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NEOS S&P 500 High Income ETF (SPYI) Alternatives

ETF · Currency in USD · Last updated Jul 14, 2026

The NEOS S&P 500 High Income ETF (SPYI) aims to provide high monthly income to investors while managing their tax liabilities effectively. The Fund invests in the components of the S&P 500 Index and uses a data-informed call option strategy, which involves both selling and purchasing SPX index options, in order to capitalize on potential gains during equity market upswings.

NEOS S&P 500 High Income ETF (SPYI) 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 SPYI. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.

Cheapest Alternatives to SPYI

SPYI 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%29.28MNov 2024SPYI vs PEPS
SPIN
State Street US Equity Premium Income ETF0.25%45.73MSep 2024SPYI vs SPIN
IVVW
iShares S&P 500 BuyWrite ETF0.25%324.77MMar 2024SPYI vs IVVW
FYEE
Fidelity Yield Enhanced Equity ETF0.28%198.84MApr 2024SPYI vs FYEE
PAPI
Parametric Equity Premium Income ETF0.29%414.48MOct 2023SPYI vs PAPI

Best Risk-Adjusted Alternatives to SPYI

SPYI has a PortfoliosLab risk / return rank of 70. There are 35 ETFs in the Derivative Income category with higher risk-adjusted ranks, going as high as 95.

SymbolNameRisk / Return RankAUMInception
THTA
SoFi Enhanced Yield ETF
95
34.73MNov 2023SPYI vs THTA
BUCK
Simplify Treasury Option Income ETF
95
474.96MOct 2022SPYI vs BUCK
CHPY
YieldMax Semiconductor Portfolio Option Income ETF
94
1.16BApr 2025SPYI vs CHPY
AMDY
YieldMax AMD Option Income Strategy ETF
93
443.39MSep 2023SPYI vs AMDY
GOOY
YieldMax GOOGL Option Income Strategy ETF
93
246.95MJul 2023SPYI vs GOOY

Top Performing SPYI Alternatives (YTD)

SPYI is at 7.92% YTD. There are 98 ETFs in the Derivative Income category with higher YTD returns, going as high as 207.86%.

SymbolNameYTD ReturnAUMInception
ARMW
Roundhill ARM WeeklyPay ETF
207.86%
27.86MOct 2025SPYI vs ARMW
AMDW
Roundhill AMD WeeklyPay ETF
184.48%
116.76MJul 2025SPYI vs AMDW
AMDY
YieldMax AMD Option Income Strategy ETF
109.12%
443.39MSep 2023SPYI vs AMDY
MRNY
YieldMax MRNA Option Income Strategy ETF
89.76%
127.56MOct 2023SPYI vs MRNY
CHPY
YieldMax Semiconductor Portfolio Option Income ETF
70.96%
1.16BApr 2025SPYI vs CHPY

Lowest Volatility Alternatives to SPYI

SPYI has 10.46% 1-year volatility. There are 47 ETFs in the Derivative Income category with lower 1-year volatility, going as low as 2.80%.

SymbolNameVolatility 1YAUMInception
BUCK
Simplify Treasury Option Income ETF2.80%474.96MOct 2022SPYI vs BUCK
ACYS
FT Vest Laddered Autocallable Barrier & Resilient ...3.45%206.17MApr 2026SPYI vs ACYS
HYTI
FT Vest High Yield & Target Income ETF3.86%88.48MFeb 2025SPYI vs HYTI
BUYW
Main Buywrite ETF4.86%1.26BDec 2015SPYI vs BUYW
FIYY
GraniteShares YieldBOOST 20Y+ Treasuries ETF5.08%726.94KMay 2026SPYI vs FIYY

Lowest Drawdown Alternatives to SPYI

SPYI has a 1-year max drawdown of -7.72%. There are 47 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%
474.96MOct 2022SPYI vs BUCK
HYTI
FT Vest High Yield & Target Income ETF
-2.38%
88.48MFeb 2025SPYI vs HYTI
BUYW
Main Buywrite ETF
-2.59%
1.26BDec 2015SPYI vs BUYW
THTA
SoFi Enhanced Yield ETF
-2.64%
34.73MNov 2023SPYI vs THTA
OMAH
VistaShares Target 15™ Berkshire Select Income ETF
-3.00%
774.36MMar 2025SPYI vs OMAH

