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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.

Updated October 2, 2026

How these figures are calculated: methodology.

Best for

  • IAUIInvestors who want gold exposure with an options-income overlay, not a stock-index overwrite.
  • SPYIInvestors who want S&P 500 exposure with an options-income overlay, not a gold overwrite.

Jump to the side-by-side numbers

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.

IAUI has lagged SPYI over the trailing twelve months, posting a 4.40% total return against 15.39%. Measured from Jun 2025 — the start of shared available history — SPYI has compounded at 20.33% a year versus 10.32% for IAUI. SPYI has been the steadier holding, though — annualized volatility of 10.8% against 23.4% 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.
SymbolYTD cumulative1Y cumulativeSince Jun 2025Volatility Sharpe Sortino Max drawdown
IAUI-5.81%4.40%10.32%23.4%-0.01-0.01-22.5%
SPYI11.57%15.39%20.33%10.8%0.901.29-7.7%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 2, 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 Jun 2025” measures every fund from June 5, 2025 — 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 and SEC yield

MetricIAUISPYI
Forward distribution rate12.47%11.95%
Trailing 12-month yield14.00%11.83%
30-day SEC yield1.87%0.46%

Total return (price change plus reinvested distributions) is the Total returns section above. 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 IAUI vs GLD, SPYI vs SPY.

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$48.21 as of October 2, 2026$53.60 as of October 2, 2026
Distribution rate12.47%11.95%
Trailing 12-month yield14.00%11.83%
30-day SEC yield1.87%0.46%
Distribution Safety Score™ 7990
Safety-Adjusted Yield 9.85%10.76%
Expense ratio0.79%0.68%
AUM$626M$12.4B
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
Beta0.480.7
Last dividend$0.5011$0.5338
Ex-dividend date09/16/202609/16/2026

Bottom lineChoose IAUI if you want gold exposure with an options-income overlay, not a stock-index overwrite. Choose SPYI if you want S&P 500 exposure with an options-income overlay, not a gold overwrite. IAUI and SPYI both use option or derivative overlays. Their tradeoff is the underlying exposure, how each option strategy is implemented, and the yield each targets; either overlay can limit upside participation, so neither offers uncapped price exposure.

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$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 IAUI and SPYI.

See all NEOS ETFs

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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.

IAUI offers the higher yield at 12.47% vs 11.95% for SPYI. 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 ($12.4B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose IAUI

NEOS Gold High Income ETF

  • Want gold with an options overlay — not a stock-index overwrite.
  • Want to maximize current income — IAUI distributes roughly 12.47% from selling options premium, vs 11.95% for SPYI.
  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
  • Prefer lower volatility — a beta of 0.5 vs 0.7 for SPYI.

Choose SPYI

NEOS S&P 500 High Income ETF

  • Want S&P 500 with an options overlay — not a gold overwrite.
  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
  • Want to keep costs low — a 0.68% expense ratio vs 0.79% for IAUI.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

Deep dive

Yield & income

On a $10,000 investment, IAUI would generate roughly $103.92 cash per distribution, while SPYI would produce $99.58 cash per distribution, at current distribution rates. Both pay monthly distributions.

IAUI yield12.47%
SPYI yield11.95%
Cash diff on $10K$4.33

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. Beta is 0.48 for IAUI and 0.7 for SPYI, making IAUI the less volatile of the two by this measure.

IAUI beta0.48
SPYI beta0.7

Fund details

IAUI is managed by NEOS (launched 06/05/2025) with $626M in assets. SPYI is managed by NEOS (launched 08/29/2022) with $12.4B in assets.

IAUI AUM$626M
SPYI AUM$12.4B
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Frequently asked questions

What is the current distribution rate for IAUI and SPYI?

IAUI currently distributes 12.47% and SPYI 11.95%, based on fund data updated October 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. IAUI 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. IAUI has also shown lower price volatility (beta 0.48 vs 0.70 for SPYI). 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 $103.92 cash per distribution ($1,247.00 annually). The same in SPYI would produce about $99.58 cash per distribution ($1,195.00 annually).

Which has performed better historically, IAUI or SPYI?

IAUI has lagged SPYI over the trailing twelve months, posting a 4.40% total return against 15.39%. Measured from Jun 2025 — the start of shared available history — SPYI has compounded at 20.33% a year versus 10.32% for IAUI. SPYI has been the steadier holding, though — annualized volatility of 10.8% against 23.4% 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 October 3, 2026.

Overview

IAUI and SPYI are both monthly-distribution ETFs managed by NEOS using covered-call overlays to generate high income, but they target fundamentally different underlying assets. The choice between them hinges on asset class conviction: precious metals diversification versus broad U.S. equity exposure.

How they differ

The largest distinction is the underlying asset class. This shapes both their income mechanics and portfolio role fundamentally.

IAUI's yield of 12.47% exceeds SPYI's 11.95% by 0.52% percentage points. SPYI, backed by $12.4B in assets versus IAUI's $626M, has a longer track record (inception 08/29/2022 versus 06/05/2025) and lower expense ratio at 0.68% versus 0.79%.

Concentration and volatility risks differ sharply. Gold price swings can drive NAV moves independent of equity markets; S&P 500 moves track broader economic conditions. Both use options overlays, but IAUI's precious-metals focus introduces commodity-specific tail risk, while SPYI's large-cap equity base offers more traditional stock-market drawdown exposure.

Who each is best for

IAUI: Fits investors seeking a tactical metals allocation with monthly income who believe gold offers portfolio diversification and can tolerate higher single-asset volatility and concentration in exchange for yield above equity-market highs.

SPYI: Designed for investors wanting S&P 500 exposure with a high monthly payout who prioritize liquidity and size, accept lower yield in exchange for broad market participation and a longer operational history.

Key risks to know

  • NAV erosion at extreme yields. IAUI's 12.47% distribution rate and SPYI's 11.95% both exceed typical underlying-asset returns by wide margins. Distributions at these levels suggest reliance on return of capital, which may erode net asset value over extended holding periods.
  • Covered-call friction. Both funds sell calls to fund distributions, capping upside gains if the underlying assets rally significantly. This drag accumulates during bull markets and may underperform a buy-and-hold equivalent.
  • Tax-efficiency limits. While both claim tax-efficient treatment, monthly distributions with high yields typically generate substantial taxable events. The stated tax efficiency likely reflects options-overlay technique rather than absolute tax minimization.
  • Options-derivative basis risk. Both funds' call-selling strategies rely on implied-volatility pricing and counterparty execution. Rapid volatility shifts or market dislocations could degrade the relationship between the fund's underlying and its synthetic-income layer.

Bottom line

If you're seeking broad U.S. stock exposure with monthly income, SPYI's larger asset base and lower expense ratio merit attention; if you want precious-metals diversification at a steeper yield, IAUI addresses a different portfolio role. 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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These comparisons follow the Dividend Vision methodology.