Dividend comparison

XYLD vs ISPY: 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 ProShares - S&P 500 High Income ETF, side by side. Updated October 21, 2026.

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XYLD vs ISPY: key differences
The short answer, from the latest data on this page.
  • Fees. ISPY is cheaper at 0.55% a year versus 0.60% for XYLD. On $10,000 that is $5 a year less in fees.
  • Income. XYLD pays more income, yielding 10.44% over the last twelve months versus 5.52% for ISPY. That is about $492 more a year on $10,000. Both pay monthly.
  • Performance. Over the last 1 year, ISPY returned 6.6% versus 5.6% for XYLD, with dividends reinvested. $10,000 would have grown to $10,661 in ISPY and $10,556 in XYLD.
  • Risk. Their worst declines over the last 1 year were similar: -18.6% for XYLD and -16.9% for ISPY from peak to trough.
  • Diversification. ISPY holds 514 positions and XYLD holds 505. The ten largest positions make up 39.9% of XYLD and 44.4% of ISPY.
  • Overlap. At least 64% of the two portfolios overlap by weight, across 97 shared holdings.
  • Size. XYLD is the larger fund with $3.4 billion in assets, against $1.2 billion for ISPY.

Bottom line: XYLD fits better if you care most about more income today. ISPY fits better if you care most about lower fees.

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
ISPY
ProShares - S&P 500 High Income ETF
Dividend yield (TTM)10.44%5.52%
Dividend / share (TTM)$4.32$2.65
Payout frequencyMonthlyMonthly
Last dividend$0.2964 on Sep 24, 2026$0.2523 on Oct 7, 2026
Ex-dividend dateOct 19, 2026Oct 1, 2026
Next payment$0.3140 on Oct 22, 2026—
Dividend growth (CAGR)4.8% over 4 yrs—
Price$41.40$48.05
Dividend growth streak1 year—
Beta0.410.86
Max drawdown (5Y)-18.6%-16.9%
Market cap$3.41B$1.15B
ExchangeAMEXCBOE
Expense ratio0.60%0.55%
Assets under management$3.38B$1.16B
Number of holdings505514
Top 10 concentration39.9%44.4%
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

ISPY

$46.00/mo

$552 /yr at 5.52% yield

Dividend history
Total dividends paid per share in each calendar year. XYLD pays monthly; ISPY pays monthly.
YearXYLDISPY
2025$5.4603$3.9051
2024$3.9372—
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 ISPY 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 Dec 20, 2023 would now be worth $13,172 in XYLD and $14,654 in ISPY.
PeriodXYLDISPY
1 month-0.05%-0.08%
3 months0.61%1.14%
Year to date1.90%5.30%
1 year5.56%6.61%
3 years36.95%—
5 years30.19%—
  • XYLD
  • ISPY
961251532023202420252026132147

Both series indexed to 100 on 2023-12-20 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
  • ISPY
0%10%20%30%40%Technology40.5%33.5%Financial Services11.2%22.5%Communication Services9.9%8.3%Healthcare9.3%8.0%Consumer Cyclical8.8%7.4%Industrials7.5%6.2%Consumer Defensive4.3%3.9%Energy3.4%3.2%Utilities1.9%1.7%Real Estate1.7%1.4%Other1.6%4.0%
XYLD vs ISPY holdings overlap
At least 64% overlap by weight, with 97 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 weightISPY weight
NVDANVIDIA CORP8.32%6.70%
AAPLAPPLE INC7.57%6.38%
MSFTMICROSOFT CORP6.10%5.05%
AMZNAMAZON.COM INC3.88%3.28%
GOOGLALPHABET INC-CL A3.14%2.58%
GOOGALPHABET INC-CL C2.51%2.06%
AVGOBROADCOM INC2.57%2.03%
METAMETA PLATFORMS INC2.49%1.98%
TSLATESLA INC1.62%1.32%
MUMICRON TECHNOLOGY INC1.70%1.30%
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%

ISPY514 holdings total

NameWeight
IQMMPROSHARES GENIUS MNY MKT ETF12.97%
NVDANVIDIA CORP6.70%
AAPLAPPLE INC6.38%
MSFTMICROSOFT CORP5.05%
AMZNAMAZON.COM INC3.28%
GOOGLALPHABET INC-CL A2.58%
GOOGALPHABET INC-CL C2.06%
AVGOBROADCOM INC2.03%
METAMETA PLATFORMS INC-CLASS A1.98%
TSLATESLA INC1.32%

Quick verdict

XYLD fits better if you care most about more income today. ISPY fits better if you care most about lower fees. Model the holding inside your real portfolio before deciding.

Still deciding? Compare them in your portfolio
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Frequently asked questions

Is XYLD or ISPY better for dividend income?
It depends on your goals. XYLD currently yields 10.44% Trailing Twelve Months (TTM) while ISPY yields 5.52%. 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 ISPY?
Global X - S&P 500 Covered Call ETF (XYLD) is an ETF listed on AMEX. ProShares - S&P 500 High Income ETF (ISPY) 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, XYLD or ISPY?
ISPY has the lower expense ratio. XYLD charges 0.60% a year and ISPY charges 0.55%, a difference of $5 a year on a $10,000 investment.
Which has performed better, XYLD or ISPY?
Over the last 1 year, ISPY has the higher total return with dividends reinvested: XYLD returned 5.6% and ISPY returned 6.6%. Past performance does not predict future returns.
Which is riskier, XYLD or ISPY?
Measured by the worst peak-to-trough decline over the last five years, XYLD has been riskier: XYLD fell as much as 18.6% and ISPY as much as 16.9%. Their betas are 0.41 and 0.86.
How much do XYLD and ISPY overlap?
At least 64% of the two portfolios overlap by weight, across 97 shared holdings. The largest shared positions are NVDA, AAPL, MSFT. Holding both still adds meaningful diversification.
How often do XYLD and ISPY pay dividends?
Both pay monthly. The most recent payments were $0.2964 for XYLD and $0.2523 for ISPY.
How much income does $10,000 in XYLD vs ISPY generate?
At current TTM yields, $10,000 in XYLD would generate roughly $87.02 per month ($1044 annually). The same amount in ISPY would produce about $46.00 per month ($552 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both XYLD and ISPY?
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 ISPY with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how XYLD and ISPY 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.