Dividend comparison

SPY vs SPYI: Which Is Better?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for State Street SPDR S&P 500 ETF and Neos S&P 500(R) High Income ETF, side by side. Updated October 21, 2026.

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SPY vs SPYI: key differences
The short answer, from the latest data on this page.
  • Fees. SPY 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 0.98% for SPY. That is about $1,083 more a year on $10,000. SPY pays quarterly, SPYI pays monthly.
  • Performance. Over the last 3 years, SPY returned 88.9% versus 49.8% for SPYI, with dividends reinvested. $10,000 would have grown to $18,886 in SPY and $14,983 in SPYI.
  • Risk. SPY has been the bumpier ride. Its worst peak-to-trough decline over the last 3 years was -24.5%, against -16.5% for SPYI.
  • Diversification. SPY holds 504 positions and SPYI holds 10. The ten largest positions make up 38.7% of SPY and 38.5% of SPYI.
  • Overlap. At least 73% of the two portfolios overlap by weight, across 96 shared holdings. Owning both adds little diversification.
  • Dividend growth. SPY grew its yearly payout 6.4% a year over the last 2 years, versus 3.1% for SPYI.
  • Size. SPY is the larger fund with $816.6 billion in assets, against $12.6 billion for SPYI.

Bottom line: SPY fits better if you care most about lower fees, stronger 3-year returns, faster dividend growth and broader diversification. SPYI fits better if you care most about more income today and smaller drawdowns. With 73% overlap, most investors would hold one or the other rather than both.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricSPY
State Street SPDR S&P 500 ETF
SPYI
Neos S&P 500(R) High Income ETF
Dividend yield (TTM)0.98%11.81%
Dividend / share (TTM)$7.53$6.34
Payout frequencyQuarterlyMonthly
Last dividend$1.9035 on Jul 31, 2026$0.5338 on Sep 18, 2026
Ex-dividend dateSep 18, 2026Sep 16, 2026
Next payment$1.8888 on Oct 30, 2026—
Dividend growth (CAGR)6.4% over 4 yrs3.1% over 2 yrs
Price$769.05$53.70
Dividend growth streak16 years2 years
Beta1.010.70
Max drawdown (5Y)-24.5%-16.5%
Market cap$813.99B$10.50B
ExchangeAMEXCBOE
Expense ratio0.09%0.68%
Assets under management$816.57B$12.56B
Number of holdings50410
Top 10 concentration38.7%38.5%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

SPY

$8.15/mo

$98 /yr at 0.98% yield

SPYI

$98.39/mo

$1181 /yr at 11.81% yield

Dividend history
Total dividends paid per share in each calendar year. SPY pays quarterly; SPYI pays monthly.
YearSPYSPYI
2025$7.2533$6.1458
2024$7.0056$6.1182
2023$6.5091$5.7873
2022$6.1723—
2021$5.6618—
Strategy: Broad index
Low-cost funds that hold an entire market or index at market-cap weights and make no attempt to select securities. Return is the index return less a small fee, and dividends are a by-product of what the underlying companies choose to pay rather than an objective of the strategy. Differences between funds tracking the same index usually come down to fee, wrapper structure, share price and trading liquidity, not to holdings.

Current income is low and outside your control, so these need pairing with something else if the portfolio has to produce cash today.

What SPY vs SPYI actually do

SPY
The original S&P 500 ETF, launched in 1993 and still the most heavily traded equity fund in the world.

It holds the same 500 companies as its rivals, but it is structured as a unit investment trust rather than an open-end fund, an older wrapper that must hold every constituent and cannot put dividends back to work inside the fund before the quarterly payment date. That leaves a small cash drag and it carries a higher expense ratio than the newer S&P 500 trackers, around three times VOO's. What it buys instead is unmatched liquidity and by far the deepest options market of any S&P 500 fund.

Suits traders, options sellers and anyone who needs to move size with tight spreads. For a long-term buy-and-hold position the structural drag and higher fee work against it compared with the newer alternatives.

Core holding, trading vehicle

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 $20,373 in SPY and $16,209 in SPYI.
PeriodSPYSPYI
1 month0.97%1.15%
3 months3.63%1.19%
Year to date13.37%2.23%
1 year15.51%3.99%
3 years88.86%49.83%
5 years81.29%—
  • SPY
  • SPYI
8214921520222023202420252026204162

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.
  • SPY
  • SPYI
0%10%20%29%39%Technology38.4%39.1%Financial Services11.7%11.5%Communication Services9.8%9.7%Healthcare9.6%9.6%Consumer Cyclical8.8%9.2%Industrials8.0%7.4%Consumer Defensive4.7%4.7%Energy3.6%3.7%Utilities2.0%1.9%Real Estate1.7%1.7%Other1.9%1.5%
SPY vs SPYI holdings overlap
At least 73% overlap by weight, with 96 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 holdingsSPY weightSPYI weight
NVDANVIDIA CORP7.93%7.94%
AAPLAPPLE INC7.55%7.49%
MSFTMICROSOFT CORP5.98%5.97%
AMZNAMAZON.COM INC3.89%3.90%
GOOGLALPHABET INC CL A3.05%3.00%
GOOGALPHABET INC CL C2.44%2.41%
AVGOBROADCOM INC2.40%2.40%
METAMETA PLATFORMS INC CLASS A2.35%2.29%
TSLATESLA INC1.57%1.59%
MUMICRON TECHNOLOGY INC1.54%1.51%
Top 10 holdings
Largest positions by portfolio weight.

SPY504 holdings total

NameWeight
NVDANVIDIA CORP7.93%
AAPLAPPLE INC7.55%
MSFTMICROSOFT CORP5.98%
AMZNAMAZON.COM INC3.89%
GOOGLALPHABET INC CL A3.05%
GOOGALPHABET INC CL C2.44%
AVGOBROADCOM INC2.40%
METAMETA PLATFORMS INC CLASS A2.35%
TSLATESLA INC1.57%
MUMICRON TECHNOLOGY INC1.54%

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

SPY fits better if you care most about lower fees, stronger 3-year returns, faster dividend growth and broader diversification. SPYI fits better if you care most about more income today and smaller drawdowns. With 73% overlap, most investors would hold one or the other rather than both. Model the holding inside your real portfolio before deciding.

Still deciding? Compare them in your portfolio
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Frequently asked questions

Is SPY or SPYI better for dividend income?
It depends on your goals. SPY currently yields 0.98% 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 SPY and SPYI?
State Street SPDR S&P 500 ETF (SPY) 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, SPY or SPYI?
SPY has the lower expense ratio. SPY charges 0.09% a year and SPYI charges 0.68%, a difference of $59 a year on a $10,000 investment.
Which has performed better, SPY or SPYI?
Over the last 3 years, SPY has the higher total return with dividends reinvested: SPY returned 88.9% and SPYI returned 49.8%. Past performance does not predict future returns.
Which is riskier, SPY or SPYI?
Measured by the worst peak-to-trough decline over the last five years, SPY has been riskier: SPY fell as much as 24.5% and SPYI as much as 16.5%. Their betas are 1.01 and 0.70.
How much do SPY and SPYI overlap?
At least 73% of the two portfolios overlap by weight, across 96 shared holdings. The largest shared positions are NVDA, AAPL, MSFT. Holding both adds little diversification.
How often do SPY and SPYI pay dividends?
SPY pays quarterly and SPYI pays monthly.
How much income does $10,000 in SPY vs SPYI generate?
At current TTM yields, $10,000 in SPY would generate roughly $8.15 per month ($98 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 SPY 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 SPY vs SPYI with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how SPY 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.