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 74 ETFs in the Derivative Income category with lower expense ratios, going as low as 0.10%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Parametric Equity Plus ETF | 0.10% | 27.32M | Nov 2024 | SPYI vs PEPS | |
| iShares S&P 500 BuyWrite ETF | 0.25% | 303.13M | Mar 2024 | SPYI vs IVVW | |
| State Street US Equity Premium Income ETF | 0.25% | 45.59M | Sep 2024 | SPYI vs SPIN | |
| Fidelity Yield Enhanced Equity ETF | 0.28% | 185.18M | Apr 2024 | SPYI vs FYEE | |
| Invesco QQQ Income Advantage ETF | 0.29% | 768.95M | Jul 2024 | SPYI vs QQA |
Best Risk-Adjusted Alternatives to SPYI
SPYI has a PortfoliosLab risk / return rank of 58. There are 45 ETFs in the Derivative Income category with higher risk-adjusted ranks, going as high as 95.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| YieldMax Semiconductor Portfolio Option Income ETF | 95 | 1.16B | Apr 2025 | SPYI vs CHPY | |
| SoFi Enhanced Yield ETF | 94 | 34.73M | Nov 2023 | SPYI vs THTA | |
| YieldMax GOOGL Option Income Strategy ETF | 92 | 262.22M | Jul 2023 | SPYI vs GOOY | |
| YieldMax AMD Option Income Strategy ETF | 90 | 409.32M | Sep 2023 | SPYI vs AMDY | |
| Simplify Treasury Option Income ETF | 86 | 465.86M | Oct 2022 | SPYI vs BUCK |
Top Performing SPYI Alternatives (YTD)
SPYI is at 5.56% YTD. There are 105 ETFs in the Derivative Income category with higher YTD returns, going as high as 19,132.59%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| REX HOOD Growth & Income ETF | 19,132.59% | 1.44M | Nov 2025 | SPYI vs HOII | |
| REX CRWV Growth & Income ETF | 13,199.78% | 2.19M | Nov 2025 | SPYI vs CWII | |
| Roundhill ARM WeeklyPay ETF | 297.09% | 17.52M | Oct 2025 | SPYI vs ARMW | |
| Roundhill AMD WeeklyPay ETF | 176.01% | 83.00M | Jul 2025 | SPYI vs AMDW | |
| YieldMax AMD Option Income Strategy ETF | 101.34% | 409.32M | Sep 2023 | SPYI vs AMDY |
Lowest Volatility Alternatives to SPYI
SPYI has 10.34% 1-year volatility. There are 43 ETFs in the Derivative Income category with lower 1-year volatility, going as low as 2.98%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Simplify Treasury Option Income ETF | 2.98% | 465.86M | Oct 2022 | SPYI vs BUCK | |
| FT Vest High Yield & Target Income ETF | 3.86% | 90.05M | Feb 2025 | SPYI vs HYTI | |
| Main Buywrite ETF | 4.84% | 1.23B | Dec 2015 | SPYI vs BUYW | |
| FT Vest Investment Grade & Target Income ETF | 5.11% | 292.66M | Feb 2025 | SPYI vs LQTI | |
| Global X S&P 500 Risk Managed Income ETF | 5.52% | 50.16M | Aug 2021 | SPYI vs XRMI |
Lowest Drawdown Alternatives to SPYI
SPYI has a 1-year max drawdown of -7.72%. There are 45 ETFs in the Derivative Income category with shallower 1-year drawdowns, going as shallow as -1.31%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Simplify Treasury Option Income ETF | -1.31% | 465.86M | Oct 2022 | SPYI vs BUCK | |
| FT Vest High Yield & Target Income ETF | -2.38% | 90.05M | Feb 2025 | SPYI vs HYTI | |
| Main Buywrite ETF | -2.59% | 1.23B | Dec 2015 | SPYI vs BUYW | |
| SoFi Enhanced Yield ETF | -2.64% | 34.73M | Nov 2023 | SPYI vs THTA | |
| VistaShares Target 15™ Berkshire Select Income ETF | -3.00% | 774.36M | Mar 2025 | SPYI 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.
Often Compared With SPYI
Investors most often compare SPYI with SPY, JEPI, JEPQ. These 20 comparison targets span 9 categories, based on PortfoliosLab usage data.
Compare SPYI with Any Fund or Stock
Compare SPYI with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
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