DIVO vs. SPYI

Last updated Jun 4, 2026

DIVO (Amplify CWP Enhanced Dividend Income ETF) and SPYI (NEOS S&P 500 High Income ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, DIVO returned 15.35%/yr vs 16.41%/yr for SPYI. A 0.76 correlation means they provide meaningful diversification when combined. DIVO charges 0.56%/yr vs 0.68%/yr for SPYI.

Performance

DIVO vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amplify CWP Enhanced Dividend Income ETF (DIVO) 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, DIVO achieves a 5.53% return, which is significantly lower than SPYI's 7.72% return.

DIVO

• 1D: -0.54%
• 1M: 2.34%
• YTD: 5.53%
• 6M: 5.82%
• 1Y: 18.37%
• 3Y*: 15.35%
• 5Y*: 10.61%
• 10Y*: —

SPYI

• 1D: -0.50%
• 1M: 3.71%
• YTD: 7.72%
• 6M: 8.37%
• 1Y: 22.76%
• 3Y*: 16.41%
• 5Y*: —
• 10Y*: —

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

DIVO vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DIVO Amplify CWP Enhanced Dividend Income ETF	5.53%	17.40%	16.22%	6.95%	4.71%
SPYI NEOS S&P 500 High Income ETF	7.72%	16.67%	19.03%	18.09%	-2.44%

Correlation

The correlation between DIVO and SPYI is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022	0.76

The correlation between DIVO and SPYI has been stable across timeframes, ranging from 0.72 to 0.76 - a consistent structural relationship.

DIVO vs. SPYI - Sectors Allocation Comparison

Sectors	DIVO	SPYI
Financial Services	30.3%	11.8%
Industrials	16.2%	8.4%
Technology	14.5%	35.5%
Consumer Cyclical	11.6%	10.1%
Consumer Defensive	6.9%	4.9%
Energy	6.8%	3.5%
Healthcare	6.7%	8.5%
Basic Materials	4.1%	1.8%
Utilities	2.0%	2.3%
Communication Services	1.0%	11.2%
Real Estate	-	2.0%

Return for Risk

DIVO vs. SPYI — Risk / Return Rank

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

DIVO

DIVO Risk / Return Rank: 61
DIVO Sharpe Ratio Rank: 59
DIVO Sortino Ratio Rank: 64
DIVO Omega Ratio Rank: 58
DIVO Calmar Ratio Rank: 61
DIVO Martin Ratio Rank: 61

SPYI

SPYI Risk / Return Rank: 71
SPYI Sharpe Ratio Rank: 71
SPYI Sortino Ratio Rank: 70
SPYI Omega Ratio Rank: 76
SPYI Calmar Ratio Rank: 58
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.

DIVO vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amplify CWP Enhanced Dividend Income ETF (DIVO) 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.

	DIVO	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.38	-0.32
Sortino ratio: Return per unit of downside risk	3.05	3.26	-0.21
Omega ratio: Gain probability vs. loss probability	1.36	1.47	-0.10
Calmar ratio: Return relative to maximum drawdown	3.10	2.96	+0.14
Martin ratio: Return relative to average drawdown	11.21	15.43	-4.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DIVO vs. SPYI - Sharpe Ratio Comparison

The current DIVO Sharpe Ratio is 2.06, which is comparable to the SPYI Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of DIVO 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

	DIVO	SPYI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	2.38	-0.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.89	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	1.21	-0.37

Drawdowns

DIVO vs. SPYI - Drawdown Comparison

The maximum DIVO drawdown since its inception was -30.04%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for DIVO and SPYI.

Drawdown Indicators

	DIVO	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-30.04%	-16.47%	-13.57%
Max Drawdown (1Y) Largest decline over 1 year	-5.95%	-7.72%	+1.77%
Max Drawdown (3Y) Largest decline over 3 years	-12.12%	-16.47%	+4.35%
Max Drawdown (5Y) Largest decline over 5 years	-13.72%	—	—
Current Drawdown Current decline from peak	-0.82%	-0.50%	-0.32%
Average Drawdown Average peak-to-trough decline	-2.61%	-1.80%	-0.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.64%	1.48%	+0.16%

Volatility

DIVO vs. SPYI - Volatility Comparison

Amplify CWP Enhanced Dividend Income ETF (DIVO) has a higher volatility of 2.01% compared to NEOS S&P 500 High Income ETF (SPYI) at 1.82%. This indicates that DIVO'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

	DIVO	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.01%	1.82%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	6.88%	7.41%	-0.53%
Volatility (1Y) Calculated over the trailing 1-year period	8.97%	9.63%	-0.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.94%	12.92%	-0.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.84%	12.92%	+1.92%

DIVO vs. SPYI - Expense Ratio Comparison

DIVO has a 0.56% expense ratio, which is lower than SPYI's 0.68% expense ratio.

Dividends

DIVO vs. SPYI - Dividend Comparison

DIVO's dividend yield for the trailing twelve months is around 6.42%, less than SPYI's 11.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DIVO Amplify CWP Enhanced Dividend Income ETF	6.42%	6.44%	4.70%	4.67%	4.76%	4.79%	4.91%	8.16%	5.27%	3.83%
SPYI NEOS S&P 500 High Income ETF	11.64%	11.70%	12.04%	12.01%	4.10%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DIVO and SPYI in my portfolio?

DIVO and SPYI have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIVO or SPYI?

DIVO has higher volatility (2.01%) compared to SPYI (1.82%). In terms of maximum drawdown, DIVO dropped -30.04% vs SPYI's -16.47%.

Which ETF is better, DIVO or SPYI?

On 3-year performance, SPYI leads with 16.41% vs 15.35% for DIVO. On fees, DIVO is cheaper at 0.56% per year. On volatility, SPYI has been the lower-risk option at 1.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIVO or SPYI?

Over the 3-year period, SPYI has performed better with a 16.41% return vs 15.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIVO or SPYI?

DIVO is cheaper with a 0.56% expense ratio, compared with 0.68% for SPYI.

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

SPYI has the higher dividend yield at 11.64%, compared with 6.42% for DIVO.

What is the main difference between DIVO and SPYI?

They also come from different issuers: Amplify and Neos. Their fees differ too: 0.56% for DIVO and 0.68% for SPYI.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (2.38 vs 2.06), 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.