JFLI vs. SPYI

Last updated Jun 4, 2026

JFLI (JPMorgan Flexible Income ETF) and SPYI (NEOS S&P 500 High Income ETF) are both exchange-traded funds - JFLI is a Global Allocation fund actively managed by JPMorgan, while SPYI is a Derivative Income fund actively managed by Neos. Both are actively managed. Over the past year, JFLI returned 21.09% vs 22.76% for SPYI. Their correlation of 0.89 suggests significant overlap in exposure. JFLI charges 0.35%/yr vs 0.68%/yr for SPYI.

Performance

JFLI vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Flexible Income ETF (JFLI) 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, JFLI achieves a 9.90% return, which is significantly higher than SPYI's 7.72% return.

JFLI

• 1D: -0.32%
• 1M: 3.80%
• YTD: 9.90%
• 6M: 9.51%
• 1Y: 21.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPYI

• 1D: -0.50%
• 1M: 3.71%
• YTD: 7.72%
• 6M: 8.37%
• 1Y: 22.76%
• 3Y*: 16.41%
• 5Y*: —
• 10Y*: —

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

JFLI vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025
JFLI JPMorgan Flexible Income ETF	9.90%	9.49%
SPYI NEOS S&P 500 High Income ETF	7.72%	12.52%

Correlation

The correlation between JFLI and SPYI is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (All Time) Calculated using the full available price history since Feb 14, 2025	0.89

The correlation between JFLI and SPYI has been stable across timeframes, ranging from 0.88 to 0.89 - a consistent structural relationship.

JFLI vs. SPYI - Sectors Allocation Comparison

Sectors	JFLI	SPYI
Technology	28.4%	35.5%
Financial Services	10.4%	11.8%
Communication Services	9.8%	11.2%
Consumer Cyclical	9.3%	10.1%
Consumer Defensive	8.1%	4.9%
Industrials	7.8%	8.4%
Healthcare	7.2%	8.5%
Utilities	6.5%	2.3%
Energy	5.0%	3.5%
Real Estate	4.6%	2.0%
Basic Materials	3.1%	1.8%

Return for Risk

JFLI vs. SPYI — Risk / Return Rank

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

JFLI

JFLI Risk / Return Rank: 76
JFLI Sharpe Ratio Rank: 77
JFLI Sortino Ratio Rank: 79
JFLI Omega Ratio Rank: 80
JFLI Calmar Ratio Rank: 64
JFLI Martin Ratio Rank: 79

SPYI

SPYI Risk / Return Rank: 71
SPYI Sharpe Ratio Rank: 71
SPYI Sortino Ratio Rank: 70
SPYI Omega Ratio Rank: 76
SPYI Calmar Ratio Rank: 58
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.

JFLI vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Flexible Income ETF (JFLI) 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.

	JFLI	SPYI	Difference
Sharpe ratio Return per unit of total volatility	2.53	2.38	+0.15
Sortino ratio Return per unit of downside risk	3.58	3.26	+0.32
Omega ratio Gain probability vs. loss probability	1.48	1.47	+0.02
Calmar ratio Return relative to maximum drawdown	3.17	2.96	+0.21
Martin ratio Return relative to average drawdown	15.34	15.43	-0.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JFLI vs. SPYI - Sharpe Ratio Comparison

The current JFLI Sharpe Ratio is 2.53, which is comparable to the SPYI Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of JFLI 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.

Sharpe Ratios by Period

	JFLI	SPYI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	2.38	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	1.29	1.21	+0.08

Drawdowns

JFLI vs. SPYI - Drawdown Comparison

The maximum JFLI drawdown since its inception was -12.87%, smaller than the maximum SPYI drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for JFLI and SPYI.

Drawdown Indicators

	JFLI	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-12.87%	-16.47%	+3.60%
Max Drawdown (1Y) Largest decline over 1 year	-6.67%	-7.72%	+1.05%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.47%	—
Current Drawdown Current decline from peak	-0.32%	-0.50%	+0.18%
Average Drawdown Average peak-to-trough decline	-1.44%	-1.80%	+0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.38%	1.48%	-0.10%

Volatility

JFLI vs. SPYI - Volatility Comparison

JPMorgan Flexible Income ETF (JFLI) has a higher volatility of 2.35% compared to NEOS S&P 500 High Income ETF (SPYI) at 1.82%. This indicates that JFLI'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

	JFLI	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.35%	1.82%	+0.53%
Volatility (6M) Calculated over the trailing 6-month period	6.93%	7.41%	-0.48%
Volatility (1Y) Calculated over the trailing 1-year period	8.39%	9.63%	-1.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.90%	12.92%	-1.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.90%	12.92%	-1.02%

JFLI vs. SPYI - Expense Ratio Comparison

JFLI has a 0.35% expense ratio, which is lower than SPYI's 0.68% expense ratio.

Dividends

JFLI vs. SPYI - Dividend Comparison

JFLI's dividend yield for the trailing twelve months is around 7.18%, less than SPYI's 11.64% yield.

Position	TTM	2025	2024	2023	2022
JFLI JPMorgan Flexible Income ETF	7.18%	6.81%	0.00%	0.00%	0.00%
SPYI NEOS S&P 500 High Income ETF	11.64%	11.70%	12.04%	12.01%	4.10%

Frequently Asked Questions

Can I hold both JFLI and SPYI in my portfolio?

JFLI and SPYI have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JFLI or SPYI?

JFLI has higher volatility (2.35%) compared to SPYI (1.82%). In terms of maximum drawdown, JFLI dropped -12.87% vs SPYI's -16.47%.

Which ETF is better, JFLI or SPYI?

On 1-year performance, SPYI leads with 22.76% vs 21.09% for JFLI. On fees, JFLI is cheaper at 0.35% per year. On volatility, SPYI has been the lower-risk option at 1.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JFLI or SPYI?

Over the 1-year period, SPYI has performed better with a 22.76% return vs 21.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JFLI or SPYI?

JFLI is cheaper with a 0.35% expense ratio, compared with 0.68% for SPYI.

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

SPYI has the higher dividend yield at 11.64%, compared with 7.18% for JFLI.

What is the main difference between JFLI and SPYI?

JFLI is categorized as Global Allocation, while SPYI is Derivative Income. They also come from different issuers: JPMorgan and Neos. Their fees differ too: 0.35% for JFLI and 0.68% for SPYI.

Which has better risk-adjusted returns?

JFLI currently has the higher Sharpe Ratio (2.53 vs 2.38), 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.