SKYW vs. SPYI
SKYW (SkyWest, Inc.) is a stock, while SPYI (NEOS S&P 500 High Income ETF) is Derivative Income fund actively managed by Neos. Over the past 3 years, SKYW returned 36.19%/yr vs 15.21%/yr for SPYI. At a 0.49 correlation, their price movements are largely independent.
Performance
SKYW vs. SPYI - Performance Comparison
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Returns By Period
In the year-to-date period, SKYW achieves a -2.11% return, which is significantly lower than SPYI's 5.51% return.
SKYW
- 1D
- 1.64%
- 1M
- 13.26%
- YTD
- -2.11%
- 6M
- -4.49%
- 1Y
- -0.81%
- 3Y*
- 36.19%
- 5Y*
- 16.94%
- 10Y*
- 15.33%
SPYI
- 1D
- 0.02%
- 1M
- -1.70%
- YTD
- 5.51%
- 6M
- 4.62%
- 1Y
- 18.04%
- 3Y*
- 15.21%
- 5Y*
- —
- 10Y*
- —
SKYW vs. SPYI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SKYW SkyWest, Inc. | -2.11% | 0.28% | 91.82% | 216.17% | -23.42% |
SPYI NEOS S&P 500 High Income ETF | 5.51% | 16.67% | 19.03% | 18.09% | -3.96% |
Correlation
The correlation between SKYW and SPYI is 0.51, 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 | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022 | 0.49 |
The correlation between SKYW and SPYI has been stable across timeframes, ranging from 0.49 to 0.51 - a consistent structural relationship.
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Return for Risk
SKYW vs. SPYI — Risk / Return Rank
SKYW
SPYI
SKYW vs. SPYI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SkyWest, Inc. (SKYW) 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.
| SKYW | SPYI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.78 | ||
| Sortino ratioReturn per unit of downside risk | -2.17 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.34 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 2.35 | -2.37 |
| Martin ratioReturn relative to average drawdown | -0.04 | 11.59 | -11.63 |
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Drawdowns
SKYW vs. SPYI - Drawdown Comparison
The maximum SKYW drawdown since its inception was -81.77%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for SKYW and SPYI.
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Drawdown Indicators
| SKYW | SPYI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.77% | -16.47% | -65.30% |
Max Drawdown (1Y)Largest decline over 1 year | -36.63% | -7.72% | -28.91% |
Max Drawdown (3Y)Largest decline over 3 years | -36.63% | -16.47% | -20.16% |
Max Drawdown (5Y)Largest decline over 5 years | -71.50% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -81.77% | — | — |
Current DrawdownCurrent decline from peak | -20.55% | -2.54% | -18.01% |
Average DrawdownAverage peak-to-trough decline | -35.42% | -1.81% | -33.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.29% | 1.56% | +18.73% |
Volatility
SKYW vs. SPYI - Volatility Comparison
SkyWest, Inc. (SKYW) has a higher volatility of 10.37% compared to NEOS S&P 500 High Income ETF (SPYI) at 4.23%. This indicates that SKYW'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.
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Volatility by Period
| SKYW | SPYI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.37% | 4.23% | +6.14% |
Volatility (6M)Calculated over the trailing 6-month period | 28.00% | 8.27% | +19.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.81% | 10.29% | +26.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.64% | 13.01% | +30.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 51.47% | 13.01% | +38.46% |
Dividends
SKYW vs. SPYI - Dividend Comparison
SKYW has not paid dividends to shareholders, while SPYI's dividend yield for the trailing twelve months is around 12.05%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SKYW SkyWest, Inc. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.35% | 0.74% | 0.90% | 0.60% | 0.52% | 0.84% |
SPYI NEOS S&P 500 High Income ETF | 12.05% | 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
SKYW and SPYI have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SKYW has higher volatility (10.37%) compared to SPYI (4.23%). In terms of maximum drawdown, SKYW dropped -81.77% vs SPYI's -16.47%.
SPYI currently has the higher Sharpe Ratio (1.76 vs -0.02), 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.
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