Two of the market's most popular income ETFs compared side-by-side. See which one fits your yield strategy.
What this means: Both CAGE and SPYI fall intoTier 4: Harvest. This suggests they share a similar risk profile and volatility expectation.
| Metric | CAGE | SPYI |
|---|---|---|
| Total Return (1Y) | 0.00% | 16.01% |
| NAV Change (1Y) | 0.00% | 4.24% |
| Max Drawdown | 0.00% | -19.58% |
| Beta | - | 0.70 |
* Returns include dividend reinvestment. Drawdown calculates peak-to-trough decline over trailing 12 months.
CAGE (Calamos Autocallable Growth ETF) is a options-based income fund managed by Calamos. It focuses on generating income through strategic holdings. With significant capital, this fund has been operational since its inception.
Strategy: Generates enhanced income through covered call options on equity holdings, trading upside potential for premium income.
SPYI (NEOS S&P 500 High Income) is a options-based income fund managed by NEOS. It tracks the S&P 500 index across approximately 503 positions. With $9.2B in assets under management, this fund has been operational since Aug 2022.
Strategy: Generates enhanced income through covered call options on equity holdings, trading upside potential for premium income.
In the head-to-head battle of CAGE vs SPYI, the choice depends on your specific goal. SPYI wins for Immediate Income with a 11.77% yield. However, SPYI is the better choice for Long-Term Growth due to superior total return performance.
Which fund is safer for retirement income? We analyze the yield sustainability and structural risk.
The Bottom Line Question: If you invest $100,000 today, how much cash will you actually receive each month? Here's the exact math:
CAGE
Annual Yield: 0.00%
$0/mo
($0/year)
Frequency: Monthly
SPYI
Annual Yield: 11.77%
$981/mo
($11,767/year)
Frequency: monthly
Income Gap: SPYI generates $11,767/year more than CAGE on the same $100k investment.
Over 20 years, that's $235,338 in additional cash flow (before reinvestment).
Context Matters: Higher income doesn't always mean better investment. Review the "Yield Trap" and "Total Return" sections above—you want income that's sustainable, not just headline-grabbing.
Historical data reveals how these funds behave during market stress. SPYI has delivered a superior Total Return of 16.01% over the past year.
Every investor has a unique risk profile. Use our Portfolio Intelligence tool to see the impact of adding these ETFs to your holdings.