IYRI vs. SPYI

Last updated Jun 24, 2026

IYRI (NEOS Real Estate High Income ETF) and SPYI (NEOS S&P 500 High Income ETF) are both Derivative Income funds from Neos. Both are actively managed. Over the past year, IYRI returned 9.17% vs 19.05% for SPYI. At a 0.38 correlation, their price movements are largely independent. Both charge a 0.68% expense ratio.

Performance

IYRI vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Real Estate High Income ETF (IYRI) 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, IYRI achieves a 7.08% return, which is significantly higher than SPYI's 5.56% return.

IYRI

• 1D: 1.00%
• 1M: 0.83%
• YTD: 7.08%
• 6M: 7.36%
• 1Y: 9.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPYI

• 1D: -1.30%
• 1M: -1.23%
• YTD: 5.56%
• 6M: 4.95%
• 1Y: 19.05%
• 3Y*: 15.16%
• 5Y*: —
• 10Y*: —

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

IYRI vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025
IYRI NEOS Real Estate High Income ETF	7.08%	6.99%
SPYI NEOS S&P 500 High Income ETF	5.56%	17.06%

Correlation

The correlation between IYRI and SPYI is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	0.38

The correlation between IYRI and SPYI shifts across timeframes, from 0.26 (1 year) to 0.38 (all time), reflecting how their relationship changes across market environments.

Return for Risk

IYRI vs. SPYI — Risk / Return Rank

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

IYRI

IYRI Risk / Return Rank: 26
IYRI Sharpe Ratio Rank: 25
IYRI Sortino Ratio Rank: 23
IYRI Omega Ratio Rank: 23
IYRI Calmar Ratio Rank: 26
IYRI Martin Ratio Rank: 31

SPYI

SPYI Risk / Return Rank: 58
SPYI Sharpe Ratio Rank: 57
SPYI Sortino Ratio Rank: 54
SPYI Omega Ratio Rank: 61
SPYI Calmar Ratio Rank: 52
SPYI Martin Ratio Rank: 69

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. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Real Estate High Income ETF (IYRI) 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.

	IYRI	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	0.86	1.85	-1.00
Sortino ratio: Return per unit of downside risk	1.23	2.53	-1.30
Omega ratio: Gain probability vs. loss probability	1.16	1.36	-0.20
Calmar ratio: Return relative to maximum drawdown	1.22	2.48	-1.26
Martin ratio: Return relative to average drawdown	4.37	12.37	-8.00

IYRI vs. SPYI - Sharpe Ratio Comparison

The current IYRI Sharpe Ratio is 0.86, which is lower than the SPYI Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of IYRI 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

IYRI vs. SPYI - Drawdown Comparison

The maximum IYRI drawdown since its inception was -12.12%, smaller than the maximum SPYI drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for IYRI and SPYI.

Drawdown Indicators

	IYRI	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-12.12%	-16.47%	+4.35%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	-7.72%	+0.19%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.47%	—
Current Drawdown Current decline from peak	-0.52%	-2.49%	+1.97%
Average Drawdown Average peak-to-trough decline	-1.69%	-1.81%	+0.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	1.54%	+0.56%

Volatility

IYRI vs. SPYI - Volatility Comparison

NEOS Real Estate High Income ETF (IYRI) and NEOS S&P 500 High Income ETF (SPYI) have volatilities of 4.21% and 4.27%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IYRI	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.21%	4.27%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	7.94%	8.32%	-0.38%
Volatility (1Y) Calculated over the trailing 1-year period	10.80%	10.34%	+0.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.20%	13.02%	+0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.20%	13.02%	+0.18%

IYRI vs. SPYI - Expense Ratio Comparison

Both IYRI and SPYI have an expense ratio of 0.68%.

Dividends

IYRI vs. SPYI - Dividend Comparison

IYRI's dividend yield for the trailing twelve months is around 11.96%, less than SPYI's 13.02% yield.

Position	TTM	2025	2024	2023	2022
IYRI NEOS Real Estate High Income ETF	11.96%	11.72%	0.00%	0.00%	0.00%
SPYI NEOS S&P 500 High Income ETF	13.02%	11.70%	12.04%	12.01%	4.10%

Frequently Asked Questions

Can I hold both IYRI and SPYI in my portfolio?

IYRI and SPYI have a correlation of 0.26, 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 SPYI?

SPYI has higher volatility (4.27%) compared to IYRI (4.21%). In terms of maximum drawdown, IYRI dropped -12.12% vs SPYI's -16.47%.

Which ETF is better, IYRI or SPYI?

On 1-year performance, SPYI leads with 19.05% vs 9.17% for IYRI. Both ETFs have the same 0.68% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IYRI or SPYI?

Over the 1-year period, SPYI has performed better with a 19.05% return vs 9.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IYRI or SPYI?

IYRI and SPYI have the same expense ratio: 0.68% per year.

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

SPYI has the higher dividend yield at 13.02%, compared with 11.96% for IYRI.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (1.85 vs 0.86), 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.