I wanted to compare total return (price appreciation plus dividends) between SPYI and VOO using the same starting dollar amount, instead of just looking at price charts or dividend yield alone. Too often people argue price return vs income separately, so I ran a simple apples-to-apples example for one full year.
SPYI Example
Bought 100 shares on first trading day at $44.97
Initial investment: $4,497
Year-end price: $52.53
Dividends received: $6.15 per share
Results:
Price gain: $52.53 − $44.97 = $7.56 × 100 = $756
Dividend income: 100 × $6.15 = $615
Total gain: 👉 $1,371
Total return: 👉 \~30.5%
VOO Example
Invested the same $4,497
Purchase price: $530.93
Shares bought: \~8.471
Year-end price: $627.13
Dividends paid: $7.07 per share
Results:
Price gain: $96.20 × 8.471 ≈ $814.7
Dividend income: 8.471 × $7.07 ≈ $59.9
Total gain: 👉 \~$875
Total return: 👉 \~19.5%
Bottom Line SPYI: \~$1,371 gain (\~30.5% total return) VOO: \~$875 gain (\~19.5% total return)
In this scenario, SPYI outperformed VOO in total return, even though VOO had stronger pure price appreciation. The difference came from SPYI’s much larger income component.
Not saying one is “better” universally — just showing that total return matters, especially when income is part of the strategy.
This was for 2025. SPYI also the case in 2024 and 2023. Am I making sense?