DV
Dividend Vision

ETF Comparison

SPYI vs QQQI: Same Income Strategy, Different Index Risk

Compare NEOS's S&P 500 and Nasdaq-100 income ETFs on index exposure, concentration, distribution, volatility, and portfolio role.

Data updated August 19, 2026

Best for

  • QQQIInvestors who want to maximize current income — roughly 14.20%, generated by selling options premium.
  • SPYIInvestors who are comfortable trading away most upside for a large, steady payout.

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

QQQI has outpaced SPYI over the trailing twelve months, posting a 18.01% total return against 17.78%. Measured from Jan 2024 — when the younger fund began trading — QQQI has compounded at 19.59% a year versus 17.08% for SPYI. SPYI has been the steadier holding, though — annualized volatility of 10.7% against 16.5% for QQQI. 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 Jan 2024Volatility Sharpe Sortino Max drawdown
QQQI11.20%18.01%19.59%16.5%0.741.04-9.6%
SPYI10.24%17.78%17.08%10.7%1.111.59-7.7%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 18, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Jan 2024” measures every fund from January 30, 2024 — 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.
MetricQQQISPYI
Full nameNEOS Nasdaq-100 High Income ETFNEOS S&P 500 High Income ETF
IssuerNEOSNEOS
Last Close$55.07 as of August 19, 2026$54.04 as of August 19, 2026
Distribution yield14.20%12.04%
Distribution Safety Score™ 8490
Expense ratio0.68%0.68%
AUM$14.2B$11.6B
Distribution frequencyMonthlyMonthly
Underlying indexNASDAQ 100S&P 500 Index
ObjectiveSeeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.
Asset classEquityEquity
Inception date01/29/202408/29/2022
Beta1.05530.7
Last dividend$0.6518$0.5423
Ex-dividend date08/19/202608/19/2026

Bottom lineChoose QQQI if you want to maximize current income — roughly 14.20%, generated by selling options premium. Choose SPYI if you are comfortable trading away most upside for a large, steady payout.

SPYI vs QQQI: which one fits your portfolio?

QQQI favors higher current income and concentrated Nasdaq-100 exposure. SPYI favors broader US large-cap diversification and has the lower beta in the current snapshot. Because the manager, monthly schedule, and fee are the same, the index exposure and risk trade-off should drive the decision.

QQQISPYI
Underlying exposureNASDAQ 100S&P 500 Index
Concentration100 non-financial Nasdaq companies; technology heavyAbout 500 US large caps across every major sector
Distribution yield14.20%12.04%
Beta1.05530.7
Expense ratio0.68%0.68%
Better fit forHigher income; Nasdaq growth exposureBroader diversification; lower measured market sensitivity
Main trade-offGreater technology concentration and market sensitivityLower current distribution and less concentrated Nasdaq 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. QQQI 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:
Compare in my portfolio Forecast income Save to watchlist

Income calculator

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

NEOS
ETFs19
Total AUM$32.2B

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 QQQI and SPYI.

See all NEOS ETFs

Want to go deeper?

Add these ETFs to a sample portfolio and forecast your dividend income over 5+ years — free to start, no credit card.

Compare in my portfolio Forecast income Save to watchlist

Quick verdict

QQQI (NEOS Nasdaq-100 High Income ETF) and SPYI (NEOS S&P 500 High Income ETF) are both monthly-pay dividend ETFs, but they take different approaches.

QQQI offers the higher yield at 14.20% vs 12.04% for SPYI. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

They track different benchmarks: QQQI is linked to NASDAQ 100 while SPYI tracks S&P 500 Index, which means their performance drivers differ.

QQQI is the larger fund by assets ($14.2B), which generally means tighter spreads and better liquidity.

Who should choose each?

Choose QQQI

NEOS Nasdaq-100 High Income ETF

  • Want to maximize current income — QQQI distributes roughly 14.20% from selling options premium, vs 12.04% for SPYI.
  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.

Choose SPYI

NEOS S&P 500 High Income ETF

  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
  • Prefer lower volatility — a beta of 0.7 vs 1.1 for QQQI.

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, QQQI would generate roughly $118.33/month, while SPYI would produce $100.33/month, at current distribution rates. Both pay monthly distributions.

QQQI yield14.20%
SPYI yield12.04%
Monthly diff on $10K$18.00

Cost & efficiency

Over 10 years on $10,000, QQQI would cost approximately $680 in fees vs $680 for SPYI (simplified, not compounded). Both charge the same expense ratio.

QQQI ER0.68%
SPYI ER0.68%

Strategy & risk

QQQI tracks NASDAQ 100 with an options approach, while SPYI tracks S&P 500 Index with an options approach. Beta is 1.0553 for QQQI and 0.7 for SPYI, making SPYI the less volatile of the two by this measure.

QQQI beta1.0553
SPYI beta0.7

Fund details

QQQI is managed by NEOS (launched 01/29/2024) with $14.2B in assets. SPYI is managed by NEOS (launched 08/29/2022) with $11.6B in assets.

QQQI AUM$14.2B
SPYI AUM$11.6B
Ready to act?
Open in Comparator Model in portfolio See pricing

Enjoyed this page?

