Dividend comparison

OMAH vs SPYI: Which Is Better for Income?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for VistaShares Target 15 Berkshire Select Income ETF and Neos S&P 500(R) High Income ETF, side by side. Updated October 21, 2026.

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OMAH vs SPYI: key differences
The short answer, from the latest data on this page.
  • Fees. SPYI is cheaper at 0.68% a year versus 0.95% for OMAH. On $10,000 that is $27 a year less in fees.
  • Income. OMAH pays more income, yielding 15.37% over the last twelve months versus 11.81% for SPYI. That is about $356 more a year on $10,000. Both pay monthly.
  • Performance. Over the last 1 year, SPYI returned 4.0% versus -3.2% for OMAH, with dividends reinvested. $10,000 would have grown to $10,399 in SPYI and $9,675 in OMAH.
  • Risk. SPYI has been the bumpier ride. Its worst peak-to-trough decline over the last 1 year was -16.5%, against -11.8% for OMAH.
  • Diversification. OMAH holds 73 positions and SPYI holds 10. The ten largest positions make up 62.0% of OMAH and 38.5% of SPYI.
  • Overlap. At least 15% of the two portfolios overlap by weight, across 9 shared holdings. They mostly own different companies, so they can complement each other.
  • Size. SPYI is the larger fund with $12.6 billion in assets, against $1.1 billion for OMAH.

Bottom line: OMAH fits better if you care most about more income today, smaller drawdowns and broader diversification. SPYI fits better if you care most about lower fees and stronger 1-year returns.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricOMAH
VistaShares Target 15 Berkshire Select Income ETF
SPYI
Neos S&P 500(R) High Income ETF
Dividend yield (TTM)15.37%11.81%
Dividend / share (TTM)$2.79$6.34
Payout frequencyMonthlyMonthly
Last dividend$0.2245 on Sep 29, 2026$0.5338 on Sep 18, 2026
Ex-dividend dateSep 28, 2026Sep 16, 2026
Dividend growth (CAGR)—3.1% over 2 yrs
Price$18.16$53.70
Dividend growth streak—2 years
Beta0.240.70
Max drawdown (5Y)-11.8%-16.5%
Market cap$453.9M$10.50B
ExchangeAMEXCBOE
Expense ratio0.95%0.68%
Assets under management$1.12B$12.56B
Number of holdings7310
Top 10 concentration62.0%38.5%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

OMAH

$128.08/mo

$1537 /yr at 15.37% yield

SPYI

$98.39/mo

$1181 /yr at 11.81% yield

Dividend history
Total dividends paid per share in each calendar year. OMAH pays monthly; SPYI pays monthly.
YearOMAHSPYI
2025—$6.1458
2024—$6.1182
2023—$5.7873
Strategy: Options income
These funds own equities and sell call options against them, converting a share of future price appreciation into cash paid out now. How much upside is surrendered depends on the design: writing at the money on the whole portfolio pays the most and keeps the least, while writing on a partial slice or using purchased offsets keeps more of a rally. Distributions come mainly from option premium rather than from company dividends, so the headline yield is not comparable to a dividend fund's.

Payouts are variable rather than contractual, are often taxed as ordinary income, and a fund that pays out more than the strategy earns will see its net asset value drift down over time.

What OMAH vs SPYI actually do

SPYI
A NEOS ETF that holds the S&P 500 and runs a call-writing program on SPX index options for monthly income.

It owns the index constituents, then layers on a data-driven call strategy that can include both sold and purchased SPX options, so the manager can dial how much upside is given away instead of overwriting the whole book every month. SPX options are section 1256 contracts, which are marked to market and taxed 60% long-term and 40% short-term regardless of holding period, and NEOS also harvests losses inside the options sleeve. Together those choices change the tax character of what lands in your account, which is the main thing separating this from an ordinary buy-write fund.

Suits a taxable-account holder who wants S&P 500 exposure with a much larger monthly payout and cares about how that income is taxed. Not for someone who wants uncapped participation in a strong bull market or the lowest possible expense ratio.

