Data as of Oct 28, 2026.
HDV vs SPYI: Differences, Returns & Fees
Over the year to Oct 28, 2026, HDV returned +29.4% to SPYI's +13.6%, and HDV charges 0.08% to SPYI's 0.68%.
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Net assets on Oct 27, 2026: $15.9bn for iShares Core High Dividend ETF and $12.7bn for NEOS S&P 500 High Income ETF.
Pair scorecard
HDV costs 0.60 points a year less; their one-year returns differ by 15.8 points; HDV is 1.3 times larger.
| Measure | HDV | SPYI |
|---|---|---|
| Return | ||
| Total return, 1 year | +29.4% | +13.6% |
| Price change, 1 year | rose 24.9% | rose 0.8% |
| Latest payout, annualized | 11.4% | |
| Return of capital, issuer estimate | 99% of the Oct 23, 2026 payment | |
| Benchmark | ||
| What it tracks | Morningstar Dividend Yield Focus Index | Benchmark: S&P 500, measured through SPY |
| Cost and size | ||
| Expense ratio | 0.08% | 0.68% |
| Net assets, as of Oct 27, 2026 | $15.9bn | $12.7bn |
| Holdings | ||
| Holdings in common | 9% | |
| In the S&P 500, by weight | 90% | |
| Top ten holdings, share of the fund | 55.6% | |
Holdings in common uses holdings dated Oct 27, 2026 and Oct 28, 2026. Method
Risk and return
Sep 9, 2022 to Oct 23, 2026 · 215 weekly returnsSPYI returned slightly more: +74.4% to +72.7%. SPYI swung slightly less: 11.8% to 12.5%. HDV fell less at its worst: −10.2% to −14.8%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | HDV | SPYI | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +72.7% | +74.4% | SPYI (slight) | Price change plus distributions, reinvested. |
| Annualized | +14.1% | +14.4% | Tie | Total return as a yearly rate. |
| Price return | +47.6% | +5.4% | HDV | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 12.5% | 11.8% | SPYI (slight) | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 8.5% | 8.1% | SPYI (slight) | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −10.2% | −14.8% | HDV | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.75 | 0.81 | SPYI (slight) | Return above Treasury bills per unit of volatility. |
| Sortino | 1.11 | 1.19 | SPYI (slight) | Return above Treasury bills per unit of downside deviation. |
| Calmar | 1.38 | 0.97 | HDV | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 215 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, HDV and SPYI hold 9% of their money in the same securities at the same weight. Holdings dated Oct 27, 2026 and Oct 28, 2026.
half
9% in common
Only in one fund ↓
Side by side
HDV and SPYI on the fields both publish, as of Oct 28, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price.
HDV and SPYI do different jobs. What does each one do in a portfolio?
- What each follows. HDV follows Morningstar Dividend Yield Focus Index and SPYI is measured against S&P 500 through SPY.
- Holdings in common. 9% of the weight is in the same securities (holdings dated Oct 27, 2026 and Oct 28, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 HDV returned +29.4% and SPYI +13.6% with distributions reinvested, a gap of 15.8 points.
Data as of Oct 28, 2026.
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HDV
HDV tracks an index of High Dividend. Over the year to Oct 28, 2026 it returned +29.4% with distributions reinvested. The prospectus expense ratio is 0.08% a year. By its holdings published by its issuer for Oct 27, 2026, 90% of the fund by weight is stocks the S&P 500 also holds, across 77 positions, with the top ten at 55.6%.
SPYI
Over the year to Oct 28, 2026, SPYI paid 11.9% of its starting value in cash distributions while its price rose 0.8%. With every distribution reinvested, the fund returned +13.6%. S&P 500 (SPY) returned +13.6% over the same days, so a holder was about even. At its price on Oct 28, 2026 the latest distribution annualizes to 11.4%, paid monthly. NEOS estimates that 99% of the distribution paid Oct 23, 2026 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.
Questions people ask
- Are HDV and SPYI in the same category?
- HDV is a stock ETF and SPYI is an option-income ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, HDV or SPYI?
- In the year to Oct 28, 2026, with distributions reinvested, HDV returned +29.4% and SPYI +13.6%.
- Which is cheaper, HDV or SPYI?
- HDV is cheaper, by 0.60 percentage points a year. That is about $60 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, HDV against SPYI, data as of Oct 28, 2026. https://etfiq.com/compare/any/hdv-vs-spyi
ETFIQ. (Oct 28, 2026). HDV against SPYI. Retrieved from https://etfiq.com/compare/any/hdv-vs-spyi
[HDV against SPYI (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/hdv-vs-spyi)
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