HDV vs. SPYI

Last updated Jun 16, 2026

HDV (iShares Core High Dividend ETF) and SPYI (NEOS S&P 500 High Income ETF) are both exchange-traded funds - HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index, while SPYI is a Derivative Income fund actively managed by Neos. HDV is passively managed, while SPYI is actively managed. Over the past 3 years, HDV returned 14.34%/yr vs 15.90%/yr for SPYI. At a 0.45 correlation, their price movements are largely independent. HDV charges 0.08%/yr vs 0.68%/yr for SPYI.

Performance

HDV vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Core High Dividend ETF (HDV) 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, HDV achieves a 14.11% return, which is significantly higher than SPYI's 7.94% return.

HDV

• 1D: -1.03%
• 1M: 1.04%
• YTD: 14.11%
• 6M: 13.57%
• 1Y: 20.60%
• 3Y*: 14.34%
• 5Y*: 10.83%
• 10Y*: 9.36%

SPYI

• 1D: 1.53%
• 1M: 1.73%
• YTD: 7.94%
• 6M: 8.71%
• 1Y: 22.69%
• 3Y*: 15.90%
• 5Y*: —
• 10Y*: —

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

HDV vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HDV iShares Core High Dividend ETF	14.11%	11.90%	14.16%	1.72%	3.68%
SPYI NEOS S&P 500 High Income ETF	7.94%	16.67%	19.03%	18.09%	-3.96%

Correlation

The correlation between HDV and SPYI is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.45

Over the past year, the correlation between HDV and SPYI has dropped to 0.12 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.

HDV vs. SPYI - Sectors Allocation Comparison

Sectors	HDV	SPYI
Consumer Defensive	24.2%	4.5%
Energy	21.0%	3.1%
Healthcare	17.0%	8.3%
Financial Services	10.8%	11.1%
Technology	9.7%	39.1%
Utilities	8.9%	2.1%
Consumer Cyclical	6.0%	9.9%
Industrials	1.3%	7.8%
Basic Materials	1.1%	1.7%
Communication Services	0.1%	10.7%
Real Estate	-	1.8%

Return for Risk

HDV vs. SPYI — Risk / Return Rank

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

HDV

HDV Risk / Return Rank: 74
HDV Sharpe Ratio Rank: 74
HDV Sortino Ratio Rank: 79
HDV Omega Ratio Rank: 68
HDV Calmar Ratio Rank: 83
HDV Martin Ratio Rank: 67

SPYI

SPYI Risk / Return Rank: 77
SPYI Sharpe Ratio Rank: 79
SPYI Sortino Ratio Rank: 77
SPYI Omega Ratio Rank: 83
SPYI Calmar Ratio Rank: 65
SPYI Martin Ratio Rank: 83

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.

HDV vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Core High Dividend ETF (HDV) 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.

	HDV	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.24	-0.12
Sortino ratio: Return per unit of downside risk	3.12	3.03	+0.09
Omega ratio: Gain probability vs. loss probability	1.36	1.44	-0.08
Calmar ratio: Return relative to maximum drawdown	4.00	2.95	+1.04
Martin ratio: Return relative to average drawdown	11.07	14.87	-3.80

HDV vs. SPYI - Sharpe Ratio Comparison

The current HDV Sharpe Ratio is 2.12, which is comparable to the SPYI Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of HDV 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

HDV vs. SPYI - Drawdown Comparison

The maximum HDV drawdown since its inception was -37.04%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for HDV and SPYI.

Drawdown Indicators

	HDV	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-37.04%	-16.47%	-20.57%
Max Drawdown (1Y) Largest decline over 1 year	-5.18%	-7.72%	+2.54%
Max Drawdown (3Y) Largest decline over 3 years	-10.49%	-16.47%	+5.98%
Max Drawdown (5Y) Largest decline over 5 years	-15.42%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-37.04%	—	—
Current Drawdown Current decline from peak	-1.31%	-0.30%	-1.01%
Average Drawdown Average peak-to-trough decline	-3.08%	-1.81%	-1.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.87%	1.53%	+0.34%

Volatility

HDV vs. SPYI - Volatility Comparison

The current volatility for iShares Core High Dividend ETF (HDV) is 3.28%, while NEOS S&P 500 High Income ETF (SPYI) has a volatility of 3.89%. This indicates that HDV 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

	HDV	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	3.89%	-0.61%
Volatility (6M) Calculated over the trailing 6-month period	7.53%	8.20%	-0.67%
Volatility (1Y) Calculated over the trailing 1-year period	9.79%	10.19%	-0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.84%	13.01%	-0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.74%	13.01%	+2.73%

HDV vs. SPYI - Expense Ratio Comparison

HDV has a 0.08% expense ratio, which is lower than SPYI's 0.68% expense ratio.

Dividends

HDV vs. SPYI - Dividend Comparison

HDV's dividend yield for the trailing twelve months is around 3.56%, less than SPYI's 11.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDV iShares Core High Dividend ETF	3.56%	3.22%	3.67%	3.82%	3.56%	3.47%	4.07%	3.27%	3.67%	3.27%	3.28%	3.92%
SPYI NEOS S&P 500 High Income ETF	11.62%	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 HDV and SPYI in my portfolio?

HDV and SPYI have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HDV or SPYI?

SPYI has higher volatility (3.89%) compared to HDV (3.28%). In terms of maximum drawdown, HDV dropped -37.04% vs SPYI's -16.47%.

Which ETF is better, HDV or SPYI?

On 3-year performance, SPYI leads with 15.90% vs 14.34% for HDV. On fees, HDV is cheaper at 0.08% per year. On volatility, HDV has been the lower-risk option at 3.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HDV or SPYI?

Over the 3-year period, SPYI has performed better with a 15.90% return vs 14.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HDV or SPYI?

HDV is cheaper with a 0.08% expense ratio, compared with 0.68% for SPYI.

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

SPYI has the higher dividend yield at 11.62%, compared with 3.56% for HDV.

What is the main difference between HDV and SPYI?

HDV is categorized as Dividend, while SPYI is Derivative Income. They also come from different issuers: iShares and Neos. Their fees differ too: 0.08% for HDV and 0.68% for SPYI.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (2.24 vs 2.12), 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.