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ETF Comparison

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

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

Data updated August 19, 2026

Best for

  • QYLDInvestors who are comfortable trading away most upside for a large, steady payout.
  • SPYIInvestors who 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

QYLD has outpaced SPYI over the trailing twelve months, posting a 21.86% total return against 16.82%. The picture flips over 3 years, though — SPYI has compounded at 16.54% a year, ahead of QYLD at 14.67%. 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.
SymbolYTD1Y3YSince Aug 2022Volatility Sharpe Sortino Max drawdown
QYLD10.51%21.86%14.67%14.47%13.4%0.690.99-19.1%
SPYI9.34%16.82%16.54%15.16%12.6%0.861.22-16.5%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 19, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Aug 2022” measures every fund from August 30, 2022 — 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 trailing 3 years. 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 trailing 3 years) — 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.
MetricQYLDSPYI
Full nameGlobal X Nasdaq 100 Covered Call ETFNEOS S&P 500 High Income ETF
IssuerGlobal XNEOS
Last Close$18.20 as of August 19, 2026$54.04 as of August 19, 2026
Distribution yield11.70%12.04%
Distribution Safety Score™ 8190
Expense ratio0.60%0.68%
AUM$8.29B$11.6B
Distribution frequencyMonthlyMonthly
Underlying indexCboe Nasdaq-100 BuyWrite V2 IndexS&P 500 Index
ObjectiveSeeks monthly income by tracking the Cboe Nasdaq-100 BuyWrite Index, holding the Nasdaq-100 stocks and writing a succession of one-month at-the-money covered call options on the index.Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.
Asset classEquityEquity
Inception date12/11/201308/29/2022
Beta0.490.7
Last dividend$0.1775$0.5423
Ex-dividend date07/20/202608/19/2026

Bottom lineQYLD and SPYI are both for investors who are comfortable trading away most upside for a large, steady payout — so strategy isn't the deciding factor here. Fees and payouts are close too, so it comes down to which your broker offers commission-free and any share-price or tax-lot preference.

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. QYLD 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

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Income calculator

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

Global X
ETFs118
Total AUM$99.4B

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

Global X is known for developing thematic and alternative investment ETFs with a strong emphasis on income-generating strategies. Their 37-fund lineup spans diverse categories including covered call funds, SuperDividend income products, digital assets, commodities, and sector-specific investments, alongside traditional bond and risk-managed income options. Notable tickers like DIV, MLPA, and BCCC reflect their specialization in high-yield and alternative income strategies, positioning them as a provider focused on investors seeking yield-oriented and thematically-driven exposure.

See our curated list of related YouTube videos on QYLD.

See all Global X ETFs
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 SPYI.

See all NEOS ETFs

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Quick verdict

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

SPYI offers the higher yield at 12.04% vs 11.70% for QYLD. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

QYLD is cheaper with an expense ratio of 0.60% compared to 0.68%.

They track different benchmarks: QYLD is linked to Cboe Nasdaq-100 BuyWrite V2 Index while SPYI tracks S&P 500 Index, which means their performance drivers differ.

SPYI is the larger fund by assets ($11.6B), which generally means tighter spreads and better liquidity.

Deep dive

Yield & income

On a $10,000 investment, QYLD would generate roughly $97.50/month, while SPYI would produce $100.33/month, at current distribution rates. Both pay monthly distributions.

QYLD yield11.70%
SPYI yield12.04%
Monthly diff on $10K$2.83

Cost & efficiency

Over 10 years on $10,000, QYLD would cost approximately $600 in fees vs $680 for SPYI (simplified, not compounded). The $80.00 difference may be offset by yield or performance.

QYLD ER0.60%
SPYI ER0.68%

Strategy & risk

QYLD tracks Cboe Nasdaq-100 BuyWrite V2 Index with a covered call approach, while SPYI tracks S&P 500 Index with an options approach. Beta is 0.49 for QYLD and 0.7 for SPYI, making QYLD the less volatile of the two by this measure.

QYLD beta0.49
SPYI beta0.7

Fund details

QYLD is managed by Global X (launched 12/11/2013) with $8.29B in assets. SPYI is managed by NEOS (launched 08/29/2022) with $11.6B in assets.

QYLD AUM$8.29B
SPYI AUM$11.6B
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Frequently asked questions

What is the current distribution yield for QYLD and SPYI?

QYLD currently distributes 11.70% 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 QYLD or SPYI better for dividend income?

