Dividend comparison
SPYI vs QQQI: 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 NEOS Nasdaq-100 High Income ETF, side by side. Updated October 24, 2026.
- Fees. Both charge about 0.68% a year, so cost is not what separates them.
- Income. QQQI pays more income, yielding 15.74% over the last twelve months versus 13.01% for SPYI. That is about $272 more a year on $10,000. Both pay monthly.
- Performance. Over the last 1 year, SPYI returned 2.7% versus -1.6% for QQQI, with dividends reinvested. $10,000 would have grown to $10,268 in SPYI and $9,841 in QQQI.
- Risk. QQQI has been the bumpier ride. Its worst peak-to-trough decline over the last 1 year was -20.0%, against -16.5% for SPYI.
- Diversification. SPYI holds 10 positions and QQQI holds 10. The ten largest positions make up 38.6% of SPYI and 46.9% of QQQI.
- Overlap. At least 51% of the two portfolios overlap by weight, across 37 shared holdings.
Bottom line: SPYI fits better if you care most about stronger 1-year returns and smaller drawdowns. QQQI fits better if you care most about more income today.
| Metric | SPYI Neos S&P 500(R) High Income ETF | QQQI NEOS Nasdaq-100 High Income ETF |
|---|---|---|
| Dividend yield (TTM) | 13.01% | 15.74% |
| Dividend / share (TTM) | $6.85 | $8.28 |
| Payout frequency | Monthly | Monthly |
| Last dividend | $0.5090 on Oct 23, 2026 | $0.6340 on Oct 23, 2026 |
| Ex-dividend date | Oct 21, 2026 | Oct 21, 2026 |
| Dividend growth (CAGR) | 3.1% over 2 yrs | — |
| Price | $52.64 | $52.59 |
| Dividend growth streak | 2 years | — |
| Beta | 0.70 | 0.93 |
| Max drawdown (5Y) | -16.5% | -20.0% |
| Market cap | $10.50B | $14.89B |
| Exchange | CBOE | NASDAQ |
| Expense ratio | 0.68% | 0.68% |
| Assets under management | $12.57B | $15.22B |
| Number of holdings | 10 | 10 |
| Top 10 concentration | 38.6% | 46.9% |
SPYI
$108.43/mo
$1301 /yr at 13.01% yield
QQQI
$131.13/mo
$1574 /yr at 15.74% yield
| Year | SPYI | QQQI |
|---|---|---|
| 2025 | $6.1458 | $7.4435 |
| 2024 | $6.1182 | — |
| 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 QQQI 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
It owns Nasdaq-100 constituents and applies the same call strategy of sold and purchased index options, sized actively rather than as a fixed full overwrite. Nasdaq-100 volatility is structurally higher, so the option premium collected is larger and the monthly distribution is bigger than the S&P 500 version. NDX options are also section 1256 contracts, so the same 60/40 tax treatment and loss-harvesting mechanics apply.
Suits someone who wants technology-heavy exposure converted into monthly cash with attention paid to tax character. A poor fit if you are holding the Nasdaq-100 specifically to compound growth, because the call overlay gives away the tail of exactly the rallies that index is bought for.
Aggressive tax-aware income
| Period | SPYI | QQQI |
|---|---|---|
| 1 month | -1.58% | -5.80% |
| 3 months | 0.06% | -3.22% |
| Year to date | 0.65% | -2.36% |
| 1 year | 2.68% | -1.59% |
| 3 years | 47.52% | — |
| 5 years | — | — |
- SPYI
- QQQI
Both series indexed to 100 on 2024-01-30 using the adjusted closing price series. Past performance does not guarantee future results.
- SPYI
- QQQI
| Largest shared holdings | SPYI weight | QQQI weight |
|---|---|---|
| NVDANVIDIA Corp | 8.11% | 8.28% |
| AAPLApple Inc | 7.55% | 7.79% |
| MSFTMicrosoft Corp | 5.95% | 6.03% |
| AMZNAmazon.com Inc | 3.87% | 4.40% |
| GOOGLAlphabet Inc | 2.93% | 3.03% |
| AVGOBroadcom Inc | 2.41% | 2.50% |
| GOOGAlphabet Inc | 2.36% | 2.81% |
| METAMeta Platforms Inc | 2.29% | 3.22% |
| TSLATesla Inc | 1.64% | 3.01% |
| MUMicron Technology Inc | 1.54% | 4.42% |
SPYI10 holdings total
Quick verdict
SPYI fits better if you care most about stronger 1-year returns and smaller drawdowns. QQQI fits better if you care most about more income today. Model the holding inside your real portfolio before deciding.
Frequently asked questions
Is SPYI or QQQI better for dividend income?
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How much do SPYI and QQQI 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.