NEHI vs. SPYI

Last updated Jul 14, 2026

NEHI (NEOS Ethereum High Income ETF) and SPYI (NEOS S&P 500 High Income ETF) are both exchange-traded funds - NEHI is a Cryptocurrency fund actively managed by Neos, while SPYI is a Derivative Income fund actively managed by Neos. Both are actively managed. A 0.50 correlation means they provide meaningful diversification when combined. NEHI charges 0.98%/yr vs 0.68%/yr for SPYI.

Performance

NEHI vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Ethereum High Income ETF (NEHI) 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, NEHI achieves a -37.76% return, which is significantly lower than SPYI's 7.92% return.

NEHI

• 1D: -1.04%
• 1M: 4.13%
• 6M: -40.37%
• YTD: -37.76%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPYI

• 1D: -0.61%
• 1M: 1.51%
• 6M: 6.46%
• YTD: 7.92%
• 1Y: 18.57%
• 3Y*: 15.25%
• 5Y*: —
• 10Y*: —

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

NEHI vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025
NEHI NEOS Ethereum High Income ETF	-37.76%	-1.24%
SPYI NEOS S&P 500 High Income ETF	7.92%	0.91%

Correlation

The correlation between NEHI and SPYI is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 3, 2025	0.50

Return for Risk

NEHI vs. SPYI — Risk / Return Rank

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

NEHI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SPYI

SPYI Risk / Return Rank: 70
SPYI Sharpe Ratio Rank: 69
SPYI Sortino Ratio Rank: 67
SPYI Omega Ratio Rank: 74
SPYI Calmar Ratio Rank: 61
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.

NEHI vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Ethereum High Income ETF (NEHI) 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.

	NEHI	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	—	1.79	—
Sortino ratio: Return per unit of downside risk	—	2.46	—
Omega ratio: Gain probability vs. loss probability	—	1.35	—
Calmar ratio: Return relative to maximum drawdown	—	2.42	—
Martin ratio: Return relative to average drawdown	—	11.80	—

Drawdowns

NEHI vs. SPYI - Drawdown Comparison

The maximum NEHI drawdown since its inception was -50.12%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for NEHI and SPYI.

Drawdown Indicators

	NEHI	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-50.12%	-16.47%	-33.65%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.72%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-16.47%	—
Current Drawdown Current decline from peak	-44.33%	-0.61%	-43.72%
Average Drawdown Average peak-to-trough decline	-28.53%	-1.80%	-26.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.58%	—

Volatility

Volatility by Period

	NEHI	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.66%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.45%	—
Volatility (1Y) Calculated over the trailing 1-year period	58.43%	10.46%	+47.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.43%	12.97%	+45.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.43%	12.97%	+45.46%

NEHI vs. SPYI - Expense Ratio Comparison

NEHI has a 0.98% expense ratio, which is higher than SPYI's 0.68% expense ratio.

Dividends

NEHI vs. SPYI - Dividend Comparison

NEHI's dividend yield for the trailing twelve months is around 28.39%, more than SPYI's 11.79% yield.

Position	TTM	2025	2024	2023	2022
NEHI NEOS Ethereum High Income ETF	28.39%	2.87%	0.00%	0.00%	0.00%
SPYI NEOS S&P 500 High Income ETF	11.79%	11.70%	12.04%	12.01%	4.10%

Frequently Asked Questions

Can I hold both NEHI and SPYI in my portfolio?

NEHI and SPYI have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NEHI or SPYI?

On fees, SPYI is cheaper at 0.68% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NEHI or SPYI?

SPYI is cheaper with a 0.68% expense ratio, compared with 0.98% for NEHI.

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

NEHI has the higher dividend yield at 28.39%, compared with 11.79% for SPYI.

What is the main difference between NEHI and SPYI?

NEHI is categorized as Cryptocurrency, while SPYI is Derivative Income. Their fees differ too: 0.98% for NEHI and 0.68% for SPYI.