Dividend comparison
SPYI vs XYLD: 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 - S&P 500 Covered Call ETF, side by side. Updated October 21, 2026.
- Fees. XYLD 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 10.44% for XYLD. That is about $136 more a year on $10,000. Both pay monthly.
- Performance. Over the last 3 years, SPYI returned 49.8% versus 37.0% for XYLD, with dividends reinvested. $10,000 would have grown to $14,983 in SPYI and $13,695 in XYLD.
- Risk. XYLD has been the bumpier ride. Its worst peak-to-trough decline over the last 3 years was -18.6%, against -16.5% for SPYI.
- Diversification. XYLD holds 505 positions and SPYI holds 10. The ten largest positions make up 38.5% of SPYI and 39.9% of XYLD.
- Overlap. At least 73% of the two portfolios overlap by weight, across 95 shared holdings. Owning both adds little diversification.
- Dividend growth. XYLD grew its yearly payout 4.8% a year over the last 2 years, versus 3.1% for SPYI.
- Size. SPYI is the larger fund with $12.6 billion in assets, against $3.4 billion for XYLD.
Bottom line: SPYI fits better if you care most about more income today and stronger 3-year returns. XYLD fits better if you care most about lower fees, faster dividend growth and broader diversification. With 73% overlap, most investors would hold one or the other rather than both.
| Metric | SPYI Neos S&P 500(R) High Income ETF | XYLD Global X - S&P 500 Covered Call ETF |
|---|---|---|
| Dividend yield (TTM) | 11.81% | 10.44% |
| Dividend / share (TTM) | $6.34 | $4.32 |
| Payout frequency | Monthly | Monthly |
| Last dividend | $0.5338 on Sep 18, 2026 | $0.2964 on Sep 24, 2026 |
| Ex-dividend date | Sep 16, 2026 | Oct 19, 2026 |
| Next payment | — | $0.3140 on Oct 22, 2026 |
| Dividend growth (CAGR) | 3.1% over 2 yrs | 4.8% over 4 yrs |
| Price | $53.70 | $41.40 |
| Dividend growth streak | 2 years | 1 year |
| Beta | 0.70 | 0.41 |
| Max drawdown (5Y) | -16.5% | -18.6% |
| Market cap | $10.50B | $3.41B |
| Exchange | CBOE | AMEX |
| Expense ratio | 0.68% | 0.60% |
| Assets under management | $12.56B | $3.38B |
| Number of holdings | 10 | 505 |
| Top 10 concentration | 38.5% | 39.9% |
SPYI
$98.39/mo
$1181 /yr at 11.81% yield
XYLD
$87.02/mo
$1044 /yr at 10.44% yield
| Year | SPYI | XYLD |
|---|---|---|
| 2025 | $6.1458 | $5.4603 |
| 2024 | $6.1182 | $3.9372 |
| 2023 | $5.7873 | $4.2377 |
| 2022 | — | $5.3660 |
| 2021 | — | $4.5310 |
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 XYLD 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 tracks the Cboe S&P 500 BuyWrite Index, holding S&P 500 stocks and writing one-month calls at roughly the current index level. The mechanics match its Nasdaq sibling, but S&P 500 implied volatility is lower, so the premium collected and the resulting distribution are smaller. The same distribution guideline applies, capped at the lower of half the premiums received or 1% of net asset value.
Suits someone who wants the buy-write structure applied to a broader, less concentrated index than the Nasdaq-100. Not appropriate for an account that still needs capital growth, since full at-the-money overwriting caps the market return that funds it.
High current income, capped upside
| Period | SPYI | XYLD |
|---|---|---|
| 1 month | 1.15% | -0.05% |
| 3 months | 1.19% | 0.61% |
| Year to date | 2.23% | 1.90% |
| 1 year | 3.99% | 5.56% |
| 3 years | 49.83% | 36.95% |
| 5 years | — | 30.19% |
- SPYI
- XYLD
Both series indexed to 100 on 2022-08-30 using the adjusted closing price series. Past performance does not guarantee future results.
- SPYI
- XYLD
| Largest shared holdings | SPYI weight | XYLD weight |
|---|---|---|
| NVDANVIDIA Corp | 7.94% | 8.32% |
| AAPLApple Inc | 7.49% | 7.57% |
| MSFTMicrosoft Corp | 5.97% | 6.10% |
| AMZNAmazon.com Inc | 3.90% | 3.88% |
| GOOGLAlphabet Inc | 3.00% | 3.14% |
| GOOGAlphabet Inc | 2.41% | 2.51% |
| AVGOBroadcom Inc | 2.40% | 2.57% |
| METAMeta Platforms Inc | 2.29% | 2.49% |
| TSLATesla Inc | 1.59% | 1.62% |
| MUMicron Technology Inc | 1.51% | 1.70% |
SPYI10 holdings total
Quick verdict
SPYI fits better if you care most about more income today and stronger 3-year returns. XYLD fits better if you care most about lower fees, faster dividend growth and broader diversification. With 73% 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 XYLD better for dividend income?
What is the difference between SPYI and XYLD?
Which is cheaper, SPYI or XYLD?
Which has performed better, SPYI or XYLD?
Which is riskier, SPYI or XYLD?
How much do SPYI and XYLD overlap?
How often do SPYI and XYLD pay dividends?
How much income does $10,000 in SPYI vs XYLD generate?
Can I hold both SPYI and XYLD?
Where can I compare SPYI vs XYLD with my full portfolio?
Related comparisons
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.