ETF Comparison

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

A head-to-head comparison of Schwab U.S. Large-Cap Growth ETF and NEOS S&P 500 High Income ETF covering yield, cost, risk, and income potential.

Updated September 30, 2026

How these figures are calculated: methodology.

Best for

SCHGInvestors who want a growth tilt and can accept bigger swings for higher upside.
SPYIInvestors who want to maximize current income — roughly 12.05%, generated by selling options premium.

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.

SCHG has lagged SPYI over the trailing twelve months, posting a 13.54% total return against 14.93%. The picture flips over 3 years, though — SCHG has compounded at 25.72% a year, ahead of SPYI at 17.68%. SPYI has been the steadier holding, though — annualized volatility of 12.5% against 19.4% for SCHG. 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	3Y annualized	Since Aug 2022	Volatility	Sharpe	Sortino	Max drawdown
SCHG	10.92%	13.54%	25.72%	23.17%	19.4%	0.95	1.37	-23.4%
SPYI	10.68%	14.93%	17.68%	15.05%	12.5%	0.95	1.35	-16.5%

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 2022” measures every fund from August 30, 2022 — 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 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.

Distribution rate and SEC yield

Metric	SCHG	SPYI
Forward distribution rate	0.41%	12.05%
Trailing 12-month yield	0.39%	11.93%
30-day SEC yield	—	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 SPYI vs SPY.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
Metric	SCHG	SPYI
Full name	Schwab U.S. Large-Cap Growth ETF	NEOS S&P 500 High Income ETF
Issuer	Schwab	NEOS
Underlying index	Dow Jones U.S. Large-Cap Growth Total Stock Market Index	S&P 500 Index
Last Close	$35.93 as of September 30, 2026	$53.17 as of September 30, 2026
Distribution rate	0.41%	12.05%
Trailing 12-month yield	0.39%	11.93%
30-day SEC yield	—	0.46%
Distribution Safety Score™	100	90
Safety-Adjusted Yield	0.41%	10.85%
Expense ratio	0.04%	0.68%
AUM	$64.3B	$12.4B
Distribution frequency	Quarterly	Monthly
Objective	Seeks to track the Dow Jones U.S. Large-Cap Growth Total Stock Market Index, holding the components ranked 1-750 by full market capitalization that are classified as growth.	Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.
Asset class	Equity	Equity
Inception date	12/11/2009	08/29/2022
Beta	1.22	0.7
Last dividend	$0.037	$0.5338
Ex-dividend date	09/23/2026	09/16/2026

Bottom lineChoose SCHG if you want a growth tilt and can accept bigger swings for higher upside. Choose SPYI if you want to maximize current income — roughly 12.05%, generated by selling options premium. There's no free lunch: SPYI's payout comes from selling options, which caps upside and can erode the share price over time, while SCHG keeps full 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. 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.

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.

Schwab

ETFs33

Total AUM$612B

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

Schwab is a major provider of low-cost, broad-based ETFs known for making investing accessible to individual investors through its discount brokerage platform. The issuer's fund lineup spans multiple categories including core index funds, dividend and income-focused strategies, factor-based approaches, international exposure, fixed income, and digital assets, with popular core holdings like SCHB (U.S. broad market) and SCHD (dividend appreciation) alongside more specialized thematic offerings. Schwab's ETF suite is characterized by its breadth across asset classes and investment styles, competitive expense ratios, and integration with its retail brokerage ecosystem.

See our curated list of related YouTube videos on SCHG.

See all Schwab ETFs

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 SPYI.

See all NEOS ETFs

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Quick verdict

SCHG (Schwab U.S. Large-Cap Growth ETF) and SPYI (NEOS S&P 500 High Income ETF) are both dividend ETFs, but they take different approaches.

SPYI offers the higher yield at 12.05% vs 0.41% for SCHG. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

SCHG is cheaper with an expense ratio of 0.04% compared to 0.68%.

They have different reference exposures: SCHG is linked to Dow Jones U.S. Large-Cap Growth Total Stock Market Index while SPYI is linked to S&P 500 Index, which means their performance drivers differ.

SCHG is the larger fund by assets ($64.3B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose SCHG

Schwab U.S. Large-Cap Growth ETF

Want a growth tilt and can accept larger swings for more upside.
Want to keep costs low — a 0.04% expense ratio vs 0.68% for SPYI.

Choose SPYI

NEOS S&P 500 High Income ETF

Want to maximize current income — SPYI distributes roughly 12.05% from selling options premium, vs 0.41% for SCHG.
Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
Prefer lower volatility — a beta of 0.7 vs 1.2 for SCHG.

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, SCHG would generate roughly $10.25 cash per distribution, while SPYI would produce $100.42 cash per distribution, at current distribution rates.

SCHG yield0.41%

SPYI yield12.05%

Cash diff on $10K$90.17

Cost & efficiency

Over 10 years on $10,000, SCHG would cost approximately $40 in fees vs $680 for SPYI (simplified, not compounded). The $640.00 difference may be offset by yield or performance.

