ETF Comparison

DIVO vs SPYI: Which Is the Better Pick in 2026?

A head-to-head comparison of Amplify CWP Enhanced Dividend Income ETF and NEOS S&P 500 High Income ETF covering yield, cost, risk, and income potential.

Data updated July 4, 2026

Amplify ETFs

ETFs42

Total AUM$16.3B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Amplify ETFs is known for offering thematic and specialized investment solutions across 22 funds, ranging from digital assets and commodities to dividend and income-focused strategies. Their lineup emphasizes yield generation and alternative themes, with notable funds including DIVO (Amplify Dividend Rotation Fund), HACK (Amplify Cybersecurity ETF), and SWAN (Amplify BlackSwan Growth ETF), alongside crypto-related funds like BITY and SOLM. The issuer distinguishes itself through niche sector exposure and their proprietary YieldSmart technology platform designed to optimize income strategies.

See our curated list of related YouTube videos on DIVO.

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NEOS

ETFs19

Total AUM$24.2B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

NEOS is known for developing specialized income-focused ETFs that employ strategies like covered calls, hedging, and enhanced yields across various asset classes. The firm manages 19 funds organized into nine distinct families, including offerings in equity high income, fixed income enhancement, digital assets, and alternative strategies, with popular tickers like SPYI (S&P 500 covered call), QQQI (Nasdaq-100 covered call), and QQQH (Nasdaq-100 hedged equity income). NEOS distinguishes itself in the ETF landscape through its emphasis on income generation and downside protection strategies rather than traditional growth approaches.

See our curated list of related YouTube videos on SPYI.

See all NEOS ETFs

Side-by-side snapshot

	DIVO	SPYI
Full name	Amplify CWP Enhanced Dividend Income ETF	NEOS S&P 500 High Income ETF
Issuer	Amplify ETFs	NEOS
Last Close	$46.43 as of July 4, 2026	$53.06 as of July 4, 2026
Distribution yield	4.73%	12.01%
Distribution Safety Score	92	92
Expense ratio	0.56%	0.68%
AUM	$7.22B	$6.20B
Distribution frequency	Monthly	Monthly
Underlying index	Basket (Amplify Advanced Dividend Income ETF holdings)	S&P 500 Index
Objective	Seeks to provide current income as the primary objective and capital appreciation as the secondary objective by investing at least 80% of net assets in dividend-paying U.S. exchange-traded equity securities while opportunistically utilizing covered call options on those securities.	Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.
Asset class	Equity	Equity
Inception date	12/14/2016	08/29/2022
Beta	0.56	0.69
Last dividend	$0.1830	$0.5310
Ex-dividend date	06/29/2026	01/21/2026

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Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

DIVO has lagged SPYI over the trailing twelve months, posting a 15.61% total return against 18.98%. The lead holds up over 3 years too: SPYI has compounded at 15.41% a year, against 14.81% for DIVO. Figures are total returns: price change plus every distribution reinvested.

Symbol	YTD	1Y	3Y	Since Aug 2022	Volatility	Sharpe	Sortino	Max drawdown
DIVO	5.98%	15.61%	14.81%	13.51%	10.7%	0.87	1.28	-12.1%
SPYI	7.17%	18.98%	15.41%	15.12%	12.5%	0.79	1.12	-16.5%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 2, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Aug 2022” measures every fund from August 30, 2022 — the youngest fund's first trading day — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the trailing 3 years. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the trailing 3 years) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Quick verdict

DIVO (Amplify CWP Enhanced Dividend Income ETF) and SPYI (NEOS S&P 500 High Income ETF) are both monthly-pay dividend ETFs, but they take different approaches.

SPYI offers the higher yield at 12.01% vs 4.73% for DIVO. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

DIVO is cheaper with an expense ratio of 0.56% compared to 0.68%.

They track different benchmarks: DIVO is linked to Basket (Amplify Advanced Dividend Income ETF holdings) while SPYI tracks S&P 500 Index, which means their performance drivers differ.

DIVO is the larger fund by assets ($7.22B), which generally means tighter spreads and better liquidity.

Deep dive

Yield & income

On a $10,000 investment, DIVO would generate roughly $39.42/month, while SPYI would produce $100.08/month, at current distribution rates. Both pay monthly distributions.

DIVO yield4.73%

SPYI yield12.01%

Monthly diff on $10K$60.67

Cost & efficiency

Over 10 years on $10,000, DIVO would cost approximately $560 in fees vs $680 for SPYI (simplified, not compounded). The $120.00 difference may be offset by yield or performance.

DIVO ER0.56%

SPYI ER0.68%

Strategy & risk

DIVO tracks Basket (Amplify Advanced Dividend Income ETF holdings) with a covered call approach, while SPYI tracks S&P 500 Index with an options approach. Beta is 0.56 for DIVO and 0.69 for SPYI, indicating DIVO is less volatile relative to the market.