Tax-aware equity income

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Mar 4, 2025 would now be worth $10,157 in OMAH and $11,878 in SPYI.
PeriodOMAHSPYI
1 month-0.27%1.15%
3 months-4.72%1.19%
Year to date-3.09%2.23%
1 year-3.25%3.99%
3 years—49.83%
5 years——
  • OMAH
  • SPYI
8510412320252026102119

Both series indexed to 100 on 2025-03-04 using the adjusted closing price series. Past performance does not guarantee future results.

Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
  • OMAH
  • SPYI
0%10%20%29%39%Technology15.5%39.1%Financial Services31.9%11.5%Communication Services17.8%9.7%Consumer Defensive14.2%4.7%Healthcare4.7%9.6%Energy9.9%3.7%Consumer Cyclical2.1%9.2%Industrials3.8%7.4%Utilities1.9%Real Estate1.7%Other0.2%1.5%
OMAH vs SPYI holdings overlap
At least 15% overlap by weight, with 9 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
Largest shared holdingsOMAH weightSPYI weight
AAPLApple Inc10.62%7.49%
GOOGLAlphabet Inc4.42%3.00%
GOOGAlphabet Inc4.40%2.41%
CVXChevron Corp5.00%0.64%
KOCoca-Cola Co/The5.14%0.55%
BACBank of America Corp3.48%0.50%
AXPAmerican Express Co6.56%0.25%
COFCapital One Financial Corp4.82%0.19%
CBChubb Ltd4.61%0.19%
Top 10 holdings
Largest positions by portfolio weight.

OMAH73 holdings total

NameWeight
AAPLApple Inc10.62%
BRK-BBerkshire Hathaway Inc10.48%
AXPAmerican Express Co6.56%
KOCoca-Cola Co/The5.14%
CVXChevron Corp5.00%
KRKroger Co/The4.94%
VRSNVeriSign Inc4.86%
OXYOccidental Petroleum Corp4.86%
COFCapital One Financial Corp4.82%
DVADAVITA INC4.75%

SPYI10 holdings total

NameWeight
NVDANVIDIA Corp7.94%
AAPLApple Inc7.49%
MSFTMicrosoft Corp5.97%
AMZNAmazon.com Inc3.90%
GOOGLAlphabet Inc3.00%
GOOGAlphabet Inc2.41%
AVGOBroadcom Inc2.40%
METAMeta Platforms Inc2.29%
TSLATesla Inc1.59%
LLYEli Lilly & Co1.55%

Quick verdict

OMAH fits better if you care most about more income today, smaller drawdowns and broader diversification. SPYI fits better if you care most about lower fees and stronger 1-year returns. Model the holding inside your real portfolio before deciding.

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Frequently asked questions

Is OMAH or SPYI better for dividend income?
It depends on your goals. OMAH currently yields 15.37% Trailing Twelve Months (TTM) while SPYI yields 11.81%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between OMAH and SPYI?
VistaShares Target 15 Berkshire Select Income ETF (OMAH) is an ETF listed on AMEX. Neos S&P 500(R) High Income ETF (SPYI) is an ETF listed on CBOE. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, OMAH or SPYI?
SPYI has the lower expense ratio. OMAH charges 0.95% a year and SPYI charges 0.68%, a difference of $27 a year on a $10,000 investment.
Which has performed better, OMAH or SPYI?
Over the last 1 year, SPYI has the higher total return with dividends reinvested: OMAH returned -3.2% and SPYI returned 4.0%. Past performance does not predict future returns.
Which is riskier, OMAH or SPYI?
Measured by the worst peak-to-trough decline over the last five years, SPYI has been riskier: OMAH fell as much as 11.8% and SPYI as much as 16.5%. Their betas are 0.24 and 0.70.
How much do OMAH and SPYI overlap?
At least 15% of the two portfolios overlap by weight, across 9 shared holdings. The largest shared positions are AAPL, GOOGL, GOOG. Holding both still adds meaningful diversification.
How often do OMAH and SPYI pay dividends?
Both pay monthly. The most recent payments were $0.2245 for OMAH and $0.5338 for SPYI.
How much income does $10,000 in OMAH vs SPYI generate?
At current TTM yields, $10,000 in OMAH would generate roughly $128.08 per month ($1537 annually). The same amount in SPYI would produce about $98.39 per month ($1181 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both OMAH and SPYI?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare OMAH vs SPYI with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how OMAH and SPYI fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.

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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.