A head-to-head comparison of NEOS S&P 500 High Income ETF and Defiance S&P 500 Weekly Distribution 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 lagged WDTE over the trailing twelve months, posting a 14.93% total return against 15.38%. The picture flips over 3 years, though — SPYI has compounded at 17.68% a year, ahead of WDTE at 15.26%. 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 Sep 2023” measures every fund from September 19, 2023 — 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, SEC yield and return of capital
Metric
SPYI
WDTE
Forward distribution rate
12.05%
30.13%
Trailing 12-month yield
11.93%
33.45%
30-day SEC yield
0.46%
-0.75%
Return of capital
—
92.83%
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.
Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.
Actively managed fund that seeks weekly income while maintaining indirect exposure to the S&P 500 Index, subject to a limit on potential gains from increases in the index.
Bottom lineChoose SPYI if you want index call spreads structured for Section 1256 tax treatment. Choose WDTE if you want a covered-call overwrite written on the holdings themselves. SPYI and WDTE 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 WDTE 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 WDTE.
SPYI (NEOS S&P 500 High Income ETF) and WDTE (Defiance S&P 500 Weekly Distribution ETF) are both dividend ETFs, but they take different approaches.
WDTE offers the higher yield at 30.13% 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 1.03%.
They have different reference exposures: SPYI is linked to S&P 500 Index while WDTE is linked to S&P 500, 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 1.03% for WDTE.
Choose WDTE
Defiance S&P 500 Weekly Distribution ETF
Want a covered-call overwrite on the stocks the fund holds.
Want to maximize current income — WDTE distributes roughly 30.13% 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.
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On a $10,000 investment, SPYI would generate roughly $100.42 cash per distribution, while WDTE would produce $57.94 cash per distribution, at current distribution rates.
SPYI yield12.05%
WDTE yield30.13%
Cash diff on $10K$42.47
Cost & efficiency
Over 10 years on $10,000, SPYI would cost approximately $680 in fees vs $1,030 for WDTE (simplified, not compounded). The $350.00 difference may be offset by yield or performance.
SPYI ER0.68%
WDTE ER1.03%
Strategy & risk
Both SPYI and WDTE wrap S&P 500 Index with options-based income overlays (active and options). The practical differences are yield target, fee structure, and issuer track record — not the underlying mechanic. Beta is 0.7 for SPYI and 0.7932 for WDTE, making SPYI the less volatile of the two by this measure.
SPYI beta0.7
WDTE beta0.7932
Fund details
SPYI is managed by NEOS (launched 08/29/2022) with $12.4B in assets. WDTE is managed by Defiance ETFs (launched 09/18/2023) with $72.9M in assets.
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Frequently asked questions
What is the current distribution rate for SPYI and WDTE?
SPYI currently distributes 12.05% and WDTE 30.13%, 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 WDTE better for dividend income?
It depends on your goals. WDTE 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 WDTE?
Both SPYI (NEOS S&P 500 High Income ETF) and WDTE (Defiance S&P 500 Weekly Distribution ETF) track S&P 500 Index with options-based income strategies — the labels "active" and "options" describe closely related mechanics (covered calls are a specific type of options strategy). The real differences show up in yield target (12.05% vs 30.13%), expense ratio (0.68% vs 1.03%), and issuer (NEOS vs Defiance ETFs).
Can I hold both SPYI and WDTE?
You can, but expect significant overlap. Both funds use options-based income strategies on S&P 500 Index, so holding them together gives you two wrappers around effectively the same exposure — not true diversification. Weigh issuer, fee, and yield differences rather than treating them as complementary.
Is SPYI or WDTE 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, WDTE scores 72, so SPYI's payout currently looks the more resilient of the two. 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 WDTE?
SPYI has an expense ratio of 0.68% while WDTE charges 1.03%. Lower fees mean more of your investment returns stay in your pocket over time.
How much income does $10,000 in SPYI vs WDTE generate?
At current rates, $10,000 in SPYI would generate roughly $100.42 cash per distribution ($1,205.00 annually). The same in WDTE would produce about $57.94 cash per distribution ($3,013.00 annually).
Which has performed better historically, SPYI or WDTE?
SPYI has lagged WDTE over the trailing twelve months, posting a 14.93% total return against 15.38%. The picture flips over 3 years, though — SPYI has compounded at 17.68% a year, ahead of WDTE at 15.26%. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.
Explore related screeners
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WDTE instead trades 0DTE options weekly—buying and selling options that expire in days—to extract income from short-term volatility. SPYI charges 0.68% in fees and holds $12.4B, while WDTE's 1.03% ratio applies to a much smaller asset base of $72.9M. Both carry identical betas on paper (SPYI 0.7, WDTE 0.7932), though their downside behavior may differ due to their distinct options mechanics.
WDTE: Designed for investors comfortable trading significant upside potential for aggressive weekly income, with shorter time horizons and appetite for the volatility embedded in rapid options rolling.
Call-cap constraint and opportunity cost. Both funds cap upside through sold calls. In a strongly rising market, shareholders forfeit gains above the strike; WDTE's weekly rebalancing compounds this friction with more frequent strike resets and trading costs.
0DTE options complexity and roll risk.WDTE's strategy depends on continuous execution of short-dated options in liquid tenors. If implied volatility compresses, roll spreads widen, or market dislocations occur, income generation can deteriorate quickly and unexpectedly.
Index participation ceiling. Both funds offer less than 100% index participation on rallies, but the degree differs. WDTE's continuous 0DTE rebalancing and explicit cap language suggest tighter upside limits than SPYI's rolling covered-call approach. WDTE pursues maximum weekly payouts at the cost of a much lower asset base, explicit return-of-capital dynamics, and aggressive call caps that reduce equity participation. If you value broad market exposure with measured income, SPYI's mechanics align with that objective; if you prioritize maximum current yield and can forgo index participation, WDTE's aggressive strategy warrants detailed scrutiny of its 0DTE roll execution and NAV trends. 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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