SPYI and SIXH are both covered call ETFs tracking the same benchmark, but with different approaches. SPYI offers a 11.92% yield, while SIXH provides a 1.77% 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
6 Meridian Hedged Equity-Income ETF
6.21
Overall Score
| Criteria | SPYI | SIXH |
|---|---|---|
| Overall Score | 7.23 6.21 | |
| Total Return (25%) | 7.34 5.42 | |
| Downside Protection (25%) | 5.75 10.00 | |
| Upside Participation (25%) | 7.54 4.39 | |
| Consistency (15%) | 10.00 5.95 | |
| Expense Ratio (5%) | 4.00 2.75 | |
| Liquidity (5%) | 7.40 4.63 |
Since Inception
3 Years
Pro only
1 Year
Pro only
3 Months
Pro only
| Metric | SPYI | SIXH |
|---|---|---|
| Expense Ratio | 0.680% | 0.780% |
| Inception Date | Aug 30, 2022 | Oct 8, 2020 |
| Issuer | NEOS | 6 Meridian |
| Distribution Frequency | Monthly | Monthly |
| Maturity Rating | 3/5 stars | 4/5 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.
Cut the worst drawdown to -10.1% (SPY -23.9%), but pays only 1.8% and captured 44% of S&P 500 upside.
Investor Profile:
SIXH is an actively managed Exchange Traded Concepts fund that provides exposure to U.S. equities, 52 positions, and sells call options against SPY. Its largest positions are SPY (5.1%) and Altria (5.0%). The hedged label and a 20% down capture indicate a protective component, but the fund page does not describe it [to confirm with 6 Meridian]. 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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