SPYI combines S&P 500 equity exposure with an actively managed index-option strategy that can sell and buy calls. XYLD follows the Cboe S&P 500 BuyWrite Index. Their strikes, option coverage, and purchased calls matter more than ranking strategy aggressiveness from their displayed payout rates.
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 XYLD over the trailing twelve months, posting a 15.39% total return against 18.06%. The picture flips over 3 years, though — SPYI has compounded at 17.96% a year, ahead of XYLD at 14.23%. 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 2, 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
Metric
SPYI
XYLD
Forward distribution rate
11.95%
8.52%
Trailing 12-month yield
11.83%
10.36%
30-day SEC yield
0.46%
0.48%
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.
Seeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.
Seeks monthly income by tracking the Cboe S&P 500 BuyWrite Index, investing at least 80% of total assets in the index securities or instruments with similar economic characteristics.
Bottom lineChoose SPYI if you want active option positioning and accept manager and equity risks. Choose XYLD if you want an indexed buy-write approach and accept its limits on upside. Both retain stock-market risk. Compare option positions and matching total-return periods; a higher cash payment does not prove better performance.
Active call positioning versus a buy-write index
SPYI combines S&P 500 equity exposure with an actively managed index-option strategy that can sell and buy calls. XYLD follows the Cboe S&P 500 BuyWrite Index. Their strikes, option coverage, and purchased calls matter more than ranking strategy aggressiveness from their displayed payout rates.
SPYI
XYLD
Approach
Active S&P 500 equities and index options
Cboe S&P 500 BuyWrite Index
Risk review
Equity losses, option positioning, and tax outcomes
Equity losses and upside forgone under index call rules
Expense ratio
0.68%
0.60%
Portfolio fit
Review combined holdings and weights
Review combined holdings and weights
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 XYLD 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.
Global X is known for developing thematic and alternative investment ETFs with a strong emphasis on income-generating strategies. Their 37-fund lineup spans diverse categories including covered call funds, SuperDividend income products, digital assets, commodities, and sector-specific investments, alongside traditional bond and risk-managed income options. Notable tickers like DIV, MLPA, and BCCC reflect their specialization in high-yield and alternative income strategies, positioning them as a provider focused on investors seeking yield-oriented and thematically-driven exposure.
See our curated list of related YouTube videos on XYLD.
SPYI (NEOS S&P 500 High Income ETF) and XYLD (Global X S&P 500 Covered Call ETF) are both monthly-pay dividend ETFs, but they take different approaches.
SPYI offers the higher yield at 11.95% vs 8.52% for XYLD. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
XYLD is cheaper with an expense ratio of 0.60% compared to 0.68%.
They have different reference exposures: SPYI is linked to S&P 500 Index while XYLD is linked to Cboe S&P 500 BuyWrite Index, 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.
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On a $10,000 investment, SPYI would generate roughly $99.58 cash per distribution, while XYLD would produce $71.00 cash per distribution, at current distribution rates. Both pay monthly distributions.
SPYI yield11.95%
XYLD yield8.52%
Cash diff on $10K$28.58
Cost & efficiency
Over 10 years on $10,000, SPYI would cost approximately $680 in fees vs $600 for XYLD (simplified, not compounded). The $80.00 difference may be offset by yield or performance.
SPYI ER0.68%
XYLD ER0.60%
Strategy & risk
SPYI combines S&P 500 equity exposure with an actively managed index-option strategy that can sell and buy calls. XYLD follows the Cboe S&P 500 BuyWrite Index. Their strikes, option coverage, and purchased calls matter more than ranking strategy aggressiveness from their displayed payout rates. Beta describes historical benchmark sensitivity, not guaranteed downside protection.
SPYI beta0.7
XYLD beta0.39
Fund details
SPYI is managed by NEOS (launched 08/29/2022) with $12.4B in assets. XYLD is managed by Global X (launched 06/21/2013) with $3.40B in assets.
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Frequently asked questions
Does SPYI's higher payout prove it sells more aggressive calls?
No. A payout policy does not reveal option coverage, strike selection, or portfolio risk. SPYI's purchased calls can change its upside profile; XYLD follows its index's rules. Tax-management objectives also do not promise a particular after-tax result for every shareholder. Distribution rates are not total returns or promised income. Tax return of capital alone does not establish an economic loss; review net total returns, NAV changes, distribution notices, and final tax reporting together.
How should I compare risk and ownership costs?
Use matching dates and definitions for returns, distributions, and fees. Beta describes historical benchmark sensitivity, not guaranteed downside protection. Check current bid-ask spreads and premiums or discounts; AUM alone does not determine the price available for your order.
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