CGNAX vs. SPYI

Last updated Jun 5, 2026

CGNAX (American Funds Growth and Income Portfolio) and SPYI (NEOS S&P 500 High Income ETF) are both funds - CGNAX is a Diversified Portfolio fund managed by American Funds, while SPYI is a Derivative Income fund actively managed by Neos. Over the past 3 years, CGNAX returned 17.32%/yr vs 16.57%/yr for SPYI. Their correlation of 0.91 suggests significant overlap in exposure. CGNAX charges 0.36%/yr vs 0.68%/yr for SPYI.

Performance

CGNAX vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in American Funds Growth and Income Portfolio (CGNAX) and NEOS S&P 500 High Income ETF (SPYI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with CGNAX having a 8.42% return and SPYI slightly lower at 8.08%.

CGNAX

• 1D: -0.52%
• 1M: 2.81%
• YTD: 8.42%
• 6M: 8.82%
• 1Y: 20.84%
• 3Y*: 17.32%
• 5Y*: 9.12%
• 10Y*: 10.77%

SPYI

• 1D: 0.33%
• 1M: 3.47%
• YTD: 8.08%
• 6M: 8.61%
• 1Y: 23.19%
• 3Y*: 16.57%
• 5Y*: —
• 10Y*: —

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

CGNAX vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
CGNAX American Funds Growth and Income Portfolio	8.42%	17.85%	14.51%	18.73%	0.14%
SPYI NEOS S&P 500 High Income ETF	8.08%	16.67%	19.03%	18.09%	-2.44%

Correlation

The correlation between CGNAX and SPYI is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022	0.91

The correlation between CGNAX and SPYI has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

CGNAX vs. SPYI — Risk / Return Rank

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

CGNAX

CGNAX Risk / Return Rank: 52
CGNAX Sharpe Ratio Rank: 51
CGNAX Sortino Ratio Rank: 51
CGNAX Omega Ratio Rank: 51
CGNAX Calmar Ratio Rank: 46
CGNAX Martin Ratio Rank: 59

SPYI

SPYI Risk / Return Rank: 75
SPYI Sharpe Ratio Rank: 76
SPYI Sortino Ratio Rank: 75
SPYI Omega Ratio Rank: 80
SPYI Calmar Ratio Rank: 62
SPYI Martin Ratio Rank: 81

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.

CGNAX vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for American Funds Growth and Income Portfolio (CGNAX) 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.

	CGNAX	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	2.11	2.42	-0.31
Sortino ratio: Return per unit of downside risk	3.00	3.32	-0.32
Omega ratio: Gain probability vs. loss probability	1.39	1.47	-0.08
Calmar ratio: Return relative to maximum drawdown	2.58	3.02	-0.44
Martin ratio: Return relative to average drawdown	11.69	15.73	-4.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CGNAX vs. SPYI - Sharpe Ratio Comparison

The current CGNAX Sharpe Ratio is 2.11, which is comparable to the SPYI Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of CGNAX 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

	CGNAX	SPYI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.11	2.42	-0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.82	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	1.22	-0.36

Drawdowns

CGNAX vs. SPYI - Drawdown Comparison

The maximum CGNAX drawdown since its inception was -26.56%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for CGNAX and SPYI.

Drawdown Indicators

	CGNAX	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-26.56%	-16.47%	-10.09%
Max Drawdown (1Y) Largest decline over 1 year	-8.28%	-7.72%	-0.56%
Max Drawdown (3Y) Largest decline over 3 years	-13.09%	-16.47%	+3.38%
Max Drawdown (5Y) Largest decline over 5 years	-23.14%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-26.56%	—	—
Current Drawdown Current decline from peak	-0.52%	-0.17%	-0.35%
Average Drawdown Average peak-to-trough decline	-3.45%	-1.80%	-1.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	1.48%	+0.34%

Volatility

CGNAX vs. SPYI - Volatility Comparison

American Funds Growth and Income Portfolio (CGNAX) has a higher volatility of 3.08% compared to NEOS S&P 500 High Income ETF (SPYI) at 1.78%. This indicates that CGNAX'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

	CGNAX	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.08%	1.78%	+1.30%
Volatility (6M) Calculated over the trailing 6-month period	8.07%	7.42%	+0.65%
Volatility (1Y) Calculated over the trailing 1-year period	10.10%	9.62%	+0.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.60%	12.91%	-0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.19%	12.91%	+0.28%

CGNAX vs. SPYI - Expense Ratio Comparison

CGNAX has a 0.36% expense ratio, which is lower than SPYI's 0.68% expense ratio.

Dividends

CGNAX vs. SPYI - Dividend Comparison

CGNAX's dividend yield for the trailing twelve months is around 5.05%, less than SPYI's 11.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CGNAX American Funds Growth and Income Portfolio	5.05%	5.48%	4.79%	2.78%	6.42%	5.11%	3.97%	5.48%	6.06%	3.40%	4.30%	4.51%
SPYI NEOS S&P 500 High Income ETF	11.60%	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 CGNAX and SPYI in my portfolio?

With a correlation of 0.93, CGNAX and SPYI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, CGNAX or SPYI?

CGNAX has higher volatility (3.08%) compared to SPYI (1.78%). In terms of maximum drawdown, CGNAX dropped -26.56% vs SPYI's -16.47%.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (2.42 vs 2.11), 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.