DIVO beta0.56

SPYI beta0.69

Fund details

DIVO is managed by Amplify ETFs (launched 12/14/2016) with $7.22B in assets. SPYI is managed by NEOS (launched 08/29/2022) with $6.20B in assets.

DIVO AUM$7.22B

SPYI AUM$6.20B

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Frequently asked questions

Is DIVO or SPYI better for dividend income?

It depends on your goals. SPYI currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

What is the difference between DIVO and SPYI?

DIVO (Amplify CWP Enhanced Dividend Income ETF) tracks Basket (Amplify Advanced Dividend Income ETF holdings) with a covered call approach, while SPYI (NEOS S&P 500 High Income ETF) tracks S&P 500 Index with an options approach. They are issued by Amplify ETFs and NEOS respectively.

Can I hold both DIVO and SPYI?

Yes. Many income investors hold both to diversify across different strategies and underlying indexes. This can reduce concentration risk while maintaining a strong income stream.

Which has lower fees, DIVO or SPYI?

DIVO has an expense ratio of 0.56% while SPYI charges 0.68%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in DIVO vs SPYI generate?

At current rates, $10,000 in DIVO would generate roughly $39.42 per month ($473.00 annually). The same in SPYI would produce about $100.08 per month ($1,201.00 annually).

Which has performed better historically, DIVO or SPYI?

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DIVO vs SPYI — at a glance

Generated June 2026 from current fund data.

Overview

DIVO and SPYI are both covered call ETFs that harvest option premium to boost income, but they target fundamentally different yield profiles. DIVO invests in a basket of dividend-paying stocks and sells calls on those holdings, aiming for a 4.83% distribution rate. SPYI tracks the full S&P 500 and uses a more aggressive options overlay to generate a 12.26% distribution rate, with an explicit tax-efficiency angle.

How they differ

The biggest difference is yield ambition and underlying exposure. SPYI's 12.26% distribution rate is more than double DIVO's 4.83%, achieved through heavier call-selling against a broad equity index rather than a curated dividend basket. That higher yield comes with higher NAV erosion risk; a 12%+ distribution rate on an appreciating equity portfolio almost certainly relies on return-of-capital treatment, gradually shrinking per-share net asset value over time.

DIVO's lower beta of 0.56 versus SPYI's 0.69 reflects the second key difference: DIVO's holdings are weighted toward lower-volatility dividend stocks, which constrains the call premium it can harvest but also dampens downside swings. SPYI, tracking the S&P 500, includes growth and tech exposure that generates fatter option premiums when the market sells off—a structural advantage for premium collection, but a liability if equity markets rally steadily.

Finally, DIVO has been running since 2016 with $7.22B in AUM, while SPYI is a newer product (inception August 2022) with $6.20B. The age gap matters: DIVO's track record spans multiple market cycles; SPYI's yield promise rests on a bull-market inception and has not yet tested a prolonged downturn.

Who each is best for

DIVO: Fits income investors who want a moderate yield boost (under 5%) from a diversified dividend-stock portfolio without sacrificing too much upside capture during bull markets. Works well for those who can tolerate modest NAV decay in exchange for a steady, sustainable income stream.

SPYI: Designed for investors chasing maximum monthly income from equity exposure and willing to accept significant per-share value erosion as the cost. Appropriate for those focused on high current cash flow rather than long-term capital preservation, and those in lower tax brackets where monthly distributions have less sting.

Key risks to know

NAV erosion at 12%+ yield. SPYI's 12.26% distribution rate on an appreciating equity portfolio means the fund is returning more than its underlying gains each year. This structure relies on return-of-capital, gradually reducing share value unless markets appreciate enough to offset distributions. DIVO's 4.83% rate is closer to a dividend yield baseline and avoids this dynamic.

Call strike selection and cap risk. Both funds sell calls to harvest premium, but the tighter strikes needed to generate SPYI's 12% yield will cap upside much more aggressively than DIVO's approach. In a sharp bull market, SPYI shareholders effectively sell equity appreciation; DIVO's lower-volatility underlying and softer call overlay allow more upside participation.

Options market structure risk. If volatility compresses sharply (the VIX falls sustainably below 12), call premiums shrink across the board. Both funds would see distribution cuts, but SPYI—dependent on premium for its yield above normal equity dividends—faces a larger cut risk than DIVO, which benefits from actual dividend income on its holdings.

Limited track record for SPYI. The fund launched in August 2022, just before the 2023–2024 bull run. It has not endured a bear market, a volatility spike, or a sustained period of equity underperformance. DIVO's 2016 inception and $7.22B AUM provide visibility across multiple cycles.

Bottom line

If you want moderate income (under 5%) backed by a long-running, diversified dividend strategy with measured downside protection, DIVO's lower volatility and older track record fit that need. If you're targeting maximum monthly cash flow and can tolerate per-share value decay and heavy upside capping, SPYI's 12% yield offers that trade-off—but only on a tested foundation once the fund matures through a market cycle. Past performance doesn't predict future results; a bull-market inception doesn't guarantee future distributions.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.