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.
SGOV has lagged SPYI over the trailing twelve months, posting a 3.78% total return against 15.85%. The lead holds up over 3 years too: SPYI has compounded at 18.00% a year, against 4.53% for SGOV. SGOV has been the steadier holding, though — annualized volatility of 0.2% against 12.5% for SPYI. 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 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 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
SGOV
SPYI
Forward distribution rate
3.60%
11.89%
Trailing 12-month yield
3.65%
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 SPYI vs SPY.
Short T-bill ETFs, from our catalog
SGOV tracks ICE 0-3 Month US Treasury Securities Index and pays monthly at a forward distribution rate of 3.60% with an expense ratio of 0.09%.
BIL, another short Treasury ETF in this catalog, tracks Bloomberg 1-3 Month U.S. Treasury Bill Index at a forward distribution rate of 3.45% (Monthly) with an expense ratio of 0.1353%.
These are interest-like cash rates, not equity dividends. A covered-call or dividend ETF can pay more, and it can also lose principal.
Side-by-side snapshot
Side-by-side snapshot. Each row is one metric;
each column is one fund.
Bottom lineChoose SGOV if you want 0-3 month T-bills as cash, with no options overlay. Choose SPYI if you want extra cash from selling option premium and can accept overlay risk. SPYI's extra yield comes from selling option premium, which adds market-path risk SGOV does not take. SGOV is the cash sleeve.
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.
iShares, operated by BlackRock, is one of the largest and most established ETF providers globally, known for offering broad, liquid index-tracking funds across nearly all asset classes and investment styles. The lineup encompasses a comprehensive range of strategies including core equity and bond exposure, dividend and income-focused funds, covered call strategies, ESG and thematic investments, factor-based approaches, alternatives, commodities, and municipal bonds, serving both individual and institutional investors. With numerous popular ticker symbols and extensive diversification across geographies, sectors, and investment objectives, iShares provides one of the market's widest selections of ETFs for building diversified portfolios.
See our curated list of related YouTube videos on SGOV.
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.
SGOV (iShares 0-3 Month Treasury Bond 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 3.60% for SGOV. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
SGOV is cheaper with an expense ratio of 0.09% compared to 0.68%.
They have different reference exposures: SGOV is linked to ICE 0-3 Month US Treasury Securities Index while SPYI is linked to S&P 500 Index, which means their performance drivers differ.
SGOV is the larger fund by assets ($113B), but assets alone do not establish trading costs or liquidity.
Who should choose each?
Choose SGOV
iShares 0-3 Month Treasury Bond ETF
Want plain T-bill cash — no overlay, almost no mark-to-market.
Want fixed-income ballast that cushions equity drawdowns.
Want to keep costs low — a 0.09% expense ratio vs 0.68% for SPYI.
Prefer lower volatility — a beta of -0.0 vs 0.7 for SPYI.
Choose SPYI
NEOS S&P 500 High Income ETF
Want option-premium income — extra yield from selling options, not a safer T-bill sleeve.
Want to maximize current income — SPYI distributes roughly 11.89% from selling options premium, vs 3.60% for SGOV.
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.
Still deciding? Track SGOV & SPYI for free
Create a free Dividend Vision account to keep them on a watchlist, get notified when they declare dividends, and see how much income they would add to your portfolio.
On a $10,000 investment, SGOV would generate roughly $30.00 cash per distribution, while SPYI would produce $99.08 cash per distribution, at current distribution rates. Both pay monthly distributions.
SGOV yield3.60%
SPYI yield11.89%
Cash diff on $10K$69.08
Cost & efficiency
Over 10 years on $10,000, SGOV would cost approximately $90 in fees vs $680 for SPYI (simplified, not compounded). The $590.00 difference may be offset by yield or performance.
SGOV ER0.09%
SPYI ER0.68%
Strategy & risk
SGOV tracks ICE 0-3 Month US Treasury Securities Index with a bonds approach, while SPYI tracks S&P 500 Index with an active approach. Beta is -0.0029 for SGOV and 0.69 for SPYI, making SGOV the less volatile of the two by this measure.
SGOV beta-0.0029
SPYI beta0.69
Fund details
SGOV is managed by iShares (launched 05/26/2020) with $113B in assets. SPYI is managed by NEOS (launched 08/29/2022) with $12.4B in assets.
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Frequently asked questions
Is SGOV or SPYI closer to a T-bill?
SGOV (iShares 0-3 Month Treasury Bond ETF) distributes 3.60% monthly at a 0.09% expense ratio. SPYI (NEOS S&P 500 High Income ETF) is equity income at 11.89%. The higher rate can come with equity drawdowns. Figures are as of October 2026.
What is the current distribution rate for SGOV and SPYI?
SGOV currently distributes 3.60% 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 SGOV 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 SGOV 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 SGOV 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, SGOV scores 79, so SPYI's payout currently looks the more resilient of the two. SGOV has also shown lower price volatility (beta -0.00 vs 0.69 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, SGOV or SPYI?
SGOV has an expense ratio of 0.09% 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 SGOV vs SPYI generate?
At current rates, $10,000 in SGOV would generate roughly $30.00 cash per distribution ($360.00 annually). The same in SPYI would produce about $99.08 cash per distribution ($1,189.00 annually).
Which has performed better historically, SGOV or SPYI?
SGOV has lagged SPYI over the trailing twelve months, posting a 3.78% total return against 15.85%. The lead holds up over 3 years too: SPYI has compounded at 18.00% a year, against 4.53% for SGOV. SGOV has been the steadier holding, though — annualized volatility of 0.2% against 12.5% for SPYI. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
Explore related screeners
Lateral filters that include these funds — browse the full peer set on DividendVision.
SGOV is an ETF tracking ultra-short Treasury bills maturing in three months or less, offering near-risk-free income backed by U.S. government debt. SPYI is an equity ETF that overlays call options on the S&P 500 to generate income while targeting capital appreciation. Fits those who prioritize capital preservation and regular cash flow over growth.
SPYI: Investors comfortable holding equity beta and selling upside capture to finance high monthly distributions. Designed for those with time horizon beyond the fund's inception in August 2022, willing to forgo gains above strike prices in exchange for synthetic income.
Key risks to know
NAV erosion at extreme yields.SPYI's 11.89% yield is approximately triple S&P 500 aggregate dividend yield. Sustained distributions above underlying earnings growth typically signal accelerating NAV decline; the fund's inception date of 08/29/2022 is recent enough that pre-tax performance under market stress is not yet fully tested.
Call option strike assignment and cap.SPYI caps equity upside via short call positions. If the S&P 500 rallies sharply, shares are called away at the strike, ending the position and forcing rebalancing. This creates opportunity cost in strong bull markets and introduces rebalancing drag.
Concentration in S&P 500.SPYI's entire return profile depends on the broad equity market and the volatility regime that sustains option premium. A sustained equity drawdown would compress call option value and reduce income, while also creating realized losses in the underlying position. A risk-off event could widen the discount between trading price and net asset value.
Bottom line
If you need capital preservation and government-backed income with minimal volatility, SGOV's ultra-short Treasury exposure and 3.60% yield with 0.09% fees offer simplicity and safety. If you accept equity risk and call assignment in exchange for SPYI's 11.89% yield, you're trading upside capture and market participation for synthetic income—a tradeoff that depends heavily on how long the option premium cycle sustains. Past performance doesn't predict future results, and the fund inception dates mean neither strategy has weathered a complete market cycle.
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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