BSV vs. SPYI

Last updated Jun 14, 2026

BSV (Vanguard Short-Term Bond Index Fund ETF Shares) and SPYI (NEOS S&P 500 High Income ETF) are both exchange-traded funds - BSV is a Short-Term Bond fund tracking the Bloomberg U.S. 1–5 Year Government/Credit Float Adjusted Index, while SPYI is a Derivative Income fund actively managed by Neos. BSV is passively managed, while SPYI is actively managed. Over the past 3 years, BSV returned 4.57%/yr vs 15.48%/yr for SPYI. At a 0.13 correlation, their price movements are largely independent. BSV charges 0.03%/yr vs 0.68%/yr for SPYI.

Performance

BSV vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Short-Term Bond Index Fund ETF Shares (BSV) 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, BSV achieves a 0.42% return, which is significantly lower than SPYI's 6.31% return.

BSV

• 1D: 0.00%
• 1M: 0.41%
• YTD: 0.42%
• 6M: 0.75%
• 1Y: 3.67%
• 3Y*: 4.57%
• 5Y*: 1.63%
• 10Y*: 1.94%

SPYI

• 1D: 0.53%
• 1M: 0.20%
• YTD: 6.31%
• 6M: 6.98%
• 1Y: 20.84%
• 3Y*: 15.48%
• 5Y*: —
• 10Y*: —

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

BSV vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BSV Vanguard Short-Term Bond Index Fund ETF Shares	0.42%	6.00%	3.78%	4.90%	-0.78%
SPYI NEOS S&P 500 High Income ETF	6.31%	16.67%	19.03%	18.09%	-3.96%

Correlation

The correlation between BSV and SPYI is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.13

The correlation between BSV and SPYI shifts across timeframes, from 0.13 (all time) to 0.23 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BSV vs. SPYI — Risk / Return Rank

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

BSV

BSV Risk / Return Rank: 71
BSV Sharpe Ratio Rank: 72
BSV Sortino Ratio Rank: 84
BSV Omega Ratio Rank: 76
BSV Calmar Ratio Rank: 64
BSV Martin Ratio Rank: 60

SPYI

SPYI Risk / Return Rank: 71
SPYI Sharpe Ratio Rank: 71
SPYI Sortino Ratio Rank: 69
SPYI Omega Ratio Rank: 76
SPYI Calmar Ratio Rank: 60
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.

BSV vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Bond Index Fund ETF Shares (BSV) 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.

	BSV	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	2.01	1.98	+0.03
Sortino ratio: Return per unit of downside risk	3.23	2.68	+0.55
Omega ratio: Gain probability vs. loss probability	1.39	1.39	0.00
Calmar ratio: Return relative to maximum drawdown	2.79	2.59	+0.20
Martin ratio: Return relative to average drawdown	9.42	13.05	-3.63

BSV vs. SPYI - Sharpe Ratio Comparison

The current BSV Sharpe Ratio is 2.01, which is comparable to the SPYI Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of BSV 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

BSV vs. SPYI - Drawdown Comparison

The maximum BSV drawdown since its inception was -8.54%, smaller than the maximum SPYI drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for BSV and SPYI.

Drawdown Indicators

	BSV	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-8.54%	-16.47%	+7.93%
Max Drawdown (1Y) Largest decline over 1 year	-1.29%	-7.72%	+6.43%
Max Drawdown (3Y) Largest decline over 3 years	-1.53%	-16.47%	+14.94%
Max Drawdown (5Y) Largest decline over 5 years	-8.54%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-8.54%	—	—
Current Drawdown Current decline from peak	-0.50%	-1.79%	+1.29%
Average Drawdown Average peak-to-trough decline	-0.97%	-1.81%	+0.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.38%	1.53%	-1.15%

Volatility

BSV vs. SPYI - Volatility Comparison

The current volatility for Vanguard Short-Term Bond Index Fund ETF Shares (BSV) is 0.57%, while NEOS S&P 500 High Income ETF (SPYI) has a volatility of 3.62%. This indicates that BSV 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

	BSV	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.57%	3.62%	-3.05%
Volatility (6M) Calculated over the trailing 6-month period	1.28%	8.07%	-6.79%
Volatility (1Y) Calculated over the trailing 1-year period	1.79%	10.10%	-8.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.73%	12.99%	-10.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.38%	12.99%	-10.61%

BSV vs. SPYI - Expense Ratio Comparison

BSV has a 0.03% expense ratio, which is lower than SPYI's 0.68% expense ratio.

Dividends

BSV vs. SPYI - Dividend Comparison

BSV's dividend yield for the trailing twelve months is around 3.99%, less than SPYI's 11.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BSV Vanguard Short-Term Bond Index Fund ETF Shares	3.99%	3.83%	3.38%	2.46%	1.50%	1.45%	1.79%	2.29%	1.99%	1.65%	1.48%	1.40%
SPYI NEOS S&P 500 High Income ETF	11.80%	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 BSV and SPYI in my portfolio?

BSV and SPYI have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BSV or SPYI?

SPYI has higher volatility (3.62%) compared to BSV (0.57%). In terms of maximum drawdown, BSV dropped -8.54% vs SPYI's -16.47%.

Which ETF is better, BSV or SPYI?

On 3-year performance, SPYI leads with 15.48% vs 4.57% for BSV. On fees, BSV is cheaper at 0.03% per year. On volatility, BSV has been the lower-risk option at 0.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BSV or SPYI?

Over the 3-year period, SPYI has performed better with a 15.48% return vs 4.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BSV or SPYI?

BSV is cheaper with a 0.03% expense ratio, compared with 0.68% for SPYI.

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

SPYI has the higher dividend yield at 11.80%, compared with 3.99% for BSV.

What is the main difference between BSV and SPYI?

BSV is categorized as Short-Term Bond, while SPYI is Derivative Income. They also come from different issuers: Vanguard and Neos. Their fees differ too: 0.03% for BSV and 0.68% for SPYI.

Which has better risk-adjusted returns?

BSV currently has the higher Sharpe Ratio (2.01 vs 1.98), 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.