Best DIVO Alternatives in 2026

This category groups eight income-oriented ETFs often compared as alternatives to DIVO, spanning traditional dividend-growth strategies alongside options-income and covered-call funds. Schwab's SCHD and iShares' DGRO represent the lower-yield, lower-cost dividend-growth side, while JPMorgan's JEPI, NEOS' SPYI, Global X's QYLD and XYLD, Goldman Sachs' GPIX, and ProShares' ISPY rely on options-based income strategies to generate substantially higher distributions. The category shows a clear issuer split between established index providers and newer entrants like NEOS and Goldman Sachs pushing into the actively managed covered-call space, with distribution frequency split between quarterly (SCHD, DGRO) and monthly (the remaining six).

• SCHD carries by far the largest asset base among the funds shown above at $110.4B, dwarfing the next-largest, JEPI, at $45.3B.
• SPYI posts the highest yield in this group at 12.07%, though it also carries the highest expense ratio shown at 0.68%.

• Strategy mismatch: several funds on this list track a different index or use a different income mechanism than DIVO, so swapping into one changes the exposure — upside participation, payout cadence, and tax character can all shift, not just the ticker.
• Capped upside: covered-call and option-overlay funds in this group keep the option premium in a rally but surrender gains above the strike, so they can trail the very index they write options against.
• Distributions are not contractual: each payout is declared period by period, so the yields on this page can fall without notice when portfolio income, option premium, or fund policy changes.
• Methodology divergence: every fund here follows its own index rules or mandate, so two funds with similar headline yields can hold very different portfolios and diverge sharply in a drawdown — category membership is not interchangeability.
• Screens react after the fact: a fund's place in this list is re-rated only once a dividend cut, strategy change, or asset decline has already shown up in the reported data.

• Universe: a hand-curated peer set, split into close peers (5 here — same core exposure and same income mechanism, so a like-for-like swap) and broader substitutes (a different index, underlying asset, or income mechanism). Every fund is labelled in the Strategy fit column; DIVO itself is excluded.
• Eligibility: active ETFs only — liquidated, delisted, and renamed funds drop out automatically. Leveraged and inverse products are never listed: a daily-reset 2x or -1x fund is not an alternative to a long income position.
• Ranking: assets under management, used only as a fund-size ranking. Never ranked by yield — yields are shown as data, not used to order the list.
• Fit: how each fund's strategy differs from DIVO — and who each one suits — is covered in the strategy notes and FAQ below.