Data as of Nov 4, 2026.
PCOV vs SPYI: Dividend Yield & Total Return
PCOV and SPYI both write options for income.
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Net assets: $10m on Nov 2, 2026 for Principal Equity Premium Income ETF, and $12.7bn on Oct 28, 2026 for NEOS S&P 500 High Income ETF.
Not measured
PCOV since launch: paid 1.9%, price −2.0%, total −0.1%, not measured against a benchmark. Data to Nov 4, 2026.
PCOV
−0.1%
Total return, distributions reinvested
Not measured
PCOV since launch: paid 1.9%, price −2.0%, total −0.1%, not measured against a benchmark. Data to Nov 4, 2026.
PCOV
−0.1%
1.9% of it arrived as cash. Total return, distributions reinvested. PCOV since launch: paid 1.9%, price −2.0%, total −0.1%, not measured against a benchmark. 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, with zero at the line. SPYI over 1 year: paid 12.1%, price +1.1%, total +14.0%, SPY +14.8%, −0.8 pts. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
PCOV costs 0.34 points a year less; SPYI is far larger, $12.7bn against $10m.
Points (pts) are percentage points.
| Measure | PCOV | SPYI |
|---|---|---|
| Paid and earned | ||
| Total return, 1 year | not published | +14.0% |
| Price change | fell 2.0% (since Aug 19, 2026) | rose 1.1% (1 year) |
| 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 | 0.34% | 0.68% |
| Net assets, as of Oct 28, 2026 | $10m | $12.7bn |
| Holdings | ||
| Holdings in common | not published | |
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 | PCOV | SPYI | PCOV | SPYI | PCOV | SPYI |
| 3 months | – | +1.1% | – | 2.9% | – | +1.3 pts |
| 6 months | – | +5.8% | – | 6.0% | – | +0.7 pts |
| 1 year | – | +14.0% | – | 12.1% | – | −0.8 pts |
| 3 years | – | +62.0% | – | 39.3% | – | −20.9 pts |
| Since launchNot the same days: PCOV Aug 2026 · SPYI Aug 2022 | −0.1% | +78.5% | 1.9% | 51.3% | not measured | −25.2 pts |
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PCOV
Over the period from its first trade on Aug 19, 2026 to Nov 4, 2026, PCOV paid 1.9% of its starting value in cash distributions while its price fell 2.0%. With every distribution reinvested, the fund returned −0.1%. At its price on Nov 4, 2026 the latest distribution annualizes to 7.2%, paid periodically.
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). That is a tax label, not a measure of erosion.
Questions people ask
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How this is computed
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, PCOV against SPYI, data as of Nov 4, 2026. https://etfiq.com/compare/income/pcov-vs-spyi
ETFIQ. (Nov 4, 2026). PCOV against SPYI. Retrieved from https://etfiq.com/compare/income/pcov-vs-spyi
[PCOV against SPYI (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/income/pcov-vs-spyi)
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