In the year to Oct 9, 2026, 41 of 130 index income ETFs ended ahead of the benchmark index their options were written on, once every cash payment was reinvested. The median fund across the group lagged its benchmark by 0.9 points. That single number sits on top of wide differences by issuer and by how much cash a fund paid out.
Among issuers, Overlay Shares had the highest share of funds beating their benchmark, with 5 of 6 ahead and a median gap of +2.6 points. Aptus's 3 funds were all ahead, by a median of +4.0 points. Global X had 6 of 14 funds ahead, with a median gap of +0.1 points and a median total return of +14.4%. At the other end, Innovator's 14 funds with a full year produced zero ahead of benchmark, a median gap of −11.2 points, and a median total return of +6.0%. GraniteShares, with 3 funds over a full year, also had none ahead, a median gap of −9.6 points, and a median total return of −0.7%. Defiance's 5 funds were likewise all behind, by a median of −2.9 points, despite a median total return of +20.7%.
The data groups funds by distribution rate, and the pattern is consistent: the higher the rate, the worse the price did and the wider the median gap to benchmark. Funds paying under 8% had a median price change of +0.5% and a median gap of −3.7 points. Funds paying 8% to 15% had a median price change of +0.2% and a median gap of −0.9 points, the narrowest gap of any band. From there the price erosion builds: the 15%-to-30% band shows a median price change of −19.5%; the 30%-to-60% band shows −45.7%; and the 60%-and-above band shows −71.5%, with a median gap of −5.9 points, the widest in the table.
Return of capital, the share of a payout that comes from the fund's own asset value rather than income or gains, adds another layer. Across 61 YieldMax funds with 19a-1 notices, the median latest distribution was 31% return of capital, alongside a median one-year price change of −39.4%. Other issuers with notices sit higher: GraniteShares' median return of capital was 95% across 40 funds, with 27 of those funds at 90% or more, and a median price change of −66.4%. Global X showed a median return of capital of 99% across 15 funds, 11 of them at 90% or more, yet a median price change of +2.9%. NEOS showed 93% return of capital across 15 funds with a median price change of −2.2%. Defiance showed 94% return of capital across 5 funds with a median price change of −14.4%. The summary notes that a payout rate above thirty percent a year has mostly been paid out of the price itself, though the Global X and NEOS numbers show return-of-capital share and price change do not move in lockstep for every issuer.
Readers can look up any individual fund's one-year total return, its gap against its stated benchmark, and its latest 19a-1 return-of-capital percentage on ETFIQ's fund pages.