KBWD vs. SPYI

Last updated Jun 14, 2026

KBWD (Invesco KBW High Dividend Yield Financial ETF) and SPYI (NEOS S&P 500 High Income ETF) are both exchange-traded funds - KBWD is a Financials Equities fund tracking the KBW Nasdaq Financial Sector Dividend Yield Index, while SPYI is a Derivative Income fund actively managed by Neos. KBWD is passively managed, while SPYI is actively managed. Over the past 3 years, KBWD returned 5.00%/yr vs 15.48%/yr for SPYI. A 0.61 correlation means they provide meaningful diversification when combined. KBWD charges 1.24%/yr vs 0.68%/yr for SPYI.

Performance

KBWD vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco KBW High Dividend Yield Financial ETF (KBWD) 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, KBWD achieves a -3.74% return, which is significantly lower than SPYI's 6.31% return.

KBWD

• 1D: 0.80%
• 1M: -1.25%
• YTD: -3.74%
• 6M: -4.15%
• 1Y: 3.52%
• 3Y*: 5.00%
• 5Y*: 0.34%
• 10Y*: 5.25%

SPYI

• 1D: 0.53%
• 1M: -0.52%
• YTD: 6.31%
• 6M: 6.98%
• 1Y: 20.84%
• 3Y*: 15.48%
• 5Y*: —
• 10Y*: —

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

KBWD vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
KBWD Invesco KBW High Dividend Yield Financial ETF	-3.74%	5.59%	4.30%	20.21%	-12.04%
SPYI NEOS S&P 500 High Income ETF	6.31%	16.67%	19.03%	18.09%	-3.96%

Correlation

The correlation between KBWD and SPYI is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.61

The correlation between KBWD and SPYI has been stable across timeframes, ranging from 0.52 to 0.61 - a consistent structural relationship.

KBWD vs. SPYI - Sectors Allocation Comparison

Sectors	KBWD	SPYI
Financial Services	60.8%	11.1%
Real Estate	39.2%	1.8%
Basic Materials	-	1.7%
Communication Services	-	10.7%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.5%
Energy	-	3.1%
Healthcare	-	8.3%
Industrials	-	7.8%
Technology	-	39.1%
Utilities	-	2.1%

Return for Risk

KBWD vs. SPYI — Risk / Return Rank

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

KBWD

KBWD Risk / Return Rank: 11
KBWD Sharpe Ratio Rank: 11
KBWD Sortino Ratio Rank: 11
KBWD Omega Ratio Rank: 11
KBWD Calmar Ratio Rank: 11
KBWD Martin Ratio Rank: 11

SPYI

SPYI Risk / Return Rank: 71
SPYI Sharpe Ratio Rank: 71
SPYI Sortino Ratio Rank: 69
SPYI Omega Ratio Rank: 76
SPYI Calmar Ratio Rank: 60
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.

KBWD vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco KBW High Dividend Yield Financial ETF (KBWD) 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.

	KBWD	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	0.13	1.98	-1.85
Sortino ratio: Return per unit of downside risk	0.29	2.68	-2.40
Omega ratio: Gain probability vs. loss probability	1.03	1.39	-0.35
Calmar ratio: Return relative to maximum drawdown	0.13	2.59	-2.46
Martin ratio: Return relative to average drawdown	0.32	13.05	-12.73

KBWD vs. SPYI - Sharpe Ratio Comparison

The current KBWD Sharpe Ratio is 0.13, which is lower than the SPYI Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of KBWD 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

KBWD vs. SPYI - Drawdown Comparison

The maximum KBWD drawdown since its inception was -58.63%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for KBWD and SPYI.

Drawdown Indicators

	KBWD	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-58.63%	-16.47%	-42.16%
Max Drawdown (1Y) Largest decline over 1 year	-15.05%	-7.72%	-7.33%
Max Drawdown (3Y) Largest decline over 3 years	-19.65%	-16.47%	-3.18%
Max Drawdown (5Y) Largest decline over 5 years	-30.74%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-58.63%	—	—
Current Drawdown Current decline from peak	-10.58%	-1.79%	-8.79%
Average Drawdown Average peak-to-trough decline	-7.41%	-1.81%	-5.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.10%	1.53%	+4.57%

Volatility

KBWD vs. SPYI - Volatility Comparison

Invesco KBW High Dividend Yield Financial ETF (KBWD) has a higher volatility of 4.70% compared to NEOS S&P 500 High Income ETF (SPYI) at 3.62%. This indicates that KBWD'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

	KBWD	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.70%	3.62%	+1.08%
Volatility (6M) Calculated over the trailing 6-month period	12.36%	8.07%	+4.29%
Volatility (1Y) Calculated over the trailing 1-year period	15.59%	10.10%	+5.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.89%	12.99%	+6.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.25%	12.99%	+10.26%

KBWD vs. SPYI - Expense Ratio Comparison

KBWD has a 1.24% expense ratio, which is higher than SPYI's 0.68% expense ratio.

Dividends

KBWD vs. SPYI - Dividend Comparison

KBWD's dividend yield for the trailing twelve months is around 14.14%, more than SPYI's 11.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KBWD Invesco KBW High Dividend Yield Financial ETF	14.14%	12.83%	12.45%	11.45%	11.32%	7.26%	9.68%	8.63%	9.47%	8.77%	8.68%	8.89%
SPYI NEOS S&P 500 High Income ETF	11.80%	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 KBWD and SPYI in my portfolio?

KBWD and SPYI have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KBWD or SPYI?

KBWD has higher volatility (4.70%) compared to SPYI (3.62%). In terms of maximum drawdown, KBWD dropped -58.63% vs SPYI's -16.47%.

Which ETF is better, KBWD or SPYI?

On 3-year performance, SPYI leads with 15.48% vs 5.00% for KBWD. On fees, SPYI is cheaper at 0.68% per year. On volatility, SPYI has been the lower-risk option at 3.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, KBWD or SPYI?

Over the 3-year period, SPYI has performed better with a 15.48% return vs 5.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, KBWD or SPYI?

SPYI is cheaper with a 0.68% expense ratio, compared with 1.24% for KBWD.

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

KBWD has the higher dividend yield at 14.14%, compared with 11.80% for SPYI.

What is the main difference between KBWD and SPYI?

KBWD is categorized as Financials Equities, while SPYI is Derivative Income. They also come from different issuers: Invesco and Neos. Their fees differ too: 1.24% for KBWD and 0.68% for SPYI.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (1.98 vs 0.13), 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.