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ETF Comparison

ROCQ vs SPYI: Nasdaq Premium Yield, or S&P 500 High Income?

A head-to-head of JPMorgan Nasdaq Equity Premium Yield and NEOS S&P 500 High Income covering index, overlay, and cost.

Updated October 8, 2026

How these figures are calculated: methodology.

Best for

  • ROCQInvestors 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.

ROCQ has outpaced SPYI over the shared window since Mar 2026, posting a 20.08% total return against 15.11%. SPYI has been the steadier holding, though — annualized volatility of 10.9% against 17.5% for ROCQ. 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.
SymbolSince Mar 2026Volatility Sharpe Sortino Max drawdown
ROCQ20.08%17.5%1.612.41-8.0%
SPYI15.11%10.9%1.892.91-3.9%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 9, 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 Mar 2026” measures every fund from March 19, 2026 — 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 shared window since Mar 2026. 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 shared window since Mar 2026) — 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

MetricROCQSPYI
Forward distribution rate10.48%11.89%
Trailing 12-month yield6.01%11.77%
30-day SEC yield—0.45%

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 ROCQ vs QQQ, SPYI vs SPY.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricROCQSPYI
Full nameJPMorgan Nasdaq Equity Premium Yield ETFNEOS S&P 500 High Income ETF
IssuerJPMorganNEOS
Underlying indexNasdaq-100S&P 500 Index
Last Close$56.24 as of October 8, 2026$53.86 as of October 8, 2026
Distribution rate10.48%11.89%
Trailing 12-month yield6.01%11.77%
30-day SEC yield—0.45%
Distribution Safety Score™ 5090
Safety-Adjusted Yield —10.70%
Expense ratio0.35%0.68%
AUM$697M$12.4B
Distribution frequencyMonthlyMonthly
ObjectiveDesigned to deliver current yield while maintaining prospects for capital appreciation and total return.Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.
Asset classEquityEquity
Inception date03/19/202608/29/2022
Beta1.21930.69
Last dividend$0.491$0.5338
Ex-dividend date10/01/202609/16/2026

Bottom lineChoose ROCQ 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. ROCQ 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.

ROCQ vs SPYI: Nasdaq yield or S&P high income?

ROCQ overlays Nasdaq. SPYI overlays the S&P 500.

ROCQSPYI
IssuerJPMorganNEOS
IndexNasdaq-100S&P 500
Expense ratio0.35%0.68%
Distribution rate10.48%11.89%
Fund size$697M$12.4B

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. ROCQ 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.

JPMorgan
ETFs78
Total AUM$351B

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

JPMorgan is a major provider of ETFs spanning multiple asset classes and strategies, with particular strength in income-focused funds including their popular covered call strategy lineup. Their fund family encompasses broad categories including bond, equity, factor, income, index, international, municipal, and sector ETFs, providing investors with diverse exposure options across markets and investment styles. The issuer offers both core indexed strategies and actively managed solutions, serving investors seeking everything from traditional dividend income to sophisticated factor-based and thematic approaches.

See our curated list of related YouTube videos on ROCQ.

See all JPMorgan ETFs
NEOS
ETFs20
Total AUM$35.1B

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

ROCQ (JPMorgan Nasdaq Equity Premium Yield 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 11.89% vs 10.48% for ROCQ. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

ROCQ is cheaper with an expense ratio of 0.35% compared to 0.68%.

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

SPYI is the larger fund by assets ($12.4B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose ROCQ

JPMorgan Nasdaq Equity Premium Yield ETF

  • Want Nasdaq-100 exposure — fewer names, heavier technology weight, and typically a higher current distribution.
  • 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.
  • Want to keep costs low — a 0.35% expense ratio vs 0.68% for SPYI.

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.
  • Want index call spreads structured for Section 1256 tax treatment.
  • Want to maximize current income — SPYI distributes roughly 11.89% from selling options premium, vs 10.48% for ROCQ.
  • 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, ROCQ would generate roughly $87.33 cash per distribution, while SPYI would produce $99.08 cash per distribution, at current distribution rates. Both pay monthly distributions.

ROCQ yield10.48%
SPYI yield11.89%
Cash diff on $10K$11.75

Cost & efficiency

Over 10 years on $10,000, ROCQ would cost approximately $350 in fees vs $680 for SPYI (simplified, not compounded). The $330.00 difference may be offset by yield or performance.

ROCQ ER0.35%
SPYI ER0.68%

Strategy & risk

ROCQ tracks Nasdaq-100 with a covered call approach, while SPYI tracks S&P 500 Index with an active approach. Beta is 1.2193 for ROCQ and 0.69 for SPYI, making SPYI the less volatile of the two by this measure.