SCHG ER0.04%

SPYI ER0.68%

Strategy & risk

SCHG tracks Dow Jones U.S. Large-Cap Growth Total Stock Market Index, while SPYI tracks S&P 500 Index with an active approach. Beta is 1.22 for SCHG and 0.7 for SPYI, making SPYI the less volatile of the two by this measure.

SCHG beta1.22

SPYI beta0.7

Fund details

SCHG is managed by Schwab (launched 12/11/2009) with $64.3B in assets. SPYI is managed by NEOS (launched 08/29/2022) with $12.4B in assets.

SCHG AUM$64.3B

SPYI AUM$12.4B

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Frequently asked questions

What is the current distribution rate for SCHG and SPYI?

SCHG currently distributes 0.41% and SPYI 12.05%, 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 SCHG 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 SCHG and SPYI?

SCHG (Schwab U.S. Large-Cap Growth ETF) tracks Dow Jones U.S. Large-Cap Growth Total Stock Market Index, while SPYI (NEOS S&P 500 High Income ETF) tracks S&P 500 Index with an active approach. They are issued by Schwab and NEOS respectively.

Can I hold both SCHG 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 SCHG 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 — SCHG scores 100, SPYI scores 90, so SCHG's payout currently looks the more resilient of the two. SPYI has also shown lower price volatility (beta 0.70 vs 1.22 for SCHG). 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, SCHG or SPYI?

SCHG has an expense ratio of 0.04% 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 SCHG vs SPYI generate?

At current rates, $10,000 in SCHG would generate roughly $10.25 cash per distribution ($41.00 annually). The same in SPYI would produce about $100.42 cash per distribution ($1,205.00 annually).

Which has performed better historically, SCHG or SPYI?

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Dividend dates and history

SCHG vs SPYI — at a glance

Generated September 26, 2026.

Overview

SCHG is a broad large-cap growth ETF tracking the Dow Jones U.S. Large-Cap Growth index, while SPYI is a S&P 500 covered-call ETF designed to generate high monthly income through options overlays. The two differ fundamentally in strategy: SCHG is a passive growth tracker offering minimal income, while SPYI uses derivative strategies to harvest option premiums, targeting an 12.05% distribution rate versus 0.41% for SCHG.

How they differ

SCHG pursues traditional index-tracking growth exposure with minimal income generation, holding around 750 large-cap growth stocks. SPYI targets the broader S&P 500 but layers a covered-call overlay to generate high monthly payouts; this structural difference is the core distinguishing feature.

On yield, the gap is stark: 12.05% versus 0.41%. That income differential comes with a cost: SPYI's expense ratio is 0.68%, more than 16 times SCHG's 0.04%. SPYI also carries beta of 0.7, significantly lower than SCHG's 1.22, reflecting the dampening effect of short calls on equity market sensitivity.

SPYI is substantially younger (inception 08/29/2022) compared to SCHG (inception 12/11/2009), offering a shorter track record. SCHG commands a larger asset base at $64.3B versus $12.4B, though SPYI's $12.4B remains substantial.

Who each is best for

SCHG: Fits investors seeking low-cost, broad large-cap growth exposure with minimal distribution drag—typically those with a long time horizon who can reinvest modest quarterly dividends and prioritize tax efficiency through capital appreciation rather than income.

SPYI: Fits investors prioritizing high monthly cash flow from an S&P 500 allocation, with sufficient risk tolerance for options-derived income and comfort with the lower volatility profile that covered calls create through capped upside.

Key risks to know

NAV erosion at elevated yields. At 12.05%, SPYI's payouts likely blend option premium, return of capital, and underlying dividend; yields this high relative to S&P 500 equity fundamentals raise the probability that NAV shrinks over time if underlying stocks stagnate or decline.

Covered-call upside cap. SPYI's short call overlay caps stock price appreciation; in strong bull markets, the fund may lag equity-only funds by design, since call strikes limit gains the fund can retain.

Options liquidity and gamma risk. SPYI's overlay depends on liquid option markets; in dislocated or low-volume periods, call rolling could force unfavorable prices, and rapid equity sell-offs may create adverse gamma mechanics as short calls are forced to cover at steep losses.

Growth concentration in SCHG. The fund holds 750 large-cap growth stocks but may overweight mega-cap technology given the growth tilt; sector concentration is not directly visible in this data but warrants verification.

Beta and market sensitivity mismatch. SCHG's 1.22 amplifies upside and downside in equity rallies and selloffs; SPYI's 0.7 dampens both, making direct return comparisons misleading in trending markets.

Bottom line

If you want broad large-cap growth exposure with minimal fees and tax-deferred compounding, SCHG's low 0.04% and 0.41% yield make it a traditional passive choice. If you prioritize monthly income and accept both higher fees and a capped upside profile, SPYI's 12.05% distribution appeals—but verify that payouts rely on sustainable premium collection rather than gradual NAV decay. 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.

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These comparisons follow the Dividend Vision methodology.