NHFIX vs. SPYI

Last updated Jun 4, 2026

NHFIX (Northern High Yield Fixed Income Fund) and SPYI (NEOS S&P 500 High Income ETF) are both funds - NHFIX is a High Yield Bonds fund managed by Northern Funds, while SPYI is a Derivative Income fund actively managed by Neos. Over the past 3 years, NHFIX returned 9.25%/yr vs 16.41%/yr for SPYI. At a 0.49 correlation, their price movements are largely independent. NHFIX charges 0.60%/yr vs 0.68%/yr for SPYI.

Performance

NHFIX vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Northern High Yield Fixed Income Fund (NHFIX) 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, NHFIX achieves a 1.87% return, which is significantly lower than SPYI's 7.72% return.

NHFIX

• 1D: 0.00%
• 1M: 0.64%
• YTD: 1.87%
• 6M: 2.16%
• 1Y: 7.76%
• 3Y*: 9.25%
• 5Y*: 3.67%
• 10Y*: 5.55%

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)

NHFIX vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NHFIX Northern High Yield Fixed Income Fund	1.87%	8.79%	8.03%	13.96%	-0.48%
SPYI NEOS S&P 500 High Income ETF	7.72%	16.67%	19.03%	18.09%	-2.44%

Correlation

The correlation between NHFIX and SPYI is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022	0.49

The correlation between NHFIX and SPYI has been stable across timeframes, ranging from 0.46 to 0.54 - a consistent structural relationship.

Return for Risk

NHFIX vs. SPYI — Risk / Return Rank

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

NHFIX

NHFIX Risk / Return Rank: 81
NHFIX Sharpe Ratio Rank: 67
NHFIX Sortino Ratio Rank: 86
NHFIX Omega Ratio Rank: 85
NHFIX Calmar Ratio Rank: 83
NHFIX Martin Ratio Rank: 84

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.

NHFIX vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Northern High Yield Fixed Income Fund (NHFIX) 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.

	NHFIX	SPYI	Difference
Sharpe ratio Return per unit of total volatility	2.39	2.38	+0.02
Sortino ratio Return per unit of downside risk	4.09	3.26	+0.82
Omega ratio Gain probability vs. loss probability	1.57	1.47	+0.11
Calmar ratio Return relative to maximum drawdown	3.85	2.96	+0.89
Martin ratio Return relative to average drawdown	15.88	15.43	+0.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NHFIX vs. SPYI - Sharpe Ratio Comparison

The current NHFIX Sharpe Ratio is 2.39, which is comparable to the SPYI Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of NHFIX 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

	NHFIX	SPYI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	2.38	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.73	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.94	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.06	1.21	-0.16

Drawdowns

NHFIX vs. SPYI - Drawdown Comparison

The maximum NHFIX drawdown since its inception was -27.87%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for NHFIX and SPYI.

Drawdown Indicators

	NHFIX	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-27.87%	-16.47%	-11.40%
Max Drawdown (1Y) Largest decline over 1 year	-2.10%	-7.72%	+5.62%
Max Drawdown (3Y) Largest decline over 3 years	-4.39%	-16.47%	+12.08%
Max Drawdown (5Y) Largest decline over 5 years	-17.47%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-24.72%	—	—
Current Drawdown Current decline from peak	0.00%	-0.50%	+0.50%
Average Drawdown Average peak-to-trough decline	-2.78%	-1.80%	-0.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.50%	1.48%	-0.98%

Volatility

NHFIX vs. SPYI - Volatility Comparison

The current volatility for Northern High Yield Fixed Income Fund (NHFIX) is 1.21%, while NEOS S&P 500 High Income ETF (SPYI) has a volatility of 1.82%. This indicates that NHFIX 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.

Volatility by Period

	NHFIX	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.21%	1.82%	-0.61%
Volatility (6M) Calculated over the trailing 6-month period	2.59%	7.41%	-4.82%
Volatility (1Y) Calculated over the trailing 1-year period	3.37%	9.63%	-6.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.10%	12.92%	-7.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.95%	12.92%	-6.97%

NHFIX vs. SPYI - Expense Ratio Comparison

NHFIX has a 0.60% expense ratio, which is lower than SPYI's 0.68% expense ratio.

Dividends

NHFIX vs. SPYI - Dividend Comparison

NHFIX's dividend yield for the trailing twelve months is around 7.00%, less than SPYI's 11.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NHFIX Northern High Yield Fixed Income Fund	7.00%	6.87%	6.67%	6.57%	3.84%	4.92%	5.41%	6.35%	6.85%	6.66%	5.57%	6.19%
SPYI NEOS S&P 500 High Income ETF	11.64%	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 NHFIX and SPYI in my portfolio?

NHFIX and SPYI have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NHFIX or SPYI?

SPYI has higher volatility (1.82%) compared to NHFIX (1.21%). In terms of maximum drawdown, NHFIX dropped -27.87% vs SPYI's -16.47%.

Which has better risk-adjusted returns?

NHFIX currently has the higher Sharpe Ratio (2.39 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.