BNDI vs. SPYI

Last updated Jun 3, 2026

BNDI (Neos Enhanced Income Aggregate Bond ETF) and SPYI (NEOS S&P 500 High Income ETF) are both exchange-traded funds - BNDI is a Intermediate Core-Plus Bond fund actively managed by Neos, while SPYI is a Derivative Income fund actively managed by Neos. Both are actively managed. Over the past 3 years, BNDI returned 4.90%/yr vs 16.61%/yr for SPYI. At a 0.28 correlation, their price movements are largely independent. BNDI charges 0.58%/yr vs 0.68%/yr for SPYI.

Performance

BNDI vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neos Enhanced Income Aggregate Bond ETF (BNDI) 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, BNDI achieves a 1.51% return, which is significantly lower than SPYI's 8.26% return.

BNDI

• 1D: -0.02%
• 1M: 0.22%
• YTD: 1.51%
• 6M: 1.59%
• 1Y: 7.31%
• 3Y*: 4.90%
• 5Y*: —
• 10Y*: —

SPYI

• 1D: 0.14%
• 1M: 4.01%
• YTD: 8.26%
• 6M: 9.24%
• 1Y: 23.93%
• 3Y*: 16.61%
• 5Y*: —
• 10Y*: —

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

BNDI vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BNDI Neos Enhanced Income Aggregate Bond ETF	1.51%	7.95%	1.74%	6.89%	-2.60%
SPYI NEOS S&P 500 High Income ETF	8.26%	16.67%	19.03%	18.09%	-2.44%

Correlation

The correlation between BNDI and SPYI is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022	0.28

BNDI vs. SPYI - Sectors Allocation Comparison

Sectors	BNDI	SPYI
Technology	35.6%	35.5%
Financial Services	11.8%	11.8%
Communication Services	11.2%	11.2%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.5%	8.5%
Industrials	8.3%	8.4%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.4%	2.3%
Real Estate	1.9%	2.0%
Basic Materials	1.8%	1.8%

Return for Risk

BNDI vs. SPYI — Risk / Return Rank

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

BNDI

BNDI Risk / Return Rank: 52
BNDI Sharpe Ratio Rank: 51
BNDI Sortino Ratio Rank: 55
BNDI Omega Ratio Rank: 51
BNDI Calmar Ratio Rank: 51
BNDI Martin Ratio Rank: 53

SPYI

SPYI Risk / Return Rank: 75
SPYI Sharpe Ratio Rank: 76
SPYI Sortino Ratio Rank: 75
SPYI Omega Ratio Rank: 81
SPYI Calmar Ratio Rank: 63
SPYI Martin Ratio Rank: 82

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.

BNDI vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neos Enhanced Income Aggregate Bond ETF (BNDI) 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.

	BNDI	SPYI	Difference
Sharpe ratio Return per unit of total volatility	1.76	2.50	-0.74
Sortino ratio Return per unit of downside risk	2.65	3.42	-0.77
Omega ratio Gain probability vs. loss probability	1.32	1.49	-0.17
Calmar ratio Return relative to maximum drawdown	2.59	3.17	-0.58
Martin ratio Return relative to average drawdown	9.27	16.55	-7.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BNDI vs. SPYI - Sharpe Ratio Comparison

The current BNDI Sharpe Ratio is 1.76, which is comparable to the SPYI Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of BNDI 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

	BNDI	SPYI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	2.50	-0.74
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	1.23	-0.57

Drawdowns

BNDI vs. SPYI - Drawdown Comparison

The maximum BNDI drawdown since its inception was -6.98%, smaller than the maximum SPYI drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for BNDI and SPYI.

Drawdown Indicators

	BNDI	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-6.98%	-16.47%	+9.49%
Max Drawdown (1Y) Largest decline over 1 year	-2.75%	-7.72%	+4.97%
Max Drawdown (3Y) Largest decline over 3 years	-5.83%	-16.47%	+10.64%
Current Drawdown Current decline from peak	-0.63%	0.00%	-0.63%
Average Drawdown Average peak-to-trough decline	-1.71%	-1.80%	+0.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	1.48%	-0.71%

Volatility

BNDI vs. SPYI - Volatility Comparison

The current volatility for Neos Enhanced Income Aggregate Bond ETF (BNDI) is 1.41%, while NEOS S&P 500 High Income ETF (SPYI) has a volatility of 1.73%. This indicates that BNDI experiences smaller price fluctuations and is considered to be less risky than SPYI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BNDI	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	1.73%	-0.32%
Volatility (6M) Calculated over the trailing 6-month period	3.11%	7.40%	-4.29%
Volatility (1Y) Calculated over the trailing 1-year period	4.17%	9.61%	-5.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.19%	12.92%	-6.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.19%	12.92%	-6.73%

BNDI vs. SPYI - Expense Ratio Comparison

BNDI has a 0.58% expense ratio, which is lower than SPYI's 0.68% expense ratio.

Dividends

BNDI vs. SPYI - Dividend Comparison

BNDI's dividend yield for the trailing twelve months is around 5.79%, less than SPYI's 11.58% yield.

Position	TTM	2025	2024	2023	2022
BNDI Neos Enhanced Income Aggregate Bond ETF	5.79%	5.69%	5.54%	5.17%	1.68%
SPYI NEOS S&P 500 High Income ETF	11.58%	11.70%	12.04%	12.01%	4.10%

Frequently Asked Questions

Can I hold both BNDI and SPYI in my portfolio?

BNDI and SPYI have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BNDI or SPYI?

SPYI has higher volatility (1.73%) compared to BNDI (1.41%). In terms of maximum drawdown, BNDI dropped -6.98% vs SPYI's -16.47%.

Which ETF is better, BNDI or SPYI?

On 3-year performance, SPYI leads with 16.61% vs 4.90% for BNDI. On fees, BNDI is cheaper at 0.58% per year. On volatility, BNDI has been the lower-risk option at 1.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BNDI or SPYI?

Over the 3-year period, SPYI has performed better with a 16.61% return vs 4.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BNDI or SPYI?

BNDI is cheaper with a 0.58% expense ratio, compared with 0.68% for SPYI.

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

SPYI has the higher dividend yield at 11.58%, compared with 5.79% for BNDI.

What is the main difference between BNDI and SPYI?

BNDI is categorized as Intermediate Core-Plus Bond, while SPYI is Derivative Income. Their fees differ too: 0.58% for BNDI and 0.68% for SPYI.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (2.50 vs 1.76), 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.