Dividend comparison

SPYI vs XDTE: 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 - S&P 500 0DTE Covered Call Strategy ETF, side by side. Updated October 21, 2026.

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SPYI vs XDTE: 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 XDTE. On $10,000 that is $29 a year less in fees.
  • Income. XDTE pays more income, yielding 30.05% over the last twelve months versus 11.81% for SPYI. That is about $1,824 more a year on $10,000. SPYI pays monthly, XDTE pays weekly.
  • Performance. Over the last 1 year, SPYI returned 4.0% versus -11.3% for XDTE, with dividends reinvested. $10,000 would have grown to $10,399 in SPYI and $8,872 in XDTE.
  • Risk. XDTE has been the bumpier ride. Its worst peak-to-trough decline over the last 1 year was -19.1%, against -16.5% for SPYI.
  • Diversification. SPYI holds 10 positions and XDTE holds 6. The ten largest positions make up 38.5% of SPYI and 192.2% of XDTE.
  • Size. SPYI is the larger fund with $12.6 billion in assets, against $324 million for XDTE.

Bottom line: SPYI fits better if you care most about lower fees, stronger 1-year returns and broader diversification. XDTE 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
XDTE
Roundhill Investments - S&P 500 0DTE Covered Call Strategy ETF
Dividend yield (TTM)11.81%30.05%
Dividend / share (TTM)$6.34$11.46
Payout frequencyMonthlyWeekly
Last dividend$0.5338 on Sep 18, 2026$0.1440 on Oct 16, 2026
Ex-dividend dateSep 16, 2026Oct 15, 2026
Dividend growth (CAGR)3.1% over 2 yrs—
Price$53.70$38.14
Dividend growth streak2 years—
Beta0.700.92
Max drawdown (5Y)-16.5%-19.1%
Market cap$10.50B$322.3M
ExchangeCBOECBOE
Expense ratio0.68%0.97%
Assets under management$12.56B$324.2M
Number of holdings106
Top 10 concentration38.5%192.2%
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

XDTE

$250.41/mo

$3005 /yr at 30.05% yield

Dividend history
Total dividends paid per share in each calendar year. SPYI pays monthly; XDTE pays weekly.
YearSPYIXDTE
2025$6.1458$13.4830
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 XDTE 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 Mar 7, 2024 would now be worth $13,269 in SPYI and $11,281 in XDTE.
PeriodSPYIXDTE
1 month1.15%-0.57%
3 months1.19%-0.88%
Year to date2.23%-3.86%
1 year3.99%-11.28%
3 years49.83%—
5 years——
  • SPYI
  • XDTE
95116137202420252026133113

Both series indexed to 100 on 2024-03-07 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
  • XDTE
0%10%20%29%39%Technology39.1%39.0%Financial Services11.5%11.1%Communication Services9.7%10.6%Consumer Cyclical9.2%9.9%Healthcare9.6%8.3%Industrials7.4%7.8%Consumer Defensive4.7%4.5%Energy3.7%3.1%Utilities1.9%2.1%Real Estate1.7%1.8%Other1.5%1.7%
SPYI vs XDTE 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%

XDTE6 holdings total

NameWeight
4SPY 271119C00077430SPY 11/19/2027 77.43 C89.76%
4SPX 270319C00678800SPX 03/19/2027 678.8 C67.92%
4SPX 270611C00678800SPX 06/11/2027 678.8 C24.55%
WEEKRoundhill Weekly T-Bill ETF7.48%
FGXXXFirst American Government Obligations Fund 12/01/20312.52%

Quick verdict

SPYI fits better if you care most about lower fees, stronger 1-year returns and broader diversification. XDTE 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 XDTE better for dividend income?
It depends on your goals. SPYI currently yields 11.81% Trailing Twelve Months (TTM) while XDTE yields 30.05%. 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 XDTE?
Neos S&P 500(R) High Income ETF (SPYI) is an ETF listed on CBOE. Roundhill Investments - S&P 500 0DTE Covered Call Strategy ETF (XDTE) 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 XDTE?
SPYI has the lower expense ratio. SPYI charges 0.68% a year and XDTE charges 0.97%, a difference of $29 a year on a $10,000 investment.
Which has performed better, SPYI or XDTE?
Over the last 1 year, SPYI has the higher total return with dividends reinvested: SPYI returned 4.0% and XDTE returned -11.3%. Past performance does not predict future returns.
Which is riskier, SPYI or XDTE?
Measured by the worst peak-to-trough decline over the last five years, XDTE has been riskier: SPYI fell as much as 16.5% and XDTE as much as 19.1%. Their betas are 0.70 and 0.92.
How often do SPYI and XDTE pay dividends?
SPYI pays monthly and XDTE pays weekly.
How much income does $10,000 in SPYI vs XDTE generate?
At current TTM yields, $10,000 in SPYI would generate roughly $98.39 per month ($1181 annually). The same amount in XDTE would produce about $250.41 per month ($3005 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both SPYI and XDTE?
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 XDTE with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how SPYI and XDTE 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.