A head-to-head comparison of NEOS S&P 500 High Income ETF and YieldMax Ultra Option Income Strategy ETF covering yield, cost, risk, and income potential.
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 ULTY over the trailing twelve months, posting a 14.93% total return against -7.77%. Measured from Feb 2024 — the start of shared available history — SPYI has compounded at 15.84% a year versus 2.26% for ULTY. SPYI has been the steadier holding, though — annualized volatility of 10.8% against 22.4% for ULTY. 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 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 Feb 2024” measures every fund from February 29, 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
ULTY
Forward distribution rate
12.05%
60.51%
Trailing 12-month yield
11.93%
98.42%
30-day SEC yield
0.46%
-0.75%
Return of capital
—
100.00%
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.
Actively managed fund that seeks weekly income from a rotating basket of U.S.-listed securities, using traditional and synthetic covered calls designed to produce higher income when the underlying holdings are more volatile.
Bottom lineChoose SPYI if you want index call spreads structured for Section 1256 tax treatment. Choose ULTY if you want a covered-call overwrite written on the holdings themselves. SPYI and ULTY 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.
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 ULTY 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.
Daily leverage reset. ULTY targets a multiple of the index's DAILY move, resetting every session. Over weeks and months the compounding of daily resets (volatility decay) can drag returns far below the stated multiple, especially in choppy markets — and losses are magnified the same way gains are.
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.
YieldMax is known for specializing in options-based and income-focused ETFs that emphasize yield generation through covered call strategies and other income-producing methodologies. The firm operates a diverse lineup of 63 funds organized across multiple families including covered call strategies, 0DTE (zero days to expiration) options, double distribution approaches, and various target-date and performance-based portfolios designed to generate regular distributions. Notable offerings span popular underlying assets like major technology stocks and broad market indices, with a particular emphasis on providing enhanced income solutions for investors seeking regular cash flows through options strategies and other tactical approaches.
See our curated list of related YouTube videos on ULTY.
SPYI (NEOS S&P 500 High Income ETF) and ULTY (YieldMax Ultra Option Income Strategy ETF) are both dividend ETFs, but they take different approaches.
ULTY offers the higher yield at 60.51% vs 12.05% 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 1.40%.
They have different reference exposures: SPYI is linked to S&P 500 Index while ULTY is linked to Basket (High Volatility stocks), 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 SPYI
NEOS S&P 500 High Income ETF
Want index call spreads structured for Section 1256 tax treatment.
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 1.40% for ULTY.
Prefer lower volatility — a beta of 0.7 vs 1.4 for ULTY.
Choose ULTY
YieldMax Ultra Option Income Strategy ETF
Want a covered-call overwrite on the stocks the fund holds.
Want to maximize current income — ULTY distributes roughly 60.51% from selling options premium, vs 12.05% 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 & ULTY for free
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On a $10,000 investment, SPYI would generate roughly $100.42 cash per distribution, while ULTY would produce $116.37 cash per distribution, at current distribution rates.
SPYI yield12.05%
ULTY yield60.51%
Cash diff on $10K$15.95
Cost & efficiency
Over 10 years on $10,000, SPYI would cost approximately $680 in fees vs $1,400 for ULTY (simplified, not compounded). The $720.00 difference may be offset by yield or performance.
SPYI ER0.68%
ULTY ER1.40%
Strategy & risk
SPYI tracks S&P 500 Index with an active approach, while ULTY is actively managed around Basket (High Volatility stocks) exposure with a covered call approach. Beta is 0.7 for SPYI and 1.3581 for ULTY, making SPYI the less volatile of the two by this measure.
SPYI beta0.7
ULTY beta1.3581
Fund details
SPYI is managed by NEOS (launched 08/29/2022) with $12.4B in assets. ULTY is managed by YieldMax (launched 02/28/2024) with $721M in assets.
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Frequently asked questions
What is the current distribution rate for SPYI and ULTY?
SPYI currently distributes 12.05% and ULTY 60.51%, 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 SPYI or ULTY better for dividend income?
