BGY vs. SPYI

Last updated Jun 4, 2026

BGY (BlackRock Enhanced International Dividend Trust) and SPYI (NEOS S&P 500 High Income ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, BGY returned 10.97%/yr vs 16.41%/yr for SPYI. A 0.62 correlation means they provide meaningful diversification when combined. BGY charges 1.19%/yr vs 0.68%/yr for SPYI.

Performance

BGY vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Enhanced International Dividend Trust (BGY) 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, BGY achieves a 1.94% return, which is significantly lower than SPYI's 7.72% return.

BGY

• 1D: -0.69%
• 1M: 2.52%
• YTD: 1.94%
• 6M: 5.01%
• 1Y: 9.01%
• 3Y*: 10.97%
• 5Y*: 5.52%
• 10Y*: 7.65%

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)

BGY vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BGY BlackRock Enhanced International Dividend Trust	1.94%	21.21%	8.66%	13.36%	5.99%
SPYI NEOS S&P 500 High Income ETF	7.72%	16.67%	19.03%	18.09%	-2.44%

Correlation

The correlation between BGY and SPYI is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022	0.62

The correlation between BGY and SPYI has been stable across timeframes, ranging from 0.60 to 0.62 - a consistent structural relationship.

Return for Risk

BGY vs. SPYI — Risk / Return Rank

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

BGY

BGY Risk / Return Rank: 7
BGY Sharpe Ratio Rank: 8
BGY Sortino Ratio Rank: 8
BGY Omega Ratio Rank: 8
BGY Calmar Ratio Rank: 6
BGY Martin Ratio Rank: 7

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.

BGY vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Enhanced International Dividend Trust (BGY) 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.

	BGY	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	0.62	2.38	-1.75
Sortino ratio: Return per unit of downside risk	0.98	3.26	-2.28
Omega ratio: Gain probability vs. loss probability	1.12	1.47	-0.35
Calmar ratio: Return relative to maximum drawdown	0.58	2.96	-2.38
Martin ratio: Return relative to average drawdown	2.05	15.43	-13.38
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BGY vs. SPYI - Sharpe Ratio Comparison

The current BGY Sharpe Ratio is 0.62, which is lower than the SPYI Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of BGY 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.

Sharpe Ratios by Period

	BGY	SPYI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.62	2.38	-1.75
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	1.21	-1.06

Drawdowns

BGY vs. SPYI - Drawdown Comparison

The maximum BGY drawdown since its inception was -64.36%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for BGY and SPYI.

Drawdown Indicators

	BGY	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-64.36%	-16.47%	-47.89%
Max Drawdown (1Y) Largest decline over 1 year	-15.47%	-7.72%	-7.75%
Max Drawdown (3Y) Largest decline over 3 years	-15.47%	-16.47%	+1.00%
Max Drawdown (5Y) Largest decline over 5 years	-28.45%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-34.06%	—	—
Current Drawdown Current decline from peak	-4.83%	-0.50%	-4.33%
Average Drawdown Average peak-to-trough decline	-11.27%	-1.80%	-9.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.39%	1.48%	+2.91%

Volatility

BGY vs. SPYI - Volatility Comparison

BlackRock Enhanced International Dividend Trust (BGY) has a higher volatility of 4.16% compared to NEOS S&P 500 High Income ETF (SPYI) at 1.82%. This indicates that BGY'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

	BGY	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.16%	1.82%	+2.34%
Volatility (6M) Calculated over the trailing 6-month period	11.79%	7.41%	+4.38%
Volatility (1Y) Calculated over the trailing 1-year period	14.56%	9.63%	+4.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.26%	12.92%	+3.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.00%	12.92%	+4.08%

BGY vs. SPYI - Expense Ratio Comparison

BGY has a 1.19% expense ratio, which is higher than SPYI's 0.68% expense ratio.

Dividends

BGY vs. SPYI - Dividend Comparison

BGY's dividend yield for the trailing twelve months is around 8.84%, less than SPYI's 11.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BGY BlackRock Enhanced International Dividend Trust	8.84%	8.69%	7.80%	7.70%	8.08%	6.46%	6.91%	6.89%	8.90%	6.99%	9.47%	9.42%
SPYI NEOS S&P 500 High Income ETF	11.64%	11.70%	12.04%	12.01%	4.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BGY and SPYI in my portfolio?

BGY and SPYI have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BGY or SPYI?

BGY has higher volatility (4.16%) compared to SPYI (1.82%). In terms of maximum drawdown, BGY dropped -64.36% vs SPYI's -16.47%.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (2.38 vs 0.62), 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.