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NEOS S&P 500 Hedged Equity Income ETF (SPYH) Alternatives

ETF · Currency in USD · Last updated Aug 2, 2026

The NEOS S&P 500 Hedged Equity Income ETF is an actively managed fund that seeks tax-efficient, high monthly income with downside protection. The fund invests in S&P 500 stocks and employs a put spread collar using SPX index options to generate income and hedge against losses.

NEOS S&P 500 Hedged Equity Income ETF (SPYH) belongs to the Derivative Income 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 78 ETFs in the Derivative Income category with lower expense ratios, going as low as 0.10%.

SymbolNameExpense RatioAUMInception
PEPS
Parametric Equity Plus ETF0.10%29.05MNov 2024SPYH vs PEPS
SPIN
State Street US Equity Premium Income ETF0.25%46.39MSep 2024SPYH vs SPIN
IVVW
iShares S&P 500 BuyWrite ETF0.25%329.53MMar 2024SPYH vs IVVW
FYEE
Fidelity Yield Enhanced Equity ETF0.28%198.84MApr 2024SPYH vs FYEE
PAPI
Parametric Equity Premium Income ETF0.29%438.36MOct 2023SPYH vs PAPI

Best Risk-Adjusted Alternatives to SPYH

SPYH has a PortfoliosLab risk / return rank of 70. There are 51 ETFs in the Derivative Income category with higher risk-adjusted ranks, going as high as 96.

SymbolNameRisk / Return RankAUMInception
THTA
SoFi Enhanced Yield ETF
96
34.73MNov 2023SPYH vs THTA
BUCK
Simplify Treasury Option Income ETF
95
489.70MOct 2022SPYH vs BUCK
XYLD
Global X S&P 500 Covered Call ETF
93
3.24BJun 2013SPYH vs XYLD
PBP
Invesco S&P 500 BuyWrite ETF
92
358.08MDec 2007SPYH vs PBP
RYLD
Global X Russell 2000 Covered Call ETF
90
1.37BApr 2019SPYH vs RYLD

Top Performing SPYH Alternatives (YTD)

SPYH is at 5.96% YTD. There are 130 ETFs in the Derivative Income category with higher YTD returns, going as high as 146.74%.

SymbolNameYTD ReturnAUMInception
AMDW
Roundhill AMD WeeklyPay ETF
146.74%
114.09MJul 2025SPYH vs AMDW
ARMW
Roundhill ARM WeeklyPay ETF
134.95%
22.04MOct 2025SPYH vs ARMW
AMDY
YieldMax AMD Option Income Strategy ETF
87.43%
382.78MSep 2023SPYH vs AMDY
MRNY
YieldMax MRNA Option Income Strategy ETF
60.69%
106.87MOct 2023SPYH vs MRNY
SOXY
YieldMax Target 12™ Semiconductor Option Income ET...
58.34%
64.01MDec 2024SPYH vs SOXY

Lowest Volatility Alternatives to SPYH

SPYH has 8.61% 1-year volatility. There are 28 ETFs in the Derivative Income category with lower 1-year volatility, going as low as 2.59%.

SymbolNameVolatility 1YAUMInception
BUCK
Simplify Treasury Option Income ETF2.59%489.70MOct 2022SPYH vs BUCK
HYGW
iShares High Yield Corporate Bond Buywrite Strateg...2.92%112.06MAug 2022SPYH vs HYGW
ACYS
FT Vest Laddered Autocallable Barrier & Resilient ...3.76%289.20MApr 2026SPYH vs ACYS
HYTI
FT Vest High Yield & Target Income ETF3.81%90.28MFeb 2025SPYH vs HYTI
BUYW
Main Buywrite ETF4.86%1.30BDec 2015SPYH vs BUYW

Lowest Drawdown Alternatives to SPYH

SPYH has a 1-year max drawdown of -6.02%. There are 26 ETFs in the Derivative Income category with shallower 1-year drawdowns, going as shallow as -0.84%.

SymbolNameMax Drawdown 1YAUMInception
BUCK
Simplify Treasury Option Income ETF
-0.84%
489.70MOct 2022SPYH vs BUCK
HYGW
iShares High Yield Corporate Bond Buywrite Strateg...
-1.82%
112.06MAug 2022SPYH vs HYGW
HYTI
FT Vest High Yield & Target Income ETF
-2.38%
90.28MFeb 2025SPYH vs HYTI
BUYW
Main Buywrite ETF
-2.59%
1.30BDec 2015SPYH vs BUYW
THTA
SoFi Enhanced Yield ETF
-2.64%
34.73MNov 2023SPYH vs THTA

