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ETF Comparison

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

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

Updated September 30, 2026

How these figures are calculated: methodology.

Best for

  • QQQIInvestors who want Nasdaq-100 exposure and can accept a more concentrated book.
  • TSPYInvestors 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 TSPY over the trailing twelve months, posting a 18.23% total return against 14.54%. Measured from Aug 2024 — the start of shared available history — QQQI has compounded at 20.45% a year versus 16.22% for TSPY. TSPY has been the steadier holding, though — annualized volatility of 12.7% 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.
SymbolYTD cumulative1Y cumulativeSince Aug 2024Volatility Sharpe Sortino Max drawdown
QQQI14.86%18.23%20.45%16.7%0.731.04-9.6%
TSPY10.23%14.54%16.22%12.7%0.711.03-9.6%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 30, 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 Aug 2024” measures every fund from August 15, 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

MetricQQQITSPY
Forward distribution rate13.69%13.98%
Trailing 12-month yield13.76%14.08%
30-day SEC yield-0.05%0.34%

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, TSPY vs SPY.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricQQQITSPY
Full nameNEOS Nasdaq-100 High Income ETFTappAlpha S&P 500 Growth & Daily Income ETF
IssuerNEOSTappAlpha
Underlying indexNasdaq-100SPDR S&P 500 ETF Trust (SPY)
Last Close$55.55 as of September 30, 2026$25.35 as of September 30, 2026
Distribution rate13.69%13.98%
Trailing 12-month yield13.76%14.08%
30-day SEC yield-0.05%0.34%
Distribution Safety Score™ 8479
Safety-Adjusted Yield 11.50%11.04%
Expense ratio0.68%0.71%
AUM$15.0B$342M
Distribution frequencyMonthlyMonthly
ObjectiveSeeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.The TappAlpha S&P 500 Growth & Daily Income ETF (the "Fund") seeks current income while maintaining prospects for capital appreciation. The Fund’s secondary investment objective is to seek exposure to the performance of the SPDR S&P 500 ETF Trust ("SPY"), subject to a limit on potential investment gains.
Asset classEquityEquity
Inception date01/29/202408/14/2024
Beta1.05530.935
Last dividend$0.6339$0.2954
Ex-dividend date09/16/202609/01/2026

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

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 TSPY 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.

See all NEOS ETFs
TappAlpha
ETFs5
Total AUM$830M

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

TappAlpha operates a focused ETF lineup of four funds organized around two main families: Growth & Daily Income and T² Lift Series. The company's fund offerings span growth-oriented strategies and daily income approaches, with ticker symbols including TDAQ, TDAX, TSPY, and TSYX that target investors seeking regular income generation or equity growth exposure. As a smaller, specialized ETF provider, TappAlpha positions itself in a niche segment of the ETF market focused on daily income strategies and differentiated growth approaches.

See our curated list of related YouTube videos on TSPY.

See all TappAlpha ETFs

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Quick verdict

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

TSPY offers the higher yield at 13.98% vs 13.69% for QQQI. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

QQQI is cheaper with an expense ratio of 0.68% compared to 0.71%.

They have different reference exposures: QQQI is linked to Nasdaq-100 while TSPY is linked to SPDR S&P 500 ETF Trust (SPY), 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 index call spreads structured for Section 1256 tax treatment.
  • 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 0.71% for TSPY.

Choose TSPY

TappAlpha S&P 500 Growth & Daily Income ETF

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

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 $114.08 cash per distribution, while TSPY would produce $116.50 cash per distribution, at current distribution rates. Both pay monthly distributions.

QQQI yield13.69%
TSPY yield13.98%
Cash diff on $10K$2.42

Cost & efficiency

Over 10 years on $10,000, QQQI would cost approximately $680 in fees vs $710 for TSPY (simplified, not compounded). The $30.00 difference may be offset by yield or performance.

QQQI ER0.68%
TSPY ER0.71%

Strategy & risk

QQQI is actively managed around Nasdaq-100 exposure with an active approach, while TSPY tracks SPDR S&P 500 ETF Trust (SPY) with a growth approach. Beta is 1.0553 for QQQI and 0.935 for TSPY, making TSPY the less volatile of the two by this measure.

QQQI beta1.0553
TSPY beta0.935

Fund details

QQQI is managed by NEOS (launched 01/29/2024) with $15.0B in assets. TSPY is managed by TappAlpha (launched 08/14/2024) with $342M in assets.

QQQI AUM$15.0B
TSPY AUM$342M
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Frequently asked questions

What is the current distribution rate for QQQI and TSPY?

QQQI currently distributes 13.69% and TSPY 13.98%, 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 QQQI or TSPY better for dividend income?

It depends on your goals. TSPY 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 TSPY?

