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ETF Comparison

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

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

Data updated September 4, 2026

Best for

  • IAUIInvestors who are comfortable trading away most upside for a large, steady payout.
  • SPYIInvestors who are comfortable trading away most upside for a large, steady payout.

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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

IAUI has lagged SPYI over the trailing twelve months, posting a 14.71% total return against 18.20%. Measured from Jun 2025 — when the younger fund began trading — SPYI has compounded at 21.19% a year versus 16.28% for IAUI. SPYI has been the steadier holding, though — annualized volatility of 10.6% against 22.7% for IAUI. 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.
SymbolYTD1YSince Jun 2025Volatility Sharpe Sortino Max drawdown
IAUI-0.17%14.71%16.28%22.7%0.400.54-22.5%
SPYI10.99%18.20%21.19%10.6%1.141.63-7.7%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 4, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Jun 2025” measures every fund from June 5, 2025 — 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 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.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricIAUISPYI
Full nameNEOS Gold High Income ETFNEOS S&P 500 High Income ETF
IssuerNEOSNEOS
Underlying indexGold ETPsS&P 500 Index
Last Close$51.61 as of September 4, 2026$53.86 as of September 4, 2026
Distribution rate12.05%12.08%
Distribution Safety Score™ 7990
Safety-Adjusted Yield 9.52%10.87%
Expense ratio0.79%0.68%
AUM$600M$11.7B
Distribution frequencyMonthlyMonthly
ObjectiveSeeks to generate high monthly income with potential appreciation through exposure to gold ETPs.Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.
Asset classEquityEquity
Inception date06/05/202508/29/2022
Beta—0.7
Last dividend$0.5182$0.5423
Ex-dividend date08/19/202608/19/2026

Bottom lineIAUI and SPYI are both for investors who are comfortable trading away most upside for a large, steady payout — so strategy isn't the deciding factor here. Fees and payouts are close too, so it comes down to which your broker offers commission-free and any share-price or tax-lot preference.

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. IAUI and SPYI 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

Model this comparison:
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Income calculator

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

NEOS
ETFs19
Total AUM$32.9B

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 IAUI and SPYI.

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Quick verdict

IAUI (NEOS Gold High 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 12.08% vs 12.05% for IAUI. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

SPYI is cheaper with an expense ratio of 0.68% compared to 0.79%.

They have different reference exposures: IAUI is linked to Gold ETPs while SPYI is linked to S&P 500 Index, which means their performance drivers differ.

SPYI is the larger fund by assets ($11.7B), but assets alone do not establish trading costs or liquidity.

Deep dive

Yield & income

On a $10,000 investment, IAUI would generate roughly $100.42/month, while SPYI would produce $100.67/month, at current distribution rates. Both pay monthly distributions.

IAUI yield12.05%
SPYI yield12.08%
Monthly diff on $10K$0.25

Cost & efficiency

Over 10 years on $10,000, IAUI would cost approximately $790 in fees vs $680 for SPYI (simplified, not compounded). The $110.00 difference may be offset by yield or performance.

IAUI ER0.79%
SPYI ER0.68%

Strategy & risk

IAUI tracks Gold ETPs with a metals approach, while SPYI tracks S&P 500 Index with an active approach.

IAUI beta—
SPYI beta0.7

Fund details

IAUI is managed by NEOS (launched 06/05/2025) with $600M in assets. SPYI is managed by NEOS (launched 08/29/2022) with $11.7B in assets.

IAUI AUM$600M
SPYI AUM$11.7B
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Frequently asked questions

What is the current distribution rate for IAUI and SPYI?

IAUI currently distributes 12.05% and SPYI 12.08%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is IAUI 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 IAUI and SPYI?

IAUI (NEOS Gold High Income ETF) tracks Gold ETPs with a metals approach, while SPYI (NEOS S&P 500 High Income ETF) tracks S&P 500 Index with an active approach. They are issued by NEOS and NEOS respectively.

Can I hold both IAUI and SPYI?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is IAUI or SPYI safer?

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, IAUI scores 79, so SPYI's payout currently looks the more resilient of the two. 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 lower fees, IAUI or SPYI?

IAUI has an expense ratio of 0.79% 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 IAUI vs SPYI generate?

At current rates, $10,000 in IAUI would generate roughly $100.42 per month ($1,205.00 annually). The same in SPYI would produce about $100.67 per month ($1,208.00 annually).

Which has performed better historically, IAUI or SPYI?

IAUI has lagged SPYI over the trailing twelve months, posting a 14.71% total return against 18.20%. Measured from Jun 2025 — when the younger fund began trading — SPYI has compounded at 21.19% a year versus 16.28% for IAUI. SPYI has been the steadier holding, though — annualized volatility of 10.6% against 22.7% for IAUI. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

IAUI vs SPYI — at a glance

Generated September 5, 2026.

Overview

IAUI and SPYI are both monthly-distribution ETFs using covered-call strategies to generate high income, but they invest in fundamentally different assets. Both aim for tax efficiency through their options structure, but the underlying risk profile—commodity exposure versus large-cap equities—sets them apart.

How they differ

The core distinction is asset class: IAUI holds physical gold through ETPs, exposing investors to precious-metals price moves and inflation hedging; SPYI tracks the S&P 500, capturing broad U.S. large-cap equity growth. This matters because gold and equities respond differently to economic cycles and inflation signals.

Both funds use covered calls to generate their outsized yields, but their fee structures slightly favor SPYI at 0.68% versus 0.79%. SPYI's $11.7B AUM far exceeds IAUI's $600M, suggesting deeper liquidity and a longer operational history to build investor confidence. SPYI has been operating since 08/29/2022, while IAUI launched 06/05/2025, meaning SPYI's distribution record spans a full market cycle and the recent rate-hiking era, whereas IAUI has limited history to evaluate.

Who each is best for

  • IAUI: Fits investors seeking an inflation hedge within a high-income sleeve who believe gold valuations will hold or rise and are comfortable with monthly cash flow from a commodity-focused, narrowly concentrated holding.
  • SPYI: Designed for income-focused investors who want broad U.S. equity exposure alongside regular distributions and accept the tradeoff that high covered-call yields often come paired with capped capital appreciation.

Key risks to know

  • NAV erosion at >12% yields. Both funds distribute more than 1% monthly. When the underlying assets (gold or equities) don't appreciate enough to offset distributions, NAV declines over time. This is especially acute in flat or down markets and compounds over years.
  • Call-writing caps upside. Covered calls cap gains if underlying holdings rally sharply. SPYI investors forgo S&P 500 upside beyond the strike; IAUI holders miss gold spikes. The trade-off is intentional but meaningful over a multi-year horizon.
  • Gold volatility and macro sensitivity. IAUI depends on gold's price action, which swings with real interest rates, USD strength, and geopolitical risk. Prolonged high real rates have historically pressured gold; rising rates could reduce both capital appreciation and the incentive to hold it.
  • Options and derivative rollover risk. Both funds actively roll covered calls each month. Sharp market gaps, liquidity drying up, or mistimed rolls can force unfavorable prices or leave the fund briefly unhedged, adding tracking error and drag relative to simple buy-and-hold. While SPYI is diversified by count, both concentrate exposure relative to a broader market portfolio.

Bottom line

If you value inflation protection and believe gold will appreciate alongside income, IAUI offers a focused bet with a newer track record; if you prioritize established equity exposure, comparable yield, and deeper liquidity supported by a longer operating history, SPYI presents a different foundation. Both funds' high distribution rates assume call-writing discipline and stable underlying prices; neither should anchor a portfolio with low volatility tolerance. Past performance does not guarantee future results.

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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