FNILX vs. SPYI

Last updated Jun 13, 2026

FNILX (Fidelity ZERO Large Cap Index Fund) and SPYI (NEOS S&P 500 High Income ETF) are both funds - FNILX is a Large Cap Blend Equities fund managed by Fidelity, while SPYI is a Derivative Income fund actively managed by Neos. Over the past 3 years, FNILX returned 21.29%/yr vs 15.48%/yr for SPYI. Their correlation of 0.95 suggests significant overlap in exposure. FNILX charges 0.00%/yr vs 0.68%/yr for SPYI.

Performance

FNILX vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity ZERO Large Cap Index Fund (FNILX) 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, FNILX achieves a 8.36% return, which is significantly higher than SPYI's 6.31% return.

FNILX

• 1D: 1.81%
• 1M: -1.16%
• YTD: 8.36%
• 6M: 8.67%
• 1Y: 24.79%
• 3Y*: 21.29%
• 5Y*: 13.10%
• 10Y*: —

SPYI

• 1D: 0.53%
• 1M: -0.52%
• YTD: 6.31%
• 6M: 6.98%
• 1Y: 20.84%
• 3Y*: 15.48%
• 5Y*: —
• 10Y*: —

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

FNILX vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FNILX Fidelity ZERO Large Cap Index Fund	8.36%	17.81%	25.47%	27.45%	-4.48%
SPYI NEOS S&P 500 High Income ETF	6.31%	16.67%	19.03%	18.09%	-3.96%

Correlation

The correlation between FNILX and SPYI is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.95

The correlation between FNILX and SPYI has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

Return for Risk

FNILX vs. SPYI — Risk / Return Rank

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

FNILX

FNILX Risk / Return Rank: 70
FNILX Sharpe Ratio Rank: 70
FNILX Sortino Ratio Rank: 65
FNILX Omega Ratio Rank: 66
FNILX Calmar Ratio Rank: 71
FNILX Martin Ratio Rank: 81

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.

FNILX vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity ZERO Large Cap Index Fund (FNILX) 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.

	FNILX	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	1.92	1.98	-0.06
Sortino ratio: Return per unit of downside risk	2.60	2.68	-0.08
Omega ratio: Gain probability vs. loss probability	1.35	1.39	-0.04
Calmar ratio: Return relative to maximum drawdown	2.66	2.59	+0.07
Martin ratio: Return relative to average drawdown	11.84	13.05	-1.21

FNILX vs. SPYI - Sharpe Ratio Comparison

The current FNILX Sharpe Ratio is 1.92, which is comparable to the SPYI Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of FNILX 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

FNILX vs. SPYI - Drawdown Comparison

The maximum FNILX drawdown since its inception was -33.76%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for FNILX and SPYI.

Drawdown Indicators

	FNILX	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-33.76%	-16.47%	-17.29%
Max Drawdown (1Y) Largest decline over 1 year	-9.01%	-7.72%	-1.29%
Max Drawdown (3Y) Largest decline over 3 years	-19.08%	-16.47%	-2.61%
Max Drawdown (5Y) Largest decline over 5 years	-25.40%	—	—
Current Drawdown Current decline from peak	-2.87%	-1.79%	-1.08%
Average Drawdown Average peak-to-trough decline	-5.36%	-1.81%	-3.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	1.53%	+0.49%

Volatility

FNILX vs. SPYI - Volatility Comparison

Fidelity ZERO Large Cap Index Fund (FNILX) has a higher volatility of 4.59% compared to NEOS S&P 500 High Income ETF (SPYI) at 3.62%. This indicates that FNILX'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

	FNILX	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.59%	3.62%	+0.97%
Volatility (6M) Calculated over the trailing 6-month period	9.76%	8.07%	+1.69%
Volatility (1Y) Calculated over the trailing 1-year period	12.47%	10.10%	+2.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.32%	12.99%	+4.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.05%	12.99%	+7.06%

FNILX vs. SPYI - Expense Ratio Comparison

FNILX has a 0.00% expense ratio, which is lower than SPYI's 0.68% expense ratio.

Dividends

FNILX vs. SPYI - Dividend Comparison

FNILX's dividend yield for the trailing twelve months is around 0.93%, less than SPYI's 11.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FNILX Fidelity ZERO Large Cap Index Fund	0.93%	1.01%	1.09%	1.34%	1.53%	0.95%	1.20%	1.17%	0.53%
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%

Frequently Asked Questions

Can I hold both FNILX and SPYI in my portfolio?

With a correlation of 0.98, FNILX 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, FNILX or SPYI?

FNILX has higher volatility (4.59%) compared to SPYI (3.62%). In terms of maximum drawdown, FNILX dropped -33.76% vs SPYI's -16.47%.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (1.98 vs 1.92), 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.