Other ETFs from Neos

The 10 most viewed Neos ETFs shown here include QQQI, BTCI, IAUI and span 12 categories. AUM among these funds goes as high as $13B.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
QQQI
NEOS Nasdaq-100 High Income ETFNasdaq-100, Derivative Income
56
10.40%
13.32BJan 2024SPYI vs QQQI
BTCI
NEOS Bitcoin High Income ETFCryptocurrency, Derivative Income
1
-26.61%
1.10BOct 2024SPYI vs BTCI
IAUI
NEOS Gold High Income ETFDerivative Income, Gold, Precious Metals
17
-7.82%
478.03MJun 2025SPYI vs IAUI
IWMI
NEOS Russell 2000 High Income ETFDerivative Income
82
16.26%
1.06BJun 2024SPYI vs IWMI
CSHI
NEOS Enhanced Income 1-3 Month T-Bill ETFUltrashort Bond
99
2.66%
1.45BAug 2022SPYI vs CSHI
QQQH
NEOS Nasdaq-100 Hedged Equity Income ETFNasdaq-100, Hedge Fund
52
6.16%
388.10MDec 2019SPYI vs QQQH
IYRI
NEOS Real Estate High Income ETFDerivative Income, REIT, Options Trading, Actively Managed
33
8.18%
292.13MJan 2025SPYI vs IYRI
NIHI
NEOS MSCI EAFE High Income ETFDerivative Income—
6.72%
182.91MSep 2025SPYI vs NIHI
BNDI
Neos Enhanced Income Aggregate Bond ETFIntermediate Core-Plus Bond
51
0.97%
186.26MAug 2022SPYI vs BNDI
HYBI
NEOS Enhanced Income Credit Select ETFNontraditional Bonds
77
1.91%
221.20MSep 2024SPYI vs HYBI

Often Compared With SPYI

Investors most often compare SPYI with SPY, JEPI, JEPQ. These 20 comparison targets span 8 categories, based on PortfoliosLab usage data.

SymbolNameCategoryRisk / Return RankYTD ReturnAUMInception
SPY
State Street SPDR S&P 500 ETFS&P 500
66
10.45%
783.21BJan 1993SPYI vs SPY
JEPI
JPMorgan Equity Premium Income ETFDividend, Derivative Income
34
3.30%
45.17BMay 2020SPYI vs JEPI
JEPQ
JPMorgan Nasdaq Equity Premium Income ETFNasdaq-100, Derivative Income
65
8.49%
40.37BMay 2022SPYI vs JEPQ
GPIX
Goldman Sachs S&P 500 Premium Income ETFDerivative Income, S&P 500
76
10.17%
4.77BOct 2023SPYI vs GPIX
SCHD
Schwab U.S. Dividend Equity ETFDividend
86
20.66%
98.55BOct 2011SPYI vs SCHD
VOO
Vanguard S&P 500 ETFS&P 500
66
10.45%
1.70TSep 2010SPYI vs VOO
TSPY
TappAlpha S&P 500 Growth & Daily Income ETFDerivative Income
60
8.36%
121.15MAug 2024SPYI vs TSPY
SPYD
State Street SPDR Portfolio S&P 500 High Dividend ...S&P 500, Dividend
54
14.99%
7.40BOct 2015SPYI vs SPYD
ISPY
ProShares S&P 500 High Income ETFDerivative Income, S&P 500
55
8.75%
1.26BDec 2023SPYI vs ISPY
XPAY
Roundhill S&P 500 Target 20 Managed Distribution E...Derivative Income, S&P 500
62
10.17%
161.40MOct 2024SPYI vs XPAY
SPYT
Defiance S&P 500 Income Target ETFDerivative Income, S&P 500
62
9.52%
156.48MMar 2024SPYI vs SPYT
GPIQ
Goldman Sachs Nasdaq-100 Core Premium Income ETFNasdaq-100, Dividend
71
14.94%
5.03BOct 2023SPYI vs GPIQ
BALI
Blackrock Advantage Large Cap Income ETFDerivative Income
83
11.48%
1.29BSep 2023SPYI vs BALI
DIVO
Amplify CWP Enhanced Dividend Income ETFDerivative Income
69
7.22%
7.30BDec 2016SPYI vs DIVO
SPYT.DE
SPDR MSCI Europe Communication Services UCITS ETFCommunications Equities
6
1.98%
—Dec 2014SPYI vs SPYT.DE
OVL
Overlay Shares Large Cap Equity ETFDerivative Income
69
12.45%
182.90MSep 2019SPYI vs OVL
SPYH.DE
State Street SPDR MSCI Europe Health Care UCITS ET...Health & Biotech Equities
28
2.19%
—Dec 2014SPYI vs SPYH.DE
SPPW.DE
SPDR MSCI World UCITS ETFGlobal Equities
86
12.94%
—Feb 2019SPYI vs SPPW.DE
WTPI
WisdomTree Equity Premium Income FundDerivative Income
64
4.68%
496.99MFeb 2016SPYI vs WTPI
DGRW
WisdomTree U.S. Quality Dividend Growth FundDividend, Large Cap Growth Equities
53
8.61%
16.82BMay 2013SPYI vs DGRW

Compare SPYI with Any Fund or Stock

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

 

Diversifiers

Pair SPYI with funds that move differently

NEOS S&P 500 High Income ETF alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to SPYI.

Explore SPYI Diversifiers