Dividend comparison

SPYI vs ISPY: 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 ProShares - S&P 500 High Income ETF, side by side. Updated October 21, 2026.

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SPYI vs ISPY: key differences
The short answer, from the latest data on this page.
  • Fees. ISPY is cheaper at 0.55% a year versus 0.68% for SPYI. On $10,000 that is $13 a year less in fees.
  • Income. SPYI pays more income, yielding 11.81% over the last twelve months versus 5.52% for ISPY. That is about $629 more a year on $10,000. Both pay monthly.
  • Performance. Over the last 1 year, ISPY returned 6.6% versus 4.0% for SPYI, with dividends reinvested. $10,000 would have grown to $10,661 in ISPY and $10,399 in SPYI.
  • Risk. Their worst declines over the last 1 year were similar: -16.5% for SPYI and -16.9% for ISPY from peak to trough.
  • Diversification. ISPY holds 514 positions and SPYI holds 10. The ten largest positions make up 38.5% of SPYI and 44.4% of ISPY.
  • Overlap. At least 62% of the two portfolios overlap by weight, across 97 shared holdings.
  • Size. SPYI is the larger fund with $12.6 billion in assets, against $1.2 billion for ISPY.

Bottom line: SPYI fits better if you care most about more income today. ISPY fits better if you care most about lower fees, stronger 1-year returns and broader diversification.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricSPYI
Neos S&P 500(R) High Income ETF
ISPY
ProShares - S&P 500 High Income ETF
Dividend yield (TTM)11.81%5.52%
Dividend / share (TTM)$6.34$2.65
Payout frequencyMonthlyMonthly
Last dividend$0.5338 on Sep 18, 2026$0.2523 on Oct 7, 2026
Ex-dividend dateSep 16, 2026Oct 1, 2026
Dividend growth (CAGR)3.1% over 2 yrs—
Price$53.70$48.05
Dividend growth streak2 years—
Beta0.700.86
Max drawdown (5Y)-16.5%-16.9%
Market cap$10.50B$1.15B
ExchangeCBOECBOE
Expense ratio0.68%0.55%
Assets under management$12.56B$1.16B
Number of holdings10514
Top 10 concentration38.5%44.4%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

SPYI

$98.39/mo

$1181 /yr at 11.81% yield

ISPY

$46.00/mo

$552 /yr at 5.52% yield

Dividend history
Total dividends paid per share in each calendar year. SPYI pays monthly; ISPY pays monthly.
YearSPYIISPY
2025$6.1458$3.9051
2024$6.1182—
2023$5.7873—
Strategy: Options income
These funds own equities and sell call options against them, converting a share of future price appreciation into cash paid out now. How much upside is surrendered depends on the design: writing at the money on the whole portfolio pays the most and keeps the least, while writing on a partial slice or using purchased offsets keeps more of a rally. Distributions come mainly from option premium rather than from company dividends, so the headline yield is not comparable to a dividend fund's.

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 ISPY 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 Dec 20, 2023 would now be worth $14,150 in SPYI and $14,654 in ISPY.
PeriodSPYIISPY
1 month1.15%-0.08%
3 months1.19%1.14%
Year to date2.23%5.30%
1 year3.99%6.61%
3 years49.83%—
5 years——
  • SPYI
  • ISPY
961251532023202420252026142147

Both series indexed to 100 on 2023-12-20 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.
  • SPYI
  • ISPY
0%10%20%29%39%Technology39.1%33.5%Financial Services11.5%22.5%Communication Services9.7%8.3%Healthcare9.6%8.0%Consumer Cyclical9.2%7.4%Industrials7.4%6.2%Consumer Defensive4.7%3.9%Energy3.7%3.2%Utilities1.9%1.7%Real Estate1.7%1.4%Other1.5%4.0%
SPYI vs ISPY holdings overlap
At least 62% overlap by weight, with 97 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 holdingsSPYI weightISPY weight
NVDANVIDIA Corp7.94%6.70%
AAPLApple Inc7.49%6.38%
MSFTMicrosoft Corp5.97%5.05%
AMZNAmazon.com Inc3.90%3.28%
GOOGLAlphabet Inc3.00%2.58%
GOOGAlphabet Inc2.41%2.06%
AVGOBroadcom Inc2.40%2.03%
METAMeta Platforms Inc2.29%1.98%
TSLATesla Inc1.59%1.32%
MUMicron Technology Inc1.51%1.30%
Top 10 holdings
Largest positions by portfolio weight.

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%

ISPY514 holdings total

NameWeight
IQMMPROSHARES GENIUS MNY MKT ETF12.97%
NVDANVIDIA CORP6.70%
AAPLAPPLE INC6.38%
MSFTMICROSOFT CORP5.05%
AMZNAMAZON.COM INC3.28%
GOOGLALPHABET INC-CL A2.58%
GOOGALPHABET INC-CL C2.06%
AVGOBROADCOM INC2.03%
METAMETA PLATFORMS INC-CLASS A1.98%
TSLATESLA INC1.32%

Quick verdict

SPYI fits better if you care most about more income today. ISPY fits better if you care most about lower fees, stronger 1-year returns and broader diversification. Model the holding inside your real portfolio before deciding.

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Frequently asked questions

Is SPYI or ISPY better for dividend income?
It depends on your goals. SPYI currently yields 11.81% Trailing Twelve Months (TTM) while ISPY yields 5.52%. 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 SPYI and ISPY?
Neos S&P 500(R) High Income ETF (SPYI) is an ETF listed on CBOE. ProShares - S&P 500 High Income ETF (ISPY) 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, SPYI or ISPY?
ISPY has the lower expense ratio. SPYI charges 0.68% a year and ISPY charges 0.55%, a difference of $13 a year on a $10,000 investment.
Which has performed better, SPYI or ISPY?
Over the last 1 year, ISPY has the higher total return with dividends reinvested: SPYI returned 4.0% and ISPY returned 6.6%. Past performance does not predict future returns.
Which is riskier, SPYI or ISPY?
Measured by the worst peak-to-trough decline over the last five years, ISPY has been riskier: SPYI fell as much as 16.5% and ISPY as much as 16.9%. Their betas are 0.70 and 0.86.
How much do SPYI and ISPY overlap?
At least 62% of the two portfolios overlap by weight, across 97 shared holdings. The largest shared positions are NVDA, AAPL, MSFT. Holding both still adds meaningful diversification.
How often do SPYI and ISPY pay dividends?
Both pay monthly. The most recent payments were $0.5338 for SPYI and $0.2523 for ISPY.
How much income does $10,000 in SPYI vs ISPY generate?
At current TTM yields, $10,000 in SPYI would generate roughly $98.39 per month ($1181 annually). The same amount in ISPY would produce about $46.00 per month ($552 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both SPYI and ISPY?
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 SPYI vs ISPY with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how SPYI and ISPY 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.