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ETF Comparison

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

A head-to-head comparison of VegaShares SPX NDX RTY Premium Income ETF and NEOS S&P 500 High 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.

ODTE has lagged SPYI over the shared window since Apr 2026, posting a 6.95% total return against 14.27%. SPYI has been the steadier holding, though — annualized volatility of 10.1% against 13.8% for ODTE. 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.
SymbolSince Apr 2026Volatility Sharpe Sortino Max drawdown
ODTE6.95%13.8%0.731.02-7.2%
SPYI14.27%10.1%2.423.76-3.8%

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.
MetricODTESPYI
Full nameVegaShares SPX NDX RTY Premium Income ETFNEOS S&P 500 High Income ETF
IssuerVegaSharesNEOS
Underlying indexS&P 500, Nasdaq-100, Russell 2000S&P 500 Index
Last Close$25.27 as of September 21, 2026$53.72 as of September 21, 2026
Distribution rate13.99%11.93%
Distribution Safety Score™ 5090
Safety-Adjusted Yield —10.74%
Expense ratio0.76%0.68%
AUM$2.75M$12.2B
Distribution frequencyWeeklyMonthly
ObjectiveSeeks 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.Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.
Asset classEquityEquity
Inception date04/03/202608/29/2022
Beta—0.7
Last dividend$0.068$0.534
Ex-dividend date09/17/202609/16/2026

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 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

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Income calculator

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

VegaShares
ETFs5
Total AUM$61.0M

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.

See all VegaShares ETFs
NEOS
ETFs19
Total AUM$34.2B

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

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Quick verdict

ODTE (VegaShares SPX NDX RTY Premium Income ETF) and SPYI (NEOS S&P 500 High Income ETF) are both dividend ETFs, but they take different approaches.

ODTE offers the higher yield at 13.99% vs 11.93% 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 0.76%.

They have different reference exposures: ODTE is linked to S&P 500, Nasdaq-100, Russell 2000 while SPYI is linked to S&P 500 Index, which means their performance drivers differ.

SPYI has $12.2B 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.

Deep dive

Yield & income

On a $10,000 investment, ODTE would generate roughly $26.90 cash per distribution, while SPYI would produce $99.42 cash per distribution, at current distribution rates.

ODTE yield13.99%
SPYI yield11.93%
Cash diff on $10K$72.51

Cost & efficiency

Over 10 years on $10,000, ODTE would cost approximately $760 in fees vs $680 for SPYI (simplified, not compounded). The $80.00 difference may be offset by yield or performance.

ODTE ER0.76%
SPYI ER0.68%

Strategy & risk

ODTE tracks S&P 500, Nasdaq-100, Russell 2000 with a covered call approach, while SPYI tracks S&P 500 Index with an active approach.

ODTE beta—
SPYI beta0.7

Fund details

ODTE is managed by VegaShares (launched 04/03/2026) with $2.75M in assets. SPYI is managed by NEOS (launched 08/29/2022) with $12.2B in assets.

ODTE AUM$2.75M
SPYI AUM$12.2B
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Frequently asked questions

What is the current distribution rate for ODTE and SPYI?

ODTE currently distributes 13.99% and SPYI 11.93%, 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 ODTE or SPYI 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 ODTE and SPYI?

ODTE (VegaShares SPX NDX RTY Premium Income ETF) tracks S&P 500, Nasdaq-100, Russell 2000 with a covered call approach, while SPYI (NEOS S&P 500 High Income ETF) tracks S&P 500 Index with an active approach. They are issued by VegaShares and NEOS respectively.

Can I hold both ODTE 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 ODTE 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, ODTE scores 50, 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, ODTE or SPYI?

ODTE has an expense ratio of 0.76% 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 ODTE vs SPYI generate?

At current rates, $10,000 in ODTE would generate roughly $26.90 cash per distribution ($1,399.00 annually). The same in SPYI would produce about $99.42 cash per distribution ($1,193.00 annually).

Which has performed better historically, ODTE or SPYI?

ODTE has lagged SPYI over the shared window since Apr 2026, posting a 6.95% total return against 14.27%. SPYI has been the steadier holding, though — annualized volatility of 10.1% against 13.8% for ODTE. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

ODTE vs SPYI — at a glance

Generated September 19, 2026.

Overview

ODTE and SPYI are both equity ETFs that layer options strategies—specifically covered calls—onto broad equity indices to generate high income.

How they differ

ODTE's most striking feature is its reliance on 0DTE options—contracts that expire the same day they trade—to generate 13.99% annual yield on a weekly basis. SPYI uses a traditional covered call strategy with monthly resets, paying 11.93% annually. Third, the funds differ sharply in scale and maturity: SPYI holds $12.2B in assets and has operated since 08/29/2022, while ODTE launched 04/03/2026 with only $2.75M.

Who each is best for

ODTE: Fits investors seeking maximum income frequency and willing to accept shorter-term price fluctuation for weekly payouts; attracts those specifically interested in small- and mid-cap exposure alongside large-cap holdings, and who are comfortable with the execution risks of a newly launched, thinly capitalized fund.

SPYI: Fits investors prioritizing steady monthly income from a tax-efficient structure focused on the largest 500 U.S. companies; works for those who value an established fund with substantial AUM and transparent published risk metrics, and who view covered call income as a long-term income substitute rather than a trading vehicle.

Key risks to know

  • NAV erosion risk: ODTE's 13.99% yield substantially exceeds typical S&P 500 total return, suggesting the fund likely returns capital to shareholders in many distributions; this will erode net asset value over time unless equity appreciation offsets the payout. SPYI's 11.93% yield, while high, is closer to the historical range of covered call funds and carries less acute NAV-erosion pressure.
  • 0DTE options concentration: ODTE's reliance on same-day-expiration options introduces roll risk and gamma volatility that differ materially from standard covered call strategies; sharp intraday moves on the underlying indices could force disadvantageous rebalancing or missed premium collection, especially in low-liquidity conditions.
  • Index concentration: SPYI's exclusive S&P 500 focus means it has no small- or mid-cap diversifier if large-cap equities underperform; ODTE's three-index approach spreads that risk but introduces complexity in how call premiums are allocated across indices with different volatility profiles. If you prioritize monthly income from an established, sizable fund with a simpler structure, SPYI's larger asset base and longer track record offer more stability, though at a lower headline yield. Past performance does not indicate 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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