What is the expense ratio of SPYI vs XYLD?

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

SPYI vs XYLD

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

Last updated: 2026-04-08

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

XYLD

Global X S&P 500 Covered Call ETF (XYLD) 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 10.79%. Launched in 2013, the fund has a 13-year track record.

AUM: $3.0B ER: 0.60% Yield: 10.79% Since: Jun 24, 2013

Quick Verdict

XYLD has a slightly lower expense ratio (0.60% vs 0.68%), saving about $152 per $10,000 over 10 years. Over the past year, SPYI has significantly outperformed with a 18.5% return vs 11.8%. Income investors may prefer SPYI for its higher yield (12.1% vs 10.8%).

Key Metrics

Metric	SPYI	XYLD
Expense Ratio	0.68%	0.60%
Dividend Yield	12.1%	10.8%
Fund Family	N/A	N/A
Category	US Covered Call	US Covered Call

Performance Chart

Indexed to 100 at start (5-year comparison)

SPYI +3.5%

XYLD -17.2%

Performance Comparison

Period	SPYI	XYLD	Difference
1 Month	-1.46%	-1.67%	+0.21%
3 Months	-3.96%	-2.58%	-1.38%
6 Months	-1.18%	+2.27%	-3.45%
YTD	-3.32%	-2.20%	-1.12%
1 Year	+18.46%	+11.81%	+6.65%
3 Years	+6.45%	-1.98%	+8.43%
5 Years	+3.50%	-17.31%	+20.81%

Fee Impact Over Time

Estimated fee cost difference assuming 8% annual returns

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

Risk Metrics

Based on 5 years of daily returns

Metric	SPYI	XYLD
Annualized Volatility	13.7%	11.7%
Max Drawdown	-18.5%	-30.3%
Sharpe Ratio	-0.19	-0.65

Dividend Comparison

Metric	SPYI	XYLD
Annual Dividend (per share)	$6.17	$4.30
Dividend Yield	12.14%	10.79%
Distribution Frequency	Monthly	Monthly

Top Holdings

9 of top 9 holdings overlap (100% overlap in top holdings)

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%

XYLD Top Holdings

Name	Weight
NVIDIA CorporationNVDA	7.79%
Apple Inc.AAPL	6.79%
Microsoft CorporationMSFT	5.01%
Amazon.com, Inc.AMZN	3.70%
Broadcom Inc.AVGO	2.70%
Alphabet Inc.GOOG	2.49%
Meta Platforms, Inc.META	2.27%
Tesla, Inc.TSLA	1.83%
Berkshire Hathaway Inc.BRK.B	1.58%

Which One Should You Choose?

Choose XYLD 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...

recent performance momentum matters to your strategy. Note that past performance doesn't guarantee future results.

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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