COSW vs. SPYI

Last updated Jun 26, 2026

COSW (Roundhill COST WeeklyPay ETF) and SPYI (NEOS S&P 500 High Income ETF) are both Derivative Income funds. Both are actively managed. At a correlation of -0.06, they often move in opposite directions. COSW charges 0.99%/yr vs 0.68%/yr for SPYI.

Performance

COSW vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill COST WeeklyPay ETF (COSW) 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, COSW achieves a 9.49% return, which is significantly higher than SPYI's 5.51% return.

COSW

• 1D: -2.05%
• 1M: -7.53%
• YTD: 9.49%
• 6M: 7.99%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPYI

• 1D: 0.02%
• 1M: -1.70%
• YTD: 5.51%
• 6M: 4.62%
• 1Y: 18.04%
• 3Y*: 15.21%
• 5Y*: —
• 10Y*: —

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

COSW vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025
COSW Roundhill COST WeeklyPay ETF	9.49%	-10.48%
SPYI NEOS S&P 500 High Income ETF	5.51%	3.06%

Correlation

The correlation between COSW and SPYI is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 23, 2025	-0.06

COSW vs. SPYI - Sectors Allocation Comparison

Sectors	COSW	SPYI
Consumer Defensive	8.4%	4.5%
Basic Materials	-	1.7%
Communication Services	-	10.7%
Consumer Cyclical	-	9.9%
Energy	-	3.1%
Financial Services	-	11.1%
Healthcare	-	8.3%
Industrials	-	7.8%
Real Estate	-	1.8%
Technology	-	39.1%
Utilities	-	2.1%

Return for Risk

COSW vs. SPYI — Risk / Return Rank

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

COSW

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SPYI

SPYI Risk / Return Rank: 63
SPYI Sharpe Ratio Rank: 61
SPYI Sortino Ratio Rank: 59
SPYI Omega Ratio Rank: 67
SPYI Calmar Ratio Rank: 55
SPYI Martin Ratio Rank: 72

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.

COSW vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill COST WeeklyPay ETF (COSW) 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.

	COSW	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	—	1.76	—
Sortino ratio: Return per unit of downside risk	—	2.41	—
Omega ratio: Gain probability vs. loss probability	—	1.34	—
Calmar ratio: Return relative to maximum drawdown	—	2.35	—
Martin ratio: Return relative to average drawdown	—	11.59	—

Drawdowns

COSW vs. SPYI - Drawdown Comparison

The maximum COSW drawdown since its inception was -16.63%, roughly equal to the maximum SPYI drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for COSW and SPYI.

Drawdown Indicators

	COSW	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-16.63%	-16.47%	-0.16%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.72%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-16.47%	—
Current Drawdown Current decline from peak	-16.63%	-2.54%	-14.09%
Average Drawdown Average peak-to-trough decline	-5.01%	-1.81%	-3.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.56%	—

Volatility

Volatility by Period

	COSW	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.23%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.27%	—
Volatility (1Y) Calculated over the trailing 1-year period	25.50%	10.29%	+15.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.50%	13.01%	+12.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.50%	13.01%	+12.49%

COSW vs. SPYI - Expense Ratio Comparison

COSW has a 0.99% expense ratio, which is higher than SPYI's 0.68% expense ratio.

Dividends

COSW vs. SPYI - Dividend Comparison

COSW's dividend yield for the trailing twelve months is around 20.02%, more than SPYI's 12.05% yield.

Position	TTM	2025	2024	2023	2022
COSW Roundhill COST WeeklyPay ETF	20.02%	4.96%	0.00%	0.00%	0.00%
SPYI NEOS S&P 500 High Income ETF	12.05%	11.70%	12.04%	12.01%	4.10%

Frequently Asked Questions

Can I hold both COSW and SPYI in my portfolio?

COSW and SPYI have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, COSW or SPYI?

On fees, SPYI is cheaper at 0.68% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, COSW or SPYI?

SPYI is cheaper with a 0.68% expense ratio, compared with 0.99% for COSW.

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

COSW has the higher dividend yield at 20.02%, compared with 12.05% for SPYI.

What is the main difference between COSW and SPYI?

They also come from different issuers: Roundhill and Neos. Their fees differ too: 0.99% for COSW and 0.68% for SPYI.