ETF Comparison

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

A head-to-head comparison of NEOS S&P 500 High Income ETF and Roundhill ETF Trust - Roundhill S&P 500 0DTE Covered Call covering yield, cost, risk, and income potential.

Data updated July 4, 2026

NEOS

ETFs19

Total AUM$24.2B

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

Roundhill Investments

ETFs55

Total AUM$27.4B

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

Roundhill Investments is known for offering specialized ETFs that focus on income generation and thematic investing strategies. The firm operates 42 funds across five distinct families—Core, HALO, Income, Thematic, and WeeklyPay—with a particular emphasis on covered call strategies and weekly distribution products designed to generate regular cash flows. Notable offerings include ticker symbols like AAPW, AMDW, and AMZW (which employ covered call strategies on major technology stocks), along with thematic funds covering areas such as artificial intelligence (CHAT), cryptocurrency mining (DRAM), and other innovative sectors.

See our curated list of related YouTube videos on XDTE.

See all Roundhill Investments ETFs

Side-by-side snapshot

	SPYI	XDTE
Full name	NEOS S&P 500 High Income ETF	Roundhill ETF Trust - Roundhill S&P 500 0DTE Covered Call
Issuer	NEOS	Roundhill Investments
Last Close	$53.06 as of July 4, 2026	$38.85 as of July 4, 2026
Distribution yield	12.01%	24.76%
Distribution Safety Score	92	84
Expense ratio	0.68%	0.95%
AUM	$6.20B	$317M
Distribution frequency	Monthly	Weekly
Underlying index	S&P 500 Index	SPX
Objective	Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.	Covered Call
Asset class	Equity	Equity
Inception date	08/29/2022	08/15/2024
Beta	0.69	0.91
Last dividend	$0.5310	$0.1850
Ex-dividend date	01/21/2026	07/01/2026

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Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

SPYI has outpaced XDTE over the trailing twelve months, posting a 18.98% total return against 18.17%. Measured from Mar 2024 — when the younger fund began trading — SPYI has compounded at 15.83% a year versus 15.45% for XDTE. Figures are total returns: price change plus every distribution reinvested.

Symbol	YTD	1Y	Since Mar 2024	Volatility	Sharpe	Sortino	Max drawdown
SPYI	7.17%	18.98%	15.83%	10.4%	1.24	1.76	-7.7%
XDTE	6.20%	18.17%	15.45%	11.6%	1.05	1.47	-7.7%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of July 2, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Mar 2024” measures every fund from March 7, 2024 — the youngest fund's first trading day — 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.

Quick verdict

SPYI (NEOS S&P 500 High Income ETF) and XDTE (Roundhill ETF Trust - Roundhill S&P 500 0DTE Covered Call) are both dividend ETFs, but they take different approaches.

XDTE offers the higher yield at 24.76% 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 0.95%.

They track different benchmarks: SPYI is linked to S&P 500 Index while XDTE tracks SPX, which means their performance drivers differ.

SPYI is the larger fund by assets ($6.20B), which generally means tighter spreads and better liquidity.

Deep dive

Yield & income

On a $10,000 investment, SPYI would generate roughly $100.08/month, while XDTE would produce $206.33/month, at current distribution rates.

SPYI yield12.01%

XDTE yield24.76%

Monthly diff on $10K$106.25

Cost & efficiency

Over 10 years on $10,000, SPYI would cost approximately $680 in fees vs $950 for XDTE (simplified, not compounded). The $270.00 difference may be offset by yield or performance.

SPYI ER0.68%

XDTE ER0.95%

Strategy & risk

SPYI tracks S&P 500 Index with an options approach, while XDTE tracks SPX with a covered call approach. Beta is 0.69 for SPYI and 0.91 for XDTE, indicating SPYI is less volatile relative to the market.

SPYI beta0.69

XDTE beta0.91

Fund details

SPYI is managed by NEOS (launched 08/29/2022) with $6.20B in assets. XDTE is managed by Roundhill Investments (launched 08/15/2024) with $317M in assets.

SPYI AUM$6.20B

XDTE AUM$317M

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Frequently asked questions

Is SPYI or XDTE better for dividend income?

It depends on your goals. XDTE 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 XDTE?