QQQI (NEOS Nasdaq-100 High Income ETF) is actively managed around Nasdaq-100 exposure with an active approach, while TSPY (TappAlpha S&P 500 Growth & Daily Income ETF) tracks SPDR S&P 500 ETF Trust (SPY) with a growth approach. They are issued by NEOS and TappAlpha respectively.

Can I hold both QQQI and TSPY?

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 TSPY safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — QQQI scores 84, TSPY scores 79, so QQQI's payout currently looks the more resilient of the two. 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 TSPY?

QQQI has an expense ratio of 0.68% while TSPY charges 0.71%. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, $10,000 in QQQI would generate roughly $114.08 cash per distribution ($1,369.00 annually). The same in TSPY would produce about $116.50 cash per distribution ($1,398.00 annually).

Which has performed better historically, QQQI or TSPY?

QQQI has outpaced TSPY over the trailing twelve months, posting a 18.23% total return against 14.54%. Measured from Aug 2024 — the start of shared available history — QQQI has compounded at 20.45% a year versus 16.22% for TSPY. TSPY has been the steadier holding, though — annualized volatility of 12.7% against 16.7% 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 TSPY — at a glance

Generated September 26, 2026.

Overview

QQQI and TSPY are both options-overlay ETFs that sell covered calls against their underlying equity holdings to generate monthly distributions. QQQI targets the Nasdaq-100 with a 13.69% distribution rate, while TSPY targets the S&P 500 with a 13.98% distribution rate. The core difference is their underlying equity exposure: growth-heavy large-cap tech (QQQI) versus broad large-cap (TSPY), plus TSPY's explicit cap on capital gains and use of daily options strategies, compared to QQQI's monthly covered-call framework.

How they differ

QQQI holds the Nasdaq-100—concentrated in large-cap tech and growth stocks—while TSPY tracks the S&P 500 via SPY, offering broader sector and valuation diversity. TSPY's strategy mentions a limit on investment gains and uses 0DTE (zero days-to-expiration) options daily, whereas QQQI employs a standard monthly covered-call overlay; this difference shapes reinvestment timing and cap-gain volatility. TSPY's $342M asset base is substantially smaller than QQQI's $15.0B, though both distributions are similar—TSPY yields 13.98% versus QQQI's 13.69%—at nearly identical expense ratios (0.71% and 0.68% respectively). QQQI has operated since 01/29/2024 while TSPY launched 08/14/2024, so QQQI has a longer track record; QQQI's beta of 1.0553 exceeds TSPY's 0.935, reflecting its concentration in higher-volatility tech stocks.

Who each is best for

  • QQQI: Investors who believe large-cap technology will outperform and want to harvest monthly income from that sector concentration via call premium; accept that upside will be capped and reinvestment timing is monthly.
  • TSPY: Investors seeking broad U.S. equity exposure with monthly income who accept a daily-rebalanced options overlay that explicitly constrains capital gains; suits those with lower volatility tolerance or who prefer sector-neutral, economy-wide holdings.

Key risks to know

  • NAV erosion at high distribution yields. Both funds distribute 13.69% and 13.98% annually. At those rates, NAV will decline unless underlying price appreciation or retained option premium exceed distributions. Historical data from similar overlay strategies suggests NAV pressure over multi-year periods; the funds' actual track records will clarify whether premiums have offset this dynamic.
  • Capped upside from covered calls. Both strategies systematically sell call options, which limits participation in rallies above the strike prices. In a strong bull market for tech (QQQI) or broad equities (TSPY), holders forgo gains above those strikes; this is the tradeoff for income, but it materially affects total return in rising markets.
  • Concentration and sector risk (QQQI). The Nasdaq-100 is heavily weighted to information technology and consumer discretionary growth stocks. Extended underperformance in tech or a shift toward value/defensive rotation will pressure QQQI disproportionately; TSPY's S&P 500 exposure spans financials, healthcare, energy, and industrials, reducing this single-sector risk. Smaller asset bases can experience wider bid-ask spreads and less predictable execution in stressed markets; understanding TSPY's trading characteristics separately from QQQI's is worth investigating.
  • Daily rebalancing complexity in TSPY. The use of 0DTE options daily creates higher operational complexity and tax-event frequency compared to QQQI's monthly structure. The daily strikes and reinvestment mechanics may behave unpredictably in gaps or volatility spikes.

Bottom line

If you want exposure to large-cap tech with monthly income and accept upside limits, QQQI's longer track record and larger asset base provide visibility; if you prefer broad U.S. equity exposure with a lower-volatility profile and don't mind a newer, smaller fund using daily options mechanics, TSPY's S&P 500 foundation and lower beta may appeal. Both carry the core risk that high distribution yields rely on call premium and will erode NAV if underlying appreciation disappoints—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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These comparisons follow the Dividend Vision methodology.