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ETF Comparison

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

A head-to-head comparison of NEOS Nasdaq-100 High Income ETF and NEOS S&P 500 High Income ETF covering yield, cost, risk, and income potential.

Data updated July 21, 2026

NEOS
ETFs19
Total AUM$30.0B

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.

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Side-by-side snapshot

QQQISPYI
Full nameNEOS Nasdaq-100 High Income ETFNEOS S&P 500 High Income ETF
IssuerNEOSNEOS
Last Close$54.27 as of July 21, 2026$53.01 as of July 21, 2026
Distribution yield14.53%12.02%
Distribution Safety Score™ 8490
Expense ratio0.68%0.68%
AUM$13.3B$10.7B
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$0.6570$0.5310
Ex-dividend date06/16/202606/16/2026

Bottom lineChoose QQQI if you want to maximize current income — roughly 14.53%, generated by selling options premium. Choose SPYI if you are comfortable trading away most upside for a large, steady payout.

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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 17.79% total return against 16.92%. Measured from Jan 2024 — when the younger fund began trading — QQQI has compounded at 19.01% a year versus 16.30% for SPYI. SPYI has been the steadier holding, though — annualized volatility of 10.5% against 15.7% for QQQI. Figures are total returns: price change plus every distribution reinvested.

SymbolYTD1YSince Jan 2024Volatility Sharpe Sortino Max drawdown
QQQI8.33%17.79%19.01%15.7%0.771.06-9.6%
SPYI7.07%16.92%16.30%10.5%1.071.52-7.7%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 20, 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.

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 14.53% vs 12.02% 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 ($13.3B), 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 14.53% from selling options premium, vs 12.02% 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 $121.08/month, while SPYI would produce $100.17/month, at current distribution rates. Both pay monthly distributions.

QQQI yield14.53%
SPYI yield12.02%
Monthly diff on $10K$20.92

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, indicating SPYI is less volatile relative to the market.

QQQI beta1.0553
SPYI beta0.7

Fund details

QQQI is managed by NEOS (launched 01/29/2024) with $13.3B in assets. SPYI is managed by NEOS (launched 08/29/2022) with $10.7B in assets.

QQQI AUM$13.3B
SPYI AUM$10.7B
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Frequently asked questions

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.

What is the difference between QQQI and SPYI?

QQQI (NEOS Nasdaq-100 High Income ETF) tracks NASDAQ 100 with an options approach, while SPYI (NEOS S&P 500 High Income ETF) tracks S&P 500 Index with an options approach. They are issued by NEOS and NEOS respectively.

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.

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 $121.08 per month ($1,453.00 annually). The same in SPYI would produce about $100.17 per month ($1,202.00 annually).

Which has performed better historically, QQQI or SPYI?

QQQI has outpaced SPYI over the trailing twelve months, posting a 17.79% total return against 16.92%. Measured from Jan 2024 — when the younger fund began trading — QQQI has compounded at 19.01% a year versus 16.30% for SPYI. SPYI has been the steadier holding, though — annualized volatility of 10.5% against 15.7% 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 July 2026 from current fund data.

Overview

QQQI and SPYI are both high-income ETFs using options overlay strategies to generate monthly distributions from equity indices, but they target different underlying exposures. QQQI tracks the Nasdaq-100 (technology and growth-heavy), while SPYI targets the S&P 500 (broader market). Both aim for tax efficiency and equity upside through covered call or similar derivative tactics.

How they differ

The biggest difference is the underlying index: QQQI's Nasdaq-100 exposure carries higher growth concentration and a beta of 1.0553, while SPYI's S&P 500 base is broader and has a beta of 0.7. QQQI's distribution rate of 13.99% is 2.12 percentage points higher than SPYI's 11.87%, reflecting the Nasdaq-100's greater volatility and call-writing opportunity. Both ETFs charge 0.68% in expense ratios and have similar monthly distributions, but QQQI launched more recently (January 2024) with $12.5B in AUM versus SPYI's established $10.5B since August 2022.

Who each is best for

  • QQQI: Fits investors who hold concentrated exposure to large-cap technology and growth stocks and want to monetize that position through monthly income without exiting the holdings.
  • SPYI: Fits investors seeking broad U.S. equity exposure with a meaningful income stream but lower market sensitivity and less reliance on the tech sector's call-writing premium.

Key risks to know

  • NAV erosion at yields above 13%: Both funds distribute substantially more than typical dividend yields; QQQI's 13.99% rate is structurally high and may rely on return-of-capital or principal paydown over time, eroding NAV per share.
  • Call-writing opportunity loss: The Nasdaq-100's steeper beta (1.0553) means QQQI can generate larger call premiums, but this also caps upside during strong tech rallies; SPYI's lower beta (0.7) provides gentler caps but fewer premium opportunities.
  • Options volatility and assignment risk: Both use derivative overlays; sharp index moves or sudden volatility spikes can trigger call assignments or force rebalancing, potentially forcing fund managers to buy back shares or sell exposure at unfavorable prices.
  • Concentration in technology: QQQI's Nasdaq-100 weighting toward software, semiconductors, and internet companies means its income stream and call premiums are tied to that sector's realized and implied volatility; a sector drawdown could lower both.
  • Tax efficiency claims: While both label themselves tax-efficient, the characterization depends on whether the fund's call-writing strategy actually generates qualified dividends or return-of-capital treatment; this varies and should be confirmed in tax documents.

Bottom line

If you want maximum income from Nasdaq-heavy tech exposure and can tolerate higher volatility, QQQI's 13.99% yield and 1.0553 beta reflect that risk-reward. If you prefer broader U.S. stock exposure with a gentler volatility profile and still want double-digit monthly income, SPYI's lower beta and 11.87% rate fit a more conservative income plan. Both rely on sustained call-writing opportunity and carry NAV erosion risk at these yield levels; past performance doesn't predict future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

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