Do us a favor — if you found this comparison useful, please share it with a friend researching dividend ETFs.

Frequently asked questions

SPYI vs QQQI: which is better?

The choice is the index, not the manager. SPYI applies NEOS's monthly option-income overlay to a broad S&P 500 book; QQQI applies the same overlay to the Nasdaq-100. SPYI is the better fit for broader US large-cap exposure and lower measured market sensitivity; QQQI is the better fit if you want a more technology-heavy book and a higher current distribution. Both charge 0.68% and use Section 1256 contracts. Current snapshot: QQQI 14.20% yield and 1.0553 beta versus SPYI 12.04% and 0.7 beta, as of August 2026. Neither is universally better.

What is the current distribution yield for QQQI and SPYI?

QQQI currently distributes 14.20% and SPYI 12.04%, based on fund data updated August 2026. Distribution yield moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is QQQI or SPYI better for dividend income?

It depends on your goals. QQQI 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 QQQI 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 QQQI 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, QQQI scores 84, so SPYI's payout currently looks the more resilient of the two. SPYI has also shown lower price volatility (beta 0.70 vs 1.06 for QQQI). 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, QQQI or SPYI?

QQQI and SPYI both charge the same expense ratio of 0.68%, so neither is cheaper on fees — pick based on yield, strategy, or underlying index instead.

How much income does $10,000 in QQQI vs SPYI generate?

At current rates, $10,000 in QQQI would generate roughly $118.33 per month ($1,420.00 annually). The same in SPYI would produce about $100.33 per month ($1,204.00 annually).

Which has performed better historically, QQQI or SPYI?

QQQI has outpaced SPYI over the trailing twelve months, posting a 18.01% total return against 17.78%. Measured from Jan 2024 — when the younger fund began trading — QQQI has compounded at 19.59% a year versus 17.08% for SPYI. SPYI has been the steadier holding, though — annualized volatility of 10.7% against 16.5% for QQQI. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

QQQI vs SPYI — at a glance

Generated August 16, 2026.

Figures quoted in this analysis are from its generation date and may lag the live snapshot table above, which always shows the latest data.

Overview

QQQI and SPYI are both options-overlay ETFs designed to generate monthly income from large-cap equities while pursuing capital appreciation. QQQI tracks the Nasdaq-100, emphasizing growth-oriented tech and megacap names, while SPYI tracks the S&P 500, offering broader large-cap diversification. The key distinction is their underlying index: QQQI is growth-skewed; SPYI is a wider snapshot of large-cap America.

How they differ

Both use covered-call and similar derivative strategies to harvest income, but QQQI yields significantly more—13.66% vs. SPYI's 11.69%—which reflects both a narrower, higher-volatility index and more aggressive options positioning. SPYI has been operating nearly two years longer (August 2022 vs. January 2024), giving it a longer track record, though both charge the same 0.68% expense ratio. QQQI's beta of 1.0553 means it amplifies broad market swings slightly more than the Nasdaq-100 itself, while SPYI's 0.7 beta indicates below-market volatility—a sign the options overlay is effectively dampening S&P 500 movements. QQQI holds a larger asset base at $14.2B compared to SPYI's $11.4B.

Who each is best for

QQQI: Fits investors seeking concentrated exposure to Nasdaq-heavy growth equities and who tolerate elevated volatility in exchange for higher income potential, provided they understand that option overlay strategies may constrain upside capture.

SPYI: Designed for income-focused investors who prefer broader diversification across the S&P 500 and value the volatility dampening that the lower beta provides, especially those wanting steadier monthly distributions without outsized tech concentration.

Key risks to know

  • NAV erosion at distribution yields above 15%. QQQI's 13.66% annual yield approaches unsustainable payout levels for a buy-and-hold equity strategy; distributions likely incorporate partial return of capital, which erodes principal over time if underlying equity returns disappoint.
  • Options overlay constraints on upside. Both ETFs sacrifice capital gains capture through covered-call activity; in a strong bull market dominated by their largest holdings (Apple, Microsoft, Nvidia, Tesla), capped gains can underperform a simple equity position.
  • Nasdaq concentration and sector risk (QQQI). The Nasdaq-100 tilts heavily toward information technology and mega-cap growth names; QQQI amplifies that tilt, exposing holders to correlated drawdowns if tech valuations compress or rate volatility spikes.
  • Maturity and track record differential. SPYI has weathered a complete market cycle; QQQI's January 2024 inception means it has operated only in a benign rate environment and strong equity backdrop, with unproven behavior during steep corrections or volatility spikes.
  • Credit and counterparty risk in derivatives. Both strategies rely on counterparties to honor options contracts; while unlikely, extreme market dislocations could expose ETF shareholders to losses if derivative positions unwind unexpectedly.

Bottom line

If you prioritize maximum income and accept the volatility of concentrated tech exposure, QQQI's higher yield may appeal; if you value broader market representation and lower portfolio swings, SPYI's S&P 500 anchor and dampened beta offer a different tradeoff. Both carry the structural risk of high distributions eroding capital if markets stagnate, so neither is a substitute for careful analysis of your total return expectations and risk tolerance. 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

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.

Start Free Open in Comparator Browse Screener