QRMI vs. SPYI

Last updated Aug 6, 2026

QRMI (Global X NASDAQ 100 Risk Managed Income ETF) and SPYI (NEOS S&P 500 High Income ETF) are both exchange-traded funds - QRMI is a Nasdaq-100 fund actively managed by Global X, while SPYI is a Derivative Income fund actively managed by Neos. Both are actively managed. Over the past 3 years, QRMI returned 6.65%/yr vs 16.26%/yr for SPYI. Their 0.72 correlation means they have sometimes moved together and sometimes differently. QRMI charges 0.60%/yr vs 0.68%/yr for SPYI.

Performance

QRMI vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X NASDAQ 100 Risk Managed Income ETF (QRMI) 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, QRMI achieves a 2.13% return, which is significantly lower than SPYI's 10.29% return.

QRMI

• 1D: 0.06%
• 1M: -0.71%
• 6M: 2.38%
• YTD: 2.13%
• 1Y: 8.80%
• 3Y*: 6.65%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 1.58%

SPYI

• 1D: -0.07%
• 1M: 2.04%
• 6M: 9.44%
• YTD: 10.29%
• 1Y: 20.17%
• 3Y*: 16.26%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.08%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QRMI Global X NASDAQ 100 Risk Managed Income ETF	$169.27K	$136.84K	$139.60K
SPYI NEOS S&P 500 High Income ETF	$164.26M	$144.49M	$150.73M

QRMI vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
QRMI Global X NASDAQ 100 Risk Managed Income ETF	2.13%	3.76%	14.72%	11.73%	-5.94%
SPYI NEOS S&P 500 High Income ETF	10.29%	16.67%	19.03%	18.09%	-3.96%

Correlation

The correlation between QRMI and SPYI is 0.82, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.82
Correlation (3Y) Balances recent behavior with more history.	0.73
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.72

The correlation between QRMI and SPYI shifts across timeframes, from 0.72 (all time) to 0.82 (1 year), reflecting how their relationship changes across market environments.

QRMI vs. SPYI - Sectors Allocation Comparison

Sectors	QRMI	SPYI
Technology	60.4%	38.3%
Communication Services	12.3%	10.0%
Consumer Cyclical	10.1%	9.6%
Consumer Defensive	6.6%	4.6%
Industrials	4.3%	8.4%
Healthcare	3.7%	8.9%
Utilities	1.3%	2.2%
Basic Materials	1.1%	1.7%
Energy	0.5%	3.0%
Financial Services	0.2%	11.7%
Real Estate	0.1%	1.8%

Return for Risk

QRMI vs. SPYI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QRMI

QRMI Risk / Return Rank: 46
QRMI Sharpe Ratio Rank: 45
QRMI Sortino Ratio Rank: 42
QRMI Omega Ratio Rank: 48
QRMI Calmar Ratio Rank: 43
QRMI Martin Ratio Rank: 50

SPYI

SPYI Risk / Return Rank: 73
SPYI Sharpe Ratio Rank: 73
SPYI Sortino Ratio Rank: 70
SPYI Omega Ratio Rank: 77
SPYI Calmar Ratio Rank: 65
SPYI Martin Ratio Rank: 83

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QRMI vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X NASDAQ 100 Risk Managed Income ETF (QRMI) 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.

	QRMI	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.89	-0.58
Sortino ratio: Return per unit of downside risk	1.77	2.60	-0.83
Omega ratio: Gain probability vs. loss probability	1.25	1.36	-0.11
Calmar ratio: Return relative to maximum drawdown	1.75	2.63	-0.87
Martin ratio: Return relative to average drawdown	6.56	12.61	-6.05

QRMI vs. SPYI - Sharpe Ratio Comparison

The current QRMI Sharpe Ratio is 1.31, which is lower than the SPYI Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of QRMI 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

QRMI vs. SPYI - Drawdown Comparison

The maximum QRMI drawdown since its inception was -20.95%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for QRMI and SPYI.

Drawdown Indicators

	QRMI	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-20.95%	-16.47%	-4.48%
Max Drawdown (1Y) Largest decline over 1 year	-5.04%	-7.72%	+2.68%
Max Drawdown (3Y) Largest decline over 3 years	-8.43%	-16.47%	+8.04%
Current Drawdown Current decline from peak	-1.43%	-0.07%	-1.36%
Average Drawdown Average peak-to-trough decline	-7.75%	-1.78%	-5.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.34%	1.60%	-0.26%

Volatility

QRMI vs. SPYI - Volatility Comparison

The current volatility for Global X NASDAQ 100 Risk Managed Income ETF (QRMI) is 2.93%, while NEOS S&P 500 High Income ETF (SPYI) has a volatility of 3.46%. This indicates that QRMI 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

	QRMI	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.93%	3.46%	-0.53%
Volatility (6M) Calculated over the trailing 6-month period	5.74%	8.77%	-3.03%
Volatility (1Y) Calculated over the trailing 1-year period	6.75%	10.74%	-3.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.39%	12.96%	-4.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.39%	12.96%	-4.57%

QRMI vs. SPYI - Expense Ratio Comparison

QRMI has a 0.60% expense ratio, which is lower than SPYI's 0.68% expense ratio.

Dividends

QRMI vs. SPYI - Dividend Comparison

QRMI's dividend yield for the trailing twelve months is around 12.42%, more than SPYI's 11.68% yield.

Position	TTM	2025	2024	2023	2022	2021
QRMI Global X NASDAQ 100 Risk Managed Income ETF	12.42%	12.28%	11.80%	12.44%	10.65%	3.36%
SPYI NEOS S&P 500 High Income ETF	11.68%	11.70%	12.04%	12.01%	4.10%	0.00%

Frequently Asked Questions

Can I hold both QRMI and SPYI in my portfolio?

QRMI and SPYI have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QRMI or SPYI?

SPYI has higher volatility (3.46%) compared to QRMI (2.93%). In terms of maximum drawdown, QRMI dropped -20.95% vs SPYI's -16.47%.

Which ETF is better, QRMI or SPYI?

On 3-year performance, SPYI leads with 16.26% vs 6.65% for QRMI. On fees, QRMI is cheaper at 0.60% per year. On volatility, QRMI has been the lower-risk option at 2.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QRMI or SPYI?

Over the 3-year period, SPYI has performed better with a 16.26% return vs 6.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QRMI or SPYI?

QRMI is cheaper with a 0.60% expense ratio, compared with 0.68% for SPYI.

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

QRMI has the higher dividend yield at 12.42%, compared with 11.68% for SPYI.

What is the main difference between QRMI and SPYI?

QRMI is categorized as Nasdaq-100, while SPYI is Derivative Income. They also come from different issuers: Global X and Neos. Their fees differ too: 0.60% for QRMI and 0.68% for SPYI.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (1.89 vs 1.31), 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.