Dividend comparison

SPYI vs RDTE: 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 Roundhill Investments - Russell 2000 0DTE Covered Call Strategy ETF, side by side. Updated October 21, 2026.

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SPYI vs RDTE: key differences
The short answer, from the latest data on this page.
  • Fees. SPYI is cheaper at 0.68% a year versus 0.97% for RDTE. On $10,000 that is $29 a year less in fees.
  • Income. RDTE pays more income, yielding 44.20% over the last twelve months versus 11.81% for SPYI. That is about $3,239 more a year on $10,000. SPYI pays monthly, RDTE pays weekly.
  • Performance. Over the last 1 year, SPYI returned 4.0% versus -20.7% for RDTE, with dividends reinvested. $10,000 would have grown to $10,399 in SPYI and $7,928 in RDTE.
  • Risk. RDTE has been the bumpier ride. Its worst peak-to-trough decline over the last 1 year was -24.4%, against -16.5% for SPYI.
  • Diversification. SPYI holds 10 positions and RDTE holds 4. The ten largest positions make up 38.5% of SPYI and 190.9% of RDTE.
  • Size. SPYI is the larger fund with $12.6 billion in assets, against $155 million for RDTE.

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

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
RDTE
Roundhill Investments - Russell 2000 0DTE Covered Call Strategy ETF
Dividend yield (TTM)11.81%44.20%
Dividend / share (TTM)$6.34$11.26
Payout frequencyMonthlyWeekly
Last dividend$0.5338 on Sep 18, 2026$0.1484 on Oct 16, 2026
Ex-dividend dateSep 16, 2026Oct 15, 2026
Dividend growth (CAGR)3.1% over 2 yrs—
Price$53.70$25.48
Dividend growth streak2 years—
Beta0.701.04
Max drawdown (5Y)-16.5%-24.4%
Market cap$10.50B$154.0M
ExchangeCBOECBOE
Expense ratio0.68%0.97%
Assets under management$12.56B$154.6M
Number of holdings104
Top 10 concentration38.5%190.9%
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

RDTE

$368.32/mo

$4420 /yr at 44.20% yield

Dividend history
Total dividends paid per share in each calendar year. SPYI pays monthly; RDTE pays weekly.
YearSPYIRDTE
2025$6.1458$13.6433
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 RDTE 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 Sep 10, 2024 would now be worth $12,532 in SPYI and $9,497 in RDTE.
PeriodSPYIRDTE
1 month1.15%-4.93%
3 months1.19%-11.16%
Year to date2.23%-13.22%
1 year3.99%-20.72%
3 years49.83%—
5 years——
  • SPYI
  • RDTE
8610813020242025202612595

Both series indexed to 100 on 2024-09-10 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
  • RDTE
0%10%20%29%39%Technology39.1%14.5%Healthcare9.6%20.9%Financial Services11.5%18.0%Industrials7.4%13.3%Consumer Cyclical9.2%8.6%Communication Services9.7%2.3%Energy3.7%6.4%Real Estate1.7%6.4%Consumer Defensive4.7%2.6%Basic Materials1.5%4.3%Other1.9%2.7%
SPYI vs RDTE holdings overlap
At least 0% overlap by weight, with 0 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
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%

RDTE4 holdings total

NameWeight
4IWM 271119C00027810IWM 11/19/2027 27.81 C89.61%
4RUT 270319C00252300RUT 03/19/2027 252.3 C47.70%
4RUT 261218C002462004RUT US 12/18/26 C246.2 FLX43.79%
WEEKRoundhill Weekly T-Bill ETF6.77%
FGXXXFirst American Government Obligations Fund 12/01/20313.04%

Quick verdict

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

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Frequently asked questions

Is SPYI or RDTE better for dividend income?
It depends on your goals. SPYI currently yields 11.81% Trailing Twelve Months (TTM) while RDTE yields 44.20%. 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 RDTE?
Neos S&P 500(R) High Income ETF (SPYI) is an ETF listed on CBOE. Roundhill Investments - Russell 2000 0DTE Covered Call Strategy ETF (RDTE) 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 RDTE?
SPYI has the lower expense ratio. SPYI charges 0.68% a year and RDTE charges 0.97%, a difference of $29 a year on a $10,000 investment.
Which has performed better, SPYI or RDTE?
Over the last 1 year, SPYI has the higher total return with dividends reinvested: SPYI returned 4.0% and RDTE returned -20.7%. Past performance does not predict future returns.
Which is riskier, SPYI or RDTE?
Measured by the worst peak-to-trough decline over the last five years, RDTE has been riskier: SPYI fell as much as 16.5% and RDTE as much as 24.4%. Their betas are 0.70 and 1.04.
How often do SPYI and RDTE pay dividends?
SPYI pays monthly and RDTE pays weekly.
How much income does $10,000 in SPYI vs RDTE generate?
At current TTM yields, $10,000 in SPYI would generate roughly $98.39 per month ($1181 annually). The same amount in RDTE would produce about $368.32 per month ($4420 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both SPYI and RDTE?
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 RDTE with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how SPYI and RDTE 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.