OVL vs. SPYI

Last updated Jun 23, 2026

OVL (Overlay Shares Large Cap Equity ETF) and SPYI (NEOS S&P 500 High Income ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, OVL returned 23.01%/yr vs 15.66%/yr for SPYI. Their correlation of 0.95 suggests significant overlap in exposure. OVL charges 0.79%/yr vs 0.68%/yr for SPYI.

Performance

OVL vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Large Cap Equity ETF (OVL) 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, OVL achieves a 11.57% return, which is significantly higher than SPYI's 6.95% return.

OVL

• 1D: -0.40%
• 1M: -0.31%
• YTD: 11.57%
• 6M: 10.92%
• 1Y: 31.10%
• 3Y*: 23.01%
• 5Y*: 13.81%
• 10Y*: —

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)

OVL vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
OVL Overlay Shares Large Cap Equity ETF	11.57%	17.81%	27.91%	28.01%	-5.65%
SPYI NEOS S&P 500 High Income ETF	6.95%	16.67%	19.03%	18.09%	-3.96%

Correlation

The correlation between OVL and SPYI is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.95

The correlation between OVL and SPYI has been stable across timeframes, ranging from 0.95 to 0.98 - a consistent structural relationship.

OVL vs. SPYI - Sectors Allocation Comparison

Sectors	OVL	SPYI
Technology	39.1%	39.1%
Financial Services	10.9%	11.1%
Communication Services	10.7%	10.7%
Consumer Cyclical	9.9%	9.9%
Healthcare	8.3%	8.3%
Industrials	7.8%	7.8%
Consumer Defensive	4.5%	4.5%
Energy	3.1%	3.1%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

OVL vs. SPYI — Risk / Return Rank

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

OVL

OVL Risk / Return Rank: 70
OVL Sharpe Ratio Rank: 68
OVL Sortino Ratio Rank: 63
OVL Omega Ratio Rank: 67
OVL Calmar Ratio Rank: 73
OVL Martin Ratio Rank: 80

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.

OVL vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Large Cap Equity ETF (OVL) 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.

	OVL	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	2.14	2.11	+0.04
Sortino ratio: Return per unit of downside risk	2.84	2.86	-0.02
Omega ratio: Gain probability vs. loss probability	1.38	1.41	-0.03
Calmar ratio: Return relative to maximum drawdown	3.58	2.80	+0.78
Martin ratio: Return relative to average drawdown	15.15	14.03	+1.12

OVL vs. SPYI - Sharpe Ratio Comparison

The current OVL Sharpe Ratio is 2.14, which is comparable to the SPYI Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of OVL 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

OVL vs. SPYI - Drawdown Comparison

The maximum OVL drawdown since its inception was -35.49%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for OVL and SPYI.

Drawdown Indicators

	OVL	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-35.49%	-16.47%	-19.02%
Max Drawdown (1Y) Largest decline over 1 year	-8.73%	-7.72%	-1.01%
Max Drawdown (3Y) Largest decline over 3 years	-21.73%	-16.47%	-5.26%
Max Drawdown (5Y) Largest decline over 5 years	-29.23%	—	—
Current Drawdown Current decline from peak	-2.37%	-1.21%	-1.16%
Average Drawdown Average peak-to-trough decline	-6.69%	-1.81%	-4.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.06%	1.54%	+0.52%

Volatility

OVL vs. SPYI - Volatility Comparison

Overlay Shares Large Cap Equity ETF (OVL) has a higher volatility of 5.22% compared to NEOS S&P 500 High Income ETF (SPYI) at 4.06%. This indicates that OVL'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

	OVL	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.22%	4.06%	+1.16%
Volatility (6M) Calculated over the trailing 6-month period	11.32%	8.23%	+3.09%
Volatility (1Y) Calculated over the trailing 1-year period	14.60%	10.27%	+4.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.88%	13.01%	+6.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.54%	13.01%	+9.53%

OVL vs. SPYI - Expense Ratio Comparison

OVL has a 0.79% expense ratio, which is higher than SPYI's 0.68% expense ratio.

Dividends

OVL vs. SPYI - Dividend Comparison

OVL's dividend yield for the trailing twelve months is around 6.27%, less than SPYI's 12.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
OVL Overlay Shares Large Cap Equity ETF	6.27%	2.99%	3.10%	3.33%	3.85%	3.63%	2.43%	0.50%
SPYI NEOS S&P 500 High Income ETF	12.85%	11.70%	12.04%	12.01%	4.10%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OVL and SPYI in my portfolio?

With a correlation of 0.98, OVL and SPYI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, OVL or SPYI?

OVL has higher volatility (5.22%) compared to SPYI (4.06%). In terms of maximum drawdown, OVL dropped -35.49% vs SPYI's -16.47%.

Which ETF is better, OVL or SPYI?

On 3-year performance, OVL leads with 23.01% vs 15.66% for SPYI. On fees, SPYI is cheaper at 0.68% per year. On volatility, SPYI has been the lower-risk option at 4.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVL or SPYI?

Over the 3-year period, OVL has performed better with a 23.01% return vs 15.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVL or SPYI?

SPYI is cheaper with a 0.68% expense ratio, compared with 0.79% for OVL.

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

SPYI has the higher dividend yield at 12.85%, compared with 6.27% for OVL.

What is the main difference between OVL and SPYI?

They also come from different issuers: Liquid Strategies and Neos. Their fees differ too: 0.79% for OVL and 0.68% for SPYI.

Which has better risk-adjusted returns?

OVL currently has the higher Sharpe Ratio (2.14 vs 2.11), 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.