Dividend comparison
SGOV vs SPYI: Which Is Better for Income?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for iShares 0-3 Month Treasury Bond ETF and Neos S&P 500(R) High Income ETF, side by side. Updated October 21, 2026.
- Fees. SGOV is cheaper at 0.09% a year versus 0.68% for SPYI. On $10,000 that is $59 a year less in fees.
- Income. SPYI pays more income, yielding 11.81% over the last twelve months versus 3.64% for SGOV. That is about $816 more a year on $10,000. Both pay monthly.
- Performance. Over the last 3 years, SPYI returned 49.8% versus 10.8% for SGOV, with dividends reinvested. $10,000 would have grown to $14,983 in SPYI and $11,076 in SGOV.
- Risk. SPYI has been the bumpier ride. Its worst peak-to-trough decline over the last 3 years was -16.5%, against -0.6% for SGOV.
- Diversification. SGOV holds 24 positions and SPYI holds 10.
- Dividend growth. SGOV grew its yearly payout 238.5% a year over the last 2 years, versus 3.1% for SPYI.
- Size. SGOV is the larger fund with $116.3 billion in assets, against $12.6 billion for SPYI.
Bottom line: SGOV fits better if you care most about lower fees, smaller drawdowns, faster dividend growth and broader diversification. SPYI fits better if you care most about more income today and stronger 3-year returns.
| Metric | SGOV iShares 0-3 Month Treasury Bond ETF | SPYI Neos S&P 500(R) High Income ETF |
|---|---|---|
| Dividend yield (TTM) | 3.64% | 11.81% |
| Dividend / share (TTM) | $3.67 | $6.34 |
| Payout frequency | Monthly | Monthly |
| Last dividend | $0.3005 on Oct 6, 2026 | $0.5338 on Sep 18, 2026 |
| Ex-dividend date | Oct 1, 2026 | Sep 16, 2026 |
| Dividend growth (CAGR) | 238.5% over 4 yrs | 3.1% over 2 yrs |
| Price | $100.61 | $53.70 |
| Dividend growth streak | — | 2 years |
| Beta | 0.00 | 0.70 |
| Max drawdown (5Y) | -0.6% | -16.5% |
| Market cap | $96.06B | $10.50B |
| Exchange | NYSE | CBOE |
| Expense ratio | 0.09% | 0.68% |
| Assets under management | $116.27B | $12.56B |
| Number of holdings | 24 | 10 |
| Top 10 concentration | — | 38.5% |
SGOV
$30.36/mo
$364 /yr at 3.64% yield
SPYI
$98.39/mo
$1181 /yr at 11.81% yield
| Year | SGOV | SPYI |
|---|---|---|
| 2025 | $4.1157 | $6.1458 |
| 2024 | $5.1151 | $6.1182 |
| 2023 | $4.8826 | $5.7873 |
| 2022 | $1.4546 | — |
| 2021 | $0.0313 | — |
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 SGOV vs SPYI actually do
It tracks an ICE index of 0 to 3 month Treasury securities, so the entire portfolio rolls over every quarter and its yield tracks short-term rates with a short lag rather than being locked in. Interest accrues into the share price through the month and is paid out monthly, which is why the price ratchets up and then drops back by the distribution amount instead of trending. Because the holdings are direct Treasury obligations, the income is generally exempt from state and local tax.
Suits an emergency fund, a savings goal with a near-term date, or the cash sleeve of a portfolio waiting to be deployed. It is not an investment in any growth sense, and it will lose purchasing power to inflation whenever short rates sit below it.
Capital preservation
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
| Period | SGOV | SPYI |
|---|---|---|
| 1 month | 0.02% | 1.15% |
| 3 months | 0.03% | 1.19% |
| Year to date | 0.23% | 2.23% |
| 1 year | 0.69% | 3.99% |
| 3 years | 10.76% | 49.83% |
| 5 years | 17.07% | — |
- SGOV
- SPYI
Both series indexed to 100 on 2022-08-30 using the adjusted closing price series. Past performance does not guarantee future results.
- SGOV
- SPYI
Quick verdict
SGOV fits better if you care most about lower fees, smaller drawdowns, faster dividend growth and broader diversification. SPYI fits better if you care most about more income today and stronger 3-year returns. Model the holding inside your real portfolio before deciding.
Frequently asked questions
Is SGOV or SPYI better for dividend income?
What is the difference between SGOV and SPYI?
Which is cheaper, SGOV or SPYI?
Which has performed better, SGOV or SPYI?
Which is riskier, SGOV or SPYI?
How often do SGOV and SPYI pay dividends?
How much income does $10,000 in SGOV vs SPYI generate?
Can I hold both SGOV and SPYI?
Where can I compare SGOV vs SPYI with my full portfolio?
Related comparisons
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.