NEOS S&P 500 Hedged Equity Income ETF (SPYH) belongs to the Equity Hedged category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with SPYH. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to SPYH
SPYH charges 0.68% annually. There are 13 ETFs in the Equity Hedged category with lower expense ratios, going as low as 0.25%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Global X S&P 500 Collar 95-110 ETF | 0.25% | 3.33M | Aug 2021 | SPYH vs XCLR | |
| Global X S&P 500 Tail Risk ETF | 0.25% | 4.87M | Aug 2021 | SPYH vs XTR | |
| Invesco S&P 500 Downside Hedged ETF | 0.39% | 74.50M | Dec 2012 | SPYH vs PHDG | |
| Simplify Hedged Equity ETF | 0.43% | 300.35M | Nov 2021 | SPYH vs HEQT | |
| Invesco QQQ Hedged Advantage ETF | 0.45% | — | May 2025 | SPYH vs QQHG |
Best Risk-Adjusted Alternatives to SPYH
SPYH has a PortfoliosLab risk / return rank of 69. There are 9 ETFs in the Equity Hedged category with higher risk-adjusted ranks, going as high as 94.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| iShares Large Cap Max Buffer Jun ETF | 94 | — | Jun 2024 | SPYH vs MAXJ | |
| Kraneshares Hedgeye Hedged Equity Index ETF | 90 | 118.15M | Jul 2024 | SPYH vs KSPY | |
| State Street Galaxy Hedged Digital Asset Ecosystem... | 87 | 84.34M | Sep 2024 | SPYH vs HECO | |
| Innovator U.S. Small Cap Managed Floor ETF | 85 | 89.46M | Sep 2024 | SPYH vs RFLR | |
| MC Trio Equity Buffered ETF | 80 | — | Mar 2025 | SPYH vs TRIO |
Top Performing SPYH Alternatives (YTD)
SPYH is at 5.79% YTD. There are 16 ETFs in the Equity Hedged category with higher YTD returns, going as high as 63.35%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| State Street Galaxy Hedged Digital Asset Ecosystem... | 63.35% | 84.34M | Sep 2024 | SPYH vs HECO | |
| Innovator U.S. Small Cap Managed Floor ETF | 14.16% | 89.46M | Sep 2024 | SPYH vs RFLR | |
| Horizon NASDAQ-100 Defined Risk ETF | 11.09% | 79.22M | Jul 2025 | SPYH vs QGRD | |
| Invesco S&P 500 Downside Hedged ETF | 10.72% | 74.50M | Dec 2012 | SPYH vs PHDG | |
| Invesco QQQ Hedged Advantage ETF | 9.31% | — | May 2025 | SPYH vs QQHG |
Lowest Volatility Alternatives to SPYH
SPYH has 8.29% 1-year volatility. There are 7 ETFs in the Equity Hedged category with lower 1-year volatility, going as low as 2.32%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| iShares Large Cap Max Buffer Jun ETF | 2.32% | — | Jun 2024 | SPYH vs MAXJ | |
| TrueShares Equity Hedge ETF | 5.19% | 14.52M | Jan 2026 | SPYH vs ONEH | |
| Equable Shares Hedged Equity ETF | 5.77% | 301.01M | May 2019 | SPYH vs HEDG | |
| MC Trio Equity Buffered ETF | 6.22% | — | Mar 2025 | SPYH vs TRIO | |
| Simplify Hedged Equity ETF | 6.71% | 300.35M | Nov 2021 | SPYH vs HEQT |
Lowest Drawdown Alternatives to SPYH
SPYH has a 1-year max drawdown of -6.02%. There are 7 ETFs in the Equity Hedged category with shallower 1-year drawdowns, going as shallow as -1.70%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| iShares Large Cap Max Buffer Jun ETF | -1.70% | — | Jun 2024 | SPYH vs MAXJ | |
| Swan Hedged Equity US Large Cap ETF | -4.39% | 584.47M | Dec 2020 | SPYH vs HEGD | |
| Kraneshares Hedgeye Hedged Equity Index ETF | -4.46% | 118.15M | Jul 2024 | SPYH vs KSPY | |
| MC Trio Equity Buffered ETF | -4.47% | — | Mar 2025 | SPYH vs TRIO | |
| Simplify Hedged Equity ETF | -5.09% | 300.35M | Nov 2021 | SPYH vs HEQT |
Other ETFs from NEOS
The 2 most viewed NEOS ETFs shown here include MLPI, XQQI and span 4 categories. AUM among these funds goes as high as $746M.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| NEOS MLP & Energy Infrastructure High Income ETF | MLPs, Energy Equities | — | 20.53% | 746.33M | Dec 2025 | SPYH vs MLPI | |
| NEOS Boosted Nasdaq-100 High Income ETF | Nasdaq-100, Derivative Income | — | — | 282.94M | Feb 2026 | SPYH vs XQQI |
Often Compared With SPYH
Investors most often compare SPYH with SPYI, SNTH, THEQ. These 20 comparison targets span 12 categories, based on PortfoliosLab usage data.
Compare SPYH with Any Fund or Stock
Compare SPYH with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair SPYH with funds that move differently
NEOS S&P 500 Hedged Equity Income ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to SPYH.
Explore SPYH Diversifiers