What is the expense ratio of QYLD vs SPYI?

QYLD has an expense ratio of 0.60%, while SPYI has an expense ratio of 0.68%.

QYLD vs SPYI

Global X NASDAQ 100 Covered Call ETF vs Neos S&P 500(R) High Income ETF

Last updated: 2026-04-08

Global X NASDAQ 100 Covered Call ETF (QYLD) is an exchange-traded fund that provides exposure to us covered call securities. It charges a high expense ratio of 0.60%. The fund offers a high dividend yield of 11.66%. Launched in 2013, the fund has a 13-year track record.

AUM: $8.1B ER: 0.60% Yield: 11.66% Since: Dec 12, 2013

SPYI

Neos S&P 500(R) High Income ETF (SPYI) is an exchange-traded fund that provides exposure to us covered call securities. It charges a high expense ratio of 0.68%. The fund offers a high dividend yield of 12.14%. Launched in 2022, the fund has a 4-year track record.

AUM: $8.3B ER: 0.68% Yield: 12.14% Since: Aug 30, 2022

Quick Verdict

QYLD has a slightly lower expense ratio (0.60% vs 0.68%), saving about $152 per $10,000 over 10 years. SPYI has edged ahead over the past year (18.5% vs 17.2%).

Key Metrics

Metric	QYLD	SPYI
Expense Ratio	0.60%	0.68%
Dividend Yield	11.7%	12.1%
Fund Family	N/A	N/A
Category	US Covered Call	US Covered Call

Performance Chart

Indexed to 100 at start (5-year comparison)

QYLD -23.1%

SPYI +3.5%

Performance Comparison

Period	QYLD	SPYI	Difference
1 Month	-0.51%	-1.46%	+0.95%
3 Months	-1.40%	-3.96%	+2.56%
6 Months	+3.97%	-1.18%	+5.15%
YTD	-0.74%	-3.32%	+2.58%
1 Year	+17.23%	+18.46%	-1.23%
3 Years	+1.92%	+6.45%	-4.53%
5 Years	-23.13%	+3.50%	-26.63%

Fee Impact Over Time

Estimated fee cost difference assuming 8% annual returns

Investment	Period	QYLD Fees	SPYI Fees	You Save
$10,000	10 years	$1,170	$1,321	$152
$10,000	20 years	$4,914	$5,531	$617
$10,000	30 years	$15,488	$17,370	$1,882
$50,000	10 years	$5,849	$6,607	$758
$50,000	30 years	$77,438	$86,849	$9,411
$100,000	30 years	$154,876	$173,697	$18,821

Risk Metrics

Based on 5 years of daily returns

Metric	QYLD	SPYI
Annualized Volatility	15.2%	13.7%
Max Drawdown	-35.3%	-18.5%
Sharpe Ratio	-0.57	-0.19

Dividend Comparison

Metric	QYLD	SPYI
Annual Dividend (per share)	$2.05	$6.17
Dividend Yield	11.66%	12.14%
Distribution Frequency	Monthly	Monthly

Top Holdings

8 of top 9 holdings overlap (89% overlap in top holdings)

QYLD Top Holdings

Name	Weight
NVIDIA CorporationNVDA	8.86%
Apple Inc.AAPL	7.80%
Microsoft CorporationMSFT	5.68%
Amazon.com, Inc.AMZN	4.69%
Tesla, Inc.TSLA	3.61%
Walmart Inc.WMT	3.51%
Meta Platforms, Inc.META	3.47%
Alphabet Inc.GOOG	3.32%
Broadcom Inc.AVGO	3.06%

SPYI Top Holdings

Name	Weight
NVIDIA CorporationNVDA	7.63%
Apple Inc.AAPL	6.72%
Microsoft CorporationMSFT	4.92%
Amazon.com, Inc.AMZN	3.63%
Broadcom Inc.AVGO	2.63%
Alphabet Inc.GOOG	2.44%
Meta Platforms, Inc.META	2.22%
Tesla, Inc.TSLA	1.79%
Berkshire Hathaway Inc.BRK.B	1.56%

Which One Should You Choose?

Choose QYLD if...

you want the lowest fees and plan to buy and hold long-term. Over decades, the expense ratio difference compounds significantly.

Choose SPYI if...

you prioritize dividend income and want higher regular distributions from your portfolio.

Either works if...

you just need broad us covered call exposure. Both are solid options — pick whichever your brokerage offers commission-free.

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