O vs. SPYI

Last updated Jun 6, 2026

O (Realty Income Corporation) is a stock, while SPYI (NEOS S&P 500 High Income ETF) is Derivative Income fund actively managed by Neos. Over the past 3 years, O returned 6.20%/yr vs 15.61%/yr for SPYI. At a 0.23 correlation, their price movements are largely independent.

Performance

O vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Realty Income Corporation (O) 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, O achieves a 10.29% return, which is significantly higher than SPYI's 5.65% return.

O

• 1D: 1.82%
• 1M: -4.53%
• YTD: 10.29%
• 6M: 6.82%
• 1Y: 15.05%
• 3Y*: 6.20%
• 5Y*: 2.85%
• 10Y*: 4.76%

SPYI

• 1D: -2.24%
• 1M: 0.20%
• YTD: 5.65%
• 6M: 5.99%
• 1Y: 20.87%
• 3Y*: 15.61%
• 5Y*: —
• 10Y*: —

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

O vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
O Realty Income Corporation	10.29%	12.20%	-2.11%	-4.55%	-6.20%
SPYI NEOS S&P 500 High Income ETF	5.65%	16.67%	19.03%	18.09%	-2.44%

Correlation

The correlation between O and SPYI is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.00
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022	0.23

Over the past year, the correlation between O and SPYI has dropped to 0.00 - well below their long-term average of 0.23, suggesting their price drivers have been diverging.

Return for Risk

O vs. SPYI — Risk / Return Rank

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

O

O Risk / Return Rank: 65
O Sharpe Ratio Rank: 70
O Sortino Ratio Rank: 62
O Omega Ratio Rank: 60
O Calmar Ratio Rank: 67
O Martin Ratio Rank: 68

SPYI

SPYI Risk / Return Rank: 66
SPYI Sharpe Ratio Rank: 65
SPYI Sortino Ratio Rank: 62
SPYI Omega Ratio Rank: 72
SPYI Calmar Ratio Rank: 56
SPYI Martin Ratio Rank: 75

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.

O vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Realty Income Corporation (O) 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.

	O	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	0.94	2.12	-1.18
Sortino ratio: Return per unit of downside risk	1.32	2.86	-1.54
Omega ratio: Gain probability vs. loss probability	1.16	1.42	-0.25
Calmar ratio: Return relative to maximum drawdown	1.36	2.72	-1.36
Martin ratio: Return relative to average drawdown	3.39	14.08	-10.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

O vs. SPYI - Sharpe Ratio Comparison

The current O Sharpe Ratio is 0.94, which is lower than the SPYI Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of O 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

	O	SPYI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.94	2.12	-1.18
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.49	1.16	-0.68

Drawdowns

O vs. SPYI - Drawdown Comparison

The maximum O drawdown since its inception was -48.45%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for O and SPYI.

Drawdown Indicators

	O	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-48.45%	-16.47%	-31.98%
Max Drawdown (1Y) Largest decline over 1 year	-11.10%	-7.72%	-3.38%
Max Drawdown (3Y) Largest decline over 3 years	-26.49%	-16.47%	-10.02%
Max Drawdown (5Y) Largest decline over 5 years	-34.48%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-48.28%	—	—
Current Drawdown Current decline from peak	-8.76%	-2.40%	-6.36%
Average Drawdown Average peak-to-trough decline	-9.21%	-1.80%	-7.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.45%	1.49%	+2.96%

Volatility

O vs. SPYI - Volatility Comparison

Realty Income Corporation (O) has a higher volatility of 5.78% compared to NEOS S&P 500 High Income ETF (SPYI) at 2.86%. This indicates that O'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

	O	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.78%	2.86%	+2.92%
Volatility (6M) Calculated over the trailing 6-month period	11.81%	7.77%	+4.04%
Volatility (1Y) Calculated over the trailing 1-year period	16.01%	9.90%	+6.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.88%	12.96%	+5.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.63%	12.96%	+12.67%

Dividends

O vs. SPYI - Dividend Comparison

O's dividend yield for the trailing twelve months is around 5.32%, less than SPYI's 11.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
O Realty Income Corporation	5.32%	6.19%	5.37%	5.33%	4.68%	3.87%	4.51%	3.69%	4.19%	4.45%	4.18%	4.41%
SPYI NEOS S&P 500 High Income ETF	11.87%	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 O and SPYI in my portfolio?

O and SPYI have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, O or SPYI?

O has higher volatility (5.78%) compared to SPYI (2.86%). In terms of maximum drawdown, O dropped -48.45% vs SPYI's -16.47%.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (2.12 vs 0.94), 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.