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Dividend Vision

ETF Comparison

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

A head-to-head comparison of NEOS S&P 500 High Income ETF and Vanguard Total World Stock ETF covering yield, cost, risk, and income potential.

Updated October 8, 2026

How these figures are calculated: methodology.

Best for

  • SPYIInvestors who want to maximize current income — roughly 11.89%, generated by selling options premium.
  • VTInvestors who want broad equity exposure.

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.

SPYI has lagged VT over the trailing twelve months, posting a 15.85% total return against 16.50%. The lead holds up over 3 years too: VT has compounded at 21.89% a year, against 18.00% 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.
SymbolYTD cumulative1Y cumulative3Y annualizedSince Aug 2022Volatility Sharpe Sortino Max drawdown
SPYI12.59%15.85%18.00%15.43%12.5%0.971.39-16.5%
VT13.44%16.50%21.89%17.91%14.5%1.061.55-16.5%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of 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

MetricSPYIVT
Forward distribution rate11.89%1.03%
Trailing 12-month yield11.77%1.52%
30-day SEC yield0.45%—

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.
MetricSPYIVT
Full nameNEOS S&P 500 High Income ETFVanguard Total World Stock ETF
IssuerNEOSVanguard
Underlying indexS&P 500 IndexFTSE Global All Cap Index
Last Close$53.86 as of October 8, 2026$158.73 as of October 8, 2026
Distribution rate11.89%1.03%
Trailing 12-month yield11.77%1.52%
30-day SEC yield0.45%—
Distribution Safety Score™ 9089
Safety-Adjusted Yield 10.70%0.92%
Expense ratio0.68%0.06%
AUM$12.4B$82.4B
Distribution frequencyMonthlyQuarterly
ObjectiveSeeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.Track the FTSE Global All Cap Index, covering developed and emerging markets.
Asset classEquityEquity
Inception date08/29/202206/24/2008
Beta0.690.98
Last dividend$0.5338$0.408
Ex-dividend date09/16/202609/18/2026

Bottom lineChoose SPYI if you want to maximize current income — roughly 11.89%, generated by selling options premium. Choose VT if you want broad equity exposure. There's no free lunch: SPYI's payout comes from selling options, which caps upside and can erode the share price over time, while VT 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.

NEOS
ETFs20
Total AUM$35.1B

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
Vanguard
ETFs116
Total AUM$4668B

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

Vanguard is one of the largest and most established ETF issuers, known for low-cost, broadly diversified fund offerings built on passive indexing principles. Their lineup spans multiple asset classes and strategies, including core equity and bond index funds, dividend-focused portfolios, ESG-screened options, factor-based strategies, sector exposure, target-date retirement funds, and international investments across developed and emerging markets. The platform is characterized by its emphasis on accessibility and cost efficiency across a comprehensive range of fund families, serving both individual investors seeking broad market exposure and those pursuing specific income, sustainability, or thematic objectives.

See our curated list of related YouTube videos on VT.

See all Vanguard ETFs

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Quick verdict

SPYI (NEOS S&P 500 High Income ETF) and VT (Vanguard Total World Stock ETF) are both dividend ETFs, but they take different approaches.

SPYI offers the higher yield at 11.89% vs 1.03% for VT. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

VT is cheaper with an expense ratio of 0.06% compared to 0.68%.

They have different reference exposures: SPYI is linked to S&P 500 Index while VT is linked to FTSE Global All Cap Index, which means their performance drivers differ.

VT is the larger fund by assets ($82.4B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose SPYI

NEOS S&P 500 High Income ETF

  • Want to maximize current income — SPYI distributes roughly 11.89% from selling options premium, vs 1.03% for VT.
  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
  • Prefer lower volatility — a beta of 0.7 vs 1.0 for VT.

Choose VT

Vanguard Total World Stock ETF

  • Want broad equity exposure.
  • Want to keep costs low — a 0.06% expense ratio vs 0.68% for SPYI.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

Deep dive

Yield & income

On a $10,000 investment, SPYI would generate roughly $99.08 cash per distribution, while VT would produce $25.75 cash per distribution, at current distribution rates.

SPYI yield11.89%
VT yield1.03%
Cash diff on $10K$73.33

Cost & efficiency

Over 10 years on $10,000, SPYI would cost approximately $680 in fees vs $60 for VT (simplified, not compounded). The $620.00 difference may be offset by yield or performance.

SPYI ER0.68%
VT ER0.06%

Strategy & risk

SPYI tracks S&P 500 Index with an active approach, while VT tracks FTSE Global All Cap Index with an international approach. Beta is 0.69 for SPYI and 0.98 for VT, making SPYI the less volatile of the two by this measure.

