SPYI and DIVO are both covered call ETFs tracking the same benchmark, but with different approaches. SPYI offers a 11.92% yield, while DIVO provides a 6.49% yield. Compare their scores, yields, and performance metrics to find the best fit for your portfolio.
Compare covered call ETFs with the same benchmark side by side
NEOS S&P 500 High Income ETF
7.23
Overall Score
Amplify CWP Enhanced Dividend Income ETF
7.09
Overall Score
| Criteria | SPYI | DIVO |
|---|---|---|
| Overall Score | 7.23 7.09 | |
| Total Return (25%) | 7.34 7.26 | |
| Downside Protection (25%) | 5.75 4.97 | |
| Upside Participation (25%) | 7.54 7.87 | |
| Consistency (15%) | 10.00 9.62 | |
| Expense Ratio (5%) | 4.00 5.62 | |
| Liquidity (5%) | 7.40 6.76 |
Since Inception
3 Years
Pro only
1 Year
Pro only
3 Months
Pro only
| Metric | SPYI | DIVO |
|---|---|---|
| Expense Ratio | 0.680% | 0.560% |
| Inception Date | Aug 30, 2022 | Dec 14, 2016 |
| Issuer | NEOS | Amplify |
| Distribution Frequency | Monthly | Monthly |
| Maturity Rating | 3/5 stars | 5/5 stars |
Pays 11.9%, 3.7 points more than GPIX, at a fee 2.3 times higher (0.68% vs 0.29%).
Investor Profile:
SPYI is an actively managed NEOS fund that holds S&P 500 stocks, 511 positions, and uses a call spread approach on SPX index option futures. The options qualify as Section 1256 contracts, taxed at the 60/40 rate. NEOS aims for high monthly income in a tax-efficient way, and distributions are partly return of capital. It pays monthly.
A dividend-growth portfolio that cut its worst drawdown to -18.5% (SPY -23.9%) while paying 6.5%, lower than most S&P 500 income peers.
Investor Profile:
DIVO is an actively managed fund sub-advised by Capital Wealth Planning. It holds a concentrated portfolio of large-cap companies with a record of dividend and earnings growth, 31 positions as of October 2026. Covered calls are written tactically on individual stocks, and the share of the portfolio covered is not disclosed. It pays monthly.
Both funds are scored on total return, downside protection, upside participation, distribution consistency, cost and liquidity, against the same benchmark and the same window.
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