It depends on your goals. SPYI 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 QYLD and SPYI?

QYLD (Global X Nasdaq 100 Covered Call ETF) tracks Cboe Nasdaq-100 BuyWrite V2 Index with a covered call approach, while SPYI (NEOS S&P 500 High Income ETF) tracks S&P 500 Index with an options approach. They are issued by Global X and NEOS respectively.

Can I hold both QYLD 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 QYLD 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, QYLD scores 81, so SPYI's payout currently looks the more resilient of the two. QYLD has also shown lower price volatility (beta 0.49 vs 0.70 for SPYI). 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, QYLD or SPYI?

QYLD has an expense ratio of 0.60% while SPYI charges 0.68%. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, $10,000 in QYLD would generate roughly $97.50 per month ($1,170.00 annually). The same in SPYI would produce about $100.33 per month ($1,204.00 annually).

Which has performed better historically, QYLD or SPYI?

QYLD has outpaced SPYI over the trailing twelve months, posting a 21.86% total return against 16.82%. The picture flips over 3 years, though — SPYI has compounded at 16.54% a year, ahead of QYLD at 14.67%. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

QYLD vs SPYI — at a glance

Generated August 15, 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

QYLD and SPYI are both covered call equity ETFs that overlay one-month at-the-money options on broad equity indexes to generate monthly income. QYLD tracks the Nasdaq-100 through the Cboe BuyWrite Index, while SPYI tracks the S&P 500. Both yield around 11.7%, but they differ in their underlying equity exposure, option mechanics, beta sensitivity, and inception timing.

How they differ

The biggest difference is their underlying index: QYLD focuses on the Nasdaq-100 (100 large-cap growth and tech stocks), while SPYI tracks the S&P 500 (500 stocks across all sectors). This makes QYLD more concentrated and growth-tilted; SPYI is broader and more diversified. QYLD has a meaningfully lower beta of 0.49 versus SPYI's 0.7, reflecting both the covered-call dampening effect and QYLD's narrower index base. Both charge minimal fees—QYLD at 0.61% and SPYI at 0.68%—and deliver similar yields (11.70% and 11.69% respectively), but SPYI has larger assets under management at $11.4B versus QYLD's $8.23B. QYLD has been running since late 2013 with a proven track record; SPYI launched in August 2022, so it has limited history through a market cycle.

Who each is best for

QYLD: Fits investors who want exposure to mega-cap tech and growth stocks but are willing to cap upside in exchange for consistent monthly income and lower downside volatility during equity selloffs.

SPYI: Designed for investors seeking broad-market equity participation with high monthly income, who prefer the diversification of 500 stocks over 100, and who can tolerate a newer fund with limited operational history.

Key risks to know

  • NAV erosion potential at 11%+ yields. Both funds distribute nearly all their option premium plus return-of-capital to reach their stated rates. If the underlying indexes decline or volatility compresses, NAV will likely erode over time as distributions exceed underlying returns.
  • Capped upside in strong rallies. Writing one-month at-the-money calls means the Nasdaq-100 or S&P 500 rally gets capped above the strike. QYLD's lower beta (0.49) magnifies this lag relative to the Nasdaq-100; SPYI at 0.7 retains more of a market move, but still sacrifices the top portion of index gains.
  • Concentration risk in QYLD. The Nasdaq-100 is smaller and more tech/growth-heavy than the S&P 500. If large-cap growth underperforms or tech corrections accelerate, QYLD has less diversification to cushion losses. SPYI's 500-stock base spreads that risk across sectors and sizes.
  • Interest-rate sensitivity on option values. Both funds depend on volatility (VIX) to generate premium. If rates fall and volatility compresses over a period of months, option premiums will shrink, reducing yield sustainability and pressuring distributions lower.
  • SPYI's short operating history. With only about two years of live operation, SPYI has not yet been stress-tested in a sustained bear market or a low-volatility environment. QYLD's decade-long track record includes the 2022 tech downturn and multiple vol regimes.

Bottom line

Both funds pursue the same income strategy at nearly identical yields, so the choice turns on index exposure and track record. If you favor tech and growth concentration with lower volatility, QYLD's longer history and lower beta merit consideration; if you prefer diversification and can accept a newer fund, SPYI offers the S&P 500's broader sector mix. Neither captures full market upside, and both carry the risk that distributions will erode NAV if volatility or returns weaken. 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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