Dividend comparison
SPYI vs GPIQ: 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 Goldman Sachs Nasdaq-100 Premium Income ETF, side by side. Updated October 21, 2026.
- Fees. GPIQ is cheaper at 0.35% a year versus 0.68% for SPYI. On $10,000 that is $33 a year less in fees.
- Income. SPYI pays more income, yielding 11.81% over the last twelve months versus 10.27% for GPIQ. That is about $153 more a year on $10,000. Both pay monthly.
- Performance. Over the last 3 years, GPIQ returned 599.0% versus 49.8% for SPYI, with dividends reinvested. $10,000 would have grown to $69,900 in GPIQ and $14,983 in SPYI.
- Risk. GPIQ has been the bumpier ride. Its worst peak-to-trough decline over the last 3 years was -100.0%, against -16.5% for SPYI.
- Diversification. GPIQ holds 107 positions and SPYI holds 10. The ten largest positions make up 38.5% of SPYI and 47.9% of GPIQ.
- Overlap. At least 49% of the two portfolios overlap by weight, across 36 shared holdings.
Bottom line: SPYI fits better if you care most about more income today and smaller drawdowns. GPIQ fits better if you care most about lower fees, stronger 3-year returns and broader diversification.
| Metric | SPYI Neos S&P 500(R) High Income ETF | GPIQ Goldman Sachs Nasdaq-100 Premium Income ETF |
|---|---|---|
| Dividend yield (TTM) | 11.81% | 10.27% |
| Dividend / share (TTM) | $6.34 | $5.77 |
| Payout frequency | Monthly | Monthly |
| Last dividend | $0.5338 on Sep 18, 2026 | $0.5088 on Oct 7, 2026 |
| Ex-dividend date | Sep 16, 2026 | Oct 1, 2026 |
| Dividend growth (CAGR) | 3.1% over 2 yrs | — |
| Price | $53.70 | $56.13 |
| Dividend growth streak | 2 years | 1 year |
| Beta | 0.70 | 1.16 |
| Max drawdown (5Y) | -16.5% | -100.0% |
| Market cap | $10.50B | $1.19B |
| Exchange | CBOE | NASDAQ |
| Expense ratio | 0.68% | 0.35% |
| Assets under management | $12.56B | $6.37B |
| Number of holdings | 10 | 107 |
| Top 10 concentration | 38.5% | 47.9% |
SPYI
$98.39/mo
$1181 /yr at 11.81% yield
GPIQ
$85.60/mo
$1027 /yr at 10.27% yield
| Year | SPYI | GPIQ |
|---|---|---|
| 2025 | $6.1458 | $5.1860 |
| 2024 | $6.1182 | $4.8875 |
| 2023 | $5.7873 | — |
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 GPIQ 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
Rather than overwriting the whole portfolio every month, the manager sells calls against roughly 25% to 75% of the equity exposure and adjusts that share with market conditions. Leaving part of the book uncovered is the deliberate design choice: it produces a smaller distribution than a full overwrite but keeps more of a rally. Fees sit well below most options-income peers, which matters over time in a category where the overlay already caps returns.
Suits an investor who wants Nasdaq-100 income but is not willing to give up the whole upside to get the highest headline yield. Less suitable for someone comparing purely on distribution rate, since a partial overwrite by design pays less than a full one.
Balanced income and growth
| Period | SPYI | GPIQ |
|---|---|---|
| 1 month | 1.15% | -1.32% |
| 3 months | 1.19% | 0.27% |
| Year to date | 2.23% | 7.10% |
| 1 year | 3.99% | 7.94% |
| 3 years | 49.83% | 599.00% |
| 5 years | — | — |
- SPYI
- GPIQ
Both series indexed to 100 on 2023-10-19 using the adjusted closing price series. Past performance does not guarantee future results.
- SPYI
- GPIQ
| Largest shared holdings | SPYI weight | GPIQ weight |
|---|---|---|
| NVDANVIDIA Corp | 7.94% | 8.20% |
| AAPLApple Inc | 7.49% | 7.84% |
| MSFTMicrosoft Corp | 5.97% | 6.23% |
| AMZNAmazon.com Inc | 3.90% | 4.36% |
| GOOGLAlphabet Inc | 3.00% | 3.96% |
| AVGOBroadcom Inc | 2.40% | 2.53% |
| METAMeta Platforms Inc | 2.29% | 3.34% |
| GOOGAlphabet Inc | 2.41% | 1.98% |
| TSLATesla Inc | 1.59% | 2.95% |
| MUMicron Technology Inc | 1.51% | 4.42% |
Quick verdict
SPYI fits better if you care most about more income today and smaller drawdowns. GPIQ fits better if you care most about lower fees, stronger 3-year returns and broader diversification. Model the holding inside your real portfolio before deciding.
Frequently asked questions
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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.