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.
SPYI has outpaced SPYT over the trailing twelve months, posting a 15.93% total return against 15.07%. Measured from Mar 2024 — the start of shared available history — SPYI has compounded at 15.52% a year versus 14.60% for SPYT. 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 2024” measures every fund from March 7, 2024 — 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 past year. 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 past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Distribution rate, SEC yield and return of capital
Metric
SPYI
SPYT
Forward distribution rate
12.01%
20.36%
Trailing 12-month yield
11.89%
20.97%
30-day SEC yield
0.45%
0.25%
Return of capital
—
13.25%
Total return (price change plus reinvested distributions) is the Total returns section above. Return of capital is the share of a recent distribution that was not income. 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.
Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.
Seeks current income with secondary exposure to the S&P 500 Index through a strategy of holding index ETFs while selling daily credit call spreads to generate a target annual income level of 20%.
Bottom lineChoose SPYI if you want index-option exposure and will review its construction. Choose SPYT if you want a disclosed call-spread overlay. SPYI and SPYT 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.
SPYI vs SPYT: two S&P 500 income designs
Same index, two income targets. Compare how much upside is sold and what each manager charges.
SPYI
SPYT
Issuer
NEOS
Defiance
Expense ratio
0.68%
0.92%
Distribution rate
12.01%
20.36%
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 and SPYT 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.
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.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Defiance ETFs is known for offering specialized and thematic investment strategies that cater to niche market segments and alternative income approaches. The issuer's lineup spans income-focused funds, leveraged strategies, combinations of leverage with income generation, and thematic products tied to emerging trends and sectors. Defiance emphasizes non-traditional and differentiated strategies rather than broad-based index exposure, appealing to investors seeking targeted exposure beyond conventional ETF offerings.
See our curated list of related YouTube videos on SPYT.
SPYI (NEOS S&P 500 High Income ETF) and SPYT (Defiance S&P 500 Income Target ETF) are both monthly-pay dividend ETFs, but they take different approaches.
SPYT offers the higher yield at 20.36% vs 12.01% for SPYI. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
SPYI is cheaper with an expense ratio of 0.68% compared to 0.92%.
They have different reference exposures: SPYI is linked to S&P 500 Index while SPYT is linked to S&P, 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.
Who should choose each?
Choose SPYI
NEOS S&P 500 High Income ETF
Want index-option exposure as the option-income approach; review holdings and issuer disclosures.
Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
Want to keep costs low — a 0.68% expense ratio vs 0.92% for SPYT.
Prefer lower volatility — a beta of 0.7 vs 0.9 for SPYT.
Choose SPYT
Defiance S&P 500 Income Target ETF
Want disclosed call spreads as the option-income approach; review holdings and issuer disclosures.
Want to maximize current income — SPYT distributes roughly 20.36% from selling options premium, vs 12.01% for SPYI.
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 SPYI & SPYT 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, SPYI would generate roughly $100.08 cash per distribution, while SPYT would produce $169.67 cash per distribution, at current distribution rates. Both pay monthly distributions.
SPYI yield12.01%
SPYT yield20.36%
Cash diff on $10K$69.58
Cost & efficiency
Over 10 years on $10,000, SPYI would cost approximately $680 in fees vs $920 for SPYT (simplified, not compounded). The $240.00 difference may be offset by yield or performance.
SPYI ER0.68%
SPYT ER0.92%
Strategy & risk
SPYI tracks S&P 500 Index with an active approach, while SPYT tracks S&P with a call-spread approach. Beta is 0.69 for SPYI and 0.8938 for SPYT, making SPYI the less volatile of the two by this measure.
SPYI beta0.69
SPYT beta0.8938
Fund details
SPYI is managed by NEOS (launched 08/29/2022) with $12.6B in assets. SPYT is managed by Defiance ETFs (launched 03/07/2024) with $170M in assets.
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Frequently asked questions
What is the difference between SPYT and SPYI?
Both start with S&P 500 exposure and sell options for cash. SPYT (Defiance S&P 500 Income Target ETF) is Defiance's income-target design. SPYI (NEOS S&P 500 High Income ETF) is NEOS's high-income overlay. Cost is 0.92% versus 0.68%; distributions are 20.36% and 12.01% as of October 2026. A higher printed yield usually means more upside sold.
What is the current distribution rate for SPYI and SPYT?
SPYI currently distributes 12.01% and SPYT 20.36%, 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 SPYI or SPYT better for dividend income?
It depends on your goals. SPYT 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 SPYI and SPYT?
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 SPYI or SPYT 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 85, SPYT scores 74, so SPYI's payout currently looks the more resilient of the two. SPYI has also shown lower price volatility (beta 0.69 vs 0.89 for SPYT). 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, SPYI or SPYT?
SPYI has an expense ratio of 0.68% while SPYT charges 0.92%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in SPYI vs SPYT generate?
At current rates, $10,000 in SPYI would generate roughly $100.08 cash per distribution ($1,201.00 annually). The same in SPYT would produce about $169.67 cash per distribution ($2,036.00 annually).
Which has performed better historically, SPYI or SPYT?
SPYI has outpaced SPYT over the trailing twelve months, posting a 15.93% total return against 15.07%. Measured from Mar 2024 — the start of shared available history — SPYI has compounded at 15.52% a year versus 14.60% for SPYT. 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.
SPYI employs a covered-call overlay to target a 12.01% yield, while SPYT sells daily credit spreads (0DTE) targeting a 20.36% yield. The core difference is aggressiveness: SPYI caps convexity risk with covered calls on a static underlying, whereas SPYT pursues a higher payout using tighter, daily-rolled spreads. SPYT's 0DTE credit-spread approach—rolling daily—targets a much higher income stream but requires tighter risk management and daily rebalancing. Expense-wise, SPYI costs 0.68% versus SPYT's 0.92%, a modest 0.24% difference. SPYI has $12.6B in assets and launched 4 years ago; SPYT holds $170M and is only months old, meaning SPYI's track record is longer and its asset base is vastly larger. Fits allocations where a 12.01% yield and 0.69 beta are acceptable, and where capped upside is a known trade-off for smoother monthly cash flow.
SPYT: Investors with high current-income needs who understand and accept 0DTE rolling risk and daily NAV fluctuations. Designed for those monitoring volatility closely and comfortable with the structural mechanics of credit spreads that reset daily. SPYI's 12.01% is high but less extreme. Monitor realized total return (price plus distributions) against the S&P 500 to detect drift.
Daily rolling and assignment risk:SPYT's 0DTE structure means positions reset daily, creating exposure to intra-day volatility, gap risk at open, and assignment at any time. SPYI's monthly covered-call roll is more predictable and less operationally complex.
Structural upside cap: Both funds cap equity appreciation, but SPYI's covered-call approach is more transparent. SPYT's credit spreads limit upside differently depending on strike placement; without knowing current strikes, investors can't estimate the ceiling precisely.
Options gamma and volatility sensitivity: Both strategies benefit when implied volatility is elevated but suffer when volatility collapses. SPYT's daily rolling amplifies this exposure; sharp drops in VIX may force tighter spreads and lower income in subsequent months. If you're chasing 20.36% and can tolerate 0DTE rolling, smaller AUM, and daily volatility, SPYT may deliver—but its extreme yield target and recent inception date mean there's limited evidence of performance through a full market cycle. Past performance does not predict future results, and both yields depend on consistent options premium collection.
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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