AIYY vs. SPYI

Last updated Aug 2, 2026

AIYY (YieldMax AI Option Income Strategy ETF) and SPYI (NEOS S&P 500 High Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, AIYY returned -58.45% vs 18.69% for SPYI. Their 0.51 correlation means they have sometimes moved together and sometimes differently. AIYY charges 0.99%/yr vs 0.68%/yr for SPYI.

Performance

AIYY vs. SPYI - Performance Comparison

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

Returns By Period

In the year-to-date period, AIYY achieves a -34.72% return, which is significantly lower than SPYI's 7.96% return.

AIYY

• 1D: 0.94%
• 1M: 0.94%
• 6M: -23.09%
• YTD: -34.72%
• 1Y: -58.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -42.38%

SPYI

• 1D: 0.65%
• 1M: 0.62%
• 6M: 6.50%
• YTD: 7.96%
• 1Y: 18.69%
• 3Y*: 14.78%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.51%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AIYY YieldMax AI Option Income Strategy ETF	$582.53K	$560.85K	$820.27K
SPYI NEOS S&P 500 High Income ETF	$155.71M	$137.58M	$149.04M

AIYY vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AIYY YieldMax AI Option Income Strategy ETF	-34.72%	-58.98%	-14.74%	0.41%
SPYI NEOS S&P 500 High Income ETF	7.96%	16.67%	19.03%	2.60%

Correlation

The correlation between AIYY and SPYI is 0.47, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.47
Correlation (All Time) Calculated using the full available price history since Nov 28, 2023	0.51

The correlation between AIYY and SPYI has been stable across timeframes, ranging from 0.47 to 0.51 - a consistent structural relationship.

Return for Risk

AIYY vs. SPYI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AIYY

AIYY Risk / Return Rank: 1
AIYY Sharpe Ratio Rank: 1
AIYY Sortino Ratio Rank: 1
AIYY Omega Ratio Rank: 0
AIYY Calmar Ratio Rank: 1
AIYY Martin Ratio Rank: 2

SPYI

SPYI Risk / Return Rank: 72
SPYI Sharpe Ratio Rank: 71
SPYI Sortino Ratio Rank: 68
SPYI Omega Ratio Rank: 73
SPYI Calmar Ratio Rank: 64
SPYI Martin Ratio Rank: 82

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AIYY vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax AI Option Income Strategy ETF (AIYY) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AIYY	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	-1.12	1.59	-2.71
Sortino ratio: Return per unit of downside risk	-1.74	2.21	-3.95
Omega ratio: Gain probability vs. loss probability	0.76	1.30	-0.54
Calmar ratio: Return relative to maximum drawdown	-0.96	2.23	-3.18
Martin ratio: Return relative to average drawdown	-1.32	10.69	-12.01

AIYY vs. SPYI - Sharpe Ratio Comparison

The current AIYY Sharpe Ratio is -1.12, which is lower than the SPYI Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of AIYY and SPYI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AIYY vs. SPYI - Drawdown Comparison

The maximum AIYY drawdown since its inception was -80.28%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for AIYY and SPYI.

Drawdown Indicators

	AIYY	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-80.28%	-16.47%	-63.81%
Max Drawdown (1Y) Largest decline over 1 year	-63.12%	-7.72%	-55.40%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.47%	—
Current Drawdown Current decline from peak	-78.68%	-0.65%	-78.03%
Average Drawdown Average peak-to-trough decline	-43.18%	-1.79%	-41.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.88%	1.61%	+44.27%

Volatility

AIYY vs. SPYI - Volatility Comparison

YieldMax AI Option Income Strategy ETF (AIYY) has a higher volatility of 9.98% compared to NEOS S&P 500 High Income ETF (SPYI) at 3.22%. This indicates that AIYY'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

	AIYY	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.98%	3.22%	+6.76%
Volatility (6M) Calculated over the trailing 6-month period	39.51%	8.68%	+30.83%
Volatility (1Y) Calculated over the trailing 1-year period	53.88%	10.80%	+43.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.87%	12.96%	+36.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.87%	12.96%	+36.91%

AIYY vs. SPYI - Expense Ratio Comparison

AIYY has a 0.99% expense ratio, which is higher than SPYI's 0.68% expense ratio.

Dividends

AIYY vs. SPYI - Dividend Comparison

AIYY's dividend yield for the trailing twelve months is around 139.29%, more than SPYI's 11.93% yield.

Position	TTM	2025	2024	2023	2022
AIYY YieldMax AI Option Income Strategy ETF	139.29%	168.33%	98.26%	0.00%	0.00%
SPYI NEOS S&P 500 High Income ETF	11.93%	11.70%	12.04%	12.01%	4.10%

Frequently Asked Questions

Can I hold both AIYY and SPYI in my portfolio?

AIYY and SPYI have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AIYY or SPYI?

AIYY has higher volatility (9.98%) compared to SPYI (3.22%). In terms of maximum drawdown, AIYY dropped -80.28% vs SPYI's -16.47%.

Which ETF is better, AIYY or SPYI?

On 1-year performance, SPYI leads with 18.69% vs -58.45% for AIYY. On fees, SPYI is cheaper at 0.68% per year. On volatility, SPYI has been the lower-risk option at 3.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AIYY or SPYI?

Over the 1-year period, SPYI has performed better with a 18.69% return vs -58.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AIYY or SPYI?

SPYI is cheaper with a 0.68% expense ratio, compared with 0.99% for AIYY.

Which ETF pays a higher dividend yield, AIYY or SPYI?

AIYY has the higher dividend yield at 139.29%, compared with 11.93% for SPYI.

What is the main difference between AIYY and SPYI?

They also come from different issuers: YieldMax and Neos. Their fees differ too: 0.99% for AIYY and 0.68% for SPYI.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (1.59 vs -1.12), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.