SPYG vs. SPYI

Last updated Jun 14, 2026

SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) and SPYI (NEOS S&P 500 High Income ETF) are both exchange-traded funds - SPYG is a S&P 500 fund tracking the S&P 500 Growth Index, while SPYI is a Derivative Income fund actively managed by Neos. SPYG is passively managed, while SPYI is actively managed. Over the past 3 years, SPYG returned 25.85%/yr vs 15.48%/yr for SPYI. Their correlation of 0.92 suggests significant overlap in exposure. SPYG charges 0.04%/yr vs 0.68%/yr for SPYI.

Performance

SPYG vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) 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, SPYG achieves a 9.70% return, which is significantly higher than SPYI's 6.31% return.

SPYG

• 1D: 0.41%
• 1M: -2.81%
• YTD: 9.70%
• 6M: 10.60%
• 1Y: 29.17%
• 3Y*: 25.85%
• 5Y*: 14.92%
• 10Y*: 17.91%

SPYI

• 1D: 0.53%
• 1M: -0.52%
• YTD: 6.31%
• 6M: 6.98%
• 1Y: 20.84%
• 3Y*: 15.48%
• 5Y*: —
• 10Y*: —

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

SPYG vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	9.70%	22.09%	35.99%	30.02%	-10.37%
SPYI NEOS S&P 500 High Income ETF	6.31%	16.67%	19.03%	18.09%	-3.96%

Correlation

The correlation between SPYG and SPYI is 0.92, 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	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.92

The correlation between SPYG and SPYI has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

SPYG vs. SPYI - Sectors Allocation Comparison

Sectors	SPYG	SPYI
Technology	53.2%	39.1%
Communication Services	16.1%	10.7%
Consumer Cyclical	8.5%	9.9%
Financial Services	8.4%	11.1%
Healthcare	5.8%	8.3%
Industrials	5.1%	7.8%
Utilities	1.1%	2.1%
Consumer Defensive	0.9%	4.5%
Real Estate	0.5%	1.8%
Basic Materials	0.3%	1.7%
Energy	0.1%	3.1%

Return for Risk

SPYG vs. SPYI — Risk / Return Rank

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

SPYG

SPYG Risk / Return Rank: 52
SPYG Sharpe Ratio Rank: 56
SPYG Sortino Ratio Rank: 53
SPYG Omega Ratio Rank: 53
SPYG Calmar Ratio Rank: 45
SPYG Martin Ratio Rank: 53

SPYI

SPYI Risk / Return Rank: 71
SPYI Sharpe Ratio Rank: 71
SPYI Sortino Ratio Rank: 69
SPYI Omega Ratio Rank: 76
SPYI Calmar Ratio Rank: 60
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.

SPYG vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) 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.

	SPYG	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.98	-0.33
Sortino ratio: Return per unit of downside risk	2.26	2.68	-0.43
Omega ratio: Gain probability vs. loss probability	1.29	1.39	-0.10
Calmar ratio: Return relative to maximum drawdown	2.01	2.59	-0.58
Martin ratio: Return relative to average drawdown	8.08	13.05	-4.96

SPYG vs. SPYI - Sharpe Ratio Comparison

The current SPYG Sharpe Ratio is 1.65, which is comparable to the SPYI Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of SPYG 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

SPYG vs. SPYI - Drawdown Comparison

The maximum SPYG drawdown since its inception was -67.63%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for SPYG and SPYI.

Drawdown Indicators

	SPYG	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-67.63%	-16.47%	-51.16%
Max Drawdown (1Y) Largest decline over 1 year	-13.76%	-7.72%	-6.04%
Max Drawdown (3Y) Largest decline over 3 years	-22.14%	-16.47%	-5.67%
Max Drawdown (5Y) Largest decline over 5 years	-32.67%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.67%	—	—
Current Drawdown Current decline from peak	-4.65%	-1.79%	-2.86%
Average Drawdown Average peak-to-trough decline	-24.30%	-1.81%	-22.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	1.53%	+1.89%

Volatility

SPYG vs. SPYI - Volatility Comparison

State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) has a higher volatility of 6.33% compared to NEOS S&P 500 High Income ETF (SPYI) at 3.62%. This indicates that SPYG'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

	SPYG	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.33%	3.62%	+2.71%
Volatility (6M) Calculated over the trailing 6-month period	13.48%	8.07%	+5.41%
Volatility (1Y) Calculated over the trailing 1-year period	16.81%	10.10%	+6.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.27%	12.99%	+8.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.70%	12.99%	+7.71%

SPYG vs. SPYI - Expense Ratio Comparison

SPYG has a 0.04% expense ratio, which is lower than SPYI's 0.68% expense ratio.

Dividends

SPYG vs. SPYI - Dividend Comparison

SPYG's dividend yield for the trailing twelve months is around 0.48%, less than SPYI's 11.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.48%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%
SPYI NEOS S&P 500 High Income ETF	11.80%	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 SPYG and SPYI in my portfolio?

With a correlation of 0.92, SPYG and SPYI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SPYG or SPYI?

SPYG has higher volatility (6.33%) compared to SPYI (3.62%). In terms of maximum drawdown, SPYG dropped -67.63% vs SPYI's -16.47%.

Which ETF is better, SPYG or SPYI?

On 3-year performance, SPYG leads with 25.85% vs 15.48% for SPYI. On fees, SPYG is cheaper at 0.04% per year. On volatility, SPYI has been the lower-risk option at 3.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYG or SPYI?

Over the 3-year period, SPYG has performed better with a 25.85% return vs 15.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYG or SPYI?

SPYG is cheaper with a 0.04% expense ratio, compared with 0.68% for SPYI.

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

SPYI has the higher dividend yield at 11.80%, compared with 0.48% for SPYG.

What is the main difference between SPYG and SPYI?

SPYG is categorized as S&P 500, while SPYI is Derivative Income. They also come from different issuers: State Street and Neos. Their fees differ too: 0.04% for SPYG and 0.68% for SPYI.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (1.98 vs 1.65), 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.