ETF Comparison

SPYI vs QQQI: Which Covered-Call ETF Pays Better Income?

A head-to-head of NEOS S&P 500 High Income and NEOS Nasdaq-100 High Income covering the index underneath, cost, and cash.

Updated October 2, 2026

How these figures are calculated: methodology.

Best for

QQQIInvestors who want Nasdaq-100 exposure and can accept a more concentrated book.
SPYIInvestors who want broader S&P 500 exposure and lower measured market sensitivity.

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. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

QQQI has outpaced SPYI over the trailing twelve months, posting a 18.72% total return against 15.39%. Measured from Jan 2024 — the start of shared available history — QQQI has compounded at 20.48% a year versus 16.76% for SPYI. SPYI has been the steadier holding, though — annualized volatility of 10.8% against 16.7% 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.
Symbol	YTD cumulative	1Y cumulative	Since Jan 2024	Volatility	Sharpe	Sortino	Max drawdown
QQQI	15.96%	18.72%	20.48%	16.7%	0.76	1.08	-9.6%
SPYI	11.57%	15.39%	16.76%	10.8%	0.90	1.29	-7.7%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 2, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Jan 2024” measures every fund from January 30, 2024 — 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 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.

Distribution rate and SEC yield

Metric	QQQI	SPYI
Forward distribution rate	13.56%	11.95%
Trailing 12-month yield	13.63%	11.83%
30-day SEC yield	-0.05%	0.46%

Total return (price change plus reinvested distributions) is the Total returns section above. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.

Total return against the stated underlying is on QQQI vs QQQ, SPYI vs SPY.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
Metric	QQQI	SPYI
Full name	NEOS Nasdaq-100 High Income ETF	NEOS S&P 500 High Income ETF
Issuer	NEOS	NEOS
Underlying index	Nasdaq-100	S&P 500 Index
Last Close	$56.08 as of October 2, 2026	$53.60 as of October 2, 2026
Distribution rate	13.56%	11.95%
Trailing 12-month yield	13.63%	11.83%
30-day SEC yield	-0.05%	0.46%
Distribution Safety Score™	84	90
Safety-Adjusted Yield	11.39%	10.76%
Expense ratio	0.68%	0.68%
AUM	$15.0B	$12.4B
Distribution frequency	Monthly	Monthly
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	0.7
Last dividend	$0.6339	$0.5338
Ex-dividend date	09/16/2026	09/16/2026

Bottom lineChoose QQQI if you want Nasdaq-100 exposure and can accept a more concentrated book. Choose SPYI if you want broader S&P 500 exposure and lower measured market sensitivity. QQQI 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.

SPYI vs QQQI: S&P 500 income or Nasdaq-100 income?

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.

	QQQI	SPYI
Underlying exposure	Nasdaq-100	S&P 500 Index
Concentration	100 non-financial Nasdaq companies; technology heavy	About 500 US large caps across every major sector
Distribution rate	13.56%	11.95%
Beta	1.0553	0.7
Expense ratio	0.68%	0.68%
Better fit for	Higher income; Nasdaq growth exposure	Broader diversification; lower measured market sensitivity
Main trade-off	Greater technology concentration and market sensitivity	Lower 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:

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Income calculator

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

NEOS

ETFs19

Total AUM$34.7B

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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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 13.56% vs 11.95% for SPYI. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

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

QQQI is the larger fund by assets ($15.0B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose QQQI

NEOS Nasdaq-100 High Income ETF

Want Nasdaq-100 exposure — fewer names, heavier technology weight, and typically a higher current distribution.
Want to maximize current income — QQQI distributes roughly 13.56% from selling options premium, vs 11.95% 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

Want broader S&P 500 exposure — more sectors, less mega-cap concentration, and typically lower beta.
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.

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Deep dive

Yield & income

On a $10,000 investment, QQQI would generate roughly $113.00 cash per distribution, while SPYI would produce $99.58 cash per distribution, at current distribution rates. Both pay monthly distributions.

