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ETF Comparison

GPIX vs SPYI vs ISPY vs TSPY vs XDTE: Same Index, Five Overlays

A side-by-side of Goldman, NEOS, ProShares, TappAlpha, and Roundhill 0DTE S&P 500 income funds covering design, cost, and cash.

Updated September 30, 2026

How these figures are calculated: methodology.

Best for

  • GPIXInvestors who are comfortable trading away most upside for a large, steady payout.
  • ISPYInvestors who want simple, diversified core exposure in one low-cost fund.
  • SPYIInvestors who want to maximize current income — roughly 12.05%, generated by selling options premium.
  • TSPYInvestors who want to maximize current income — roughly 13.98%, generated by selling options premium.
  • XDTEInvestors who want to maximize current income — roughly 15.08%, generated by selling options premium.

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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

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

GPIX tops the group over the trailing twelve months with a 16.76% total return, against ISPY at 12.37%, SPYI at 14.93%, TSPY at 14.54% and XDTE at 15.12%. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD cumulative1Y cumulativeSince Sep 2024Volatility Sharpe Sortino Max drawdown
GPIX12.49%16.76%17.52%11.2%0.981.41-7.7%
ISPY9.16%12.37%13.91%12.7%0.570.77-8.4%
SPYI10.68%14.93%16.16%10.8%0.871.24-7.7%
TSPY10.23%14.54%16.41%12.7%0.711.03-9.6%
XDTE10.78%15.12%14.86%12.0%0.801.12-7.7%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 30, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Sep 2024” measures every fund from September 11, 2024 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. 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 past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Distribution rate, SEC yield and return of capital

MetricGPIXISPYSPYITSPYXDTE
Forward distribution rate8.54%5.82%12.05%13.98%15.08%
Trailing 12-month yield8.16%5.24%11.93%14.08%30.90%
30-day SEC yield—0.66%0.46%0.34%—
Return of capital————100.00%

Total return (price change plus reinvested distributions) is the Total returns section above. Return of capital is the share of a recent distribution that was not income. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.

Total return against the stated underlying is on SPYI vs SPY, TSPY vs SPY.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricGPIXISPYSPYITSPYXDTE
Full nameGoldman Sachs S&P 500 Premium Income ETFProShares S&P 500 High Income ETFNEOS S&P 500 High Income ETFTappAlpha S&P 500 Growth & Daily Income ETFRoundhill S&P 500 0DTE Covered Call Strategy ETF
IssuerGoldman SachsProSharesNEOSTappAlphaRoundhill Investments
Last Close$55.83 as of September 30, 2026$47.80 as of September 30, 2026$53.17 as of September 30, 2026$25.35 as of September 30, 2026$38.19 as of September 30, 2026
Distribution rate8.54%5.82%12.05%13.98%15.08%
Trailing 12-month yield8.16%5.24%11.93%14.08%30.90%
30-day SEC yield—0.66%0.46%0.34%—
Distribution Safety Score™ 8457907973
Safety-Adjusted Yield 7.17%3.32%10.85%11.04%11.01%
Expense ratio0.29%0.56%0.68%0.71%0.97%
AUM$5.97B$1.18B$12.4B$342M$334M
Distribution frequencyMonthlyMonthlyMonthlyMonthlyWeekly
Underlying indexS&P 500S&P 500S&P 500 IndexSPDR S&P 500 ETF Trust (SPY)S&P 500
ObjectiveSeeks current income while maintaining prospects for capital appreciation by investing at least 80% of net assets in companies included in the S&P 500 and selling call options with exposure to the benchmark.Seeks investment results that track the performance of the S&P 500 Daily Covered Call Index, pursuing a daily covered call writing strategy that combines a long position in the S&P 500 Index with short positions in daily call options.Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.The TappAlpha S&P 500 Growth & Daily Income ETF (the "Fund") seeks current income while maintaining prospects for capital appreciation. The Fund’s secondary investment objective is to seek exposure to the performance of the SPDR S&P 500 ETF Trust ("SPY"), subject to a limit on potential investment gains.Seeks weekly income through a covered call strategy that combines a long position in the S&P 500 Index with short zero-days-to-expiration (0DTE) call options on the index.
Asset classEquityEquityEquityEquityEquity
Inception date10/24/202309/11/202408/29/202208/14/202403/07/2024
Beta0.85430.93420.70.9350.91
Last dividend$0.39738$0.23196$0.5338$0.2954$0.110711 declared, pays 10/02/2026
Ex-dividend date09/01/202609/01/202609/16/202609/01/202610/01/2026 upcoming

How the risk works

Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.

