ROCY vs SPYI: Compare Active Equity Option Strategies
ROCY uses active large-cap equities and laddered call spreads. SPYI combines S&P 500 equity exposure with an active option strategy that can sell and buy index calls. Purchased calls change the payoff in both approaches; a yield gap alone does not identify strike depth or capital-preservation ability.
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.
ROCY has outpaced SPYI over the year to date, posting a 14.13% total return against 11.18%. 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.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 16, 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
Metric
ROCY
SPYI
Forward distribution rate
6.68%
12.01%
Trailing 12-month yield
3.87%
11.89%
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 SPYI vs SPY.
Side-by-side snapshot
Side-by-side snapshot. Each row is one metric;
each column is one fund.
Bottom lineChoose ROCY if you want laddered call spreads over an active large-cap portfolio. Choose SPYI if you want S&P 500-oriented income with actively managed index calls. Payments can change and may include tax return of capital. Neither a payout rate nor tax character proves total return, distribution coverage, or principal safety.
Compare option construction before ranking payouts
ROCY uses active large-cap equities and laddered call spreads. SPYI combines S&P 500 equity exposure with an active option strategy that can sell and buy index calls. Purchased calls change the payoff in both approaches; a yield gap alone does not identify strike depth or capital-preservation ability.
ROCY
SPYI
Approach
Active equities and laddered call spreads
S&P 500 equity exposure and active index options
Risk review
Equity and spread losses; limited operating history
Equity and option-positioning losses; tax outcomes vary
Expense ratio
0.35%
0.68%
Portfolio fit
Review combined holdings and weights
Review combined holdings and weights
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. SPYI generates 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.
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 ROCY.
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.
ROCY (JPMorgan 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 12.01% vs 6.68% for ROCY. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
ROCY is cheaper with an expense ratio of 0.35% compared to 0.68%.
They have different reference exposures: ROCY is linked to S&P 500 while SPYI is linked to S&P 500 Index, which means their performance drivers differ.
SPYI is the larger fund by assets ($12.6B), but assets alone do not establish trading costs or liquidity.
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On a $10,000 investment, ROCY would generate roughly $55.67 cash per distribution, while SPYI would produce $100.08 cash per distribution, at current distribution rates. Both pay monthly distributions.
ROCY yield6.68%
SPYI yield12.01%
Cash diff on $10K$44.42
Cost & efficiency
Over 10 years on $10,000, ROCY would cost approximately $350 in fees vs $680 for SPYI (simplified, not compounded). The $330.00 difference may be offset by yield or performance.
ROCY ER0.35%
SPYI ER0.68%
Strategy & risk
ROCY uses active large-cap equities and laddered call spreads. SPYI combines S&P 500 equity exposure with an active option strategy that can sell and buy index calls. Purchased calls change the payoff in both approaches; a yield gap alone does not identify strike depth or capital-preservation ability. Beta describes historical benchmark sensitivity, not guaranteed downside protection.
ROCY beta0.7639
SPYI beta0.69
Fund details
ROCY is managed by JPMorgan (launched 03/19/2026) with $812M in assets. SPYI is managed by NEOS (launched 08/29/2022) with $12.6B in assets.
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Frequently asked questions
Does a tax-deferral objective guarantee tax-free income?
No. Distribution character depends on the fund's final tax reporting and your circumstances. Tax return of capital generally reduces basis and can affect later gains; it is not permanent tax exemption or proof of an economic loss. Review current holdings and reports instead of inferring cash sources from either fund's name or distribution rate.
How should I compare risk and ownership costs?
Use matching dates and definitions for returns, distributions, and fees. Beta describes historical benchmark sensitivity, not guaranteed downside protection. Check current bid-ask spreads and premiums or discounts; AUM alone does not determine the price available for your order.
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