SPYI beta0.69
VT beta0.98

Fund details

SPYI is managed by NEOS (launched 08/29/2022) with $12.4B in assets. VT is managed by Vanguard (launched 06/24/2008) with $82.4B in assets.

SPYI AUM$12.4B
VT AUM$82.4B
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Frequently asked questions

What is the current distribution rate for SPYI and VT?

SPYI currently distributes 11.89% and VT 1.03%, 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 VT 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 SPYI and VT?

SPYI (NEOS S&P 500 High Income ETF) tracks S&P 500 Index with an active approach, while VT (Vanguard Total World Stock ETF) tracks FTSE Global All Cap Index with an international approach. They are issued by NEOS and Vanguard respectively.

Can I hold both SPYI and VT?

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 VT safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — they are effectively tied: SPYI scores 90, VT scores 89. Neither has a clear safety edge on that measure. SPYI has also shown lower price volatility (beta 0.69 vs 0.98 for VT). 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 VT?

SPYI has an expense ratio of 0.68% while VT charges 0.06%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in SPYI vs VT generate?

At current rates, $10,000 in SPYI would generate roughly $99.08 cash per distribution ($1,189.00 annually). The same in VT would produce about $25.75 cash per distribution ($103.00 annually).

Which has performed better historically, SPYI or VT?

SPYI has lagged VT over the trailing twelve months, posting a 15.85% total return against 16.50%. The lead holds up over 3 years too: VT has compounded at 21.89% a year, against 18.00% for SPYI. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

SPYI vs VT — at a glance

Generated October 3, 2026.

Overview

SPYI is an options-overlay ETF that writes covered calls on S&P 500 holdings to generate monthly income, currently yielding 11.89%. The core difference is strategy: SPYI deliberately caps upside to harvest options premium income; VT seeks total return with minimal friction.

How they differ

SPYI employs a covered-call overlay on the S&P 500, sacrificing equity appreciation above call strikes in exchange for 10.86% higher income. VT holds $82.4B in assets—nearly seven times SPYI's $12.4B—tracking global stocks with no derivatives or income engineering, resulting in a 0.06% expense ratio versus 0.68%. Most significantly, SPYI's 0.69 beta reflects call strike management that dampens large market rallies, while VT's 0.98 beta tracks full market exposure. SPYI arrived in 08/29/2022, while VT has 18 years of history.

Who each is best for

  • SPYI: Fits income-focused investors comfortable accepting a ceiling on capital appreciation and monthly distribution frequency, seeking to use systematic option premium to supplement returns in a moderately volatile market.
  • VT: Fits long-term global equity allocators wanting single-fund exposure to both developed and emerging markets with minimal cost drag and no structural upside limitations.

Key risks to know

  • NAV erosion at extreme yields. SPYI's 11.89% distribution rate—well above typical S&P 500 dividend yield—suggests heavy reliance on options premium and potential return-of-capital treatment. If realized stock gains and dividends fall short, NAV is likely to erode over time, reducing the fund's purchasing power regardless of market performance.
  • Capped upside from call strikes. By design, SPYI forgoes stock gains above its call-strike levels. In extended bull markets, this structural headwind can trail unhedged S&P 500 exposure meaningfully, even after accounting for the income overlay.
  • Concentration in U.S. large-cap equities. SPYI holds only S&P 500 stocks, creating single-country and large-cap concentration risk. Economic stress or sector downturns affecting large U.S. stocks have no geographic hedge. VT's global diversification carries emerging-market and currency risk, but spreads exposure across regions.
  • Options complexity and rollover risk. SPYI's covered-call program depends on executing new calls at favorable strikes each month. In volatile or low-liquidity periods, rolling calls at profitable levels may prove difficult, potentially forcing the fund to accept lower premiums or hold larger cash buffers.
  • Interest-rate sensitivity of premium. Covered-call income scales with implied volatility and interest rates. In a lower-volatility or lower-rate environment, the fund's income potential could compress, narrowing the income advantage that justifies accepting upside limitations.

Bottom line

If you prioritize monthly income and are comfortable capping appreciation, SPYI offers 11.89% yield through a disciplined options strategy. If you want global equity exposure with minimal cost and no structural return headwinds, VT's 0.06% cost and $82.4B scale support long-term compounding. The tradeoff is straightforward: income ceiling versus growth potential. 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.

How covered-call funds work How to read a fund's stats The covered-call opportunity cost

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These comparisons follow the Dividend Vision methodology.