SPY vs. BTCI

Last updated Jun 21, 2026

SPY (State Street SPDR S&P 500 ETF) and BTCI (NEOS Bitcoin High Income ETF) are both exchange-traded funds - SPY is a S&P 500 fund tracking the S&P 500 Index, while BTCI is a Cryptocurrency fund actively managed by Neos. SPY is passively managed, while BTCI is actively managed. Over the past year, SPY returned 27.05% vs -34.62% for BTCI. At a 0.46 correlation, their price movements are largely independent. SPY charges 0.09%/yr vs 0.99%/yr for BTCI.

Performance

SPY vs. BTCI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 ETF (SPY) and NEOS Bitcoin High Income ETF (BTCI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPY achieves a 10.09% return, which is significantly higher than BTCI's -25.54% return.

SPY

• 1D: 1.04%
• 1M: 0.41%
• YTD: 10.09%
• 6M: 10.30%
• 1Y: 27.05%
• 3Y*: 20.82%
• 5Y*: 14.00%
• 10Y*: 15.48%

BTCI

• 1D: -2.32%
• 1M: -16.42%
• YTD: -25.54%
• 6M: -25.93%
• 1Y: -34.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPY vs. BTCI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPY State Street SPDR S&P 500 ETF	10.09%	17.72%	0.99%
BTCI NEOS Bitcoin High Income ETF	-25.54%	-1.09%	26.12%

Correlation

The correlation between SPY and BTCI is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since Oct 17, 2024	0.46

Return for Risk

SPY vs. BTCI — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 68
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

BTCI

BTCI Risk / Return Rank: 2
BTCI Sharpe Ratio Rank: 2
BTCI Sortino Ratio Rank: 3
BTCI Omega Ratio Rank: 3
BTCI Calmar Ratio Rank: 3
BTCI Martin Ratio Rank: 2

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.

SPY vs. BTCI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) and NEOS Bitcoin High Income ETF (BTCI). 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.

	SPY	BTCI	Difference
Sharpe ratio: Return per unit of total volatility	2.17	-0.89	+3.05
Sortino ratio: Return per unit of downside risk	2.92	-1.19	+4.11
Omega ratio: Gain probability vs. loss probability	1.39	0.86	+0.53
Calmar ratio: Return relative to maximum drawdown	3.02	-0.74	+3.77
Martin ratio: Return relative to average drawdown	13.61	-1.31	+14.92

SPY vs. BTCI - Sharpe Ratio Comparison

The current SPY Sharpe Ratio is 2.17, which is higher than the BTCI Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of SPY and BTCI, 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

SPY vs. BTCI - Drawdown Comparison

The maximum SPY drawdown since its inception was -55.19%, which is greater than BTCI's maximum drawdown of -47.16%. Use the drawdown chart below to compare losses from any high point for SPY and BTCI.

Drawdown Indicators

	SPY	BTCI	Difference
Max Drawdown Largest peak-to-trough decline	-55.19%	-47.16%	-8.03%
Max Drawdown (1Y) Largest decline over 1 year	-8.88%	-47.16%	+38.28%
Max Drawdown (3Y) Largest decline over 3 years	-18.76%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	—	—
Current Drawdown Current decline from peak	-1.44%	-44.94%	+43.50%
Average Drawdown Average peak-to-trough decline	-9.04%	-15.92%	+6.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	26.71%	-24.74%

Volatility

SPY vs. BTCI - Volatility Comparison

The current volatility for State Street SPDR S&P 500 ETF (SPY) is 4.73%, while NEOS Bitcoin High Income ETF (BTCI) has a volatility of 12.11%. This indicates that SPY experiences smaller price fluctuations and is considered to be less risky than BTCI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPY	BTCI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.73%	12.11%	-7.38%
Volatility (6M) Calculated over the trailing 6-month period	9.81%	31.18%	-21.37%
Volatility (1Y) Calculated over the trailing 1-year period	12.41%	39.53%	-27.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.15%	40.31%	-23.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.98%	40.31%	-22.33%

SPY vs. BTCI - Expense Ratio Comparison

SPY has a 0.09% expense ratio, which is lower than BTCI's 0.99% expense ratio.

Dividends

SPY vs. BTCI - Dividend Comparison

SPY's dividend yield for the trailing twelve months is around 1.24%, less than BTCI's 48.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BTCI NEOS Bitcoin High Income ETF	48.02%	36.46%	6.76%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both SPY and BTCI in my portfolio?

SPY and BTCI have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPY or BTCI?

BTCI has higher volatility (12.11%) compared to SPY (4.73%). In terms of maximum drawdown, SPY dropped -55.19% vs BTCI's -47.16%.

Which ETF is better, SPY or BTCI?

On 1-year performance, SPY leads with 27.05% vs -34.62% for BTCI. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPY or BTCI?

Over the 1-year period, SPY has performed better with a 27.05% return vs -34.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPY or BTCI?

SPY is cheaper with a 0.09% expense ratio, compared with 0.99% for BTCI.

Which ETF pays a higher dividend yield, SPY or BTCI?

BTCI has the higher dividend yield at 48.02%, compared with 1.01% for SPY.

What is the main difference between SPY and BTCI?

SPY is categorized as S&P 500, while BTCI is Cryptocurrency. They also come from different issuers: State Street and Neos. Their fees differ too: 0.09% for SPY and 0.99% for BTCI.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.17 vs -0.89), 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.