- Issuer
- NEOS
- Inception Date
- Apr 2, 2025
- Region
- North America (U.S.)
- Category
- Equity Hedged, S&P 500
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Large-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $29M
Share Price Chart
Loading charts...
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Performance
SPYH Performance Chart
NEOS S&P 500 Hedged Equity Income ETF (SPYH) is up 4.5% since the beginning of the year. SPYH is currently trading at $56 per share.
Loading charts...
Returns By Period
NEOS S&P 500 Hedged Equity Income ETF (SPYH) has returned 4.45% so far this year and 16.21% over the past 12 months.
NEOS S&P 500 Hedged Equity Income ETF
- 1D
- 0.38%
- 1M
- -0.00%
- YTD
- 4.45%
- 6M
- 4.90%
- 1Y
- 16.21%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 0.50%
- 1M
- -0.17%
- YTD
- 8.56%
- 6M
- 8.85%
- 1Y
- 22.93%
- 3Y*
- 19.37%
- 5Y*
- 11.84%
- 10Y*
- 13.61%
SPYH Monthly Returns History
Based on dividend-adjusted daily data since Apr 3, 2025, SPYH's average daily return is +0.08%, while the average monthly return is +1.54%. At this rate, an investment would double in approximately 3.8 years.
Historically, 80% of months were positive and 20% were negative. The best month was Apr 2026 with a return of +5.3%, while the worst month was Mar 2026 at -3.6%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 2 months.
On a daily basis, SPYH closed higher 61% of trading days. The best single day was Apr 9, 2025 with a return of +7.6%, while the worst single day was Apr 4, 2025 at -4.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.22% | -0.19% | -3.63% | 5.29% | 3.33% | -1.39% | 4.45% | ||||||
| 2025 | 1.73% | 4.31% | 3.57% | 1.80% | 1.87% | 2.47% | 1.77% | 0.46% | 0.52% | 20.01% |
Benchmark Metrics
NEOS S&P 500 Hedged Equity Income ETF has an annualized alpha of 3.26%, beta of 0.68, and R2 of 0.94 versus S&P 500 Index. Calculated based on daily prices since April 03, 2025.
- This ETF participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (64.52%) than losses (33.30%) - typical of diversified or defensive assets.
- This ETF generated an annualized alpha of 3.26% versus S&P 500 Index - delivering returns beyond what market exposure alone would predict.
- Beta of 0.68 indicates this ETF moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- 3.26%
- Beta
- 0.68
- R²
- 0.94
- Upside Capture
- 64.52%
- Downside Capture
- 33.30%
Expense Ratio
SPYH has an expense ratio of 0.68%, placing it in the medium range.
Return for Risk
Risk / Return Rank
SPYH ranks 69 for risk / return — better than 69% of ETFs on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for NEOS S&P 500 Hedged Equity Income ETF (SPYH) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SPYH | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.34 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.70 | 2.53 | +0.17 |
| Martin ratioReturn relative to average drawdown | 12.66 | 11.37 | +1.29 |
Dividends
Dividend History
NEOS S&P 500 Hedged Equity Income ETF provided a 7.64% dividend yield over the last twelve months, with an annual payout of $4.25 per share.
| Period | TTM | 2025 |
|---|---|---|
| Dividend | $4.25 | $3.05 |
Dividend yield | 7.64% | 5.54% |
Monthly Dividends
The table displays the monthly dividend distributions for NEOS S&P 500 Hedged Equity Income ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.36 | $0.36 | $0.35 | $0.36 | $0.37 | $0.00 | $1.79 | ||||||
| 2025 | $0.26 | $0.33 | $0.34 | $0.35 | $0.35 | $0.36 | $0.36 | $0.35 | $0.36 | $3.05 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
Loading charts...
Worst Drawdowns
The table below displays the maximum drawdowns of the NEOS S&P 500 Hedged Equity Income ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the NEOS S&P 500 Hedged Equity Income ETF was 7.22%, occurring on Apr 8, 2025. Recovery took 11 trading sessions.
The current NEOS S&P 500 Hedged Equity Income ETF drawdown is 1.60%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2025 selloff2025 | -7.22%Apr 2025 | 5d | 16d | 21dApr 2025 - Apr 2025 |
2026 pullback2026 | -6.02%Mar 2026 | 1mo 2d | 18d | 1mo 20dFeb 2026 - Apr 2026 |
2025 pullback2025 | -3.28%Nov 2025 | 22d | 8d | 1moOct 2025 - Nov 2025 |
2026 pullback2026 | -3.05%Jun 2026 | 7d | — | 10d 19hJun 2026 - now |
2025 pullback2025 | -1.95%Oct 2025 | 1d | 10d | 11dOct 2025 - Oct 2025 |
Drawdown Indicators
| SPYH | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.22% | -56.78% | +49.56% |
Max Drawdown (1Y)Largest decline over 1 year | -6.02% | -9.10% | +3.08% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -1.60% | -2.34% | +0.74% |
Average DrawdownAverage peak-to-trough decline | -0.74% | -10.72% | +9.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.28% | 2.02% | -0.74% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
Loading charts...
Build a portfolio with SPYH
Add NEOS S&P 500 Hedged Equity Income ETF to a portfolio and analyze allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Analyzer with SPYH