ROCQ beta1.2193
SPYI beta0.69

Fund details

ROCQ is managed by JPMorgan (launched 03/19/2026) with $697M in assets. SPYI is managed by NEOS (launched 08/29/2022) with $12.4B in assets.

ROCQ AUM$697M
SPYI AUM$12.4B
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Frequently asked questions

What is the difference between ROCQ and SPYI?

ROCQ (JPMorgan Nasdaq Equity Premium Yield ETF) overlays Nasdaq-100 names. SPYI (NEOS S&P 500 High Income ETF) overlays the S&P 500 with NDX-style call spreads on SPX. Index and manager both differ. Cost is 0.35% versus 0.68%; size is $697M versus $12.4B. Distributions are 10.48% and 11.89% as of October 2026. Index underneath, not headline yield, is the split.

What is the current distribution rate for ROCQ and SPYI?

ROCQ currently distributes 10.48% and SPYI 11.89%, 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 ROCQ 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.

Can I hold both ROCQ 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 ROCQ 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, ROCQ scores 50, so SPYI's payout currently looks the more resilient of the two. SPYI has also shown lower price volatility (beta 0.69 vs 1.22 for ROCQ). 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, ROCQ or SPYI?

ROCQ has an expense ratio of 0.35% 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 ROCQ vs SPYI generate?

At current rates, $10,000 in ROCQ would generate roughly $87.33 cash per distribution ($1,048.00 annually). The same in SPYI would produce about $99.08 cash per distribution ($1,189.00 annually).

Which has performed better historically, ROCQ or SPYI?

ROCQ has outpaced SPYI over the shared window since Mar 2026, posting a 20.08% total return against 15.11%. SPYI has been the steadier holding, though — annualized volatility of 10.9% against 17.5% for ROCQ. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

ROCQ vs SPYI — at a glance

Generated October 3, 2026.

Overview

ROCQ and SPYI are both equity ETFs that use covered-call overlays to generate high current yield while tracking large-cap U.S. indexes. The key distinction is their underlying index exposure: growth-tilted technology versus broad-market large-cap, combined with different yield mechanics and fee structures. The yield gap is material: SPYI's 11.89% distribution rate exceeds ROCQ's 10.48% by 1.41% percentage points, though SPYI also carries a higher expense ratio of 0.68% versus ROCQ's 0.35%. ROCQ's beta of 1.2193 signals amplified moves relative to the broader market, whereas SPYI's 0.69 beta indicates materially lower volatility. AUM tells a story about scale: SPYI commands $12.4B versus ROCQ's $697M, suggesting SPYI has longer operational history and broader investor adoption since its 08/29/2022.

Who each is best for

ROCQ: Fits investors drawn to technology exposure who are comfortable with elevated portfolio beta and willing to accept call-related downside caps in exchange for 10.48% current income.

SPYI: Designed for income-focused allocators who prefer broad S&P 500 diversification, lower volatility, and tax-efficient mechanics, and who view 11.89% yield as the primary return driver over appreciation.

Key risks to know

  • NAV erosion at extreme yields. Both funds distribute above 10% annually.
  • Capped upside from call-writing. Covered-call overlays limit equity appreciation when the underlying index rallies sharply. ROCQ's 1.2193 beta amplifies this tension—it suggests the fund will track NASDAQ momentum but then cap gains at strike prices, potentially underperforming an unhedged NASDAQ 100 in strong rallies. Investors should verify that option strikes and call assignments align with their sector views.
  • Liquidity and beta asymmetry. SPYI's 0.69 suggests lower market sensitivity, which may reflect active strike selection or a different call ladder than a standard covered-call index strategy. This isn't stability—it's optionality risk: lower beta in bull markets can mean underperformance if broad indices surge.
  • Fee drag compounding over time. SPYI's 0.68% expense ratio is nearly double ROCQ's 0.35%, a 0.33% percentage-point difference that will compound as a drag on NAV alongside distribution-rate pressures.

Bottom line

If you want Nasdaq 100 technology exposure packaged with monthly income and accept higher volatility, ROCQ delivers higher fees but lower costs. If you prioritize broad S&P 500 diversification, lower portfolio beta, and tax efficiency despite paying more in expenses, SPYI's larger asset base and longer track record may fit better. Both face the fundamental tension of sustaining yields above 10%—verify the dividend history and composition (capital gains, return of capital, option premiums) before committing significant capital.

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.