A head-to-head comparison of ProShares S&P 500 High Income ETF and VegaShares SPX NDX RTY Premium Income ETF covering yield, cost, risk, and income potential.
Data updated September 21, 2026
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.
ISPY has outpaced ODTE over the shared window since Apr 2026, posting a 14.07% total return against 6.95%. 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.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 21, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Apr 2026” measures every fund from April 6, 2026 — 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 shared window since Apr 2026. 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 shared window since Apr 2026) — 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.
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 weekly income by investing at least 80% of net assets in the constituents of the S&P 500, Nasdaq-100 and Russell 2000 indices, or instruments linked to them, alongside an options premium strategy.
Bottom lineWe won't call this one: ODTE launched April 2026, so there is not yet a track record to compare. Compare the strategy, cost and holdings in the sections above and treat any performance figures for the newer ETF as provisional.
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. ODTE generates 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.
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.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
VegaShares specializes in options-based and thematic ETFs designed to generate income and capitalize on emerging trends. The issuer's lineup spans income-focused strategies, including covered call funds, alongside thematic offerings that target specific market segments and innovation themes. VegaShares serves investors seeking alternative approaches to traditional equity exposure, with a concentrated portfolio of strategically named funds addressing both income generation and sector-specific growth opportunities.
See our curated list of related YouTube videos on ODTE.
ISPY (ProShares S&P 500 High Income ETF) and ODTE (VegaShares SPX NDX RTY Premium Income ETF) are both dividend ETFs, but they take different approaches.
ODTE offers the higher yield at 13.99% vs 5.75% for ISPY. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
ISPY is cheaper with an expense ratio of 0.56% compared to 0.76%.
They have different reference exposures: ISPY is linked to S&P 500 while ODTE is linked to S&P 500, Nasdaq-100, Russell 2000, which means their performance drivers differ.
ISPY has $1.18B in assets vs $2.75M for ODTE, but ODTE only launched April 2026 — AUM comparisons will become more meaningful as it builds a track record.
Still deciding? Track ISPY & ODTE for free
Create a free Dividend Vision account to keep them on a watchlist, get notified when they declare dividends, and see how much income they would add to your portfolio.
On a $10,000 investment, ISPY would generate roughly $47.92 cash per distribution, while ODTE would produce $26.90 cash per distribution, at current distribution rates.
ISPY yield5.75%
ODTE yield13.99%
Cash diff on $10K$21.01
Cost & efficiency
Over 10 years on $10,000, ISPY would cost approximately $560 in fees vs $760 for ODTE (simplified, not compounded). The $200.00 difference may be offset by yield or performance.
ISPY ER0.56%
ODTE ER0.76%
Strategy & risk
ISPY tracks S&P 500, while ODTE tracks S&P 500, Nasdaq-100, Russell 2000 with a covered call approach.
ISPY beta0.9342
ODTE beta—
Fund details
ISPY is managed by ProShares (launched 09/11/2024) with $1.18B in assets. ODTE is managed by VegaShares (launched 04/03/2026) with $2.75M in assets.
Do us a favor — if you found this comparison useful, please share it with a friend researching dividend ETFs.
Frequently asked questions
What is the current distribution rate for ISPY and ODTE?
ISPY currently distributes 5.75% and ODTE 13.99%, 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 ISPY or ODTE better for dividend income?
It depends on your goals. ODTE 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 ISPY and ODTE?
ISPY (ProShares S&P 500 High Income ETF) tracks S&P 500, while ODTE (VegaShares SPX NDX RTY Premium Income ETF) tracks S&P 500, Nasdaq-100, Russell 2000 with a covered call approach. They are issued by ProShares and VegaShares respectively.
Can I hold both ISPY and ODTE?
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 ISPY or ODTE safer?
By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — ISPY scores 67, ODTE scores 50, so ISPY'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, ISPY or ODTE?
ISPY has an expense ratio of 0.56% while ODTE charges 0.76%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in ISPY vs ODTE generate?
At current rates, $10,000 in ISPY would generate roughly $47.92 cash per distribution ($575.00 annually). The same in ODTE would produce about $26.90 cash per distribution ($1,399.00 annually).
Which has performed better historically, ISPY or ODTE?
ISPY has outpaced ODTE over the shared window since Apr 2026, posting a 14.07% total return against 6.95%. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
Explore related screeners
Lateral filters that include these funds — browse the full peer set on DividendVision.
ISPY and ODTE are both equity ETFs pursuing covered call strategies to generate income, but they differ fundamentally in scope and distribution cadence.
How they differ
ISPY executes a daily covered call strategy exclusively on the S&P 500, meaning it sells call options that expire each day and resets its position continuously. ODTE, by contrast, allocates at least 80% of assets across three indices simultaneously while overlaying a weekly premium income strategy, introducing broader market exposure and less frequent option rolls. ISPY carries a 0.56% expense ratio against 0.76% for ODTE. ISPY reports a beta of 0.9342.
Who each is best for
ISPY: Fits investors seeking a simple, large-cap income overlay with established track record and deep liquidity. Designed for allocations where monthly income and S&P 500 fidelity matter more than premium maximization.
ODTE: Fits investors with higher yield appetite who accept early-stage fund risk and multi-index blending. Suits exploratory positions where weekly income and exposure to growth (Nasdaq-100) and small-cap (Russell 2000) alongside large-cap carries acceptable operational uncertainty.
Key risks to know
NAV erosion at extreme yields.ODTE's 13.99% distribution rate may rely on accelerated capital return or unsustainable premium capture; such yields historically erode net asset value over time as options decay value is harvested faster than underlying holdings appreciate. Market gaps over weekends or volatile opens can force liquidation at unfavorable prices, and the rapid roll cycle creates reinvestment timing risk if implied volatility compresses suddenly. Redemptions, operational mistakes, or structural stress under volatile markets could force rapid portfolio unwind at disadvantageous prices.
Multi-index overlap complexity.ODTE's simultaneous exposure to S&P 500, Nasdaq-100, and Russell 2000 creates internal concentration—the S&P 500 and Nasdaq-100 overlap meaningfully—making it difficult to predict actual net sector and mega-cap exposure without detailed holdings analysis. If you're willing to tolerate early-stage fund risk, minimal liquidity, and multi-index blending for a significantly higher yield target, ODTE's 13.99% may appeal—but requires close monitoring of NAV trends and option roll execution. 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.
Still deciding? Compare them against your own portfolio
See how each ETF fits alongside your real holdings — forecast future income, analyze overlap, and gauge risk. Start a free 7-day Dividend Vision trial and make the call with your full portfolio in view.
