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MISHX vs. SPYI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

MISHX vs. SPYI

Last updated Jun 24, 2026

MISHX (AB Municipal Income Shares) and SPYI (NEOS S&P 500 High Income ETF) are both funds - MISHX is a High Yield Muni fund managed by AllianceBernstein, while SPYI is a Derivative Income fund actively managed by Neos. Over the past 3 years, MISHX returned 5.75%/yr vs 15.16%/yr for SPYI. At a 0.14 correlation, their price movements are largely independent. MISHX charges 0.00%/yr vs 0.68%/yr for SPYI.

Performance

MISHX vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AB Municipal Income Shares (MISHX) and NEOS S&P 500 High Income ETF (SPYI). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, MISHX achieves a 2.13% return, which is significantly lower than SPYI's 5.56% return.

MISHX

1D
-0.18%
1M
1.87%
YTD
2.13%
6M
2.72%
1Y
7.67%
3Y*
5.75%
5Y*
1.58%
10Y*
3.52%

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)

MISHX vs. SPYI - Yearly Performance Comparison

2026 (YTD)2025202420232022
MISHX
AB Municipal Income Shares		2.13%6.41%5.29%6.24%-1.68%
SPYI
NEOS S&P 500 High Income ETF		5.56%16.67%19.03%18.09%-3.96%

Correlation

The correlation between MISHX and SPYI is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.20

Correlation (3Y)
Calculated over the trailing 3-year period

0.15

Correlation (All Time)
Calculated using the full available price history since Aug 30, 2022

0.14

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AB Municipal Income Shares

NEOS S&P 500 High Income ETF

Often compared with MISHX:
MISHX vs. VWAHXMISHX vs. FEHIXMISHX vs. NVHIXMISHX vs. SCHDMISHX vs. VTEBMISHX vs. VWEHXMISHX vs. ICMUX
Often compared with SPYI:
SPYI vs. QQQISPYI vs. SPYSPYI vs. JEPISPYI vs. JEPQSPYI vs. GPIXSPYI vs. SCHDSPYI vs. VOO

Return for Risk

MISHX vs. SPYI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
MISHX
MISHX Risk / Return Rank: 7070
Overall Rank
MISHX Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
MISHX Sortino Ratio Rank: 8888
Sortino Ratio Rank
MISHX Omega Ratio Rank: 8989
Omega Ratio Rank
MISHX Calmar Ratio Rank: 4848
Calmar Ratio Rank
MISHX Martin Ratio Rank: 4545
Martin Ratio Rank
SPYI
SPYI Risk / Return Rank: 5858
Overall Rank
SPYI Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
SPYI Sortino Ratio Rank: 5454
Sortino Ratio Rank
SPYI Omega Ratio Rank: 6161
Omega Ratio Rank
SPYI Calmar Ratio Rank: 5252
Calmar Ratio Rank
SPYI Martin Ratio Rank: 6969
Martin Ratio Rank
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.

MISHX vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AB Municipal Income Shares (MISHX) 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.

MISHXSPYIDifference
Sharpe ratioReturn per unit of total volatility
2.40
1.85

+0.54

Sortino ratioReturn per unit of downside risk
3.91
2.53

+1.38

Omega ratioGain probability vs. loss probability

1.61

1.36

+0.25

Calmar ratioReturn relative to maximum drawdown

2.52

2.48

+0.04

Martin ratioReturn relative to average drawdown

8.98

12.37

-3.39

MISHX vs. SPYI - Sharpe Ratio Comparison

The current MISHX Sharpe Ratio is 2.40, which is comparable to the SPYI Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of MISHX 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.

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Drawdowns

MISHX vs. SPYI - Drawdown Comparison

The maximum MISHX drawdown since its inception was -19.03%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for MISHX and SPYI.

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Drawdown Indicators

MISHXSPYIDifference

Max Drawdown

Largest peak-to-trough decline

-19.03%

-16.47%

-2.56%

Max Drawdown (1Y)

Largest decline over 1 year

-3.09%

-7.72%

+4.63%

Max Drawdown (3Y)

Largest decline over 3 years

-7.89%

-16.47%

+8.58%

Max Drawdown (5Y)

Largest decline over 5 years

-18.20%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-19.03%

—

—

Current Drawdown

Current decline from peak

-0.18%

-2.49%

+2.31%

Average Drawdown

Average peak-to-trough decline

-3.40%

-1.81%

-1.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.87%

1.54%

-0.67%

Volatility

MISHX vs. SPYI - Volatility Comparison

The current volatility for AB Municipal Income Shares (MISHX) is 0.93%, while NEOS S&P 500 High Income ETF (SPYI) has a volatility of 4.27%. This indicates that MISHX 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.

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Volatility by Period

MISHXSPYIDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.93%

4.27%

-3.34%

Volatility (6M)

Calculated over the trailing 6-month period

2.46%

8.32%

-5.86%

Volatility (1Y)

Calculated over the trailing 1-year period

3.26%

10.34%

-7.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

5.00%

13.02%

-8.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

5.19%

13.02%

-7.83%

MISHX vs. SPYI - Expense Ratio Comparison

MISHX has a 0.00% expense ratio, which is lower than SPYI's 0.68% expense ratio.

Dividends

MISHX vs. SPYI - Dividend Comparison

MISHX's dividend yield for the trailing twelve months is around 4.81%, less than SPYI's 13.02% yield.

PositionTTM20252024202320222021202020192018201720162015
MISHX
AB Municipal Income Shares		4.81%6.23%4.80%3.23%3.75%2.77%3.56%3.98%3.77%3.78%4.25%4.38%
SPYI
NEOS S&P 500 High Income ETF		13.02%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

MISHX and SPYI have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SPYI has higher volatility (4.27%) compared to MISHX (0.93%). In terms of maximum drawdown, MISHX dropped -19.03% vs SPYI's -16.47%.

MISHX currently has the higher Sharpe Ratio (2.40 vs 1.85), 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.

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