QQQH vs. SPYI

Last updated Jun 4, 2026

QQQH (NEOS Nasdaq-100 Hedged Equity Income ETF) and SPYI (NEOS S&P 500 High Income ETF) are both exchange-traded funds - QQQH is a Nasdaq-100 fund managed by Neos, while SPYI is a Derivative Income fund actively managed by Neos. Over the past 3 years, QQQH returned 20.71%/yr vs 16.41%/yr for SPYI. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.68% expense ratio.

Performance

QQQH vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Nasdaq-100 Hedged Equity Income ETF (QQQH) and NEOS S&P 500 High Income ETF (SPYI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with QQQH having a 7.91% return and SPYI slightly lower at 7.72%.

QQQH

• 1D: -0.02%
• 1M: 4.93%
• YTD: 7.91%
• 6M: 7.82%
• 1Y: 20.09%
• 3Y*: 20.71%
• 5Y*: 9.42%
• 10Y*: —

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)

QQQH vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
QQQH NEOS Nasdaq-100 Hedged Equity Income ETF	7.91%	14.17%	25.98%	30.96%	-5.67%
SPYI NEOS S&P 500 High Income ETF	7.72%	16.67%	19.03%	18.09%	-2.44%

Correlation

The correlation between QQQH and SPYI is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.87
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022	0.84

The correlation between QQQH and SPYI has been stable across timeframes, ranging from 0.84 to 0.91 - a consistent structural relationship.

QQQH vs. SPYI - Sectors Allocation Comparison

Sectors	QQQH	SPYI
Technology	53.5%	35.5%
Communication Services	16.1%	11.2%
Consumer Cyclical	12.1%	10.1%
Consumer Defensive	7.6%	4.9%
Healthcare	4.1%	8.5%
Industrials	3.1%	8.4%
Utilities	1.3%	2.3%
Basic Materials	1.2%	1.8%
Energy	0.6%	3.5%
Financial Services	0.2%	11.8%
Real Estate	0.1%	2.0%

Return for Risk

QQQH vs. SPYI — Risk / Return Rank

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

QQQH

QQQH Risk / Return Rank: 62
QQQH Sharpe Ratio Rank: 61
QQQH Sortino Ratio Rank: 59
QQQH Omega Ratio Rank: 63
QQQH Calmar Ratio Rank: 58
QQQH Martin Ratio Rank: 67

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.

QQQH vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Nasdaq-100 Hedged Equity Income ETF (QQQH) 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.

	QQQH	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	2.09	2.38	-0.29
Sortino ratio: Return per unit of downside risk	2.85	3.26	-0.41
Omega ratio: Gain probability vs. loss probability	1.39	1.47	-0.07
Calmar ratio: Return relative to maximum drawdown	2.90	2.96	-0.06
Martin ratio: Return relative to average drawdown	12.60	15.43	-2.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QQQH vs. SPYI - Sharpe Ratio Comparison

The current QQQH Sharpe Ratio is 2.09, which is comparable to the SPYI Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of QQQH 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

	QQQH	SPYI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.09	2.38	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.79	1.21	-0.43

Drawdowns

QQQH vs. SPYI - Drawdown Comparison

The maximum QQQH drawdown since its inception was -31.24%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for QQQH and SPYI.

Drawdown Indicators

	QQQH	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-31.24%	-16.47%	-14.77%
Max Drawdown (1Y) Largest decline over 1 year	-6.96%	-7.72%	+0.76%
Max Drawdown (3Y) Largest decline over 3 years	-15.18%	-16.47%	+1.29%
Max Drawdown (5Y) Largest decline over 5 years	-31.24%	—	—
Current Drawdown Current decline from peak	-0.02%	-0.50%	+0.48%
Average Drawdown Average peak-to-trough decline	-8.27%	-1.80%	-6.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	1.48%	+0.12%

Volatility

QQQH vs. SPYI - Volatility Comparison

NEOS Nasdaq-100 Hedged Equity Income ETF (QQQH) and NEOS S&P 500 High Income ETF (SPYI) have volatilities of 1.73% and 1.82%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQQH	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.73%	1.82%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	7.34%	7.41%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	9.67%	9.63%	+0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.20%	12.92%	+0.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.37%	12.92%	+0.45%

QQQH vs. SPYI - Expense Ratio Comparison

Both QQQH and SPYI have an expense ratio of 0.68%.

Dividends

QQQH vs. SPYI - Dividend Comparison

QQQH's dividend yield for the trailing twelve months is around 8.74%, less than SPYI's 11.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
QQQH NEOS Nasdaq-100 Hedged Equity Income ETF	8.74%	8.86%	7.53%	7.18%	9.05%	7.77%	7.48%	0.65%
SPYI NEOS S&P 500 High Income ETF	11.64%	11.70%	12.04%	12.01%	4.10%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QQQH and SPYI in my portfolio?

With a correlation of 0.91, QQQH 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, QQQH or SPYI?

SPYI has higher volatility (1.82%) compared to QQQH (1.73%). In terms of maximum drawdown, QQQH dropped -31.24% vs SPYI's -16.47%.

Which ETF is better, QQQH or SPYI?

On 3-year performance, QQQH leads with 20.71% vs 16.41% for SPYI. Both ETFs have the same 0.68% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQQH or SPYI?

Over the 3-year period, QQQH has performed better with a 20.71% return vs 16.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQH or SPYI?

QQQH and SPYI have the same expense ratio: 0.68% per year.

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

SPYI has the higher dividend yield at 11.64%, compared with 8.74% for QQQH.

What is the main difference between QQQH and SPYI?

QQQH is categorized as Nasdaq-100, while SPYI is Derivative Income.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (2.38 vs 2.09), 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.