RDVI vs. SPYI

Last updated Jun 25, 2026

RDVI (FT Cboe Vest Rising Dividend Achievers Target Income ETF) and SPYI (NEOS S&P 500 High Income ETF) are both Derivative Income funds. RDVI is passively managed, while SPYI is actively managed. Over the past 3 years, RDVI returned 20.36%/yr vs 15.13%/yr for SPYI. A 0.73 correlation means they provide meaningful diversification when combined. RDVI charges 0.75%/yr vs 0.68%/yr for SPYI.

Performance

RDVI vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest Rising Dividend Achievers Target Income ETF (RDVI) 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, RDVI achieves a 13.85% return, which is significantly higher than SPYI's 5.49% return.

RDVI

• 1D: 0.42%
• 1M: 5.10%
• YTD: 13.85%
• 6M: 12.01%
• 1Y: 27.86%
• 3Y*: 20.36%
• 5Y*: —
• 10Y*: —

SPYI

• 1D: -0.07%
• 1M: -1.29%
• YTD: 5.49%
• 6M: 4.60%
• 1Y: 18.10%
• 3Y*: 15.13%
• 5Y*: —
• 10Y*: —

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

RDVI vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
RDVI FT Cboe Vest Rising Dividend Achievers Target Income ETF	13.85%	17.93%	14.56%	18.63%	8.29%
SPYI NEOS S&P 500 High Income ETF	5.49%	16.67%	19.03%	18.09%	3.78%

Correlation

The correlation between RDVI and SPYI is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (All Time) Calculated using the full available price history since Oct 20, 2022	0.73

The correlation between RDVI and SPYI has been stable across timeframes, ranging from 0.72 to 0.77 - a consistent structural relationship.

RDVI vs. SPYI - Sectors Allocation Comparison

Sectors	RDVI	SPYI
Financial Services	33.5%	11.1%
Technology	26.9%	39.1%
Industrials	13.6%	7.8%
Consumer Cyclical	10.9%	9.9%
Communication Services	5.5%	10.7%
Healthcare	3.9%	8.3%
Consumer Defensive	3.4%	4.5%
Energy	2.4%	3.1%
Utilities	1.4%	2.1%
Basic Materials	-	1.7%
Real Estate	-	1.8%

Return for Risk

RDVI vs. SPYI — Risk / Return Rank

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

RDVI

RDVI Risk / Return Rank: 73
RDVI Sharpe Ratio Rank: 71
RDVI Sortino Ratio Rank: 73
RDVI Omega Ratio Rank: 67
RDVI Calmar Ratio Rank: 73
RDVI Martin Ratio Rank: 80

SPYI

SPYI Risk / Return Rank: 60
SPYI Sharpe Ratio Rank: 58
SPYI Sortino Ratio Rank: 56
SPYI Omega Ratio Rank: 63
SPYI Calmar Ratio Rank: 53
SPYI Martin Ratio Rank: 70

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.

RDVI vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest Rising Dividend Achievers Target Income ETF (RDVI) 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.

	RDVI	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	2.03	1.77	+0.27
Sortino ratio: Return per unit of downside risk	2.92	2.42	+0.50
Omega ratio: Gain probability vs. loss probability	1.36	1.34	+0.02
Calmar ratio: Return relative to maximum drawdown	3.30	2.36	+0.94
Martin ratio: Return relative to average drawdown	13.91	11.69	+2.22

RDVI vs. SPYI - Sharpe Ratio Comparison

The current RDVI Sharpe Ratio is 2.03, which is comparable to the SPYI Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of RDVI 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

RDVI vs. SPYI - Drawdown Comparison

The maximum RDVI drawdown since its inception was -18.35%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for RDVI and SPYI.

Drawdown Indicators

	RDVI	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-18.35%	-16.47%	-1.88%
Max Drawdown (1Y) Largest decline over 1 year	-8.48%	-7.72%	-0.76%
Max Drawdown (3Y) Largest decline over 3 years	-18.35%	-16.47%	-1.88%
Current Drawdown Current decline from peak	-0.86%	-2.55%	+1.69%
Average Drawdown Average peak-to-trough decline	-3.13%	-1.81%	-1.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	1.55%	+0.46%

Volatility

RDVI vs. SPYI - Volatility Comparison

FT Cboe Vest Rising Dividend Achievers Target Income ETF (RDVI) has a higher volatility of 4.91% compared to NEOS S&P 500 High Income ETF (SPYI) at 4.26%. This indicates that RDVI'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

	RDVI	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.91%	4.26%	+0.65%
Volatility (6M) Calculated over the trailing 6-month period	11.11%	8.28%	+2.83%
Volatility (1Y) Calculated over the trailing 1-year period	13.79%	10.32%	+3.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.95%	13.01%	+3.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.95%	13.01%	+3.94%

RDVI vs. SPYI - Expense Ratio Comparison

RDVI has a 0.75% expense ratio, which is higher than SPYI's 0.68% expense ratio.

Dividends

RDVI vs. SPYI - Dividend Comparison

RDVI's dividend yield for the trailing twelve months is around 7.63%, less than SPYI's 13.02% yield.

Position	TTM	2025	2024	2023	2022
RDVI FT Cboe Vest Rising Dividend Achievers Target Income ETF	7.63%	8.10%	8.62%	8.45%	1.53%
SPYI NEOS S&P 500 High Income ETF	13.02%	11.70%	12.04%	12.01%	4.10%

Frequently Asked Questions

Can I hold both RDVI and SPYI in my portfolio?

RDVI and SPYI have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RDVI or SPYI?

RDVI has higher volatility (4.91%) compared to SPYI (4.26%). In terms of maximum drawdown, RDVI dropped -18.35% vs SPYI's -16.47%.

Which ETF is better, RDVI or SPYI?

On 3-year performance, RDVI leads with 20.36% vs 15.13% for SPYI. On fees, SPYI is cheaper at 0.68% per year. On volatility, SPYI has been the lower-risk option at 4.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RDVI or SPYI?

Over the 3-year period, RDVI has performed better with a 20.36% return vs 15.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RDVI or SPYI?

SPYI is cheaper with a 0.68% expense ratio, compared with 0.75% for RDVI.

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

SPYI has the higher dividend yield at 13.02%, compared with 7.63% for RDVI.

What is the main difference between RDVI and SPYI?

They also come from different issuers: FT Vest and Neos. Their fees differ too: 0.75% for RDVI and 0.68% for SPYI.

Which has better risk-adjusted returns?

RDVI currently has the higher Sharpe Ratio (2.03 vs 1.77), 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.