  • Capped upside and premium dependence. GPIX, SPYI, TSPY, and XDTE generate income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.

Learn the mechanics: Return of capital, explained · NAV erosion, explained

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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

Goldman Sachs
ETFs48
Total AUM$68.9B

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

Goldman Sachs Asset Management is known for offering a comprehensive suite of ETFs spanning traditional and alternative investment strategies across multiple asset classes. The fund lineup encompasses income-focused offerings, factor-based strategies, thematic investments, ESG solutions, international exposure, commodities, bonds, and indexed products, reflecting a broad approach to meeting diverse investor needs. The issuer's portfolio demonstrates significant breadth, with funds serving income investors, factor-based strategists, and those seeking specialized exposure to emerging themes and alternative assets.

See our curated list of related YouTube videos on GPIX.

See all Goldman Sachs ETFs
ProShares
ETFs170
Total AUM$129B

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

ProShares is known for offering leveraged and inverse ETFs that provide amplified exposure to market movements, along with thematic and income-focused strategies. Their fund lineup spans digital assets (including Bitcoin and Ethereum exposure through BITO and EETH), dividend strategies like the Dividend Aristocrats fund (NOBL), covered call income strategies, and leveraged/inverse products that track major indices with 2x or 3x daily multipliers (such as SSO and TQQQ for tech-heavy portfolios). With 23 ETFs across specialized families including leveraged products, money market funds, and sector-specific offerings, ProShares serves investors seeking both traditional income and alternative exposure strategies.

See our curated list of related YouTube videos on ISPY.

See all ProShares ETFs
NEOS
ETFs19
Total AUM$34.7B

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
TappAlpha
ETFs5
Total AUM$830M

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

TappAlpha operates a focused ETF lineup of four funds organized around two main families: Growth & Daily Income and T² Lift Series. The company's fund offerings span growth-oriented strategies and daily income approaches, with ticker symbols including TDAQ, TDAX, TSPY, and TSYX that target investors seeking regular income generation or equity growth exposure. As a smaller, specialized ETF provider, TappAlpha positions itself in a niche segment of the ETF market focused on daily income strategies and differentiated growth approaches.

See our curated list of related YouTube videos on TSPY.

See all TappAlpha ETFs
Roundhill Investments
ETFs56
Total AUM$39.7B

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

Roundhill Investments is known for offering innovative, specialized ETFs that often feature weekly dividend distributions and exposure to trending themes and individual mega-cap stocks. Their lineup spans income-focused strategies, leveraged products, thematic investments in areas like cryptocurrency and artificial intelligence, and weekly-pay funds that appeal to investors seeking frequent distributions. The issuer has built a distinctive niche with products targeting both traditional income seekers and those interested in emerging sectors, offering a diverse range of tickers that go well beyond conventional dividend vehicles.

See our curated list of related YouTube videos on XDTE.

See all Roundhill Investments ETFs

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Quick verdict

GPIX (Goldman Sachs S&P 500 Premium Income ETF), ISPY (ProShares S&P 500 High Income ETF), SPYI (NEOS S&P 500 High Income ETF), TSPY (TappAlpha S&P 500 Growth & Daily Income ETF), XDTE (Roundhill S&P 500 0DTE Covered Call Strategy ETF) are dividend ETFs that take different approaches.

XDTE offers the highest reported yield at 15.08%, followed by TSPY at 13.98%, SPYI at 12.05%, GPIX at 8.54%, ISPY at 5.82%.

GPIX is the cheapest with an expense ratio of 0.29%, compared to 0.56% for ISPY and 0.68% for SPYI and 0.71% for TSPY and 0.97% for XDTE.

SPYI is the largest fund by assets ($12.4B), but assets alone do not establish trading costs or liquidity.

Deep dive

Yield & income

On a $10,000 investment: GPIX generates ~$71.17 cash per distribution, ISPY generates ~$48.50 cash per distribution, SPYI generates ~$100.42 cash per distribution, TSPY generates ~$116.50 cash per distribution, XDTE generates ~$29.00 cash per distribution at current distribution rates.

