GTEYX vs. SPYI

Last updated Aug 1, 2026

GTEYX (Gateway Fund Class Y Shares) and SPYI (NEOS S&P 500 High Income ETF) are both funds - GTEYX is a Options Trading fund managed by Natixis, while SPYI is a Derivative Income fund actively managed by Neos. Over the past 3 years, GTEYX returned 10.62%/yr vs 14.78%/yr for SPYI. Their correlation of 0.82 means they have usually moved in the same direction. GTEYX charges 0.70%/yr vs 0.68%/yr for SPYI.

Performance

GTEYX vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gateway Fund Class Y Shares (GTEYX) 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, GTEYX achieves a 4.07% return, which is significantly lower than SPYI's 7.96% return.

GTEYX

• 1D: 1.09%
• 1M: -0.54%
• 6M: 2.92%
• YTD: 4.07%
• 1Y: 10.15%
• 3Y*: 10.62%
• 5Y*: 6.74%
• 10Y*: 6.83%
• ALL TIME*: 5.85%

SPYI

• 1D: 0.65%
• 1M: 0.62%
• 6M: 6.50%
• YTD: 7.96%
• 1Y: 18.69%
• 3Y*: 14.78%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.51%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GTEYX Gateway Fund Class Y Shares	$0.00	$0.00	$0.00
SPYI NEOS S&P 500 High Income ETF	$155.71M	$137.58M	$149.04M

GTEYX vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GTEYX Gateway Fund Class Y Shares	4.07%	10.28%	15.82%	14.70%	-2.25%
SPYI NEOS S&P 500 High Income ETF	7.96%	16.67%	19.03%	18.09%	-3.96%

Correlation

The correlation between GTEYX and SPYI is 0.79, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.79
Correlation (3Y) Balances recent behavior with more history.	0.78
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.82

The correlation between GTEYX and SPYI has been stable across timeframes, ranging from 0.78 to 0.82 - a consistent structural relationship.

Return for Risk

GTEYX vs. SPYI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GTEYX

GTEYX Risk / Return Rank: 64
GTEYX Sharpe Ratio Rank: 62
GTEYX Sortino Ratio Rank: 63
GTEYX Omega Ratio Rank: 64
GTEYX Calmar Ratio Rank: 56
GTEYX Martin Ratio Rank: 73

SPYI

SPYI Risk / Return Rank: 72
SPYI Sharpe Ratio Rank: 71
SPYI Sortino Ratio Rank: 68
SPYI Omega Ratio Rank: 73
SPYI Calmar Ratio Rank: 64
SPYI Martin Ratio Rank: 82

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GTEYX vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gateway Fund Class Y Shares (GTEYX) 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.

	GTEYX	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	1.50	1.59	-0.09
Sortino ratio: Return per unit of downside risk	2.18	2.21	-0.03
Omega ratio: Gain probability vs. loss probability	1.28	1.30	-0.02
Calmar ratio: Return relative to maximum drawdown	1.96	2.23	-0.26
Martin ratio: Return relative to average drawdown	8.91	10.69	-1.78

GTEYX vs. SPYI - Sharpe Ratio Comparison

The current GTEYX Sharpe Ratio is 1.50, which is comparable to the SPYI Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of GTEYX 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

GTEYX vs. SPYI - Drawdown Comparison

The maximum GTEYX drawdown since its inception was -16.58%, roughly equal to the maximum SPYI drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for GTEYX and SPYI.

Drawdown Indicators

	GTEYX	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-16.58%	-16.47%	-0.11%
Max Drawdown (1Y) Largest decline over 1 year	-5.98%	-7.72%	+1.74%
Max Drawdown (3Y) Largest decline over 3 years	-11.48%	-16.47%	+4.99%
Max Drawdown (5Y) Largest decline over 5 years	-16.25%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-16.25%	—	—
Current Drawdown Current decline from peak	-1.36%	-0.65%	-0.71%
Average Drawdown Average peak-to-trough decline	-2.05%	-1.79%	-0.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.23%	1.61%	-0.38%

Volatility

GTEYX vs. SPYI - Volatility Comparison

The current volatility for Gateway Fund Class Y Shares (GTEYX) is 2.25%, while NEOS S&P 500 High Income ETF (SPYI) has a volatility of 3.22%. This indicates that GTEYX 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

	GTEYX	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.25%	3.22%	-0.97%
Volatility (6M) Calculated over the trailing 6-month period	5.94%	8.68%	-2.74%
Volatility (1Y) Calculated over the trailing 1-year period	7.81%	10.80%	-2.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.66%	12.96%	-3.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.93%	12.96%	-4.03%

GTEYX vs. SPYI - Expense Ratio Comparison

GTEYX has a 0.70% expense ratio, which is higher than SPYI's 0.68% expense ratio.

Dividends

GTEYX vs. SPYI - Dividend Comparison

GTEYX's dividend yield for the trailing twelve months is around 0.30%, less than SPYI's 11.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GTEYX Gateway Fund Class Y Shares	0.30%	0.39%	0.65%	0.90%	0.89%	0.66%	1.06%	1.32%	1.41%	1.24%	1.60%	2.09%
SPYI NEOS S&P 500 High Income ETF	11.93%	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 GTEYX and SPYI in my portfolio?

GTEYX and SPYI have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GTEYX or SPYI?

SPYI has higher volatility (3.22%) compared to GTEYX (2.25%). In terms of maximum drawdown, GTEYX dropped -16.58% vs SPYI's -16.47%.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (1.59 vs 1.50), 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.