WHAT AM I MISSING? SPYI OR SP500 FUND

I wanted to know which fund (SPY or SPYI) would be better defensively to hold thru a correction of 10-20% downturn over 6 months.... Now I know, during a revovery or rally, the SPY should outperform SPYI, but i am more concerned with the downsize protection... SO..... Here is my hypothetical scenario..... Compare the total losses of the following two Funds over a 6 month period in which each stock declines 5% each month....At the beginning, SPYI was $100 and yielded a monthly 10% dividend/distribution....while SPY was $100 and yielded no dividend... How MONEY did the holders of each fund actually lose.....with reinvestment, and without reinvestment?