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ETF Comparison

OVL vs SPYI: Same Index, Different Income Overlay

A head-to-head of Overlay Shares Large Cap Equity and NEOS's S&P 500 High Income ETF covering how cash is produced, cost, and payout.

Data updated September 18, 2026

Best for

  • OVLInvestors who want a covered-call overwrite written on the holdings themselves.
  • SPYIInvestors who want index call spreads structured for Section 1256 tax treatment.

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.

OVL has outpaced SPYI over the trailing twelve months, posting a 19.89% total return against 15.63%. The lead holds up over 3 years too: OVL has compounded at 22.87% a year, against 16.17% for SPYI. SPYI has been the steadier holding, though — annualized volatility of 12.5% against 18.7% for OVL. 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.
SymbolYTD1Y3YSince Aug 2022Volatility Sharpe Sortino Max drawdown
OVL14.18%19.89%22.87%20.29%18.7%0.861.21-21.7%
SPYI10.51%15.63%16.17%15.14%12.5%0.841.19-16.5%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 18, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Aug 2022” measures every fund from August 30, 2022 — 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 trailing 3 years. 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 trailing 3 years) — 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.
MetricOVLSPYI
Full nameOverlay Shares Large Cap Equity ETFNEOS S&P 500 High Income ETF
IssuerOverlay SharesNEOS
Last Close$56.86 as of September 18, 2026$53.09 as of September 18, 2026
Distribution rate10.43%12.07%
Distribution Safety Score™ 9290
Safety-Adjusted Yield 9.60%10.86%
Expense ratio0.79%0.68%
AUM$443M$11.9B
Distribution frequencyMonthlyMonthly
Underlying indexS&P 500 (VOO)S&P 500 Index
ObjectivePut-selling overlay on large cap equity exposure via VOO (Vanguard S&P 500 ETF) to generate additional income.Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.
Asset classEquityEquity
Inception date09/30/201908/29/2022
Beta1.170.7
Last dividend$0.494$0.5338 payable today
Ex-dividend date08/27/202609/16/2026

Bottom lineChoose OVL if you want a covered-call overwrite written on the holdings themselves. Choose SPYI if you want index call spreads structured for Section 1256 tax treatment. OVL 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.

OVL vs SPYI: two S&P 500 income overlays

Both sell S&P 500 calls for monthly cash. Issuer and how much upside is sold should drive the choice, not which yield is larger on one date.

OVLSPYI
UnderlyingS&P 500 (VOO)S&P 500 Index
IssuerOverlay SharesNEOS
Expense ratio0.79%0.68%
Distribution yield10.43%12.07%
Upside in a rallyPartially soldPartially sold

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. OVL 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.

Overlay Shares
ETFs7
Total AUM$805M

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

Overlay Shares operates a focused lineup of four income-focused ETFs designed to generate regular distributions for investors. The company specializes in option overlay strategies that aim to enhance yield through covered call and similar income-generating techniques, with its funds trading under tickers OVF, OVL, OVLH, and OVS. This niche approach to dividend enhancement differentiates Overlay Shares within the broader ETF marketplace, appealing to investors seeking higher current income through systematic option strategies.

See our curated list of related YouTube videos on OVL.

See all Overlay Shares ETFs
NEOS
ETFs19
Total AUM$33.6B

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

OVL (Overlay Shares Large Cap Equity 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 12.07% vs 10.43% for OVL. 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: OVL is linked to S&P 500 (VOO) while SPYI is linked to S&P 500 Index, which means their performance drivers differ.

SPYI is the larger fund by assets ($11.9B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose OVL

Overlay Shares Large Cap Equity ETF

  • Want a covered-call overwrite on the stocks the fund holds.
  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.

Choose SPYI

NEOS S&P 500 High Income ETF

  • Want index call spreads structured for Section 1256 tax treatment.
  • Want to maximize current income — SPYI distributes roughly 12.07% from selling options premium, vs 10.43% for OVL.
  • 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 OVL.

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, OVL would generate roughly $86.92/month, while SPYI would produce $100.58/month, at current distribution rates. Both pay monthly distributions.

OVL yield10.43%
SPYI yield12.07%
Monthly diff on $10K$13.67

Cost & efficiency

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

OVL ER0.79%
SPYI ER0.68%

Strategy & risk

Both OVL and SPYI wrap S&P 500 (VOO) with options-based income overlays (fund of funds and active). The practical differences are yield target, fee structure, and issuer track record — not the underlying mechanic. Beta is 1.17 for OVL and 0.7 for SPYI, making SPYI the less volatile of the two by this measure.

OVL beta1.17
SPYI beta0.7

Fund details

OVL is managed by Overlay Shares (launched 09/30/2019) with $443M in assets. SPYI is managed by NEOS (launched 08/29/2022) with $11.9B in assets.

