What does the expense ratio tell me when comparing SPYD and SPYI?

The expense ratio shows how much each fund charges annually. SPYD has an expense ratio of 0.07%, while SPYI charges 0.68%, meaning SPYI is 0.61 percentage points more expensive. This fee difference can affect long-term returns because higher fees reduce net gains, even if the funds perform similarly.

What does dividend yield mean in this comparison?

Dividend yield is the annual income paid relative to the fund’s share price. SPYD yields 4.37%, while SPYI yields 11.79%, reflecting SPYI’s much higher payout rate. A higher yield can generate more income, but it may also suggest different strategies or risks.

How does a fund's inception date matter?

SPYD launched in 2015, offering a longer record, while SPYI began in 2022. A longer track record can provide more historical data for analysis, but it doesn't guarantee future performance.

What does it mean that SPYI holds mega-cap tech stocks?

SPYI’s top holdings include major technology firms such as NVIDIA (8.14%), Apple (7.52%), and Microsoft (5.65%), which provide exposure to high-growth companies. This differs from more value-oriented dividend funds and may offer capital appreciation alongside income.

How do the expense ratios of SPYD and SPYI compare?

SPYD has a lower expense ratio of 0.07%, whereas SPYI charges 0.68%. This 0.61 percentage-point difference may influence long-term returns, especially for investors with larger holdings.

Are SPYD's top holdings concentrated in a few sectors?

SPYD's top holdings appear concentrated in traditional value sectors like telecoms (T at 1.45%, VZ at 1.43%) and healthcare (MDT at 1.48%, PFE at 1.47%). This suggests a focus on established, dividend-paying companies, while sector weightings are not available.

How do these ETFs differ in their market focus?

SPYD is categorised as mid-cap value, focusing on established businesses, while SPYI is a derivative income fund using options strategies to generate its yield.

Why might yield differ between these funds?

Yield differences often stem from strategy. SPYI generates an 11.79% yield via options strategies, which can cap upside but provide high income. In contrast, SPYD offers a 4.37% yield through traditional dividend payments.

How large are these funds in terms of assets?

SPYI manages $12.1 billion, while SPYD holds $7.4 billion. Larger funds often have better liquidity, facilitating trade execution, though both are substantial in size.

What is a key thing to remember about these comparisons?

This comparison is purely educational and does not constitute financial advice. Always conduct your own research, consult a financial adviser, and consider your risk tolerance before investing.

SPYD vs SPYI

Two funds, one decision: we compare cost, performance and what each ETF actually holds in September 2026.

This page compares SPDR Portfolio S&P 500 High Dividend ETF (SPYD) and NEOS S&P 500 High Income ETF (SPYI). Examine their fees, holdings, dividends, and how each fund tracks its market to understand their distinct approaches. Educational content, not financial advice.

Fund Snapshot

Key Fund Metrics

SPYD

Metric

SPYI

0.07%

Expense Ratio

0.68%

4.37%

Dividend Yield

11.79%

$7.38B

Net Assets

$12.13B

Holdings

511

Oct 21, 2015

Inception Date

Aug 30, 2022

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Index Tracked

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Mid-Cap Value

Fund Category

Derivative Income

SPYD costs about $61.00 less per year for every $10,000 invested.

Shared Top Holdings

These funds do not share any of their top holdings.

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Investment Analysis

SPYD

Pros

SPYD charges a very low expense ratio of 0.07%, making it inexpensive to hold over time.
The fund has been in operation since October 2015, providing a long track record for investors.
It manages net assets of $7.4 billion, suggesting reasonable liquidity and a well-established fund size.

Considerations

The dividend yield is 4.37%, which is significantly lower than the higher-yielding alternatives in this category.
Top holdings are concentrated in value sectors like energy and telecom, lacking exposure to high-growth technology firms.
Specific index tracking methodology details are not available, limiting full transparency on how the dividend screen is applied.

SPYI

Pros

SPYI offers a high dividend yield of 11.79%, potentially providing substantial monthly income distributions.
The fund holds $12.1 billion in net assets, indicating strong scale and liquidity for institutional and retail trading.
It holds major mega-cap technology stocks like NVIDIA and Apple, which may offer capital appreciation alongside income.

Considerations

The expense ratio is high at 0.68%, which significantly erodes returns compared to lower-cost index funds.
It is a derivative income fund that uses options strategies, adding complexity and potential caps on upside gains.
The fund has a shorter track record, having launched only in August 2022, with less historical performance data.

About SPYD and SPYI

SPYD (SPYD)

The SPDR Portfolio S&P 500 High Dividend ETF aims to track an index of U.S. companies within the S&P 500 that have relatively higher dividend yields. Designed for income-focused investors, it provides exposure to established companies often considered value-oriented. With a low expense ratio of 0.07%, this fund is cost-efficient for those seeking consistent income generation. It holds a diversified portfolio of approximately 81 securities, balancing risk across various sectors. Launched in October 2015, the fund has grown to net assets of $7.38 billion. Its current dividend yield is 4.37%, making it an attractive option for investors prioritising regular cash flow. However, as with any investment, capital values can fluctuate, and past performance does not guarantee future results. Suitable for long-term investors comfortable with equity risk.

SPYI (SPYI)

The NEOS S&P 500 High Income ETF is designed to provide investors with high monthly income by combining exposure to the S&P 500 index with a covered call strategy. This approach aims to generate option premium income to enhance yields, potentially at the cost of limited upside participation during strong bull markets. The fund is actively managed and maintains a large number of holdings to diversify its equity exposure. It may be suitable for investors seeking regular income streams, though high yields often come with increased complexity and different risk profiles compared to traditional index funds. Investors should consider that dividends are not guaranteed, can fluctuate significantly, and may include return of capital, which can erode net asset value over time.

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SPYD vs SPYI

Fund Snapshot