IYRI vs. FYEE

Last updated Jun 4, 2026

IYRI (NEOS Real Estate High Income ETF) and FYEE (Fidelity Yield Enhanced Equity ETF) are both Derivative Income funds. IYRI is passively managed, while FYEE is actively managed. Over the past year, IYRI returned 8.34% vs 24.64% for FYEE. At a 0.41 correlation, their price movements are largely independent. IYRI charges 0.68%/yr vs 0.28%/yr for FYEE.

Performance

IYRI vs. FYEE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Real Estate High Income ETF (IYRI) and Fidelity Yield Enhanced Equity ETF (FYEE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IYRI achieves a 4.08% return, which is significantly lower than FYEE's 7.03% return.

IYRI

• 1D: 0.17%
• 1M: -1.04%
• YTD: 4.08%
• 6M: 3.47%
• 1Y: 8.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FYEE

• 1D: -0.30%
• 1M: 3.22%
• YTD: 7.03%
• 6M: 8.52%
• 1Y: 24.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IYRI vs. FYEE - Yearly Performance Comparison

	2026 (YTD)	2025
IYRI NEOS Real Estate High Income ETF	4.08%	7.95%
FYEE Fidelity Yield Enhanced Equity ETF	7.03%	14.08%

Correlation

The correlation between IYRI and FYEE is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (All Time) Calculated using the full available price history since Jan 16, 2025	0.41

The correlation between IYRI and FYEE shifts across timeframes, from 0.30 (1 year) to 0.41 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IYRI vs. FYEE — Risk / Return Rank

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

IYRI

IYRI Risk / Return Rank: 23
IYRI Sharpe Ratio Rank: 23
IYRI Sortino Ratio Rank: 21
IYRI Omega Ratio Rank: 22
IYRI Calmar Ratio Rank: 24
IYRI Martin Ratio Rank: 28

FYEE

FYEE Risk / Return Rank: 77
FYEE Sharpe Ratio Rank: 78
FYEE Sortino Ratio Rank: 76
FYEE Omega Ratio Rank: 84
FYEE Calmar Ratio Rank: 66
FYEE 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.

IYRI vs. FYEE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Real Estate High Income ETF (IYRI) and Fidelity Yield Enhanced Equity ETF (FYEE). 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.

	IYRI	FYEE	Difference
Sharpe ratio: Return per unit of total volatility	0.81	2.57	-1.76
Sortino ratio: Return per unit of downside risk	1.16	3.47	-2.30
Omega ratio: Gain probability vs. loss probability	1.15	1.52	-0.37
Calmar ratio: Return relative to maximum drawdown	1.11	3.35	-2.24
Martin ratio: Return relative to average drawdown	4.00	17.14	-13.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IYRI vs. FYEE - Sharpe Ratio Comparison

The current IYRI Sharpe Ratio is 0.81, which is lower than the FYEE Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of IYRI and FYEE, 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

	IYRI	FYEE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.81	2.57	-1.76
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	1.24	-0.57

Drawdowns

IYRI vs. FYEE - Drawdown Comparison

The maximum IYRI drawdown since its inception was -12.12%, smaller than the maximum FYEE drawdown of -18.79%. Use the drawdown chart below to compare losses from any high point for IYRI and FYEE.

Drawdown Indicators

	IYRI	FYEE	Difference
Max Drawdown Largest peak-to-trough decline	-12.12%	-18.79%	+6.67%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	-7.39%	-0.14%
Current Drawdown Current decline from peak	-2.17%	-0.30%	-1.87%
Average Drawdown Average peak-to-trough decline	-1.72%	-2.25%	+0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	1.44%	+0.65%

Volatility

IYRI vs. FYEE - Volatility Comparison

NEOS Real Estate High Income ETF (IYRI) has a higher volatility of 3.03% compared to Fidelity Yield Enhanced Equity ETF (FYEE) at 1.43%. This indicates that IYRI's price experiences larger fluctuations and is considered to be riskier than FYEE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IYRI	FYEE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.03%	1.43%	+1.60%
Volatility (6M) Calculated over the trailing 6-month period	7.17%	7.26%	-0.09%
Volatility (1Y) Calculated over the trailing 1-year period	10.31%	9.64%	+0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.07%	13.84%	-0.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.07%	13.84%	-0.77%

IYRI vs. FYEE - Expense Ratio Comparison

IYRI has a 0.68% expense ratio, which is higher than FYEE's 0.28% expense ratio.

Dividends

IYRI vs. FYEE - Dividend Comparison

IYRI's dividend yield for the trailing twelve months is around 11.27%, more than FYEE's 7.57% yield.

Position	TTM	2025	2024
FYEE Fidelity Yield Enhanced Equity ETF	7.57%	7.08%	5.45%
IYRI NEOS Real Estate High Income ETF	11.27%	11.72%	0.00%

Frequently Asked Questions

Can I hold both IYRI and FYEE in my portfolio?

IYRI and FYEE have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IYRI or FYEE?

IYRI has higher volatility (3.03%) compared to FYEE (1.43%). In terms of maximum drawdown, IYRI dropped -12.12% vs FYEE's -18.79%.

Which ETF is better, IYRI or FYEE?

On 1-year performance, FYEE leads with 24.64% vs 8.34% for IYRI. On fees, FYEE is cheaper at 0.28% per year. On volatility, FYEE has been the lower-risk option at 1.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IYRI or FYEE?

Over the 1-year period, FYEE has performed better with a 24.64% return vs 8.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IYRI or FYEE?

FYEE is cheaper with a 0.28% expense ratio, compared with 0.68% for IYRI.

Which ETF pays a higher dividend yield, IYRI or FYEE?

IYRI has the higher dividend yield at 11.27%, compared with 7.57% for FYEE.

What is the main difference between IYRI and FYEE?

They also come from different issuers: Neos and Fidelity. Their fees differ too: 0.68% for IYRI and 0.28% for FYEE.

Which has better risk-adjusted returns?

FYEE currently has the higher Sharpe Ratio (2.57 vs 0.81), 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.