It depends on your goals. ULTY 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 SPYI and ULTY?
SPYI (NEOS S&P 500 High Income ETF) tracks S&P 500 Index with an active approach, while ULTY (YieldMax Ultra Option Income Strategy ETF) is actively managed around Basket (High Volatility stocks) exposure with a covered call approach. They are issued by NEOS and YieldMax respectively.
Can I hold both SPYI and ULTY?
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 ULTY 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, ULTY scores 51, so SPYI's payout currently looks the more resilient of the two. SPYI has also shown lower price volatility (beta 0.70 vs 1.36 for ULTY). 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 ULTY?
SPYI has an expense ratio of 0.68% while ULTY charges 1.40%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in SPYI vs ULTY generate?
At current rates, $10,000 in SPYI would generate roughly $100.42 cash per distribution ($1,205.00 annually). The same in ULTY would produce about $116.37 cash per distribution ($6,051.00 annually).
Which has performed better historically, SPYI or ULTY?
SPYI has outpaced ULTY over the trailing twelve months, posting a 14.93% total return against -7.77%. Measured from Feb 2024 — the start of shared available history — SPYI has compounded at 15.84% a year versus 2.26% for ULTY. SPYI has been the steadier holding, though — annualized volatility of 10.8% against 22.4% for ULTY. 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 and ULTY are both equity ETFs that overlay covered-call strategies on stock baskets to generate distributions exceeding traditional dividend yields. stocks using traditional and synthetic covered calls for a 60.51% distribution rate. The core distinction is scope and volatility orientation: SPYI tracks broad-market equity exposure with moderate income generation, whereas ULTY actively selects from concentrated high-volatility names and produces substantially higher stated income at the cost of larger portfolio turnover and shorter track record. Cost-wise, ULTY's 1.40% expense ratio runs 72 basis points higher than SPYI's 0.68%, and ULTY carries a 1.3581 beta versus SPYI's 0.7, signaling meaningfully greater equity sensitivity and market risk. SPYI commands $12.4B in assets versus ULTY's $721M, a 16-fold difference in asset base that reflects ULTY's newer inception (02/28/2024) relative to SPYI's 08/29/2022).
Who each is best for
SPYI: Fits investors seeking monthly high income from core S&P 500 exposure while maintaining broad diversification and accepting moderate NAV erosion risk in exchange for tax-efficient payout timing and lower portfolio churn.
ULTY: Fits investors with high volatility tolerance and very short time horizons (weeks to months) who can actively monitor a concentrated, rotational strategy and accept substantial potential principal loss in pursuit of weekly income and active tactical management. SPYI's 12.05% yield carries similar but lesser erosion risk given its more conservative rate.
High-volatility stock concentration and turnover.ULTY's active selection from volatile names concentrates timing and selection risk in the manager's hands; rapid rotations incur trading friction and potential tax inefficiency, especially relative to SPYI's static index overlay.
Options premium and market-level dependency. Both funds' income streams hinge on sold call premiums, which compress sharply in low-volatility or falling-market environments. A sustained calm or downturn could dramatically reduce distributions and create negative surprises for income-dependent investors.
Significant beta divergence.ULTY's 1.3581 beta versus SPYI's 0.7 means ULTY amplifies downside moves in equity selloffs, potentially crystallizing losses that impair the fund's ability to generate future premiums.
Very limited track record for ULTY. Inception on 02/28/2024 leaves fewer than one full market cycle of performance data, making it harder to assess how the strategy withstands prolonged low-volatility periods or tail events.
Bottom line
If you value broad diversification, lower expenses, and a longer operating history with moderate income, SPYI offers a more traditional S&P 500 foundation wrapped in a covered-call wrapper. If you prioritize maximum current income from an actively managed, concentrated, high-volatility approach and can tolerate substantial swings in principal, ULTY targets that profile—though its youth and extreme distribution rate raise questions about sustainability that only extended performance can answer. 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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