Dividend comparison
SPYI vs VOO: Which Is Better?
Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Neos S&P 500(R) High Income ETF and Vanguard S&P 500 ETF, side by side. Updated October 21, 2026.
- Fees. VOO is cheaper at 0.03% a year versus 0.68% for SPYI. On $10,000 that is $65 a year less in fees.
- Income. SPYI pays more income, yielding 11.81% over the last twelve months versus 1.05% for VOO. That is about $1,076 more a year on $10,000. SPYI pays monthly, VOO pays quarterly.
- Performance. Over the last 3 years, VOO returned 89.2% versus 49.8% for SPYI, with dividends reinvested. $10,000 would have grown to $18,923 in VOO and $14,983 in SPYI.
- Risk. VOO 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. VOO holds 505 positions and SPYI holds 10. The ten largest positions make up 38.5% of SPYI and 39.1% of VOO.
- Overlap. At least 71% of the two portfolios overlap by weight, across 95 shared holdings. Owning both adds little diversification.
- Dividend growth. VOO grew its yearly payout 6.8% a year over the last 2 years, versus 3.1% for SPYI.
- Size. VOO is the larger fund with $1.7 trillion in assets, against $12.6 billion for SPYI.
Bottom line: SPYI fits better if you care most about more income today and smaller drawdowns. VOO fits better if you care most about lower fees, stronger 3-year returns, faster dividend growth and broader diversification. With 71% overlap, most investors would hold one or the other rather than both.
| Metric | SPYI Neos S&P 500(R) High Income ETF | VOO Vanguard S&P 500 ETF |
|---|---|---|
| Dividend yield (TTM) | 11.81% | 1.05% |
| Dividend / share (TTM) | $6.34 | $7.43 |
| Payout frequency | Monthly | Quarterly |
| Last dividend | $0.5338 on Sep 18, 2026 | $1.8226 on Sep 30, 2026 |
| Ex-dividend date | Sep 16, 2026 | Sep 28, 2026 |
| Dividend growth (CAGR) | 3.1% over 2 yrs | 6.8% over 4 yrs |
| Price | $53.70 | $706.80 |
| Dividend growth streak | 2 years | 5 years |
| Beta | 0.70 | 1.01 |
| Max drawdown (5Y) | -16.5% | -24.5% |
| Market cap | $10.50B | $1.70T |
| Exchange | CBOE | AMEX |
| Expense ratio | 0.68% | 0.03% |
| Assets under management | $12.56B | $1.70T |
| Number of holdings | 10 | 505 |
| Top 10 concentration | 38.5% | 39.1% |
SPYI
$98.39/mo
$1181 /yr at 11.81% yield
VOO
$8.76/mo
$105 /yr at 1.05% yield
| Year | SPYI | VOO |
|---|---|---|
| 2025 | $6.1458 | $7.0678 |
| 2024 | $6.1182 | $6.7035 |
| 2023 | $5.7873 | $6.3572 |
| 2022 | — | $5.9467 |
| 2021 | — | $5.4367 |
Current income is low and outside your control, so these need pairing with something else if the portfolio has to produce cash today.
What SPYI vs VOO 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 replicates the index in full and makes no attempt to pick winners, so its return is the index return less a very small fee. As an open-end fund it can lend securities and put incoming dividends back to work inside the portfolio between the quarterly payment dates. Dividends are whatever the underlying companies happen to pay, which means yield is an output of the strategy and never a target of it.
Suits almost any long-horizon US equity allocation, including as the growth engine sitting behind higher-yielding income positions. Not a fit for someone whose portfolio needs to produce meaningful current cash flow.
Core holding
| Period | SPYI | VOO |
|---|---|---|
| 1 month | 1.15% | 0.97% |
| 3 months | 1.19% | 3.87% |
| Year to date | 2.23% | 13.68% |
| 1 year | 3.99% | 15.84% |
| 3 years | 49.83% | 89.23% |
| 5 years | — | 81.78% |
- SPYI
- VOO
Both series indexed to 100 on 2022-08-30 using the adjusted closing price series. Past performance does not guarantee future results.
- SPYI
- VOO
| Largest shared holdings | SPYI weight | VOO weight |
|---|---|---|
| NVDANVIDIA Corp | 7.94% | 8.39% |
| AAPLApple Inc | 7.49% | 7.38% |
| MSFTMicrosoft Corp | 5.97% | 5.78% |
| AMZNAmazon.com Inc | 3.90% | 3.71% |
| GOOGLAlphabet Inc | 3.00% | 3.07% |
| GOOGAlphabet Inc | 2.41% | 2.45% |
| AVGOBroadcom Inc | 2.40% | 2.54% |
| METAMeta Platforms Inc | 2.29% | 2.43% |
| TSLATesla Inc | 1.59% | 1.52% |
| MUMicron Technology Inc | 1.51% | 1.83% |
SPYI10 holdings total
Quick verdict
SPYI fits better if you care most about more income today and smaller drawdowns. VOO fits better if you care most about lower fees, stronger 3-year returns, faster dividend growth and broader diversification. With 71% overlap, most investors would hold one or the other rather than both. Model the holding inside your real portfolio before deciding.
Frequently asked questions
Is SPYI or VOO better for dividend income?
What is the difference between SPYI and VOO?
Which is cheaper, SPYI or VOO?
Which has performed better, SPYI or VOO?
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How much do SPYI and VOO overlap?
How often do SPYI and VOO pay dividends?
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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.