SPYI vs YMAX: Yield, Cost and Returns Compared
As of Nov 7, 2026, YMAX yields more: 62.53% (dividend yield) against 12.33% for SPYI. SPYI is cheaper to own at 0.68% a year vs 1.33%. Over the same 2 years (Jan 2024 to Oct 2026), SPYI returned 16.0% a year with distributions reinvested, and YMAX 10.8%.
SPYINeos S&P 500(R) High Income ETF12.33%dividend yield
YMAXYieldMax Universe Fund of Option Income ETFs62.53%dividend yield| Compared | SPYI | YMAX |
|---|---|---|
| YieldDividend yield | 12.33% | 62.53% |
| Expense ratio | 0.68% | 1.33% |
| Total return, 1 yr | +11.9% | −7.7% |
| Total return, 3 yr (a year) | +18.0% | — |
| Worst drop since Jan 2024 | -5.5% | -21.0% |
| Share price since Jan 2024 | +8% | −66% |
| Pays | Monthly | Weekly |
| Issuer | Neos | YieldMax |
| Assets | $12.5B | $336.0M |
| Started | 2022 | 2024 |
| Type | Derivative Income | Derivative Income |
Higher yield
YMAX
62.53%
Lower cost
SPYI
0.68%
Better total return
SPYI
16.0%/yr
Smaller worst drop
SPYI
-5.5%
Key facts: SPYI vs YMAX
Data as of · Source: SmarterDividends data
- As of Nov 7, 2026, SPYI yields 12.33% (dividend yield) and YMAX yields 62.53% (dividend yield).
- SPYI's expense ratio is 0.68% and YMAX's is 1.33%: $68 vs $133 a year on $10,000.
- From Jan 2024 to Oct 2026, $10,000 in SPYI grew to $15,053 (16.0% a year) and $10,000 in YMAX to $13,243 (10.8% a year), distributions reinvested.
- Their worst month-end drops over that time: -5.5% for SPYI and -21.0% for YMAX.
- 0 of SPYI's top ten holdings are also in YMAX's top ten.
Cite this page
SmarterDividends, "SPYI vs YMAX: Yield, Cost and Returns Compared," updated Nov 7, 2026, https://smarterdividends.com/compare/spyi-vs-ymax
$10,000 in each, Jan 2024 to Oct 2026
Distributions reinvested, month-end values, with the S&P 500 for reference.
SPYI became
$15,053
16.0% a year
YMAX became
$13,243
10.8% a year
Top holdings
No overlap in the top ten.
SPYI
- AAPL Apple Inc7.7%
- NVDA NVIDIA Corp7.6%
- MSFT Microsoft Corp5.9%
- AMZN Amazon.com Inc3.6%
- GOOGL Alphabet Inc Class A2.5%
- AVGO Broadcom Inc2.4%
- META Meta Platforms Inc Class A2.0%
- GOOG Alphabet Inc Class C2.0%
- LLY Eli Lilly and Co1.7%
- TSLA Tesla Inc1.7%
YMAX
- MRNY YieldMax MRNA Option Income Strategy ETF5.2%
- PLTY YieldMax PLTR Option Income Strategy ETF5.0%
- AMDY YieldMax AMD Option Income Strategy ETF4.8%
- AIYY YieldMax AI Option Income Strategy ETF4.8%
- MSFO YieldMax MSFT Option Income Strategy ETF4.7%
- FBY YieldMax META Option Income Strategy ETF4.6%
- XOMO YieldMax XOM Option Income Strategy ETF4.5%
- YBIT YieldMax Bitcoin Option Inc Strat ETF4.3%
- SNOY YieldMax SNOW Option Income Strategy ETF4.3%
- APLY YieldMax AAPL Option Income Strategy ETF4.3%
SPYI vs YMAX: questions
Is SPYI or YMAX better?
It depends on the job. YMAX pays more today (62.53% vs 12.33%), SPYI costs less, and SPYI has the better total return over Jan 2024 to Oct 2026, with SPYI holding up better in its worst stretch. For income, look at yield and whether the payouts hold up; for growth, total return and drawdowns.
Which pays a higher dividend, SPYI or YMAX?
YMAX, at 62.53% against 12.33% for SPYI as of Nov 7, 2026. On $10,000 that's about $6,253 vs $1,233 a year at today's rates.
Which has the better total return?
SPYI. From Jan 2024 to Oct 2026, it returned 16.0% a year with distributions reinvested, against 10.8% for YMAX. $10,000 became $15,053 vs $13,243.
Which is cheaper, SPYI or YMAX?
SPYI, with a 0.68% expense ratio against 1.33%.
Do SPYI and YMAX hold the same things?
Not at the top: none of their top ten holdings match.
Related comparisons
Yields, costs and holdings as each fund reports them (via Yahoo Finance), updated daily; returns from month-end prices with distributions reinvested. SPYI leads on 4 of 5 measures above. For information only, not investment advice. Last fund data: Nov 7, 2026.