AFCG vs. SPYI

Last updated Apr 2, 2026

Compare and contrast key facts about AFC Gamma, Inc. (AFCG) and NEOS S&P 500 High Income ETF (SPYI).

SPYI is an actively managed fund by Neos. It was launched on Aug 29, 2022.

Performance

AFCG vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AFC Gamma, Inc. (AFCG) and NEOS S&P 500 High Income ETF (SPYI). The values are adjusted to include any dividend payments, if applicable.

AFCG vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
AFCG AFC Gamma, Inc.	-0.93%	-61.90%	18.70%	-10.49%	-2.58%
SPYI NEOS S&P 500 High Income ETF	-2.59%	16.67%	19.03%	18.09%	-2.44%

Returns By Period

In the year-to-date period, AFCG achieves a -0.93% return, which is significantly higher than SPYI's -2.59% return.

AFCG

• 1D: -1.77%
• 1M: 21.70%
• YTD: -0.93%
• 6M: -26.85%
• 1Y: -45.68%
• 3Y*: -20.84%
• 5Y*: -18.46%
• 10Y*: —

SPYI

• 1D: 0.56%
• 1M: -3.70%
• YTD: -2.59%
• 6M: 0.63%
• 1Y: 16.76%
• 3Y*: 14.46%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

AFCG vs. SPYI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AFCG

AFCG Risk / Return Rank: 14
AFCG Sharpe Ratio Rank: 11
AFCG Sortino Ratio Rank: 12
AFCG Omega Ratio Rank: 14
AFCG Calmar Ratio Rank: 14
AFCG Martin Ratio Rank: 16

SPYI

SPYI Risk / Return Rank: 63
SPYI Sharpe Ratio Rank: 56
SPYI Sortino Ratio Rank: 59
SPYI Omega Ratio Rank: 69
SPYI Calmar Ratio Rank: 58
SPYI Martin Ratio Rank: 74

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AFCG vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AFC Gamma, Inc. (AFCG) and NEOS S&P 500 High Income ETF (SPYI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AFCG	SPYI	Difference
Sharpe ratio Return per unit of total volatility	-0.71	1.04	-1.75
Sortino ratio Return per unit of downside risk	-0.88	1.57	-2.45
Omega ratio Gain probability vs. loss probability	0.90	1.26	-0.37
Calmar ratio Return relative to maximum drawdown	-0.74	1.54	-2.28
Martin ratio Return relative to average drawdown	-1.25	8.06	-9.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AFCG vs. SPYI - Sharpe Ratio Comparison

The current AFCG Sharpe Ratio is -0.71, which is lower than the SPYI Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of AFCG and SPYI, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AFCG	SPYI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.71	1.04	-1.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.44	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.47	1.01	-1.48

Correlation

The correlation between AFCG and SPYI is 0.36, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

AFCG vs. SPYI - Dividend Comparison

AFCG's dividend yield for the trailing twelve months is around 12.64%, more than SPYI's 12.43% yield.

	TTM	2025	2024	2023	2022	2021
AFCG AFC Gamma, Inc.	12.64%	18.60%	17.04%	16.63%	14.18%	5.76%
SPYI NEOS S&P 500 High Income ETF	12.43%	11.70%	12.04%	12.01%	4.10%	0.00%

Drawdowns

AFCG vs. SPYI - Drawdown Comparison

The maximum AFCG drawdown since its inception was -78.25%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for AFCG and SPYI.

Drawdown Indicators

	AFCG	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-78.25%	-16.47%	-61.78%
Max Drawdown (1Y) Largest decline over 1 year	-61.58%	-11.02%	-50.56%
Max Drawdown (5Y) Largest decline over 5 years	-78.25%	—	—
Current Drawdown Current decline from peak	-70.62%	-4.50%	-66.12%
Average Drawdown Average peak-to-trough decline	-31.79%	-1.86%	-29.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.53%	2.11%	+34.42%

Volatility

AFCG vs. SPYI - Volatility Comparison

AFC Gamma, Inc. (AFCG) has a higher volatility of 19.39% compared to NEOS S&P 500 High Income ETF (SPYI) at 5.10%. This indicates that AFCG's price experiences larger fluctuations and is considered to be riskier than SPYI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AFCG	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.39%	5.10%	+14.29%
Volatility (6M) Calculated over the trailing 6-month period	44.12%	8.29%	+35.83%
Volatility (1Y) Calculated over the trailing 1-year period	64.78%	16.22%	+48.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.91%	13.12%	+28.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.91%	13.12%	+28.79%