Data as of Oct 28, 2026.
FEPI vs SPYI: Dividend Yield & Total Return
Over the year to Oct 28, 2026, FEPI paid 22.9% of its price in cash against SPYI’s 11.9%, though SPYI returned more with it reinvested.
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Net assets on Oct 27, 2026: $725m for REX FANG & Innovation Equity Premium Income ETF and $12.7bn for NEOS S&P 500 High Income ETF.
Not measured
FEPI over 1 year: paid 22.9%, price −16.3%, total +8.5%, not measured against a benchmark. Data to Oct 28, 2026.
FEPI
+8.5%
22.9% of it arrived as cash
Total return, distributions reinvested
Not measured
FEPI over 1 year: paid 22.9%, price −16.3%, total +8.5%, not measured against a benchmark. Data to Oct 28, 2026.
FEPI
+8.5%
22.9% cash
22.9% of it arrived as cash. Total return, distributions reinvested. FEPI over 1 year: paid 22.9%, price −16.3%, total +8.5%, not measured against a benchmark. Data to Oct 28, 2026.
Data to Oct 28, 2026.About even with SPY
SPYI over 1 year: paid 11.9%, price +0.8%, total +13.6%, SPY +13.6%, 0.0 pts. Data to Oct 28, 2026.
SPY
+13.6%
SPYI
+13.6%
11.9% of it arrived as cash
about even with SPY
Total return, distributions reinvested
About even with SPY
SPYI over 1 year: paid 11.9%, price +0.8%, total +13.6%, SPY +13.6%, 0.0 pts. Data to Oct 28, 2026.
SPY
+13.6%
SPYI
+13.6%
11.9% as cash
about even with SPY
11.9% of it arrived as cash. Both charts share one scale, with zero at the line. SPYI over 1 year: paid 11.9%, price +0.8%, total +13.6%, SPY +13.6%, 0.0 pts. Data to Oct 28, 2026.
Data to Oct 28, 2026.Pair scorecard
FEPI costs 0.03 points a year less; their one-year returns differ by 5.1 points; SPYI is 17.5 times larger.
Points (pts) are percentage points.
| Measure | FEPI | SPYI |
|---|---|---|
| Paid and earned | ||
| Total return, 1 year | +8.5% | +13.6% |
| Price change, 1 year | fell 16.3% | rose 0.8% |
| Return of capital, issuer estimate | 99% of the Oct 23, 2026 payment | |
| Against its benchmark | ||
| Benchmark | not published | S&P 500, measured through SPY |
| Cost and size | ||
| Expense ratio | 0.65% | 0.68% |
| Net assets, as of Oct 27, 2026 | $725m | $12.7bn |
| Holdings | ||
| Holdings in common | 36% | |
Holdings in common uses holdings dated Jul 31, 2026 and Oct 28, 2026. Method
Risk and return
Oct 20, 2023 to Oct 23, 2026 · 157 weekly returnsFEPI returned slightly more: +68.3% to +63.9%. SPYI swung less: 11.5% to 19.1%. SPYI fell less at its worst: −14.8% to −22.7%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | FEPI | SPYI | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +68.3% | +63.9% | FEPI (slight) | Price change plus distributions, reinvested. |
| Annualized | +18.8% | +17.8% | FEPI (slight) | Total return as a yearly rate. |
| Price return | −19.7% | +12.9% | SPYI | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 19.1% | 11.5% | SPYI | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 13.4% | 7.7% | SPYI | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −22.7% | −14.8% | SPYI | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.77 | 1.09 | SPYI | Return above Treasury bills per unit of volatility. |
| Sortino | 1.09 | 1.64 | SPYI | Return above Treasury bills per unit of downside deviation. |
| Calmar | 0.83 | 1.20 | SPYI | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 157 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, FEPI and SPYI hold 36% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Oct 28, 2026.
half
36% in common
Only in one fund ↓
Side by side
As of Oct 28, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price. Payout rate: the latest payment, annualized, over today’s price.
Window by window
| Total return | Cash paid | Against the benchmark | ||||
|---|---|---|---|---|---|---|
| Window | FEPI | SPYI | FEPI | SPYI | FEPI | SPYI |
| 3 months | +16.3% | +6.4% | 7.0% | 3.1% | not measured | +0.3 pts |
| 6 months | +8.1% | +8.7% | 11.0% | 6.1% | not measured | −0.4 pts |
| 1 year | +8.5% | +13.6% | 22.9% | 11.9% | not measured | 0.0 pts |
| 3 years | +78.0% | +70.2% | 72.9% | 41.0% | not measured | −24.8 pts |
| Since launchNot the same days: FEPI Oct 2023 · SPYI Aug 2022 | +69.0% | +79.8% | 69.2% | 51.3% | not measured | −25.4 pts |
FEPI and SPYI are built for the same job. How do they differ in cost, holdings and results?
- Income paid. FEPI paid 22.9% and SPYI 11.9% (cash paid over 1 year, as a share of its price at the start), a gap of 11.0 points.
- Holdings in common. 36% of the weight is in the same securities (holdings dated Jul 31, 2026 and Oct 28, 2026).
- One-year total return. Over 1 year to Oct 28, 2026 FEPI returned +8.5% and SPYI +13.6% with distributions reinvested, a gap of 5.1 points.
Data as of Oct 28, 2026.
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FEPI
Over the year to Oct 28, 2026, FEPI paid 22.9% of its starting value in cash distributions while its price fell 16.3%. With every distribution reinvested, the fund returned +8.5%. At its price on Oct 28, 2026 the latest distribution annualizes to 24.6%, paid weekly.
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
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How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, FEPI against SPYI, data as of Oct 28, 2026. https://etfiq.com/compare/income/fepi-vs-spyi
ETFIQ. (Oct 28, 2026). FEPI against SPYI. Retrieved from https://etfiq.com/compare/income/fepi-vs-spyi
[FEPI against SPYI (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/income/fepi-vs-spyi)
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