Data as of Nov 4, 2026.
SPYI vs XRMI: Dividend Yield & Total Return
Over the year to Nov 4, 2026, SPYI paid 12.1% of its price in cash against XRMI’s 11.9%, and returned more with it reinvested.
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Net assets: $12.7bn on Oct 28, 2026 for NEOS S&P 500 High Income ETF, and $62m on Oct 12, 2026 for Global X S&P 500 Risk Managed Income ETF.
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. Total return, distributions reinvested. 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, 2026.6.1 pts behind SPY
XRMI over 1 year: paid 11.9%, price −3.8%, total +8.7%, SPY +14.8%, −6.1 pts. Data to Nov 4, 2026.
SPY
+14.8%
XRMI
+8.7%
11.9% of it arrived as cash
6.1 pts behind SPY
Total return, distributions reinvested
6.1 pts behind SPY
XRMI over 1 year: paid 11.9%, price −3.8%, total +8.7%, SPY +14.8%, −6.1 pts. Data to Nov 4, 2026.
SPY
+14.8%
XRMI
+8.7%
11.9% cash
6.1 pts behind SPY
11.9% of it arrived as cash. Both charts share one scale, with zero at the line. XRMI over 1 year: paid 11.9%, price −3.8%, total +8.7%, SPY +14.8%, −6.1 pts. Data to Nov 4, 2026.
Data to Nov 4, 2026.Pair scorecard
XRMI costs 0.08 points a year less; their one-year returns differ by 5.3 points; SPYI is far larger, $12.6bn against $62m.
Points (pts) are percentage points.
| Measure | SPYI | XRMI |
|---|---|---|
| Paid and earned | ||
| Total return, 1 year | +14.0% | +8.7% |
| Price change, 1 year | rose 1.1% | fell 3.8% |
| Return of capital, issuer estimate | 99% of the Oct 23, 2026 payment | 95% of the Sep 24, 2026 payment |
| Against its benchmark | ||
| Benchmark | S&P 500, measured through SPY | S&P 500, measured through SPY |
| Cost and size | ||
| Expense ratio | 0.68% | 0.60% |
| Net assets, as of Oct 12, 2026 | $12.6bn | $62m |
| Holdings | ||
| Holdings in common | 94% | |
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 returns · each against SPYFrom Sep 2022 to Oct 2026, SPYI returned more: +73.6% to +27.1%. XRMI swung less: 5.8% to 11.8%. XRMI fell less at its worst: −7.5% to −14.8%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | SPYI | XRMI | SPY | Edge | How it is measured |
|---|---|---|---|---|---|
| Return | |||||
| Total return | +73.6% | +27.1% | SPYI | Price change plus distributions, reinvested. | |
| Annualized | +14.2% | +5.9% | SPYI | Total return as a yearly rate. | |
| Price return | +5.0% | −23.1% | SPYI | Price change alone, distributions left out. | |
| Risk | |||||
| Volatility | 11.8% | 5.8% | XRMI | Spread of weekly returns, annualized. Lower is steadier. | |
| Downside deviation | 8.1% | 4.4% | XRMI | Like volatility, counting only weeks below the Treasury bill rate. | |
| Max drawdown | −14.8% | −7.5% | XRMI | Deepest fall from a high to the low after it. | |
| Upside capture | 68.0% | 24.3% | 100.0% | SPYI | Share of its benchmark's rise caught in the weeks it rose. |
| Downside capture | 80.5% | 40.7% | 100.0% | XRMI | Share of its benchmark's fall taken in the weeks it fell. Lower is better. |
| Beta | 0.78 | 0.32 | 1.00 | XRMI lower | How far it moves for each 1% its benchmark moves. |
| R squared | 0.96 | 0.66 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | |||||
| Sharpe | 0.80 | 0.24 | SPYI | Return above Treasury bills per unit of volatility. | |
| Sortino | 1.17 | 0.32 | SPYI | Return above Treasury bills per unit of downside deviation. | |
| Treynor | 0.121 | 0.044 | 0.128 | SPYI | Return above Treasury bills per unit of beta. |
| Calmar | 0.96 | 0.79 | SPYI | Annualized return divided by the max drawdown. | |
| Against the benchmark | |||||
| Benchmark | SPY | SPY | SPY | The ETF each fund is measured against. | |
| Alpha | −0.6% a year | −2.7% a year | 0.0% | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.52 | −1.61 | Not an edge | How sure the alpha is. Below 2, it could be chance. | |
| Alpha range | −2.8% to +1.6% | −6.0% to +0.6% | Both include zero | The 95% range for the yearly alpha. | |
| Information ratio | −0.86 | −1.08 | SPYI | Return against its benchmark per unit of tracking error. | |
| Tracking error | 4.0% | 10.6% | 0.0% | 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, SPYI and XRMI hold 94% of their money in the same securities at the same weight. Holdings dated Jul 31, 2026 and Nov 3, 2026.
half
94% 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 | SPYI | XRMI | SPYI | XRMI | SPYI | XRMI |
| 3 months | +1.1% | +1.6% | 2.9% | 2.9% | +1.3 pts | +1.8 pts |
| 6 months | +5.8% | +5.4% | 6.0% | 6.0% | +0.7 pts | +0.4 pts |
| 1 year | +14.0% | +8.7% | 12.1% | 11.9% | −0.8 pts | −6.1 pts |
| 3 years | +62.0% | +30.8% | 39.3% | 35.1% | −20.9 pts | −52.2 pts |
| Since launchNot the same days: SPYI Aug 2022 · XRMI Aug 2021 | +78.5% | +17.6% | 51.3% | 45.0% | −25.2 pts | −66.7 pts |
Client brief:
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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.
XRMI
Over the year to Nov 4, 2026, XRMI paid 11.9% of its starting value in cash distributions while its price fell 3.8%. With every distribution reinvested, the fund returned +8.7%. S&P 500 (SPY) returned +14.8% over the same days, so a holder was behind by 6.1 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 10.6%, paid monthly. Global X estimates that 95% of the distribution paid Sep 24, 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, SPYI against XRMI, data as of Nov 4, 2026. https://etfiq.com/compare/income/spyi-vs-xrmi
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[SPYI against XRMI (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/income/spyi-vs-xrmi)
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