OVL AUM$443M
SPYI AUM$11.9B
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Frequently asked questions

What is the difference between OVL and SPYI?

Both sell options on S&P 500 exposure for monthly cash. OVL (Overlay Shares Large Cap Equity ETF) overlays calls on S&P 500 (VOO). SPYI (NEOS S&P 500 High Income ETF) is NEOS's high-income overlay on S&P 500 Index, with more Section 1256 / return-of-capital treatment. Cost is 0.79% versus 0.68%; distributions are 10.43% and 12.07% as of September 2026. A higher printed yield usually means more upside sold, not a safer S&P 500. Compare total return and drawdown with the cash figure.

What is the current distribution rate for OVL and SPYI?

OVL currently distributes 10.43% and SPYI 12.07%, 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 OVL 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.

Can I hold both OVL and SPYI?

You can, but expect significant overlap. Both funds use options-based income strategies on S&P 500 (VOO), so holding them together gives you two wrappers around effectively the same exposure — not true diversification. Weigh issuer, fee, and yield differences rather than treating them as complementary.

Is OVL 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 — they are effectively tied: OVL scores 92, SPYI scores 90. Neither has a clear safety edge on that measure. SPYI has also shown lower price volatility (beta 0.70 vs 1.17 for OVL). 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, OVL or SPYI?

OVL 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 OVL vs SPYI generate?

At current rates, $10,000 in OVL would generate roughly $86.92 per month ($1,043.00 annually). The same in SPYI would produce about $100.58 per month ($1,207.00 annually).

Which has performed better historically, OVL or SPYI?

OVL has outpaced SPYI over the trailing twelve months, posting a 19.89% total return against 15.63%. The lead holds up over 3 years too: OVL has compounded at 22.87% a year, against 16.17% for SPYI. SPYI has been the steadier holding, though — annualized volatility of 12.5% against 18.7% for OVL. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

OVL vs SPYI — at a glance

Generated September 19, 2026.

Overview

OVL and SPYI are both equity ETFs that overlay options strategies on S&P 500 exposure to generate monthly income above typical equity dividend yields. The critical difference: OVL uses put-selling to harvest volatility premium while holding the underlying S&P 500, whereas SPYI uses covered calls—selling upside to cap gains while retaining downside participation. SPYI's lower beta and larger asset base reflect a more conservative income-generation approach.

How they differ

OVL's put-selling strategy generates income by taking on downside risk below current levels; SPYI's covered-call approach caps upside but shields against sharp declines. SPYI's 12.07% distribution rate exceeds OVL's 10.43%, yet SPYI carries a lower expense ratio of 0.68% versus 0.79%, giving it a net yield advantage. SPYI's $11.9B in assets dwarfs OVL's $443M, and its 0.7 beta signals meaningfully lower equity sensitivity than OVL's 1.17, which sits above the S&P 500's market beta. Both pay monthly, but OVL's put-overlay structure may force larger NAV swings during market stress when put sellers face sharp assignment risk.

Who each is best for

OVL: Fits investors comfortable with equity downside exposure who want aggressive income from volatility harvesting; suits allocations where the holder believes the S&P 500 will rise or trade sideways and can tolerate sharp mark-to-market losses if the market drops sharply.

SPYI: Fits investors seeking monthly income with reduced equity sensitivity and a hard cap on losses; designed for allocations prioritizing income stability and lower portfolio volatility over maximum capital appreciation.

Key risks to know

  • Put-assignment risk in OVL. A steep market decline could force cash settlement of puts below current prices, compressing NAV and forcing the fund to absorb losses while distributions remain front-loaded. This risk is absent in SPYI's covered-call structure.
  • NAV erosion from high distribution yields. Both funds distribute 10.43% and 12.07% annually—rates well above historical S&P 500 total returns—suggesting ongoing reliance on return-of-capital treatment. Over multi-year periods, NAV may decline even if the underlying index rises.
  • Upside cap in SPYI. Covered calls cap gains when the market rallies sharply; a 20%+ rally in the S&P 500 would leave SPYI's price largely flat while OVL participates more fully, despite OVL's higher beta amplifying downside risk.
  • Expense drag and basis risk. OVL's 0.79% expense ratio exceeds SPYI's 0.68% by 11 basis points; over time, this compounds. Both funds' options strategies introduce basis risk—the overlay may underperform the underlying index during certain market regimes, especially if realized volatility diverges from implied volatility.

Bottom line

If you want maximum income with tactical downside exposure and can tolerate equity beta above 1.0, OVL's put-selling approach offers deeper volatility harvesting. If you prioritize income stability, reduced market sensitivity, and a simpler covered-call trade-off (capped upside for capped downside), SPYI's larger scale and lower beta appeal. Past performance does not predict 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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