PDIV.TO vs. SPYI

Last updated Jun 24, 2026

PDIV.TO (Purpose Enhanced Dividend Fund ETF) and SPYI (NEOS S&P 500 High Income ETF) are both exchange-traded funds - PDIV.TO is a Dividend fund actively managed by Purpose Investments, while SPYI is a Derivative Income fund actively managed by Neos. Both are actively managed. Over the past 3 years, PDIV.TO returned 12.22%/yr vs 18.04%/yr for SPYI. At a 0.43 correlation, their price movements are largely independent. PDIV.TO charges 0.77%/yr vs 0.68%/yr for SPYI.

Performance

PDIV.TO vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Purpose Enhanced Dividend Fund ETF (PDIV.TO) and NEOS S&P 500 High Income ETF (SPYI). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PDIV.TO is traded in CAD, while SPYI is traded in USD. To make them comparable, the SPYI values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, PDIV.TO achieves a 8.23% return, which is significantly lower than SPYI's 9.14% return.

PDIV.TO

• 1D: 0.41%
• 1M: 0.99%
• YTD: 8.23%
• 6M: 8.17%
• 1Y: 19.90%
• 3Y*: 12.22%
• 5Y*: 7.86%
• 10Y*: 9.44%

SPYI

• 1D: -1.41%
• 1M: 1.51%
• YTD: 9.14%
• 6M: 8.07%
• 1Y: 22.68%
• 3Y*: 18.04%
• 5Y*: —
• 10Y*: —

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

PDIV.TO vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
PDIV.TO Purpose Enhanced Dividend Fund ETF	8.23%	14.66%	10.71%	4.64%	-1.84%
SPYI NEOS S&P 500 High Income ETF	9.14%	11.34%	29.11%	15.29%	0.11%

Correlation

The correlation between PDIV.TO and SPYI is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.43

The correlation between PDIV.TO and SPYI shifts across timeframes, from 0.43 (all time) to 0.57 (1 year), reflecting how their relationship changes across market environments.

PDIV.TO vs. SPYI - Sectors Allocation Comparison

Sectors	PDIV.TO	SPYI
Financial Services	35.7%	11.1%
Technology	16.5%	39.1%
Energy	12.9%	3.1%
Consumer Cyclical	7.5%	9.9%
Industrials	5.9%	7.8%
Healthcare	5.4%	8.3%
Basic Materials	4.5%	1.7%
Utilities	4.2%	2.1%
Communication Services	4.0%	10.7%
Consumer Defensive	3.4%	4.5%
Real Estate	-	1.8%

Return for Risk

PDIV.TO vs. SPYI — Risk / Return Rank

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

PDIV.TO

PDIV.TO Risk / Return Rank: 87
PDIV.TO Sharpe Ratio Rank: 91
PDIV.TO Sortino Ratio Rank: 91
PDIV.TO Omega Ratio Rank: 92
PDIV.TO Calmar Ratio Rank: 78
PDIV.TO Martin Ratio Rank: 85

SPYI

SPYI Risk / Return Rank: 58
SPYI Sharpe Ratio Rank: 57
SPYI Sortino Ratio Rank: 54
SPYI Omega Ratio Rank: 61
SPYI Calmar Ratio Rank: 52
SPYI Martin Ratio Rank: 69

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.

PDIV.TO vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Purpose Enhanced Dividend Fund ETF (PDIV.TO) 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.

	PDIV.TO	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	2.89	2.10	+0.79
Sortino ratio: Return per unit of downside risk	4.03	2.96	+1.07
Omega ratio: Gain probability vs. loss probability	1.58	1.38	+0.20
Calmar ratio: Return relative to maximum drawdown	3.79	3.15	+0.64
Martin ratio: Return relative to average drawdown	16.54	12.80	+3.74

PDIV.TO vs. SPYI - Sharpe Ratio Comparison

The current PDIV.TO Sharpe Ratio is 2.89, which is higher than the SPYI Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of PDIV.TO 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

PDIV.TO vs. SPYI - Drawdown Comparison

The maximum PDIV.TO drawdown since its inception was -30.64%, which is greater than SPYI's maximum drawdown of -17.27%. Use the drawdown chart below to compare losses from any high point for PDIV.TO and SPYI.

Drawdown Indicators

	PDIV.TO	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-30.64%	-17.27%	-13.37%
Max Drawdown (1Y) Largest decline over 1 year	-5.27%	-7.23%	+1.96%
Max Drawdown (3Y) Largest decline over 3 years	-8.82%	-17.27%	+8.45%
Max Drawdown (5Y) Largest decline over 5 years	-15.93%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-30.64%	—	—
Current Drawdown Current decline from peak	-0.24%	-1.41%	+1.17%
Average Drawdown Average peak-to-trough decline	-4.35%	-1.84%	-2.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.21%	1.78%	-0.57%

Volatility

PDIV.TO vs. SPYI - Volatility Comparison

The current volatility for Purpose Enhanced Dividend Fund ETF (PDIV.TO) is 2.24%, while NEOS S&P 500 High Income ETF (SPYI) has a volatility of 4.60%. This indicates that PDIV.TO 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

	PDIV.TO	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.24%	4.60%	-2.36%
Volatility (6M) Calculated over the trailing 6-month period	5.46%	8.84%	-3.38%
Volatility (1Y) Calculated over the trailing 1-year period	6.91%	10.88%	-3.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.05%	13.98%	-3.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.94%	13.98%	-0.04%

PDIV.TO vs. SPYI - Expense Ratio Comparison

PDIV.TO has a 0.77% expense ratio, which is higher than SPYI's 0.68% expense ratio.

Dividends

PDIV.TO vs. SPYI - Dividend Comparison

PDIV.TO's dividend yield for the trailing twelve months is around 11.73%, less than SPYI's 13.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PDIV.TO Purpose Enhanced Dividend Fund ETF	11.73%	11.23%	12.35%	11.84%	6.38%	5.59%	6.33%	5.85%	6.80%	25.71%	5.38%	8.10%
SPYI NEOS S&P 500 High Income ETF	13.02%	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 PDIV.TO and SPYI in my portfolio?

PDIV.TO and SPYI have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PDIV.TO 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, PDIV.TO or SPYI?

SPYI is cheaper with a 0.68% expense ratio, compared with 0.77% for PDIV.TO.

What is the main difference between PDIV.TO and SPYI?

PDIV.TO is categorized as Dividend, while SPYI is Derivative Income. They also come from different issuers: Purpose Investments and Neos. Their fees differ too: 0.77% for PDIV.TO and 0.68% for SPYI.