SPYH vs. AAA

Last updated Jun 4, 2026

SPYH (NEOS S&P 500 Hedged Equity Income ETF) and AAA (AAF First Priority CLO Bond ETF) are both exchange-traded funds - SPYH is a Equity Hedged fund actively managed by NEOS, while AAA is a CLO fund actively managed by Alternative Access Funds LLC. Both are actively managed. Over the past year, SPYH returned 18.78% vs 5.39% for AAA. At a 0.14 correlation, their price movements are largely independent. SPYH charges 0.68%/yr vs 0.25%/yr for AAA.

Performance

SPYH vs. AAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS S&P 500 Hedged Equity Income ETF (SPYH) and AAF First Priority CLO Bond ETF (AAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYH achieves a 5.74% return, which is significantly higher than AAA's 1.86% return.

SPYH

• 1D: -0.39%
• 1M: 3.32%
• YTD: 5.74%
• 6M: 6.16%
• 1Y: 18.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAA

• 1D: -0.22%
• 1M: 0.67%
• YTD: 1.86%
• 6M: 2.19%
• 1Y: 5.39%
• 3Y*: 6.50%
• 5Y*: 4.64%
• 10Y*: —

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

SPYH vs. AAA - Yearly Performance Comparison

	2026 (YTD)	2025
SPYH NEOS S&P 500 Hedged Equity Income ETF	5.74%	21.09%
AAA AAF First Priority CLO Bond ETF	1.86%	4.26%

Correlation

The correlation between SPYH and AAA is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	0.14

Return for Risk

SPYH vs. AAA — Risk / Return Rank

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

SPYH

SPYH Risk / Return Rank: 73
SPYH Sharpe Ratio Rank: 74
SPYH Sortino Ratio Rank: 74
SPYH Omega Ratio Rank: 77
SPYH Calmar Ratio Rank: 64
SPYH Martin Ratio Rank: 78

AAA

AAA Risk / Return Rank: 85
AAA Sharpe Ratio Rank: 71
AAA Sortino Ratio Rank: 87
AAA Omega Ratio Rank: 77
AAA Calmar Ratio Rank: 96
AAA Martin Ratio Rank: 94

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.

SPYH vs. AAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 Hedged Equity Income ETF (SPYH) and AAF First Priority CLO Bond ETF (AAA). 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.

	SPYH	AAA	Difference
Sharpe ratio Return per unit of total volatility	2.42	2.36	+0.06
Sortino ratio Return per unit of downside risk	3.35	4.06	-0.71
Omega ratio Gain probability vs. loss probability	1.46	1.47	0.00
Calmar ratio Return relative to maximum drawdown	3.13	8.98	-5.85
Martin ratio Return relative to average drawdown	15.14	27.78	-12.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYH vs. AAA - Sharpe Ratio Comparison

The current SPYH Sharpe Ratio is 2.42, which is comparable to the AAA Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of SPYH and AAA, 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

	SPYH	AAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	2.36	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	2.05	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.93	1.93	0.00

Drawdowns

SPYH vs. AAA - Drawdown Comparison

The maximum SPYH drawdown since its inception was -6.39%, which is greater than AAA's maximum drawdown of -2.63%. Use the drawdown chart below to compare losses from any high point for SPYH and AAA.

Drawdown Indicators

	SPYH	AAA	Difference
Max Drawdown Largest peak-to-trough decline	-6.39%	-2.63%	-3.76%
Max Drawdown (1Y) Largest decline over 1 year	-6.02%	-0.60%	-5.42%
Max Drawdown (3Y) Largest decline over 3 years	—	-2.40%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-2.63%	—
Current Drawdown Current decline from peak	-0.39%	-0.22%	-0.17%
Average Drawdown Average peak-to-trough decline	-0.71%	-0.30%	-0.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.24%	0.19%	+1.05%

Volatility

SPYH vs. AAA - Volatility Comparison

NEOS S&P 500 Hedged Equity Income ETF (SPYH) has a higher volatility of 1.55% compared to AAF First Priority CLO Bond ETF (AAA) at 0.74%. This indicates that SPYH's price experiences larger fluctuations and is considered to be riskier than AAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYH	AAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	0.74%	+0.81%
Volatility (6M) Calculated over the trailing 6-month period	5.78%	1.76%	+4.02%
Volatility (1Y) Calculated over the trailing 1-year period	7.80%	2.30%	+5.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.36%	2.28%	+10.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.36%	2.15%	+10.21%

SPYH vs. AAA - Expense Ratio Comparison

SPYH has a 0.68% expense ratio, which is higher than AAA's 0.25% expense ratio.

Dividends

SPYH vs. AAA - Dividend Comparison

SPYH's dividend yield for the trailing twelve months is around 7.54%, more than AAA's 4.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
AAA AAF First Priority CLO Bond ETF	4.90%	5.11%	6.17%	6.11%	2.78%	1.06%	0.32%
SPYH NEOS S&P 500 Hedged Equity Income ETF	7.54%	5.54%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPYH and AAA in my portfolio?

SPYH and AAA have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYH or AAA?

SPYH has higher volatility (1.55%) compared to AAA (0.74%). In terms of maximum drawdown, SPYH dropped -6.39% vs AAA's -2.63%.

Which ETF is better, SPYH or AAA?

On 1-year performance, SPYH leads with 18.78% vs 5.39% for AAA. On fees, AAA is cheaper at 0.25% per year. On volatility, AAA has been the lower-risk option at 0.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYH or AAA?

Over the 1-year period, SPYH has performed better with a 18.78% return vs 5.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYH or AAA?

AAA is cheaper with a 0.25% expense ratio, compared with 0.68% for SPYH.

Which ETF pays a higher dividend yield, SPYH or AAA?

SPYH has the higher dividend yield at 7.54%, compared with 4.90% for AAA.

What is the main difference between SPYH and AAA?

SPYH is categorized as Equity Hedged, while AAA is CLO. They also come from different issuers: NEOS and Alternative Access Funds LLC. Their fees differ too: 0.68% for SPYH and 0.25% for AAA.

Which has better risk-adjusted returns?

SPYH currently has the higher Sharpe Ratio (2.42 vs 2.36), 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.