Dividend comparison

XYLD vs FEPI: Which Is Better for Income?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for Global X - S&P 500 Covered Call ETF and REX FANG & Innovation Equity Premium Income ETF, side by side. Updated October 21, 2026.

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XYLD vs FEPI: key differences
The short answer, from the latest data on this page.
  • Fees. XYLD is cheaper at 0.60% a year versus 0.65% for FEPI. On $10,000 that is $5 a year less in fees.
  • Income. FEPI pays more income, yielding 26.40% over the last twelve months versus 10.44% for XYLD. That is about $1,595 more a year on $10,000. Both pay monthly.
  • Performance. Over the last 3 years, FEPI returned 40.7% versus 37.0% for XYLD, with dividends reinvested. $10,000 would have grown to $14,073 in FEPI and $13,695 in XYLD.
  • Risk. FEPI has been the bumpier ride. Its worst peak-to-trough decline over the last 3 years was -100.0%, against -18.6% for XYLD.
  • Diversification. XYLD holds 505 positions and FEPI holds 50. The ten largest positions make up 39.9% of XYLD and 66.7% of FEPI.
  • Overlap. At least 39% of the two portfolios overlap by weight, across 15 shared holdings.
  • Size. XYLD is the larger fund with $3.4 billion in assets, against $715 million for FEPI.

Bottom line: XYLD fits better if you care most about lower fees, smaller drawdowns and broader diversification. FEPI fits better if you care most about more income today and stronger 3-year returns.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricXYLD
Global X - S&P 500 Covered Call ETF
FEPI
REX FANG & Innovation Equity Premium Income ETF
Dividend yield (TTM)10.44%26.40%
Dividend / share (TTM)$4.32$10.94
Payout frequencyMonthlyMonthly
Last dividend$0.2964 on Sep 24, 2026$0.2094 on Oct 15, 2026
Ex-dividend dateOct 19, 2026Oct 14, 2026
Next payment$0.3140 on Oct 22, 2026—
Dividend growth (CAGR)4.8% over 4 yrs—
Price$41.40$41.43
Dividend growth streak1 year—
Beta0.411.09
Max drawdown (5Y)-18.6%-100.0%
Market cap$3.41B$715.1M
ExchangeAMEXNASDAQ
Expense ratio0.60%0.65%
Assets under management$3.38B$714.6M
Number of holdings50550
Top 10 concentration39.9%66.7%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

XYLD

$87.02/mo

$1044 /yr at 10.44% yield

FEPI

$219.98/mo

$2640 /yr at 26.40% yield

Dividend history
Total dividends paid per share in each calendar year. XYLD pays monthly; FEPI pays monthly.
YearXYLDFEPI
2025$5.4603$11.6079
2024$3.9372$13.4931
2023$4.2377—
2022$5.3660—
2021$4.5310—
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 XYLD vs FEPI actually do

XYLD
The S&P 500 version of the Global X buy-write approach, owning the index and selling at-the-money monthly index calls.

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

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Oct 4, 2023 would now be worth $13,636 in XYLD and $14,073 in FEPI.
PeriodXYLDFEPI
1 month-0.05%-2.95%
3 months0.61%1.94%
Year to date1.90%-9.05%
1 year5.56%-9.97%
3 years36.95%40.73%
5 years30.19%—
  • XYLD
  • FEPI
951311672023202420252026136141

Both series indexed to 100 on 2023-10-04 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.
  • XYLD
  • FEPI
0%17%34%51%68%Technology40.5%67.5%Communication Services9.9%19.3%Consumer Cyclical8.8%13.2%Financial Services11.2%Healthcare9.3%Industrials7.5%Consumer Defensive4.3%Energy3.4%Utilities1.9%Real Estate1.7%Other1.6%0.0%
XYLD vs FEPI holdings overlap
At least 39% overlap by weight, with 15 holdings in common. Overlap adds up the smaller of the two weights for every stock both funds own, so 100% would mean identical portfolios.
Largest shared holdingsXYLD weightFEPI weight
AAPLAPPLE INC7.57%6.99%
NVDANVIDIA CORP8.32%6.56%
MSFTMICROSOFT CORP6.10%6.75%
AMZNAMAZON.COM INC3.88%6.72%
GOOGLALPHABET INC-CL A3.14%6.70%
AVGOBROADCOM INC2.57%6.42%
METAMETA PLATFORMS INC2.49%6.47%
MUMICRON TECHNOLOGY INC1.70%6.51%
TSLATESLA INC1.62%6.61%
AMDADVANCED MICRO DEVICES1.48%6.16%
Top 10 holdings
Largest positions by portfolio weight.

XYLD505 holdings total

NameWeight
NVDANVIDIA CORP8.32%
AAPLAPPLE INC7.57%
MSFTMICROSOFT CORP6.10%
AMZNAMAZON.COM INC3.88%
GOOGLALPHABET INC-CL A3.14%
AVGOBROADCOM INC2.57%
GOOGALPHABET INC-CL C2.51%
METAMETA PLATFORMS INC2.49%
MUMICRON TECHNOLOGY INC1.70%
TSLATESLA INC1.62%

FEPI50 holdings total

NameWeight
AAPLAPPLE INC6.99%
NFLXNETFLIX INC6.94%
MSFTMICROSOFT CORP6.75%
AMZNAMAZON.COM INC6.72%
GOOGLALPHABET INC-CL A6.70%
TSLATesla Inc.6.61%
NVDANVIDIA CORP6.56%
MUMICRON TECHNOLOGY INC6.51%
METAMETA PLATFORMS INC6.47%
AVGOBroadcom Inc.6.42%

Quick verdict

XYLD fits better if you care most about lower fees, smaller drawdowns and broader diversification. FEPI fits better if you care most about more income today and stronger 3-year returns. Model the holding inside your real portfolio before deciding.

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Frequently asked questions

Is XYLD or FEPI better for dividend income?
It depends on your goals. XYLD currently yields 10.44% Trailing Twelve Months (TTM) while FEPI yields 26.40%. 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 XYLD and FEPI?
Global X - S&P 500 Covered Call ETF (XYLD) is an ETF listed on AMEX. REX FANG & Innovation Equity Premium Income ETF (FEPI) is an ETF listed on NASDAQ. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, XYLD or FEPI?
XYLD has the lower expense ratio. XYLD charges 0.60% a year and FEPI charges 0.65%, a difference of $5 a year on a $10,000 investment.
Which has performed better, XYLD or FEPI?
Over the last 3 years, FEPI has the higher total return with dividends reinvested: XYLD returned 37.0% and FEPI returned 40.7%. Past performance does not predict future returns.
Which is riskier, XYLD or FEPI?
Measured by the worst peak-to-trough decline over the last five years, FEPI has been riskier: XYLD fell as much as 18.6% and FEPI as much as 100.0%. Their betas are 0.41 and 1.09.
How much do XYLD and FEPI overlap?
At least 39% of the two portfolios overlap by weight, across 15 shared holdings. The largest shared positions are AAPL, NVDA, MSFT. Holding both still adds meaningful diversification.
How often do XYLD and FEPI pay dividends?
Both pay monthly. The most recent payments were $0.2964 for XYLD and $0.2094 for FEPI.
How much income does $10,000 in XYLD vs FEPI generate?
At current TTM yields, $10,000 in XYLD would generate roughly $87.02 per month ($1044 annually). The same amount in FEPI would produce about $219.98 per month ($2640 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both XYLD and FEPI?
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 XYLD vs FEPI with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how XYLD and FEPI 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.