Data as of Nov 4, 2026.
OVLH vs SPYI: Dividend Yield & Total Return
Over the year to Nov 4, 2026, SPYI paid 12.1% of its price in cash against OVLH’s 0.3%, and returned more with it reinvested.
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Net assets: $109m on Aug 31, 2026 for Overlay Shares Hedged Large Cap Equity ETF, and $12.7bn on Oct 28, 2026 for NEOS S&P 500 High Income ETF.
7.8 pts behind VOO
OVLH over 1 year: paid 0.3%, price +6.7%, total +7.0%, VOO +14.8%, −7.8 pts. Data to Nov 4, 2026.
VOO
+14.8%
OVLH
+7.0%
7.8 pts behind VOO
Total return, distributions reinvested
7.8 pts behind VOO
OVLH over 1 year: paid 0.3%, price +6.7%, total +7.0%, VOO +14.8%, −7.8 pts. Data to Nov 4, 2026.
VOO
+14.8%
OVLH
+7.0%
7.8 pts behind VOO
0.3% of it arrived as cash. Total return, distributions reinvested. OVLH over 1 year: paid 0.3%, price +6.7%, total +7.0%, VOO +14.8%, −7.8 pts. Data to Nov 4, 2026.
Data to Nov 4, 2026.0.8 pts behind SPY
SPYI over 1 year: paid 12.1%, price +1.1%, total +14.0%, SPY +14.8%, −0.8 pts. Data to Nov 4, 2026.
SPY
+14.8%
SPYI
+14.0%
12.1% of it arrived as cash
0.8 pts behind SPY
Total return, distributions reinvested
0.8 pts behind SPY
SPYI over 1 year: paid 12.1%, price +1.1%, total +14.0%, SPY +14.8%, −0.8 pts. Data to Nov 4, 2026.
SPY
+14.8%
SPYI
+14.0%
12.1% as cash
0.8 pts behind SPY
12.1% of it arrived as cash. Both charts share one scale, 0 to +14.8%. SPYI over 1 year: paid 12.1%, price +1.1%, total +14.0%, SPY +14.8%, −0.8 pts. Data to Nov 4, 2026.
Both charts share one scale, 0 to +14.8%. Data to Nov 4, 2026.Pair scorecard
SPYI costs 0.12 points a year less; their one-year returns differ by 7.0 points.
Points (pts) are percentage points.
| Measure | OVLH | SPYI |
|---|---|---|
| Paid and earned | ||
| Total return, 1 year | +7.0% | +14.0% |
| Price change, 1 year | rose 6.7% | rose 1.1% |
| Return of capital, issuer estimate | 38% of the Dec 29, 2023 payment | 99% of the Oct 23, 2026 payment |
| Against its benchmark | ||
| Benchmark | Vanguard S&P 500 ETF, measured through VOO | S&P 500, measured through SPY |
| Cost and size | ||
| Expense ratio | 0.80% | 0.68% |
| Net assets, OVLH as of Aug 31, 2026 and SPYI as of Oct 28, 2026 | $109m | $12.7bn |
| Holdings | ||
| Holdings in common | 0% | |
How much of its payouts the fund's total return covered, ranked against 167 income ETFs not writing on a single company. 100 is best. How it is computed
One year only, and a ratio of two published numbers: it says nothing about where a distribution came from. All income ETFs ranked by it →
Risk and return
Sep 9, 2022 to Oct 30, 2026 · 216 weekly returnsEach against its own benchmark: OVLH against VOO, Jan 22, 2021 to Oct 30, 2026; SPYI against SPY, Sep 9, 2022 to Oct 30, 2026.
From Sep 2022 to Oct 2026, SPYI returned more: +73.6% to +64.7%. OVLH swung less: 10.3% to 11.8%. OVLH fell less at its worst: −9.5% to −14.8%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | OVLH | SPYI | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +64.7% | +73.6% | SPYI | Price change plus distributions, reinvested. |
| Annualized | +12.8% | +14.2% | SPYI | Total return as a yearly rate. |
| Price return | +61.0% | +5.0% | OVLH | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 10.3% | 11.8% | OVLH | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 6.5% | 8.1% | OVLH | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −9.5% | −14.8% | OVLH | Deepest fall from a high to the low after it. |
| Upside capture | 61.5% | 68.0% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 79.7% | 80.5% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 0.67 | 0.78 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.93 | 0.96 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.78 | 0.80 | SPYI (slight) | Return above Treasury bills per unit of volatility. |
| Sortino | 1.23 | 1.17 | OVLH (slight) | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.094 | 0.121 | Return above Treasury bills per unit of beta. | |
| Calmar | 1.34 | 0.96 | OVLH | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | VOO | SPY | The ETF each fund is measured against. | |
| Alpha | −1.0% a year | −0.6% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.85 | −0.52 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −3.5% to +1.4% | −2.8% to +1.6% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | −0.78 | −0.86 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 6.0% | 4.0% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 216 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, OVLH and SPYI hold 0% of their money in the same securities at the same weight. Holdings dated Aug 31, 2026 and Nov 3, 2026.
half
0% in common
Only in one fund ↓
Side by side
As of Nov 4, 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 | OVLH | SPYI | OVLH | SPYI | OVLH | SPYI |
| 3 months | −1.4% | +1.1% | 0.0% | 2.9% | −1.3 pts | +1.3 pts |
| 6 months | +1.6% | +5.8% | 0.0% | 6.0% | −3.5 pts | +0.7 pts |
| 1 year | +7.0% | +14.0% | 0.3% | 12.1% | −7.8 pts | −0.8 pts |
| 3 years | +58.6% | +62.0% | 1.7% | 39.3% | −24.8 pts | −20.9 pts |
| Since launchNot the same days: OVLH Jan 2021 · SPYI Aug 2022 | +73.9% | +78.5% | 3.2% | 51.3% | −47.2 pts | −25.2 pts |
Client brief:
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OVLH
Over the year to Nov 4, 2026, OVLH paid 0.3% of its starting value in cash distributions while its price rose 6.7%. With every distribution reinvested, the fund returned +7.0%. Vanguard S&P 500 ETF (VOO) returned +14.8% over the same days, so a holder was behind by 7.8 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 0.3%, paid annually. Overlay Shares estimates that 38% of the distribution paid Dec 29, 2023 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.
SPYI
Over the year to Nov 4, 2026, SPYI paid 12.1% of its starting value in cash distributions while its price rose 1.1%. With every distribution reinvested, the fund returned +14.0%. S&P 500 (SPY) returned +14.8% over the same days, so a holder was behind by 0.8 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 11.5%, paid monthly. NEOS estimates that 99% of the distribution paid Oct 23, 2026 was a return of capital (its 19a-1 notice).
Questions people ask
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
It is a place in a set, not a rating or a recommendation.
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, OVLH against SPYI, data as of Nov 4, 2026. https://etfiq.com/compare/income/ovlh-vs-spyi
ETFIQ. (Nov 4, 2026). OVLH against SPYI. Retrieved from https://etfiq.com/compare/income/ovlh-vs-spyi
[OVLH against SPYI (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/income/ovlh-vs-spyi)
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