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NEOS S&P 500 Hedged Equity Income ETF (SPYH) Sharpe Ratio: 2.55

ETF · Currency in USD · Last updated Jun 3, 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.

SPYH's Sharpe Ratio of 2.55 indicates that for each unit of volatility, it generates 2.55 units of excess return above the risk-free rate. The ratio is calculated using historical daily returns over the past 12 months (as of Jun 3, 2026).

Sharpe uses total volatility (standard deviation) which includes both upside and downside price movements, making it useful for comparing risk-adjusted returns across different assets.

SPYH Sharpe Ratio Rank

SPYH Sharpe Ratio Rank: 77.077
Above Average

SPYH ranks above 77.0% of all investments in our database based on Sharpe Ratio over the past 12 months, indicating above-average returns relative to volatility. Securities are ranked from 0 (worst) to 100 (best).

What moves the rank

  • Strong returns with low total volatility → Higher rank
  • High volatility (both upside and downside) → Lower rank
  • Consistent returns → Higher rank than volatile returns of same magnitude
  • Sharp drawdowns increase volatility → Lower rank

What you can do with this information

  • Above-average risk-adjusted returns with room for improvement
  • Compare against category peers to gauge relative positioning
  • Monitor for movement toward top tier or decline toward median
  • Consider pairing with top-tier holdings to improve portfolio efficiency

SPYH Sharpe Ratio Market Positioning

The chart shows SPYH's Sharpe Ratio relative to all ETFs on our platform, with color zones indicating percentile rankings. Higher ratios indicate better risk-adjusted returns.

  • Red zone (bottom 25%): 0.90 or lower
  • Yellow zone (middle 50%): 0.90 to 2.51
  • Green zone (top 25%): 2.51 or higher
  • Top 1%: 7.86+
  • Median: 1.77 — half of all investments score higher

How it compares to other similar ETFs

The table compares NEOS S&P 500 Hedged Equity Income ETF's Sharpe Ratio with other ETFs in the Equity Hedged, S&P 500 category across multiple time periods, showing how SPYH's risk-adjusted performance compares to similar funds.

Data shows 1-, 5-, and 10-year periods, plus each fund's all-time average, as of Jun 3, 2026.

SymbolName1Y Sharpe Ratio5Y Sharpe Ratio10Y Sharpe RatioAll Time Sharpe Ratio
PMMYPGIM S&P 500 Max Buffer ETF - May5.48
CPSPCalamos S&P 500 Structured Alt Protection ETF - April5.18
HIBLDirexion Daily S&P 500 High Beta Bull 3X Shares4.74
PMFBPGIM S&P 500 Max Buffer ETF - February3.94
HECOState Street Galaxy Hedged Digital Asset Ecosystem ETF3.93
CPSMCalamos S&P 500 Structured Alt Protection ETF - May3.92
PMJAPGIM S&P 500 Max Buffer ETF - January3.90
RSPTInvesco S&P 500 Equal Weight Technology ETF3.76
CPSTCalamos S&P 500 Structured Alt Protection ETF - September3.66
MAYMFT Vest U.S. Equity Max Buffer ETF - May3.61
SPYHNEOS S&P 500 Hedged Equity Income ETF2.55

S&P 500 Index

How to choose period

Historical Sharpe Ratio

The chart shows SPYH's rolling Sharpe ratio over time compared to your chosen benchmark. Rising trends indicate improving returns relative to total volatility, while declining trends may signal deteriorating risk-adjusted performance or increased volatility. Use multiple timeframes to distinguish short-term fluctuations from long-term patterns.

Identify market cycles by observing when SPYH consistently outperforms (line above benchmark), underperforms (below benchmark), or aligns with the benchmark.

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Sharpe Ratio Calculator

How does SPYH fit in your portfolio?

Add your other holdings to see your portfolio's Sharpe Ratio and find out.

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