Dividend comparison
SPYI vs GPIX: 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 S&P 500 Premium Income ETF, side by side. Updated October 21, 2026.
- Fees. GPIX 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 8.20% for GPIX. That is about $361 more a year on $10,000. Both pay monthly.
- Performance. Over the last 3 years, GPIX returned 567.8% versus 49.8% for SPYI, with dividends reinvested. $10,000 would have grown to $66,778 in GPIX and $14,983 in SPYI.
- Risk. GPIX 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. GPIX holds 488 positions and SPYI holds 10. The ten largest positions make up 38.5% of SPYI and 39.4% of GPIX.
- Overlap. At least 67% of the two portfolios overlap by weight, across 84 shared holdings.
- Size. SPYI is the larger fund with $12.6 billion in assets, against $6.2 billion for GPIX.
Bottom line: SPYI fits better if you care most about more income today and smaller drawdowns. GPIX 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 | GPIX Goldman Sachs S&P 500 Premium Income ETF |
|---|---|---|
| Dividend yield (TTM) | 11.81% | 8.20% |
| Dividend / share (TTM) | $6.34 | $4.59 |
| Payout frequency | Monthly | Monthly |
| Last dividend | $0.5338 on Sep 18, 2026 | $0.3970 on Oct 7, 2026 |
| Ex-dividend date | Sep 16, 2026 | Oct 1, 2026 |
| Dividend growth (CAGR) | 3.1% over 2 yrs | — |
| Price | $53.70 | $55.96 |
| Dividend growth streak | 2 years | 1 year |
| Beta | 0.70 | 0.84 |
| Max drawdown (5Y) | -16.5% | -100.0% |
| Market cap | $10.50B | $1.16B |
| Exchange | CBOE | NASDAQ |
| Expense ratio | 0.68% | 0.35% |
| Assets under management | $12.56B | $6.24B |
| Number of holdings | 10 | 488 |
| Top 10 concentration | 38.5% | 39.4% |
SPYI
$98.39/mo
$1181 /yr at 11.81% yield
GPIX
$68.30/mo
$820 /yr at 8.20% yield
| Year | SPYI | GPIX |
|---|---|---|
| 2025 | $6.1458 | $4.2301 |
| 2024 | $6.1182 | $3.9993 |
| 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 GPIX 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 fund writes calls on a varying portion of the portfolio rather than a fixed slice, so the manager can lean into premium when volatility is rich and pull back when it is not. Because the underlying index is broader and less volatile than the Nasdaq-100, the premium collected is lower and the distribution is smaller than the technology-focused version. Like its sibling, it is priced far closer to a plain index fund than to a typical derivative-income product.
Suits an investor who wants most of the S&P 500 experience with a meaningfully larger cash payout and low fee drag. Not for someone who wants either an untouched index return or the largest distribution on the shelf.
Balanced income and growth
| Period | SPYI | GPIX |
|---|---|---|
| 1 month | 1.15% | 0.43% |
| 3 months | 1.19% | 1.69% |
| Year to date | 2.23% | 6.75% |
| 1 year | 3.99% | 8.41% |
| 3 years | 49.83% | 567.78% |
| 5 years | — | — |
- SPYI
- GPIX
Both series indexed to 100 on 2023-10-19 using the adjusted closing price series. Past performance does not guarantee future results.
- SPYI
- GPIX
| Largest shared holdings | SPYI weight | GPIX weight |
|---|---|---|
| NVDANVIDIA Corp | 7.94% | 7.99% |
| AAPLApple Inc | 7.49% | 7.55% |
| MSFTMicrosoft Corp | 5.97% | 5.99% |
| AMZNAmazon.com Inc | 3.90% | 3.81% |
| GOOGLAlphabet Inc | 3.00% | 3.36% |
| AVGOBroadcom Inc | 2.40% | 2.34% |
| METAMeta Platforms Inc | 2.29% | 1.54% |
| MUMicron Technology Inc | 1.51% | 1.55% |
| LLYEli Lilly & Co | 1.55% | 1.50% |
| TSLATesla Inc | 1.59% | 1.48% |
SPYI10 holdings total
GPIX488 holdings total
| Name | Weight |
|---|---|
| NVDANVIDIA CORPORATION | 7.99% |
| AAPLAPPLE INC. | 7.55% |
| MSFTMICROSOFT CORPORATION | 5.99% |
| AMZNAMAZON.COM INC | 3.81% |
| XLCSTATE STREET COMMUNICATION SERVICES SELECT SECTOR | 3.77% |
| GOOGLALPHABET INC. | 3.36% |
| AVGOBROADCOM INC. | 2.34% |
| MUMICRON TECHNOLOGY, INC. | 1.55% |
| METAMETA PLATFORMS INC-CLASS A | 1.54% |
| BRK-BBERKSHIRE HATHAWAY INC. | 1.51% |
Quick verdict
SPYI fits better if you care most about more income today and smaller drawdowns. GPIX 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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How much do SPYI and GPIX overlap?
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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.