Dividend comparison

OVL vs SPYI: Which Is Better for Income?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Overlay Shares Large Cap Equity ETF and Neos S&P 500(R) High Income ETF, side by side. Updated October 21, 2026.

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OVL vs SPYI: key differences
The short answer, from the latest data on this page.
  • Fees. SPYI is cheaper at 0.68% a year versus 0.79% for OVL. On $10,000 that is $11 a year less in fees.
  • Income. SPYI pays more income, yielding 11.81% over the last twelve months versus 8.31% for OVL. That is about $350 more a year on $10,000. OVL pays quarterly, SPYI pays monthly.
  • Performance. Over the last 3 years, OVL returned 84.0% versus 49.8% for SPYI, with dividends reinvested. $10,000 would have grown to $18,395 in OVL and $14,983 in SPYI.
  • Risk. OVL has been the bumpier ride. Its worst peak-to-trough decline over the last 3 years was -29.2%, against -16.5% for SPYI.
  • Diversification. OVL holds 11 positions and SPYI holds 10. The ten largest positions make up 99.9% of OVL and 38.5% of SPYI.
  • Dividend growth. SPYI grew its yearly payout 3.1% a year over the last 2 years, versus 1.9% for OVL.
  • Size. SPYI is the larger fund with $12.6 billion in assets, against $501 million for OVL.

Bottom line: OVL fits better if you care most about stronger 3-year returns. SPYI fits better if you care most about lower fees, more income today, smaller drawdowns and faster dividend growth.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricOVL
Overlay Shares Large Cap Equity ETF
SPYI
Neos S&P 500(R) High Income ETF
Dividend yield (TTM)8.31%11.81%
Dividend / share (TTM)$4.72$6.34
Payout frequencyQuarterlyMonthly
Last dividend$0.4935 on Sep 30, 2026$0.5338 on Sep 18, 2026
Ex-dividend dateSep 29, 2026Sep 16, 2026
Dividend growth (CAGR)1.9% over 4 yrs3.1% over 2 yrs
Price$56.86$53.70
Dividend growth streak3 years2 years
Beta1.130.70
Max drawdown (5Y)-29.2%-16.5%
Market cap$167.3M$10.50B
ExchangeCBOECBOE
Expense ratio0.79%0.68%
Assets under management$500.6M$12.56B
Number of holdings1110
Top 10 concentration99.9%38.5%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

OVL

$69.24/mo

$831 /yr at 8.31% yield

SPYI

$98.39/mo

$1181 /yr at 11.81% yield

Dividend history
Total dividends paid per share in each calendar year. OVL pays quarterly; SPYI pays monthly.
YearOVLSPYI
2025$1.5929$6.1458
2024$1.4448$6.1182
2023$1.2552$5.7873
2022$1.1749—
2021$1.4750—
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 OVL 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 Aug 30, 2022 would now be worth $19,560 in OVL and $16,209 in SPYI.
PeriodOVLSPYI
1 month0.00%1.15%
3 months1.14%1.19%
Year to date6.86%2.23%
1 year8.41%3.99%
3 years83.95%49.83%
5 years68.03%—
  • OVL
  • SPYI
8114520920222023202420252026196162

Both series indexed to 100 on 2022-08-30 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.
  • OVL
  • SPYI
0%10%20%29%39%Technology38.6%39.1%Financial Services12.0%11.5%Communication Services9.5%9.7%Healthcare9.3%9.6%Consumer Cyclical9.3%9.2%Industrials7.7%7.4%Consumer Defensive4.5%4.7%Energy3.5%3.7%Utilities2.0%1.9%Real Estate1.8%1.7%Other1.9%1.5%
OVL vs SPYI holdings overlap
At least 0% overlap by weight, with 0 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
Top 10 holdings
Largest positions by portfolio weight.

OVL11 holdings total

NameWeight
VOOVanguard S&P 500 ETF99.89%

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

OVL fits better if you care most about stronger 3-year returns. SPYI fits better if you care most about lower fees, more income today, smaller drawdowns and faster dividend growth. Model the holding inside your real portfolio before deciding.

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Frequently asked questions

Is OVL or SPYI better for dividend income?
It depends on your goals. OVL currently yields 8.31% 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 OVL and SPYI?
Overlay Shares Large Cap Equity ETF (OVL) is an ETF listed on CBOE. 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, OVL or SPYI?
SPYI has the lower expense ratio. OVL charges 0.79% a year and SPYI charges 0.68%, a difference of $11 a year on a $10,000 investment.
Which has performed better, OVL or SPYI?
Over the last 3 years, OVL has the higher total return with dividends reinvested: OVL returned 84.0% and SPYI returned 49.8%. Past performance does not predict future returns.
Which is riskier, OVL or SPYI?
Measured by the worst peak-to-trough decline over the last five years, OVL has been riskier: OVL fell as much as 29.2% and SPYI as much as 16.5%. Their betas are 1.13 and 0.70.
How often do OVL and SPYI pay dividends?
OVL pays quarterly and SPYI pays monthly.
How much income does $10,000 in OVL vs SPYI generate?
At current TTM yields, $10,000 in OVL would generate roughly $69.24 per month ($831 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 OVL 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 OVL vs SPYI with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how OVL 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.