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 4, 2026

NEOS

ETFs19

Total AUM$24.2B

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.

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Side-by-side snapshot

	QQQI	SPYI
Full name	NEOS Nasdaq-100 High Income ETF	NEOS S&P 500 High Income ETF
Issuer	NEOS	NEOS
Last Close	$55.36 as of July 4, 2026	$53.06 as of July 4, 2026
Distribution yield	14.24%	12.01%
Distribution Safety Score	88	92
Expense ratio	0.68%	0.68%
AUM	$12.5B	$6.20B
Distribution frequency	Monthly	Monthly
Underlying index	NASDAQ 100	S&P 500 Index
Objective	Seeks 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 class	Equity	Equity
Inception date	01/29/2024	08/29/2022
Beta	1.0553	0.69
Last dividend	$0.6570	$0.5310
Ex-dividend date	01/21/2026	01/21/2026

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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 23.48% total return against 18.98%. Measured from Jan 2024 — when the younger fund began trading — QQQI has compounded at 20.42% a year versus 16.70% for SPYI. SPYI has been the steadier holding, though — annualized volatility of 10.4% against 15.2% for QQQI. Figures are total returns: price change plus every distribution reinvested.

Symbol	YTD	1Y	Since Jan 2024	Volatility	Sharpe	Sortino	Max drawdown
QQQI	10.50%	23.48%	20.42%	15.2%	1.09	1.53	-9.6%
SPYI	7.17%	18.98%	16.70%	10.4%	1.24	1.76	-7.7%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 2, 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 14.24% vs 12.01% 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 ($12.5B), which generally means tighter spreads and better liquidity.

Deep dive

Yield & income

On a $10,000 investment, QQQI would generate roughly $118.67/month, while SPYI would produce $100.08/month, at current distribution rates. Both pay monthly distributions.

QQQI yield14.24%

SPYI yield12.01%

Monthly diff on $10K$18.58

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 0.69 for SPYI, indicating SPYI is less volatile relative to the market.

QQQI beta1.0553

SPYI beta0.69

Fund details

QQQI is managed by NEOS (launched 01/29/2024) with $12.5B in assets. SPYI is managed by NEOS (launched 08/29/2022) with $6.20B in assets.

QQQI AUM$12.5B

SPYI AUM$6.20B

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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. Many income investors hold both to diversify across different strategies and underlying indexes. This can reduce concentration risk while maintaining a strong income stream.

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 $118.67 per month ($1,424.00 annually). The same in SPYI would produce about $100.08 per month ($1,201.00 annually).

Which has performed better historically, QQQI or SPYI?

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QQQI vs SPYI — at a glance

Generated June 2026 from current fund data.

Overview

QQQI and SPYI are both monthly-income ETFs that use covered-call overlays on large-cap equities to generate high distributions while aiming for tax efficiency. The key difference: QQQI targets the Nasdaq-100 (technology-heavy, higher volatility), while SPYI tracks the S&P 500 (broad market, lower volatility). Both launched from the same issuer with identical expense ratios, but they serve investors with different risk appetites and sector exposures.

How they differ

The biggest distinction is underlying index composition and volatility profile. QQQI's Nasdaq-100 exposure skews heavily toward technology and growth names, reflected in its 1.0553 beta; SPYI's S&P 500 weighting is more balanced across sectors and carries a 0.69 beta, making it roughly 30% less volatile in market swings.

Income yield differs modestly but meaningfully: QQQI distributes 14.42% annually versus SPYI's 12.26%. This spread likely reflects both the Nasdaq-100's higher volatility (which can support richer options premiums) and QQQI's shorter track record (launched January 2024 versus August 2022). SPYI has $6.20B in AUM to QQQI's $12.5B, suggesting stronger recent investor demand for the higher-yield, tech-tilted product despite its concentrated exposure.

Both charge 0.68% in expenses and pay monthly, so the trade-off is really about which covered-call strategy and underlying index suit your risk tolerance.

Who each is best for

QQQI: Fits investors comfortable with above-market volatility and concentrated technology exposure who prioritize monthly cash flow and can tolerate wider NAV swings in pursuit of higher yield.

SPYI: Designed for income-focused investors who prefer a broad-market equity foundation and lower volatility, trading some yield for a more diversified sector and geographic footprint.

Key risks to know

NAV erosion at elevated distribution yields. Both funds distribute more than 12% annually, well above historical equity market returns. Sustaining this without gradual net asset value decline requires either persistent outsized option premium capture or embedded return-of-capital treatment, neither of which is guaranteed in rising-rate or low-volatility environments.

Covered-call cap on upside. Both strategies cap equity appreciation by selling call options. In a strong bull market, shareholders forgo outsized gains that they would capture holding the unhedged index—a real cost that doesn't show up in the yield number itself.

Concentration and sector risk. QQQI's Nasdaq-100 tilt means heavy exposure to software, semiconductors, and consumer discretionary names. A rotation away from technology, or a drawdown in mega-cap growth stocks, poses higher downside than SPYI's more balanced composition.

Options volatility dependency. Both funds' income relies on selling call premiums. In a low-volatility regime or after a sharp rally (which often compresses implied volatility), option premiums compress, potentially reducing future distributions below current levels.

Newness and backtest risk for QQQI. QQQI launched in January 2024 and has less than a year of live performance history. Its 14.42% yield is attractive, but the strategy has not weathered a full market cycle; SPYI's older track record provides more historical context.

Bottom line

If you want tech-heavy exposure and can tolerate higher volatility in exchange for a larger income stream, QQQI's Nasdaq-100 tilt and 14.42% distribution appeal; if you prefer broad-market diversification and steadier NAV movement, SPYI's lower beta and 12.26% yield suit a more conservative posture. Neither should be treated as a stable income source in a falling implied-volatility or rising-rate environment. Past performance does not guarantee future distributions or returns.

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