The /aɪ/ diphthong is spelled <iCe>, <i>, <y> and <ey> in eye, besides occurring in the letter names I and Y. The /aʊ/ diphthong is spelled <ou> or <ow>.
This is a contrast between two closing diphthongs with similar starting positions but different directions of movement. It is not a problem for learners.
Interesting pairs include:
The density figure is 8.95%. The set makes 105 semantic contrasts giving a loading of 55%.
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Credit: John Higgins