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 69 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% | 27.28M | Nov 2024 | SPYI vs PEPS | |
| iShares S&P 500 BuyWrite ETF | 0.25% | 292.36M | Mar 2024 | SPYI vs IVVW | |
| State Street US Equity Premium Income ETF | 0.25% | 46.44M | Sep 2024 | SPYI vs SPIN | |
| Fidelity Yield Enhanced Equity ETF | 0.28% | 166.08M | Apr 2024 | SPYI vs FYEE | |
| Invesco S&P 500 BuyWrite ETF | 0.29% | 344.74M | Dec 2007 | SPYI vs PBP |
Best Risk-Adjusted Alternatives to SPYI
SPYI has a PortfoliosLab risk / return rank of 71. There are 32 ETFs in the Derivative Income category with higher risk-adjusted ranks, going as high as 97.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| YieldMax Semiconductor Portfolio Option Income ETF | 97 | 1.02B | Apr 2025 | SPYI vs CHPY | |
| SoFi Enhanced Yield ETF | 92 | 34.73M | Nov 2023 | SPYI vs THTA | |
| YieldMax GOOGL Option Income Strategy ETF | 92 | 298.09M | Jul 2023 | SPYI vs GOOY | |
| Global X NASDAQ 100 Covered Call ETF | 88 | 8.41B | Dec 2013 | SPYI vs QYLD | |
| YieldMax TSM Option Income Strategy ETF | 88 | 117.86M | Aug 2024 | SPYI vs TSMY |
Top Performing SPYI Alternatives (YTD)
SPYI is at 7.72% YTD. There are 91 ETFs in the Derivative Income category with higher YTD returns, going as high as 363.23%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Roundhill ARM WeeklyPay ETF | 363.23% | 14.71M | Oct 2025 | SPYI vs ARMW | |
| Roundhill AMD WeeklyPay ETF | 192.40% | 90.88M | Jul 2025 | SPYI vs AMDW | |
| YieldMax Semiconductor Portfolio Option Income ETF | 85.77% | 1.02B | Apr 2025 | SPYI vs CHPY | |
| Defiance Oil Enhanced Options Income ETF | 62.18% | 62.15M | May 2024 | SPYI vs USOY | |
| YieldMax MRNA Option Income Strategy ETF | 51.59% | 82.87M | Oct 2023 | SPYI vs MRNY |
Lowest Volatility Alternatives to SPYI
SPYI has 9.63% 1-year volatility. There are 40 ETFs in the Derivative Income category with lower 1-year volatility, going as low as 0.00%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| Dividend Performers ETF | 0.00% | 20.88M | Dec 2018 | SPYI vs IPDP | |
| Simplify Treasury Option Income ETF | 3.14% | 438.06M | Oct 2022 | SPYI vs BUCK | |
| FT Vest High Yield & Target Income ETF | 3.83% | 90.68M | Feb 2025 | SPYI vs HYTI | |
| Main Buywrite ETF | 4.85% | 1.21B | Dec 2015 | SPYI vs BUYW | |
| FT Vest Investment Grade & Target Income ETF | 5.10% | 287.53M | Feb 2025 | SPYI vs LQTI |
Lowest Drawdown Alternatives to SPYI
SPYI has a 1-year max drawdown of -7.72%. There are 42 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% | 438.06M | Oct 2022 | SPYI vs BUCK | |
| FT Vest High Yield & Target Income ETF | -2.38% | 90.68M | Feb 2025 | SPYI vs HYTI | |
| Main Buywrite ETF | -2.59% | 1.21B | 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 8 categories. AUM among these funds goes as high as $12B.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| NEOS Nasdaq-100 High Income ETF | Nasdaq-100, Derivative Income | 68 | 13.43% | 12.25B | Jan 2024 | SPYI vs QQQI | |
| NEOS Bitcoin High Income ETF | Cryptocurrency, Derivative Income | 2 | -22.74% | 1.24B | Oct 2024 | SPYI vs BTCI | |
| NEOS Gold High Income ETF | Derivative Income, Gold | — | 1.64% | 462.95M | Jun 2025 | SPYI vs IAUI | |
| NEOS Russell 2000 High Income ETF | Derivative Income | 73 | 13.36% | 906.31M | Jun 2024 | SPYI vs IWMI | |
| Neos Enhanced Income Cash Alternative ETF | Ultrashort Bond | 99 | 2.26% | 1.28B | Aug 2022 | SPYI vs CSHI | |
| NEOS Nasdaq-100 Hedged Equity Income ETF | Nasdaq-100, Hedge Fund | 62 | 7.91% | 375.87M | Dec 2019 | SPYI vs QQQH | |
| NEOS Real Estate High Income ETF | Derivative Income | 23 | 4.08% | 272.46M | Jan 2025 | SPYI vs IYRI | |
| Neos MLP & Energy Infrastructure High Income ETF | Energy Equities | — | 17.58% | 643.40M | Dec 2025 | SPYI vs MLPI | |
| NEOS MSCI EAFE High Income ETF | Derivative Income | — | 5.84% | 166.96M | Sep 2025 | SPYI vs NIHI | |
| Neos Enhanced Income Aggregate Bond ETF | Intermediate Core-Plus Bond | 50 | 1.29% | 171.12M | Aug 2022 | SPYI vs BNDI |
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.
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