Dividend comparison
SPYI vs QYLD: 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 Global X - Nasdaq 100 Covered Call ETF, side by side. Updated October 21, 2026.
- Fees. QYLD is cheaper at 0.60% a year versus 0.68% for SPYI. On $10,000 that is $8 a year less in fees.
- Income. SPYI pays more income, yielding 11.81% over the last twelve months versus 11.66% for QYLD. That is about $15 more a year on $10,000. Both pay monthly.
- Performance. Over the last 3 years, SPYI returned 49.8% versus 42.7% for QYLD, with dividends reinvested. $10,000 would have grown to $14,983 in SPYI and $14,270 in QYLD.
- Risk. QYLD has been the bumpier ride. Its worst peak-to-trough decline over the last 3 years was -24.5%, against -16.5% for SPYI.
- Diversification. QYLD holds 102 positions and SPYI holds 10. The ten largest positions make up 38.5% of SPYI and 48.9% of QYLD.
- Overlap. At least 50% of the two portfolios overlap by weight, across 37 shared holdings.
- Dividend growth. SPYI grew its yearly payout 3.1% a year over the last 2 years, versus -2.0% for QYLD.
Bottom line: SPYI fits better if you care most about stronger 3-year returns, smaller drawdowns and faster dividend growth. QYLD fits better if you care most about lower fees and broader diversification.
| Metric | SPYI Neos S&P 500(R) High Income ETF | QYLD Global X - Nasdaq 100 Covered Call ETF |
|---|---|---|
| Dividend yield (TTM) | 11.81% | 11.66% |
| Dividend / share (TTM) | $6.34 | $2.13 |
| Payout frequency | Monthly | Monthly |
| Last dividend | $0.5338 on Sep 18, 2026 | $0.1767 on Sep 24, 2026 |
| Ex-dividend date | Sep 16, 2026 | Oct 19, 2026 |
| Next payment | — | $0.1830 on Oct 22, 2026 |
| Dividend growth (CAGR) | 3.1% over 2 yrs | -2.0% over 4 yrs |
| Price | $53.70 | $18.28 |
| Dividend growth streak | 2 years | — |
| Beta | 0.70 | 0.48 |
| Max drawdown (5Y) | -16.5% | -24.5% |
| Market cap | $10.50B | $8.38B |
| Exchange | CBOE | NASDAQ |
| Expense ratio | 0.68% | 0.60% |
| Assets under management | $12.56B | $8.36B |
| Number of holdings | 10 | 102 |
| Top 10 concentration | 38.5% | 48.9% |
SPYI
$98.39/mo
$1181 /yr at 11.81% yield
QYLD
$97.14/mo
$1166 /yr at 11.66% yield
| Year | SPYI | QYLD |
|---|---|---|
| 2025 | $6.1458 | $2.3793 |
| 2024 | $6.1182 | $2.1045 |
| 2023 | $5.7873 | $2.0380 |
| 2022 | — | $2.5261 |
| 2021 | — | $2.5810 |
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 QYLD 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 follows the Cboe Nasdaq-100 BuyWrite V2 Index: hold the constituents, then write a one-month index call struck at roughly the current level. Writing at the money collects the maximum premium but leaves almost no room to participate when the index rises, so in an up year the fund keeps the premium and forfeits the move. Global X's stated guideline caps the monthly distribution at the lower of half the premiums received or 1% of net asset value, with the excess reinvested.
Suits an investor whose priority is the largest, steadiest monthly payment available from Nasdaq exposure and who does not need the principal to grow. It is a poor long-horizon holding: surrendering nearly all upside on a high-growth index while paying out the premium has historically left the share price grinding lower over full cycles.
Maximum current income, capped upside
| Period | SPYI | QYLD |
|---|---|---|
| 1 month | 1.15% | -0.49% |
| 3 months | 1.19% | 2.64% |
| Year to date | 2.23% | 3.45% |
| 1 year | 3.99% | 6.96% |
| 3 years | 49.83% | 42.70% |
| 5 years | — | 34.31% |
- SPYI
- QYLD
Both series indexed to 100 on 2022-08-30 using the adjusted closing price series. Past performance does not guarantee future results.
- SPYI
- QYLD
| Largest shared holdings | SPYI weight | QYLD weight |
|---|---|---|
| NVDANVIDIA Corp | 7.94% | 8.55% |
| AAPLApple Inc | 7.49% | 7.80% |
| MSFTMicrosoft Corp | 5.97% | 6.30% |
| AMZNAmazon.com Inc | 3.90% | 4.39% |
| GOOGLAlphabet Inc | 3.00% | 3.25% |
| GOOGAlphabet Inc | 2.41% | 3.02% |
| AVGOBroadcom Inc | 2.40% | 2.65% |
| METAMeta Platforms Inc | 2.29% | 3.46% |
| TSLATesla Inc | 1.59% | 3.11% |
| MUMicron Technology Inc | 1.51% | 4.83% |
SPYI10 holdings total
Quick verdict
SPYI fits better if you care most about stronger 3-year returns, smaller drawdowns and faster dividend growth. QYLD fits better if you care most about lower fees 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.