SPYI (NEOS S&P 500 High Income ETF) tracks S&P 500 Index with an options approach, while XDTE (Roundhill ETF Trust - Roundhill S&P 500 0DTE Covered Call) tracks SPX with a covered call approach. They are issued by NEOS and Roundhill Investments respectively.

Can I hold both SPYI and XDTE?

Yes. Many income investors hold both to diversify across different strategies and underlying indexes. This can reduce concentration risk while maintaining a strong income stream.

Which has lower fees, SPYI or XDTE?

SPYI has an expense ratio of 0.68% while XDTE charges 0.95%. Lower fees mean more of your investment returns stay in your pocket over time.

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

At current rates, $10,000 in SPYI would generate roughly $100.08 per month ($1,201.00 annually). The same in XDTE would produce about $206.33 per month ($2,476.00 annually).

Which has performed better historically, SPYI or XDTE?

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SPYI vs XDTE — at a glance

Generated June 2026 from current fund data.

Overview

Both SPYI and XDTE are S&P 500–linked ETFs that use options overlays to generate income—but they pursue dramatically different strategies. SPYI sells index options systematically to produce a 12.21% distribution yield, while XDTE sells zero-days-to-expiration (0DTE) covered calls every single trading day, pushing its distribution yield to 35.68%. The difference in frequency and strike selection creates a massive gap in both income generation and NAV erosion risk.

How they differ

The single biggest difference is time horizon and roll frequency. XDTE executes fresh covered calls daily against its SPX holdings, collecting premium from contracts that expire the same day; SPYI sells longer-dated options on a regular schedule, likely monthly or quarterly. This means XDTE resets its position 252 times a year versus SPYI's handful of resets.

Second is the yield math itself. XDTE's 35.68% distribution rate annualizes weekly payouts, implying NAV decay unless underlying capital appreciation can fully offset premium collected and fees. SPYI's 12.21% monthly rate is more conservative but still materially above typical S&P 500 total returns, signaling reliance on return-of-capital distributions. XDTE's 0.95% expense ratio is higher than SPYI's 0.68%, and XDTE holds just $317M in AUM against SPYI's $6.20B, meaning liquidity and operational stability differ substantially.

Third is beta and capture. SPYI reports a beta of 0.69 to the broad market; XDTE's 0.91 is closer to the index itself. This suggests SPYI's option strategy dampens downside more effectively—a deliberate trade-off for capped upside—while XDTE stays closer to full index participation but faces faster NAV decay in flat or down markets.

Who each is best for

SPYI: Fits investors seeking meaningful monthly income from a large-cap equity base while accepting modest index-tracking underperformance and NAV erosion as structural costs. The relatively lower distribution rate and larger AUM appeal to those prioritizing stability and lower volatility exposure.

XDTE: Fits investors with high current-income needs who are comfortable with aggressive, frequent trading execution and understand that weekly distributions will include significant return of capital. The 0DTE strategy suits tactical traders or those treating the fund as a short-term income satellite rather than a core holding.

Key risks to know

NAV erosion at extreme distribution yields. XDTE's 35.68% annualized rate far exceeds historical S&P 500 total returns; sustaining it requires consistent NAV decay or depends entirely on realized market conditions. SPYI faces a milder version of this; its 12.21% rate still implies meaningful return-of-capital treatment in normal markets.

0DTE execution and gap risk. XDTE's daily roll creates operational concentration: if markets gap at the open, the fund must reinitiate calls at unfavorable prices, and if volatility shifts, premium collection can compress sharply. SPYI avoids this daily reset but sacrifices frequency for predictability.

Liquidity and fund size disparity. XDTE's $317M AUM is roughly 2% of SPYI's; smaller funds face higher per-share costs for rebalancing and options transactions, and trading the ETF itself may incur wider bid-ask spreads.

Call assignment and upside capping. Both funds systematically sell call options, capping gains on rallies. XDTE's daily resets mean it never participates in multi-day momentum; SPYI's longer-dated calls allow some participation but still limit full index upside.

Bottom line

If you prioritize income stability, lower fees, and substantial AUM backing a long-term holding, SPYI's 12.21% yield and 0.69 beta offer a more moderate derivative strategy. If you need maximum monthly cash flow and tolerate aggressive NAV erosion in exchange for weekly payouts and understand the mechanics of daily option rolls, XDTE's structure delivers that—at the cost of operational complexity and much higher principal decay risk. 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.