ARMW vs. SPYI

Last updated Jun 4, 2026

ARMW (Roundhill ARM WeeklyPay ETF) and SPYI (NEOS S&P 500 High Income ETF) are both Derivative Income funds. Both are actively managed. A 0.53 correlation means they provide meaningful diversification when combined. ARMW charges 0.99%/yr vs 0.68%/yr for SPYI.

Performance

ARMW vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill ARM WeeklyPay ETF (ARMW) 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, ARMW achieves a 363.23% return, which is significantly higher than SPYI's 7.72% return.

ARMW

• 1D: 3.44%
• 1M: 128.75%
• YTD: 363.23%
• 6M: 245.13%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPYI

• 1D: -0.50%
• 1M: 3.71%
• YTD: 7.72%
• 6M: 8.37%
• 1Y: 22.76%
• 3Y*: 16.41%
• 5Y*: —
• 10Y*: —

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

ARMW vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025
ARMW Roundhill ARM WeeklyPay ETF	363.23%	-40.49%
SPYI NEOS S&P 500 High Income ETF	7.72%	2.58%

Correlation

The correlation between ARMW and SPYI is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 24, 2025	0.53

ARMW vs. SPYI - Sectors Allocation Comparison

Sectors	ARMW	SPYI
Technology	36.0%	35.5%
Basic Materials	-	1.8%
Communication Services	-	11.2%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Financial Services	-	11.8%
Healthcare	-	8.5%
Industrials	-	8.4%
Real Estate	-	2.0%
Utilities	-	2.3%

Return for Risk

ARMW vs. SPYI — Risk / Return Rank

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

SPYI

SPYI Risk / Return Rank: 71
SPYI Sharpe Ratio Rank: 71
SPYI Sortino Ratio Rank: 70
SPYI Omega Ratio Rank: 76
SPYI Calmar Ratio Rank: 58
SPYI Martin Ratio Rank: 78

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.

ARMW vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill ARM WeeklyPay ETF (ARMW) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	ARMW	SPYI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	4.96	1.21	+3.74

Drawdowns

ARMW vs. SPYI - Drawdown Comparison

The maximum ARMW drawdown since its inception was -48.47%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for ARMW and SPYI.

Drawdown Indicators

	ARMW	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-48.47%	-16.47%	-32.00%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.72%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-16.47%	—
Current Drawdown Current decline from peak	0.00%	-0.50%	+0.50%
Average Drawdown Average peak-to-trough decline	-26.55%	-1.80%	-24.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.48%	—

Volatility

Volatility by Period

	ARMW	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.82%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.41%	—
Volatility (1Y) Calculated over the trailing 1-year period	88.46%	9.63%	+78.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	88.46%	12.92%	+75.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	88.46%	12.92%	+75.54%

ARMW vs. SPYI - Expense Ratio Comparison

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

Dividends

ARMW vs. SPYI - Dividend Comparison

ARMW's dividend yield for the trailing twelve months is around 15.20%, more than SPYI's 11.64% yield.

Position	TTM	2025	2024	2023	2022
ARMW Roundhill ARM WeeklyPay ETF	15.20%	16.38%	0.00%	0.00%	0.00%
SPYI NEOS S&P 500 High Income ETF	11.64%	11.70%	12.04%	12.01%	4.10%

Frequently Asked Questions

Can I hold both ARMW and SPYI in my portfolio?

ARMW and SPYI have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ARMW or SPYI?

On fees, SPYI is cheaper at 0.68% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ARMW or SPYI?

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

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

ARMW has the higher dividend yield at 15.20%, compared with 11.64% for SPYI.

What is the main difference between ARMW and SPYI?

They also come from different issuers: Roundhill Investments and Neos. Their fees differ too: 0.99% for ARMW and 0.68% for SPYI.