force dividend cuts, though O's long history suggests resilience through prior cycles.
New strategy with limited live performance (IYRI).IYRI's inception is very recent; there is no track record of how the options overlay performs through a complete market cycle, economic recession, or sector downturn. If you prioritize stability, a long track record, and income backed by actual leases rather than option premiums, O's lower yield reflects the relative certainty of its cash flows. Both are real estate plays; verify that your overall portfolio does not create unintended concentration in the sector. Past performance does not predict future results.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
Learn the method
The metrics behind this comparison, explained in the Academy.
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