Dividend comparison

SPYD vs SPYI: Which Is Better for Income?

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

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SPYD vs SPYI: key differences
The short answer, from the latest data on this page.
  • Fees. SPYD is cheaper at 0.07% a year versus 0.68% for SPYI. On $10,000 that is $61 a year less in fees.
  • Income. SPYI pays more income, yielding 11.81% over the last twelve months versus 4.33% for SPYD. That is about $748 more a year on $10,000. SPYD pays quarterly, SPYI pays monthly.
  • Performance. Over the last 3 years, SPYD returned 54.5% versus 49.8% for SPYI, with dividends reinvested. $10,000 would have grown to $15,450 in SPYD and $14,983 in SPYI.
  • Risk. SPYD has been the bumpier ride. Its worst peak-to-trough decline over the last 3 years was -22.2%, against -16.5% for SPYI.
  • Diversification. SPYD holds 78 positions and SPYI holds 10. The ten largest positions make up 16.4% of SPYD and 38.5% of SPYI.
  • Overlap. At least 2% of the two portfolios overlap by weight, across 9 shared holdings. They mostly own different companies, so they can complement each other.
  • Dividend growth. SPYD grew its yearly payout 6.0% a year over the last 2 years, versus 3.1% for SPYI.

Bottom line: SPYD 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.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricSPYD
State Street SPDR Portfolio S&P 500 High Dividend ETF
SPYI
Neos S&P 500(R) High Income ETF
Dividend yield (TTM)4.33%11.81%
Dividend / share (TTM)$2.06$6.34
Payout frequencyQuarterlyMonthly
Last dividend$0.5178 on Sep 23, 2026$0.5338 on Sep 18, 2026
Ex-dividend dateSep 21, 2026Sep 16, 2026
Dividend growth (CAGR)6.0% over 4 yrs3.1% over 2 yrs
Price$47.60$53.70
Dividend growth streak2 years2 years
Beta0.640.70
Max drawdown (5Y)-22.2%-16.5%
Market cap$7.34B$10.50B
ExchangeAMEXCBOE
Expense ratio0.07%0.68%
Assets under management$7.26B$12.56B
Number of holdings7810
Top 10 concentration16.4%38.5%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

SPYD

$36.06/mo

$433 /yr at 4.33% yield

SPYI

$98.39/mo

$1181 /yr at 11.81% yield

Dividend history
Total dividends paid per share in each calendar year. SPYD pays quarterly; SPYI pays monthly.
YearSPYDSPYI
2025$1.9570$6.1458
2024$1.8637$6.1182
2023$1.8276$5.7873
2022$1.9833—
2021$1.5492—
Strategy: Dividend equity
Rules-based equity funds that screen for companies paying sustainable or rising dividends, aiming at income plus long-term share-price participation. The screen is what defines the fund: yield-ranked indexes deliver more cash now, dividend-growth indexes deliberately exclude the highest payers in favor of durability. Both approaches produce a sector mix that looks nothing like the broad market, typically heavier in financials, healthcare, staples and industrials.

Expect stretches of underperformance versus the broad market whenever leadership comes from the high-growth, low-yield companies these screens exclude.

What SPYD 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 $13,608 in SPYD and $16,209 in SPYI.
PeriodSPYDSPYI
1 month1.13%1.15%
3 months-3.62%1.19%
Year to date10.06%2.23%
1 year9.07%3.99%
3 years54.50%49.83%
5 years37.97%—
  • SPYD
  • SPYI
8112517020222023202420252026136162

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.
  • SPYD
  • SPYI
0%10%20%29%39%Technology3.9%39.1%Real Estate24.4%1.7%Financial Services13.3%11.5%Consumer Defensive14.2%4.7%Communication Services5.3%9.7%Consumer Cyclical5.2%9.2%Healthcare4.4%9.6%Utilities10.9%1.9%Industrials5.1%7.4%Energy5.8%3.7%Other7.5%1.5%
SPYD vs SPYI holdings overlap
At least 2% 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 holdingsSPYD weightSPYI weight
CVXCHEVRON CORP1.56%0.64%
VZVERIZON COMMUNICATIONS INC1.34%0.28%
PEPPEPSICO INC1.32%0.27%
PFEPFIZER INC1.59%0.26%
TAT+T INC1.35%0.25%
ACNACCENTURE PLC CL A2.27%0.22%
MOALTRIA GROUP INC1.38%0.19%
BMYBRISTOL MYERS SQUIBB CO1.30%0.19%
MDTMEDTRONIC PLC1.52%0.18%
Top 10 holdings
Largest positions by portfolio weight.

SPYD78 holdings total

NameWeight
ACNACCENTURE PLC CL A2.27%
PSXPHILLIPS 661.71%
HPQHP INC1.62%
PFEPFIZER INC1.59%
APAAPA CORP1.57%
VTRSVIATRIS INC1.56%
CVXCHEVRON CORP1.56%
IRMIRON MOUNTAIN INC1.53%
MDTMEDTRONIC PLC1.52%
TGTTARGET CORP1.49%

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

SPYD 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. Model the holding inside your real portfolio before deciding.

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Frequently asked questions

Is SPYD or SPYI better for dividend income?
It depends on your goals. SPYD currently yields 4.33% 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 SPYD and SPYI?
State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) 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, SPYD or SPYI?
SPYD has the lower expense ratio. SPYD charges 0.07% a year and SPYI charges 0.68%, a difference of $61 a year on a $10,000 investment.
Which has performed better, SPYD or SPYI?
Over the last 3 years, SPYD has the higher total return with dividends reinvested: SPYD returned 54.5% and SPYI returned 49.8%. Past performance does not predict future returns.
Which is riskier, SPYD or SPYI?
Measured by the worst peak-to-trough decline over the last five years, SPYD has been riskier: SPYD fell as much as 22.2% and SPYI as much as 16.5%. Their betas are 0.64 and 0.70.
How much do SPYD and SPYI overlap?
At least 2% of the two portfolios overlap by weight, across 9 shared holdings. The largest shared positions are CVX, VZ, PEP. Holding both still adds meaningful diversification.
How often do SPYD and SPYI pay dividends?
SPYD pays quarterly and SPYI pays monthly.
How much income does $10,000 in SPYD vs SPYI generate?
At current TTM yields, $10,000 in SPYD would generate roughly $36.06 per month ($433 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 SPYD 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 SPYD vs SPYI with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how SPYD 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.