Dividend comparison
SPYI vs DIVO: Which Is Better for Income?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Neos S&P 500(R) High Income ETF and Amplify CWP Enhanced Dividend Income ETF, side by side. Updated October 21, 2026.
- Fees. DIVO is cheaper at 0.56% a year versus 0.68% for SPYI. On $10,000 that is $12 a year less in fees.
- Income. SPYI pays more income, yielding 11.81% over the last twelve months versus 6.28% for DIVO. That is about $552 more a year on $10,000. SPYI pays monthly, DIVO pays quarterly.
- Performance. Over the last 3 years, DIVO returned 54.5% versus 49.8% for SPYI, with dividends reinvested. $10,000 would have grown to $15,445 in DIVO and $14,983 in SPYI.
- Risk. SPYI has been the bumpier ride. Its worst peak-to-trough decline over the last 3 years was -16.5%, against -13.7% for DIVO.
- Diversification. DIVO holds 30 positions and SPYI holds 10.
- Dividend growth. DIVO grew its yearly payout 11.9% a year over the last 2 years, versus 3.1% for SPYI.
Bottom line: SPYI fits better if you care most about more income today. DIVO fits better if you care most about lower fees, stronger 3-year returns, faster dividend growth and broader diversification.
| Metric | SPYI Neos S&P 500(R) High Income ETF | DIVO Amplify CWP Enhanced Dividend Income ETF |
|---|---|---|
| Dividend yield (TTM) | 11.81% | 6.28% |
| Dividend / share (TTM) | $6.34 | $3.02 |
| Payout frequency | Monthly | Quarterly |
| Last dividend | $0.5338 on Sep 18, 2026 | $0.1890 on Sep 30, 2026 |
| Ex-dividend date | Sep 16, 2026 | Sep 29, 2026 |
| Dividend growth (CAGR) | 3.1% over 2 yrs | 11.9% over 4 yrs |
| Price | $53.70 | $48.02 |
| Dividend growth streak | 2 years | 3 years |
| Beta | 0.70 | 0.56 |
| Max drawdown (5Y) | -16.5% | -13.7% |
| Market cap | $10.50B | $8.01B |
| Exchange | CBOE | AMEX |
| Expense ratio | 0.68% | 0.56% |
| Assets under management | $12.56B | $7.99B |
| Number of holdings | 10 | 30 |
| Top 10 concentration | 38.5% | — |
SPYI
$98.39/mo
$1181 /yr at 11.81% yield
DIVO
$52.35/mo
$628 /yr at 6.28% yield
| Year | SPYI | DIVO |
|---|---|---|
| 2025 | $6.1458 | $2.8660 |
| 2024 | $6.1182 | $1.9013 |
| 2023 | $5.7873 | $1.7085 |
| 2022 | — | $1.7074 |
| 2021 | — | $1.8280 |
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 SPYI vs DIVO actually do
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
The manager runs a hand-picked book of roughly 20 to 30 large-cap dividend stocks rather than tracking an index. Instead of keeping every position covered, calls are written tactically on single names, typically when a holding has run up or its implied volatility is elevated. That preserves far more upside than a blanket index overwrite, but it makes option income lumpy and puts the outcome on manager judgment rather than a published rule.
Suits an investor who wants dividend income lifted by option premium without surrendering most of the appreciation. Less suitable for anyone who wants a fully rules-based product, the lowest fee, or the highest available distribution rate.
Moderate income with growth
| Period | SPYI | DIVO |
|---|---|---|
| 1 month | 1.15% | 1.37% |
| 3 months | 1.19% | 3.58% |
| Year to date | 2.23% | 7.91% |
| 1 year | 3.99% | 8.28% |
| 3 years | 49.83% | 54.45% |
| 5 years | — | 59.59% |
- SPYI
- DIVO
Both series indexed to 100 on 2022-08-30 using the adjusted closing price series. Past performance does not guarantee future results.
- SPYI
- DIVO
Quick verdict
SPYI fits better if you care most about more income today. DIVO fits better if you care most about lower fees, stronger 3-year returns, faster dividend growth and broader diversification. Model the holding inside your real portfolio before deciding.
Frequently asked questions
Is SPYI or DIVO better for dividend income?
What is the difference between SPYI and DIVO?
Which is cheaper, SPYI or DIVO?
Which has performed better, SPYI or DIVO?
Which is riskier, SPYI or DIVO?
How often do SPYI and DIVO pay dividends?
How much income does $10,000 in SPYI vs DIVO generate?
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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.