Data as of .
SPYI vs TCAL: which paid, and which earned it?
Over the year SPYI paid 13.1% of its price in cash against TCAL’s 11.4%, and returned more with it reinvested.
ETFIQ Return Stability Score: SPYI scores higher
Was the payout funded by returns, or by your own capital?
A percentile among the 173 income ETFs writing on an index or proxy. It is a position in a set, not a rating, and neither end of it is a recommendation. All income ETFs ranked by it · How it is computed
What they hold in common
By the books each fund has filed, SPYI and TCAL hold 18% of their money in the same securities at the same weight.
| Holding | SPYI | TCAL |
|---|---|---|
| Amazon.com Inc | 3.82% | 1.53% |
| Microsoft Corp | 5.62% | 1.50% |
| Broadcom Inc | 2.59% | 0.95% |
| Johnson & Johnson | 0.99% | 0.86% |
| Walmart Inc | 0.72% | 0.77% |
| Cisco Systems Inc | 0.67% | 1.14% |
| JPMORGAN CHASE & CO. | 1.43% | 0.66% |
| Costco Wholesale Corp | 0.61% | 1.20% |
| Coca-Cola Co/The | 0.53% | 0.90% |
| Procter & Gamble Co/The | 0.52% | 0.96% |
| UnitedHealth Group Inc | 0.53% | 0.50% |
| Netflix Inc | 0.47% | 0.95% |
| Only in SPYI | Only in TCAL |
|---|---|
| NVIDIA Corp 8.28% | WASTE CONNECTIONS INC 1.80% |
| Apple Inc 7.52% | VISA INC-CLASS A SHARES 1.69% |
| Alphabet Inc 3.12% | MASTERCARD INC - A 1.50% |
| Alphabet Inc 2.50% | SERVICE CORP INTERNATIONAL 1.43% |
| Meta Platforms Inc 2.22% | DTE ENERGY COMPANY 1.39% |
| Micron Technology Inc 1.74% | US FOODS HOLDING CORP 1.20% |
| Tesla Inc 1.58% | AON PLC-CLASS A 1.16% |
| Berkshire Hathaway Inc 1.43% | EXXON MOBIL CORP 1.16% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated Jun 30, 2026 and Sep 21, 2026.
Performance, window by window
| Window | Total return | Cash paid | Against the benchmark | |||
|---|---|---|---|---|---|---|
| SPYI | TCAL | SPYI | TCAL | SPYI | TCAL | |
| 3 months | +3.1% | +4.2% | 3.0% | 3.5% | +0.9 pts | +1.9 pts |
| 6 months | +14.4% | +5.3% | 6.5% | 6.3% | −3.6 pts | −12.7 pts |
| 1 year | +15.3% | +3.0% | 13.1% | 11.4% | −1.2 pts | −13.5 pts |
| 3 years | +57.2% | not published | 38.6% | not published | −21.2 pts | not published |
| Since launch | +77.1% | +3.9% | 50.3% | 15.2% | −25.3 pts | −32.7 pts |
| SPYI NEOS S&P 500(R) High Income ETF Option income on SPY, paying monthly | TCAL T. Rowe Price Capital Appreciation Premium Income ETF Covered call on SPY, paying monthly | |
|---|---|---|
| Issuer | NEOS | T. Rowe Price |
| Strategy | option income | covered call |
| Benchmark | S&P 500 (SPY) | S&P 500 (SPY), used as a default proxy |
| Pays | monthly | monthly |
| Payout rate, annualized | 12.1% | 9.4% |
| Expense ratio | 0.68% | 0.34% |
| Cash paid, 1 year | 13.1% | 11.4% |
| Price change, 1 year | +1.2% | −8.6% |
| Total return, 1 year | +15.3% | +3.0% |
| Benchmark return, 1 year | +16.6% | +16.6% |
| Ahead or behind | −1.2 pts | −13.5 pts |
| Return of capital, latest estimate | 93% | not published |
| Age | 1480 days | 540 days |
| Net assets | $12.2bn | $276m |
SPYI in plain words
Over the year to Sep 18, 2026, SPYI paid 13.1% of its starting value in cash distributions while its price rose 1.2%. With every distribution reinvested, the fund returned +15.3%. S&P 500 (SPY) returned +16.6% over the same days, so a holder was behind by 1.2 pts. At its price on Sep 18, 2026 the latest distribution annualizes to 12.1%, paid monthly. NEOS estimates that 93% of the distribution paid Jun 18, 2026 was a return of capital (19a-1 notice, estimated, a tax characterization rather than a measure of erosion).
TCAL in plain words
Over the year to Sep 18, 2026, TCAL paid 11.4% of its starting value in cash distributions while its price fell 8.6%. With every distribution reinvested, the fund returned +3.0%. S&P 500 (SPY), used as a default proxy returned +16.6% over the same days, so a holder was behind by 13.5 pts. At its price on Sep 18, 2026 the latest distribution annualizes to 9.4%, paid monthly.
Questions people ask
- Which paid more, SPYI or TCAL?
- Over the year to Sep 18, 2026, SPYI paid 13.1% of its starting price in cash and TCAL paid 11.4%, so SPYI paid more. Cash paid is not the same as money made: the price change matters too.
- Which returned more once distributions are counted, SPYI or TCAL?
- With every distribution reinvested, SPYI returned +15.3% and TCAL returned +3.0% over the year to Sep 18, 2026, so SPYI returned more.
- Which is cheaper, SPYI or TCAL?
- SPYI charges 0.68% a year and TCAL charges 0.34%, so TCAL is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, SPYI against TCAL, data as of Sep 18, 2026. https://etfiq.com/compare/income/spyi-vs-tcal Free to use with attribution; the underlying files are at Open data.