Dividend comparison

SPYI vs RYLD: 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 - Russell 2000 Covered Call ETF, side by side. Updated October 21, 2026.

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SPYI vs RYLD: key differences
The short answer, from the latest data on this page.
  • Fees. RYLD is cheaper at 0.60% a year versus 0.68% for SPYI. On $10,000 that is $8 a year less in fees.
  • Income. RYLD pays more income, yielding 12.32% over the last twelve months versus 11.81% for SPYI. That is about $51 more a year on $10,000. Both pay monthly.
  • Performance. Over the last 3 years, SPYI returned 49.8% versus 21.3% for RYLD, with dividends reinvested. $10,000 would have grown to $14,983 in SPYI and $12,133 in RYLD.
  • Risk. RYLD has been the bumpier ride. Its worst peak-to-trough decline over the last 3 years was -21.5%, against -16.5% for SPYI.
  • Diversification. SPYI holds 10 positions and RYLD holds 8. The ten largest positions make up 38.5% of SPYI and 100.0% of RYLD.
  • Dividend growth. SPYI grew its yearly payout 3.1% a year over the last 2 years, versus -9.1% for RYLD.
  • Size. SPYI is the larger fund with $12.6 billion in assets, against $1.3 billion for RYLD.

Bottom line: SPYI fits better if you care most about stronger 3-year returns, smaller drawdowns and faster dividend growth. RYLD fits better if you care most about lower fees and 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
RYLD
Global X - Russell 2000 Covered Call ETF
Dividend yield (TTM)11.81%12.32%
Dividend / share (TTM)$6.34$1.87
Payout frequencyMonthlyMonthly
Last dividend$0.5338 on Sep 18, 2026$0.1475 on Sep 24, 2026
Ex-dividend dateSep 16, 2026Oct 19, 2026
Next payment—$0.1480 on Oct 22, 2026
Dividend growth (CAGR)3.1% over 2 yrs-9.1% over 4 yrs
Price$53.70$15.19
Dividend growth streak2 years—
Beta0.700.54
Max drawdown (5Y)-16.5%-21.5%
Market cap$10.50B$1.29B
ExchangeCBOEAMEX
Expense ratio0.68%0.60%
Assets under management$12.56B$1.29B
Number of holdings108
Top 10 concentration38.5%100.0%
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

RYLD

$102.65/mo

$1232 /yr at 12.32% yield

Dividend history
Total dividends paid per share in each calendar year. SPYI pays monthly; RYLD pays monthly.
YearSPYIRYLD
2025$6.1458$2.0022
2024$6.1182$1.9660
2023$5.7873$2.1365
2022—$2.6570
2021—$2.9360
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 RYLD 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 Aug 30, 2022 would now be worth $16,209 in SPYI and $11,145 in RYLD.
PeriodSPYIRYLD
1 month1.15%-2.57%
3 months1.19%-6.00%
Year to date2.23%-0.72%
1 year3.99%-0.20%
3 years49.83%21.33%
5 years—-1.11%
  • SPYI
  • RYLD
8512717020222023202420252026162111

Both series indexed to 100 on 2022-08-30 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
  • RYLD
0%10%20%29%39%Technology39.1%13.9%Financial Services11.5%18.4%Healthcare9.6%20.1%Industrials7.4%13.2%Consumer Cyclical9.2%9.0%Communication Services9.7%2.3%Energy3.7%6.7%Real Estate1.7%6.5%Consumer Defensive4.7%2.8%Basic Materials1.5%4.3%Other1.9%2.9%
SPYI vs RYLD 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%

RYLD8 holdings total

NameWeight
RSSLGLOBAL X RUSSELL 2000 ETF100.03%
RAINRAIN ONCOLOGY INC0.00%

Quick verdict

SPYI fits better if you care most about stronger 3-year returns, smaller drawdowns and faster dividend growth. RYLD fits better if you care most about lower fees and more income today. Model the holding inside your real portfolio before deciding.

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Frequently asked questions

Is SPYI or RYLD better for dividend income?
It depends on your goals. SPYI currently yields 11.81% Trailing Twelve Months (TTM) while RYLD yields 12.32%. 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 RYLD?
Neos S&P 500(R) High Income ETF (SPYI) is an ETF listed on CBOE. Global X - Russell 2000 Covered Call ETF (RYLD) is an ETF listed on AMEX. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, SPYI or RYLD?
RYLD has the lower expense ratio. SPYI charges 0.68% a year and RYLD charges 0.60%, a difference of $8 a year on a $10,000 investment.
Which has performed better, SPYI or RYLD?
Over the last 3 years, SPYI has the higher total return with dividends reinvested: SPYI returned 49.8% and RYLD returned 21.3%. Past performance does not predict future returns.
Which is riskier, SPYI or RYLD?
Measured by the worst peak-to-trough decline over the last five years, RYLD has been riskier: SPYI fell as much as 16.5% and RYLD as much as 21.5%. Their betas are 0.70 and 0.54.
How often do SPYI and RYLD pay dividends?
Both pay monthly. The most recent payments were $0.5338 for SPYI and $0.1475 for RYLD.
How much income does $10,000 in SPYI vs RYLD generate?
At current TTM yields, $10,000 in SPYI would generate roughly $98.39 per month ($1181 annually). The same amount in RYLD would produce about $102.65 per month ($1232 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both SPYI and RYLD?
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 RYLD with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how SPYI and RYLD 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.