GPIX yield8.54%
ISPY yield5.82%
SPYI yield12.05%
TSPY yield13.98%
XDTE yield15.08%

Cost & efficiency

Over 10 years on $10,000: GPIX costs ~$290, ISPY costs ~$560, SPYI costs ~$680, TSPY costs ~$710, XDTE costs ~$970 in fees (simplified, not compounded).

GPIX ER0.29%
ISPY ER0.56%
SPYI ER0.68%
TSPY ER0.71%
XDTE ER0.97%

Strategy & risk

All of these funds wrap SPX with options-based income strategies (GPIX: covered call, ISPY: covered call, SPYI: active, TSPY: growth, XDTE: covered call). The differences are yield target, fee, and issuer — not the underlying mechanic.

GPIX beta0.8543
ISPY beta0.9342
SPYI beta0.7
TSPY beta0.935
XDTE beta0.91

Fund details

GPIX is managed by Goldman Sachs (launched 10/24/2023) with $5.97B in assets. ISPY is managed by ProShares (launched 09/11/2024) with $1.18B in assets. SPYI is managed by NEOS (launched 08/29/2022) with $12.4B in assets. TSPY is managed by TappAlpha (launched 08/14/2024) with $342M in assets. XDTE is managed by Roundhill Investments (launched 03/07/2024) with $334M in assets.

GPIX AUM$5.97B
ISPY AUM$1.18B
SPYI AUM$12.4B
TSPY AUM$342M
XDTE AUM$334M
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Frequently asked questions

What is the difference between GPIX and SPYI?

Both overlay the S&P 500 for monthly cash. GPIX (Goldman Sachs S&P 500 Premium Income ETF) is Goldman's core premium design. SPYI (NEOS S&P 500 High Income ETF) is NEOS's high-income overlay. Cost is 0.29% versus 0.68%; distributions are 8.54% and 12.05% as of September 2026. ISPY, TSPY, and XDTE on this page run still other S&P 500 income recipes, including a same-day covered-call. Overlay design, not a one-date yield, is the decision.

Which of GPIX, ISPY, SPYI, TSPY, and XDTE is best for dividend income?

It depends on your goals. XDTE currently offers the highest reported distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility, and funds without an established distribution history have no comparable yield to evaluate. Consider your time horizon and risk tolerance.

What is the difference between GPIX, ISPY, SPYI, TSPY, and XDTE?

All of these funds track SPX with options-based income strategies — the individual labels (GPIX: covered call, ISPY: covered call, SPYI: active, TSPY: growth, XDTE: covered call) describe closely related mechanics (covered calls are a specific type of options strategy). The real differences are yield target (GPIX 8.54%, ISPY 5.82%, SPYI 12.05%, TSPY 13.98%, XDTE 15.08%), expense ratio, and issuer.

Can I hold GPIX, ISPY, SPYI, TSPY, and XDTE together?

You can, but expect significant overlap. All of these funds use options-based income strategies on SPX, so holding them together gives you multiple wrappers around effectively the same exposure — not true diversification. Weigh issuer, fee, and yield differences rather than treating them as complementary.

Which of GPIX, ISPY, SPYI, TSPY and XDTE is safest?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — SPYI scores 90, GPIX scores 84, TSPY scores 79, XDTE scores 73, ISPY scores 57, so SPYI's payout currently looks the more resilient of the group. SPYI has also shown lower price volatility (beta 0.70 vs 0.94 for TSPY). No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.

Which has the lowest fees among GPIX, ISPY, SPYI, TSPY, and XDTE?

GPIX has an expense ratio of 0.29%, ISPY has an expense ratio of 0.56%, SPYI has an expense ratio of 0.68%, TSPY has an expense ratio of 0.71%, XDTE has an expense ratio of 0.97%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 generate in each?

$10,000 in GPIX yields ~$71.17 cash per distribution ($854.00/year). $10,000 in ISPY yields ~$48.50 cash per distribution ($582.00/year). $10,000 in SPYI yields ~$100.42 cash per distribution ($1,205.00/year). $10,000 in TSPY yields ~$116.50 cash per distribution ($1,398.00/year). $10,000 in XDTE yields ~$29.00 cash per distribution ($1,508.00/year).

More comparisons to explore

GPIX vs ISPY vs SPYI vs TSPY vs XDTE — at a glance

Generated September 27, 2026.

Overview

These five securities are all S&P 500–focused covered call ETFs that generate monthly or weekly income by holding the benchmark and systematically selling call options. The tradeoff is straightforward: higher stated yields typically come with tighter options collars, higher expense ratios, and larger NAV-erosion risks.

