BGY vs. SPYI
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 10.65%/yr vs 14.78%/yr for SPYI. Their 0.63 correlation means they have sometimes moved together and sometimes differently. BGY charges 1.19%/yr vs 0.68%/yr for SPYI.
Performance
BGY vs. SPYI - Performance Comparison
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Returns By Period
In the year-to-date period, BGY achieves a 3.46% return, which is significantly lower than SPYI's 7.96% return.
BGY
- 1D
- 0.52%
- 1M
- 1.62%
- 6M
- 1.00%
- YTD
- 3.46%
- 1Y
- 12.51%
- 3Y*
- 10.65%
- 5Y*
- 6.51%
- 10Y*
- 7.87%
- ALL TIME*
- 3.59%
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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.31M | $1.23M | $1.69M | |
| $155.71M | $137.58M | $149.04M |
BGY vs. SPYI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BGY BlackRock Enhanced International Dividend Trust | 3.46% | 21.21% | 8.66% | 13.36% | 4.91% |
SPYI NEOS S&P 500 High Income ETF | 7.96% | 16.67% | 19.03% | 18.09% | -3.96% |
Correlation
The correlation between BGY and SPYI is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.67 |
Correlation (3Y) Balances recent behavior with more history. | 0.61 |
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022 | 0.63 |
The correlation between BGY and SPYI has been stable across timeframes, ranging from 0.61 to 0.67 - a consistent structural relationship.
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Return for Risk
BGY vs. SPYI — Risk / Return Rank
BGY
SPYI
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.
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.
| BGY | SPYI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.83 | ||
| Sortino ratioReturn per unit of downside risk | -1.04 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.30 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.73 | 2.23 | -1.49 |
| Martin ratioReturn relative to average drawdown | 2.36 | 10.69 | -8.33 |
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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.
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Drawdown Indicators
| BGY | SPYI | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 | -27.67% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -34.06% | — | — |
Current DrawdownCurrent decline from peak | -3.41% | -0.65% | -2.76% |
Average DrawdownAverage peak-to-trough decline | -11.21% | -1.79% | -9.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.81% | 1.61% | +3.20% |
Volatility
BGY vs. SPYI - Volatility Comparison
BlackRock Enhanced International Dividend Trust (BGY) has a higher volatility of 3.89% compared to NEOS S&P 500 High Income ETF (SPYI) at 3.22%. 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.
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Volatility by Period
| BGY | SPYI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.89% | 3.22% | +0.67% |
Volatility (6M)Calculated over the trailing 6-month period | 12.58% | 8.68% | +3.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.04% | 10.80% | +4.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.34% | 12.96% | +3.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.81% | 12.96% | +3.85% |
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 11.93% 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 | 11.93% | 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
BGY and SPYI have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BGY has higher volatility (3.89%) compared to SPYI (3.22%). In terms of maximum drawdown, BGY dropped -64.36% vs SPYI's -16.47%.
SPYI currently has the higher Sharpe Ratio (1.59 vs 0.76), 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.
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