OOSAX vs. SPYI

Last updated Jun 23, 2026

OOSAX (Invesco Senior Floating Rate Fund) and SPYI (NEOS S&P 500 High Income ETF) are both funds - OOSAX is a Bank Loan fund managed by Invesco, while SPYI is a Derivative Income fund actively managed by Neos. Over the past 3 years, OOSAX returned 5.55%/yr vs 15.66%/yr for SPYI. At a 0.19 correlation, their price movements are largely independent. OOSAX charges 1.04%/yr vs 0.68%/yr for SPYI.

Performance

OOSAX vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Senior Floating Rate Fund (OOSAX) 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, OOSAX achieves a -0.83% return, which is significantly lower than SPYI's 6.95% return.

OOSAX

• 1D: 0.00%
• 1M: 0.62%
• YTD: -0.83%
• 6M: -0.50%
• 1Y: 1.63%
• 3Y*: 5.55%
• 5Y*: 4.85%
• 10Y*: 3.63%

SPYI

• 1D: -0.30%
• 1M: 0.07%
• YTD: 6.95%
• 6M: 6.74%
• 1Y: 21.49%
• 3Y*: 15.66%
• 5Y*: —
• 10Y*: —

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

OOSAX vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
OOSAX Invesco Senior Floating Rate Fund	-0.83%	3.78%	7.76%	10.67%	1.65%
SPYI NEOS S&P 500 High Income ETF	6.95%	16.67%	19.03%	18.09%	-3.96%

Correlation

The correlation between OOSAX and SPYI is 0.06, 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	0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.19

The correlation between OOSAX and SPYI shifts across timeframes, from 0.06 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.

Return for Risk

OOSAX vs. SPYI — Risk / Return Rank

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

OOSAX

OOSAX Risk / Return Rank: 9
OOSAX Sharpe Ratio Rank: 8
OOSAX Sortino Ratio Rank: 11
OOSAX Omega Ratio Rank: 15
OOSAX Calmar Ratio Rank: 6
OOSAX Martin Ratio Rank: 6

SPYI

SPYI Risk / Return Rank: 68
SPYI Sharpe Ratio Rank: 67
SPYI Sortino Ratio Rank: 64
SPYI Omega Ratio Rank: 73
SPYI Calmar Ratio Rank: 58
SPYI Martin Ratio Rank: 76

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.

OOSAX vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Senior Floating Rate Fund (OOSAX) 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.

	OOSAX	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	0.60	2.11	-1.50
Sortino ratio: Return per unit of downside risk	1.25	2.86	-1.61
Omega ratio: Gain probability vs. loss probability	1.19	1.41	-0.23
Calmar ratio: Return relative to maximum drawdown	0.56	2.80	-2.24
Martin ratio: Return relative to average drawdown	1.21	14.03	-12.82

OOSAX vs. SPYI - Sharpe Ratio Comparison

The current OOSAX Sharpe Ratio is 0.60, which is lower than the SPYI Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of OOSAX 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

OOSAX vs. SPYI - Drawdown Comparison

The maximum OOSAX drawdown since its inception was -32.12%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for OOSAX and SPYI.

Drawdown Indicators

	OOSAX	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-32.12%	-16.47%	-15.65%
Max Drawdown (1Y) Largest decline over 1 year	-3.23%	-7.72%	+4.49%
Max Drawdown (3Y) Largest decline over 3 years	-3.23%	-16.47%	+13.24%
Max Drawdown (5Y) Largest decline over 5 years	-6.52%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-23.53%	—	—
Current Drawdown Current decline from peak	-1.57%	-1.21%	-0.36%
Average Drawdown Average peak-to-trough decline	-2.15%	-1.81%	-0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.42%	1.54%	-0.12%

Volatility

OOSAX vs. SPYI - Volatility Comparison

The current volatility for Invesco Senior Floating Rate Fund (OOSAX) is 0.86%, while NEOS S&P 500 High Income ETF (SPYI) has a volatility of 4.06%. This indicates that OOSAX 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

	OOSAX	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.86%	4.06%	-3.20%
Volatility (6M) Calculated over the trailing 6-month period	1.94%	8.23%	-6.29%
Volatility (1Y) Calculated over the trailing 1-year period	2.99%	10.27%	-7.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.61%	13.01%	-9.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.13%	13.01%	-8.88%

OOSAX vs. SPYI - Expense Ratio Comparison

OOSAX has a 1.04% expense ratio, which is higher than SPYI's 0.68% expense ratio.

Dividends

OOSAX vs. SPYI - Dividend Comparison

OOSAX's dividend yield for the trailing twelve months is around 5.18%, less than SPYI's 12.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OOSAX Invesco Senior Floating Rate Fund	5.18%	6.68%	8.38%	7.76%	7.42%	4.37%	4.84%	5.24%	4.65%	4.08%	4.78%	4.65%
SPYI NEOS S&P 500 High Income ETF	12.85%	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 OOSAX and SPYI in my portfolio?

OOSAX and SPYI have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OOSAX or SPYI?

SPYI has higher volatility (4.06%) compared to OOSAX (0.86%). In terms of maximum drawdown, OOSAX dropped -32.12% vs SPYI's -16.47%.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (2.11 vs 0.60), 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.