Other ETFs from Neos

The 10 most viewed Neos ETFs shown here include QQQI, SPYI, BTCI and span 14 categories. AUM among these funds goes as high as $13B.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
QQQI
NEOS Nasdaq-100 High Income ETFNasdaq-100, Derivative Income
43
6.90%
13.40BJan 2024SPYH vs QQQI
SPYI
NEOS S&P 500 High Income ETFDerivative Income, S&P 500
72
7.96%
11.05BAug 2022SPYH vs SPYI
BTCI
NEOS Bitcoin High Income ETFCryptocurrency, Derivative Income
1
-25.73%
1.09BOct 2024SPYH vs BTCI
IAUI
NEOS Gold High Income ETFDerivative Income, Gold, Precious Metals
24
-6.62%
494.75MJun 2025SPYH vs IAUI
IWMI
NEOS Russell 2000 High Income ETFDerivative Income
87
15.60%
1.11BJun 2024SPYH vs IWMI
CSHI
NEOS Enhanced Income 1-3 Month T-Bill ETFUltrashort Bond
99
2.96%
1.54BAug 2022SPYH vs CSHI
MLPI
NEOS MLP & Energy Infrastructure High Income ETFInfrastructure Equities, MLPs, Energy Equities—
18.15%
831.04MDec 2025SPYH vs MLPI
QQQH
NEOS Nasdaq-100 Hedged Equity Income ETFNasdaq-100, Equity Hedged, Derivative Income
40
3.93%
374.26MDec 2019SPYH vs QQQH
IYRI
NEOS Real Estate High Income ETFDerivative Income, REIT, Options Trading, Actively Managed
44
9.45%
306.72MJan 2025SPYH vs IYRI
XQQI
NEOS Boosted Nasdaq-100 High Income ETFNasdaq-100, Derivative Income——259.83MFeb 2026SPYH vs XQQI

Often Compared With SPYH

Investors most often compare SPYH with TRIO, SNTH, THEQ. These 20 comparison targets span 8 categories, based on PortfoliosLab usage data.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
TRIO
MC Trio Equity Buffered ETFEquity Hedged
84
6.52%
—Mar 2025SPYH vs TRIO
SNTH
MRP SynthEquity ETFEquity Hedged
49
7.02%
147.91MMar 2025SPYH vs SNTH
THEQ
T. Rowe Price Hedged Equity ETFEquity Hedged
54
5.82%
37.91MMar 2025SPYH vs THEQ
EGGY
NestYield Dynamic Income ETFDerivative Income
19
12.99%
73.36MDec 2024SPYH vs EGGY
HOLA
JPMorgan International Hedged Equity Laddered Over...Equity Hedged
73
7.29%
283.07MMar 2019SPYH vs HOLA
PHDG
Invesco S&P 500 Downside Hedged ETFEquity Hedged, S&P 500
66
10.21%
63.46MDec 2012SPYH vs PHDG
MAXJ
iShares Large Cap Max Buffer Jun ETFEquity Hedged
95
3.65%
—Jun 2024SPYH vs MAXJ
HEGD
Swan Hedged Equity US Large Cap ETFEquity Hedged
71
5.55%
584.47MDec 2020SPYH vs HEGD
KSPY
Kraneshares Hedgeye Hedged Equity Index ETFEquity Hedged
91
8.18%
118.66MJul 2024SPYH vs KSPY
VAMO
Cambria Value and Momentum ETFMomentum, Equity Hedged
82
7.53%
108.69MSep 2015SPYH vs VAMO
XTR
Global X S&P 500 Tail Risk ETFEquity Hedged, S&P 500
52
7.08%
4.81MAug 2021SPYH vs XTR
QQHG
Invesco QQQ Hedged Advantage ETFEquity Hedged
70
8.01%
—May 2025SPYH vs QQHG
HECO
State Street Galaxy Hedged Digital Asset Ecosystem...Blockchain, Equity Hedged
85
61.32%
83.37MSep 2024SPYH vs HECO
HEDG
Equable Shares Hedged Equity ETFEquity Hedged—
4.12%
301.01MMay 2019SPYH vs HEDG
QGRD
Horizon NASDAQ-100 Defined Risk ETFEquity Hedged, Nasdaq-100
40
8.03%
102.96MJul 2025SPYH vs QGRD
RFLR
Innovator U.S. Small Cap Managed Floor ETFEquity Hedged
89
13.82%
91.97MSep 2024SPYH vs RFLR
VOO
Vanguard S&P 500 ETFS&P 500
68
10.16%
1.70TSep 2010SPYH vs VOO
MSTB
LHA Market State Tactical Beta ETFEquity Hedged
48
7.40%
178.80MSep 2020SPYH vs MSTB
IBIC
iShares iBonds Oct 2026 Term TIPS ETFInflation-Protected Bonds
98
2.69%
76.82MSep 2023SPYH vs IBIC
SCHD
Schwab U.S. Dividend Equity ETFDividend
95
24.03%
104.16BOct 2011SPYH vs SCHD

Compare SPYH with Any Fund or Stock

Compare SPYH with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.

 

Diversifiers

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