Dividend comparison
RYLD vs ISPY: Which Is Better for Income?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Global X - Russell 2000 Covered Call ETF and ProShares - S&P 500 High Income ETF, side by side. Updated October 21, 2026.
RYLD vs ISPY: key differences
The short answer, from the latest data on this page.
- Fees. ISPY is cheaper at 0.55% a year versus 0.60% for RYLD. On $10,000 that is $5 a year less in fees.
- Income. RYLD pays more income, yielding 12.32% over the last twelve months versus 5.52% for ISPY. That is about $680 more a year on $10,000. Both pay monthly.
- Performance. Over the last 1 year, ISPY returned 6.6% versus -0.2% for RYLD, with dividends reinvested. $10,000 would have grown to $10,661 in ISPY and $9,980 in RYLD.
- Risk. RYLD has been the bumpier ride. Its worst peak-to-trough decline over the last 1 year was -21.5%, against -16.9% for ISPY.
- Diversification. ISPY holds 514 positions and RYLD holds 8. The ten largest positions make up 100.0% of RYLD and 44.4% of ISPY.
Bottom line: RYLD fits better if you care most about more income today. ISPY fits better if you care most about lower fees, stronger 1-year returns, smaller drawdowns and broader diversification.
Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
| Metric | RYLD Global X - Russell 2000 Covered Call ETF | ISPY ProShares - S&P 500 High Income ETF |
|---|---|---|
| Dividend yield (TTM) | 12.32% | 5.52% |
| Dividend / share (TTM) | $1.87 | $2.65 |
| Payout frequency | Monthly | Monthly |
| Last dividend | $0.1475 on Sep 24, 2026 | $0.2523 on Oct 7, 2026 |
| Ex-dividend date | Oct 19, 2026 | Oct 1, 2026 |
| Next payment | $0.1480 on Oct 22, 2026 | — |
| Dividend growth (CAGR) | -9.1% over 4 yrs | — |
| Price | $15.19 | $48.05 |
| Beta | 0.54 | 0.86 |
| Max drawdown (5Y) | -21.5% | -16.9% |
| Market cap | $1.29B | $1.15B |
| Exchange | AMEX | CBOE |
| Expense ratio | 0.60% | 0.55% |
| Assets under management | $1.29B | $1.16B |
| Number of holdings | 8 | 514 |
| Top 10 concentration | 100.0% | 44.4% |
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.
RYLD
$102.65/mo
$1232 /yr at 12.32% yield
ISPY
$46.00/mo
$552 /yr at 5.52% yield
Dividend history
Total dividends paid per share in each calendar year. RYLD pays monthly; ISPY pays monthly.
| Year | RYLD | ISPY |
|---|---|---|
| 2025 | $2.0022 | $3.9051 |
| 2024 | $1.9660 | — |
| 2023 | $2.1365 | — |
| 2022 | $2.6570 | — |
| 2021 | $2.9360 | — |
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.
Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Dec 20, 2023 would now be worth $11,587 in RYLD and $14,654 in ISPY.
| Period | RYLD | ISPY |
|---|---|---|
| 1 month | -2.57% | -0.08% |
| 3 months | -6.00% | 1.14% |
| Year to date | -0.72% | 5.30% |
| 1 year | -0.20% | 6.61% |
| 3 years | 21.33% | — |
| 5 years | -1.11% | — |
- RYLD
- ISPY
Both series indexed to 100 on 2023-12-20 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.
- RYLD
- ISPY
RYLD vs ISPY 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.
Quick verdict
RYLD fits better if you care most about more income today. ISPY fits better if you care most about lower fees, stronger 1-year returns, smaller drawdowns and broader diversification. Model the holding inside your real portfolio before deciding.
Still deciding? Compare them in your portfolio
Forecast dividend income, track payouts, and see how RYLD vs ISPY fits with the rest of your holdings. Free to start — no credit card required for the trial.
Frequently asked questions
Is RYLD or ISPY better for dividend income?
It depends on your goals. RYLD currently yields 12.32% Trailing Twelve Months (TTM) while ISPY yields 5.52%. 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 RYLD and ISPY?
Global X - Russell 2000 Covered Call ETF (RYLD) is an ETF listed on AMEX. ProShares - S&P 500 High Income ETF (ISPY) 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, RYLD or ISPY?
ISPY has the lower expense ratio. RYLD charges 0.60% a year and ISPY charges 0.55%, a difference of $5 a year on a $10,000 investment.
Which has performed better, RYLD or ISPY?
Over the last 1 year, ISPY has the higher total return with dividends reinvested: RYLD returned -0.2% and ISPY returned 6.6%. Past performance does not predict future returns.
Which is riskier, RYLD or ISPY?
Measured by the worst peak-to-trough decline over the last five years, RYLD has been riskier: RYLD fell as much as 21.5% and ISPY as much as 16.9%. Their betas are 0.54 and 0.86.
How often do RYLD and ISPY pay dividends?
Both pay monthly. The most recent payments were $0.1475 for RYLD and $0.2523 for ISPY.
How much income does $10,000 in RYLD vs ISPY generate?
At current TTM yields, $10,000 in RYLD would generate roughly $102.65 per month ($1232 annually). The same amount in ISPY would produce about $46.00 per month ($552 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both RYLD and ISPY?
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 RYLD vs ISPY with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how RYLD and ISPY 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.