QQQI yield13.56%

SPYI yield11.95%

Cash diff on $10K$13.42

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 is actively managed around Nasdaq-100 exposure with an active approach, while SPYI tracks S&P 500 Index with an active 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 $15.0B in assets. SPYI is managed by NEOS (launched 08/29/2022) with $12.4B in assets.

QQQI AUM$15.0B

SPYI AUM$12.4B

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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 13.56% yield and 1.0553 beta versus SPYI 11.95% and 0.7 beta, as of October 2026. Neither is universally better.

What is the current distribution rate for QQQI and SPYI?

QQQI currently distributes 13.56% and SPYI 11.95%, based on fund data updated October 2026. Distribution rate 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 $113.00 cash per distribution ($1,356.00 annually). The same in SPYI would produce about $99.58 cash per distribution ($1,195.00 annually).

Which has performed better historically, QQQI or SPYI?

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Dividend dates and history

QQQI vs SPYI — at a glance

Generated October 3, 2026.

Overview

QQQI and SPYI are both covered-call ETFs from NEOS that generate monthly income by selling call options against their underlying holdings while pursuing tax-efficient strategies. The key distinction is their underlying: QQQI targets the NASDAQ-100 (technology-heavy, higher growth), while SPYI targets the S&P 500 (broad-market). This difference cascades into their yield, beta, and volatility profile.

How they differ

QQQI's 13.56% distribution rate exceeds SPYI's 11.95% by 1.61% percentage points, reflecting the higher call-premium capture available in tech-heavy index options. QQQI's 1.0553 beta versus SPYI's 0.7 indicates that QQQI amplifies broad market swings more aggressively—unsurprising given the NASDAQ-100's sector concentration and smaller component count (100 stocks vs. 500). Both charge 0.68%, so the yield gap is driven purely by options strategy and underlying volatility, not cost. QQQI holds $15.0B in assets versus SPYI's $12.4B, though both have material scale. QQQI launched 2 years after SPYI, so SPYI has a longer operating history to evaluate the covered-call mechanics under different market regimes.

Who each is best for

QQQI: Fits investors comfortable with concentration in high-volatility tech names who prioritize maximum monthly income and can tolerate amplified drawdowns when NASDAQ-100 exposure contracts.

SPYI: Designed for income-focused investors seeking smoother equity exposure via broad S&P 500 holdings paired with call-writing, accepting a lower payout rate in exchange for more diversified sector and company exposure.

Key risks to know

NAV erosion at extreme yields. Both funds distribute over 11%, well above typical equity index returns. Sustaining this payout rate for extended periods likely requires selling captured capital gains or returning principal, which pressures net asset value over time regardless of market performance.

Call cap and opportunity cost in rallies. By writing calls, both funds cap upside when their underlying index rises sharply. QQQI's higher beta means it sacrifices more in a sustained rally, particularly when NASDAQ-100 momentum accelerates beyond the strike levels.

Tech concentration and volatility (QQQI). The NASDAQ-100 skews heavily toward mega-cap software, semiconductors, and AI-adjacent names. Sector rotations, regulatory headwinds, or valuation compression in tech can drive losses that no call premium fully offsets.

Options market liquidity and roll risk. Both strategies depend on rolling monthly calls at favorable prices. Wide bid-ask spreads on index options, gaps between call strikes and spot prices, or sudden volatility spikes can reduce premium capture and widen transaction friction.

Blended return composition. Investors buying these funds for "equity appreciation" may face sustained periods where call premiums and distributions mask flat or negative underlying index returns, distorting the true economics of holding the underlying.

Bottom line

If you prioritize maximum monthly income and can tolerate tech volatility, QQQI's 13.56% yield stands out; if you want steady income from a broader, lower-beta equity base, SPYI's 11.95% with 0.7 beta offers that tradeoff. Both funds carry meaningful NAV-erosion risk at their distribution rates—verify whether your return expectations rest on capital appreciation, principal preservation, or income alone before committing. 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.

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The metrics behind this comparison, explained in the Academy.

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These comparisons follow the Dividend Vision methodology.