QYLD vs. SPYI

Last updated Jun 9, 2026

QYLD (Global X NASDAQ 100 Covered Call ETF) and SPYI (NEOS S&P 500 High Income ETF) are both exchange-traded funds - QYLD is a Nasdaq-100 fund tracking the CBOE NASDAQ-100 Buy Write V2, while SPYI is a Derivative Income fund actively managed by Neos. QYLD is passively managed, while SPYI is actively managed. Over the past 3 years, QYLD returned 13.42%/yr vs 15.60%/yr for SPYI. Their correlation of 0.84 suggests significant overlap in exposure. QYLD charges 0.60%/yr vs 0.68%/yr for SPYI.

Performance

QYLD vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X NASDAQ 100 Covered Call ETF (QYLD) 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, QYLD achieves a 7.05% return, which is significantly higher than SPYI's 5.97% return.

QYLD

• 1D: 1.07%
• 1M: 0.23%
• YTD: 7.05%
• 6M: 8.87%
• 1Y: 22.45%
• 3Y*: 13.42%
• 5Y*: 8.24%
• 10Y*: 9.77%

SPYI

• 1D: 0.30%
• 1M: 0.11%
• YTD: 5.97%
• 6M: 6.55%
• 1Y: 20.24%
• 3Y*: 15.60%
• 5Y*: —
• 10Y*: —

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

QYLD vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
QYLD Global X NASDAQ 100 Covered Call ETF	7.05%	9.28%	19.35%	22.77%	-4.23%
SPYI NEOS S&P 500 High Income ETF	5.97%	16.67%	19.03%	18.09%	-3.96%

Correlation

The correlation between QYLD and SPYI is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.84

The correlation between QYLD and SPYI has been stable across timeframes, ranging from 0.84 to 0.85 - a consistent structural relationship.

QYLD vs. SPYI - Sectors Allocation Comparison

Sectors	QYLD	SPYI
Technology	53.8%	35.5%
Communication Services	15.8%	11.2%
Consumer Cyclical	12.3%	10.1%
Consumer Defensive	7.7%	4.9%
Healthcare	4.2%	8.5%
Industrials	2.8%	8.4%
Utilities	1.4%	2.3%
Basic Materials	1.1%	1.8%
Energy	0.6%	3.5%
Financial Services	0.2%	11.8%
Real Estate	0.1%	2.0%

Return for Risk

QYLD vs. SPYI — Risk / Return Rank

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

QYLD

QYLD Risk / Return Rank: 89
QYLD Sharpe Ratio Rank: 86
QYLD Sortino Ratio Rank: 86
QYLD Omega Ratio Rank: 92
QYLD Calmar Ratio Rank: 87
QYLD Martin Ratio Rank: 95

SPYI

SPYI Risk / Return Rank: 70
SPYI Sharpe Ratio Rank: 70
SPYI Sortino Ratio Rank: 68
SPYI Omega Ratio Rank: 76
SPYI Calmar Ratio Rank: 59
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.

QYLD vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X NASDAQ 100 Covered Call ETF (QYLD) 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.

	QYLD	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	2.56	2.06	+0.50
Sortino ratio: Return per unit of downside risk	3.53	2.78	+0.75
Omega ratio: Gain probability vs. loss probability	1.57	1.40	+0.17
Calmar ratio: Return relative to maximum drawdown	4.54	2.63	+1.90
Martin ratio: Return relative to average drawdown	26.31	13.60	+12.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QYLD vs. SPYI - Sharpe Ratio Comparison

The current QYLD Sharpe Ratio is 2.56, which is comparable to the SPYI Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of QYLD 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

	QYLD	SPYI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.56	2.06	+0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	1.17	-0.58

Drawdowns

QYLD vs. SPYI - Drawdown Comparison

The maximum QYLD drawdown since its inception was -24.75%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for QYLD and SPYI.

Drawdown Indicators

	QYLD	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-24.75%	-16.47%	-8.28%
Max Drawdown (1Y) Largest decline over 1 year	-4.97%	-7.72%	+2.75%
Max Drawdown (3Y) Largest decline over 3 years	-19.06%	-16.47%	-2.59%
Max Drawdown (5Y) Largest decline over 5 years	-24.61%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-24.75%	—	—
Current Drawdown Current decline from peak	-0.83%	-2.11%	+1.28%
Average Drawdown Average peak-to-trough decline	-3.83%	-1.80%	-2.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	1.49%	-0.63%

Volatility

QYLD vs. SPYI - Volatility Comparison

Global X NASDAQ 100 Covered Call ETF (QYLD) and NEOS S&P 500 High Income ETF (SPYI) have volatilities of 2.86% and 2.87%, 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

	QYLD	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.86%	2.87%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	7.44%	7.78%	-0.34%
Volatility (1Y) Calculated over the trailing 1-year period	8.84%	9.88%	-1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.73%	12.95%	+1.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.51%	12.95%	+2.56%

QYLD vs. SPYI - Expense Ratio Comparison

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

Dividends

QYLD vs. SPYI - Dividend Comparison

QYLD's dividend yield for the trailing twelve months is around 11.55%, less than SPYI's 11.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QYLD Global X NASDAQ 100 Covered Call ETF	11.55%	11.55%	12.50%	11.78%	13.75%	12.85%	11.16%	9.84%	12.44%	7.69%	9.15%	9.42%
SPYI NEOS S&P 500 High Income ETF	11.83%	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 QYLD and SPYI in my portfolio?

QYLD and SPYI have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QYLD or SPYI?

SPYI has higher volatility (2.87%) compared to QYLD (2.86%). In terms of maximum drawdown, QYLD dropped -24.75% vs SPYI's -16.47%.

Which ETF is better, QYLD or SPYI?

On 3-year performance, SPYI leads with 15.60% vs 13.42% for QYLD. On fees, QYLD is cheaper at 0.60% per year. 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, QYLD or SPYI?

Over the 3-year period, SPYI has performed better with a 15.60% return vs 13.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QYLD or SPYI?

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

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

SPYI has the higher dividend yield at 11.83%, compared with 11.55% for QYLD.

What is the main difference between QYLD and SPYI?

QYLD 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 QYLD and 0.68% for SPYI.

Which has better risk-adjusted returns?

QYLD currently has the higher Sharpe Ratio (2.56 vs 2.06), 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.