How they differ

Strategy aggressiveness is the primary split. GPIX and SPYI run traditional covered call overlays on an S&P 500 basket and are designed to balance income with upside capture. ISPY uses daily rolling call options, while TSPY and XDTE push into 0DTE (zero-days-to-expiration) territory, selling calls that expire within days or hours and rolling them constantly for higher yield.

Yield source and expense trade-offs are material. GPIX charges 0.29%, the lowest here, while generating 8.54%. TSPY and XDTE charge 0.71% and 0.97% respectively and target 13.98% and 15.08%—yields so high they imply significant call premium collection or NAV decay. ISPY, at 5.82%, sits in the middle and is the newest fund, having launched 09/11/2024.

Fund maturity and size matter differently here. SPYI is the oldest and largest by AUM ($12.4B), launched 08/29/2022. GPIX has $5.97B and launched 10/24/2023, giving it a longer track record than ISPY (09/11/2024) and vastly more capital than TSPY ($342M) and XDTE ($334M), both microcap funds that arrived in mid-2024. Beta ranges from 0.7 (SPYI) to 0.91 (XDTE), reflecting different option collar tightness; lower beta suggests call strikes are set further in-the-money.

Who each is best for

GPIX: Fits investors seeking S&P 500 exposure with enhanced income (8.54%) through a traditional, lower-cost covered call overlay—those comfortable with a modest income boost and preserved upside in bull markets.

ISPY: Designed for allocation to daily covered call mechanics on the S&P 500 with a 5.82% yield—investors who want defined-option participation without the complexity or cost of 0DTE rolling strategies.

SPYI: Matches investors prioritizing tax efficiency and a larger asset base ($12.4B) alongside an 12.05% yield—those willing to accept the 0.68% fee for established fund infrastructure and active tactical management.

TSPY: Suits investors drawn to elevated 0DTE income (13.98%) in a smaller, newer fund structure—those with high risk tolerance and a short time horizon willing to accept higher NAV-erosion risk for maximum current income.

XDTE: Designed for investors specifically seeking weekly 0DTE payouts at 15.08% with full awareness that constant ultra-short-option rolling and the 0.97% fee come with elevated NAV decay and cap-gains friction.

Key risks to know

  • NAV erosion at extreme yields. TSPY and XDTE distribute 13.98% and 15.08% respectively. Yields this high cannot be sustained indefinitely from S&P 500 index returns and dividends alone; they imply ongoing return-of-capital treatment and cumulative NAV decay. Investors should treat such distributions as partially principal-recovery payouts, not income derived entirely from fund holdings. This creates constant wash-sale pressure, realized gains, and bid-ask friction in the options market. Compounded over many rolls, the slippage and tax-drag can exceed the expressed yield advantage in a holding period longer than a year.
  • Concentration of options pricing risk. All five funds' income depends on call premium collection, which fluctuates with index volatility, skew, and term structure. In a low-volatility regime—such as periods of sustained market calm—all five would see yields compress simultaneously. Conversely, sharp volatility spikes widen call spreads but trigger realized losses on the long S&P 500 position, offsetting premium gains. Bid-ask spreads in smaller, newer funds can widen materially in stressed markets, eating into the advertised yield.
  • Capped upside under collar mechanics. All five employ call selling, which limits gains if the S&P 500 rallies sharply. GPIX (beta 0.8543) and SPYI (beta 0.7) preserve more upside than TSPY (0.935) and XDTE (0.91), indicating tighter collars in the higher-yield products. This tradeoff is by design but becomes painful in extended bull markets.

Bottom line

If you prioritize a modest 8.54% income boost with the lowest fee (0.29%) and a proven fund structure ($5.97B AUM), GPIX and SPYI stand out as the established choices. If you're chasing maximum current income via 0DTE rolling, XDTE's 15.08% is the most aggressive in the group, though it comes with 0.97% fees and the highest NAV-erosion risk. The fundamental tension is yield versus durability: GPIX and ISPY offer more sustainable payout profiles; TSPY and XDTE offer higher current distributions at the cost of faster principal decay. Past performance does not guarantee future results, and all covered call strategies underperform in sustained bull markets.

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

Learn the method

The metrics behind this comparison, explained in the Academy.

How covered-call funds work How to read a fund's stats The covered-call opportunity cost

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These comparisons follow the Dividend Vision methodology.