SPYH vs. ARMW

Last updated Aug 2, 2026

SPYH (NEOS S&P 500 Hedged Equity Income ETF) and ARMW (Roundhill ARM WeeklyPay ETF) are both Derivative Income funds. Both are actively managed. Their 0.54 correlation means they have sometimes moved together and sometimes differently. SPYH charges 0.68%/yr vs 0.99%/yr for ARMW.

Performance

SPYH vs. ARMW - 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 Roundhill ARM WeeklyPay ETF (ARMW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYH achieves a 5.96% return, which is significantly lower than ARMW's 134.95% return.

SPYH

• 1D: 0.69%
• 1M: 0.68%
• 6M: 4.69%
• YTD: 5.96%
• 1Y: 14.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.88%

ARMW

• 1D: -1.33%
• 1M: -28.55%
• 6M: 146.99%
• YTD: 134.95%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ARMW Roundhill ARM WeeklyPay ETF	$3.87M	$4.86M	$4.12M
SPYH NEOS S&P 500 Hedged Equity Income ETF	$472.46K	$589.47K	$594.95K

SPYH vs. ARMW - Yearly Performance Comparison

	2026 (YTD)	2025
SPYH NEOS S&P 500 Hedged Equity Income ETF	5.96%	2.41%
ARMW Roundhill ARM WeeklyPay ETF	134.95%	-41.28%

Correlation

The correlation between SPYH and ARMW is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 23, 2025	0.54

SPYH vs. ARMW - Sectors Allocation Comparison

Sectors	SPYH	ARMW
Technology	38.1%	18.0%
Financial Services	11.7%	-
Communication Services	10.0%	-
Consumer Cyclical	9.3%	-
Healthcare	9.1%	-
Industrials	8.1%	-
Consumer Defensive	4.8%	-
Energy	3.1%	-
Utilities	2.4%	-
Real Estate	1.9%	-
Basic Materials	1.7%	-

Return for Risk

SPYH vs. ARMW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPYH

SPYH Risk / Return Rank: 70
SPYH Sharpe Ratio Rank: 70
SPYH Sortino Ratio Rank: 67
SPYH Omega Ratio Rank: 70
SPYH Calmar Ratio Rank: 65
SPYH Martin Ratio Rank: 79

ARMW

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPYH vs. ARMW - 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 Roundhill ARM WeeklyPay ETF (ARMW). 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.

	SPYH	ARMW	Difference
Sharpe ratio: Return per unit of total volatility	1.60	—	—
Sortino ratio: Return per unit of downside risk	2.20	—	—
Omega ratio: Gain probability vs. loss probability	1.29	—	—
Calmar ratio: Return relative to maximum drawdown	2.28	—	—
Martin ratio: Return relative to average drawdown	10.14	—	—

Drawdowns

SPYH vs. ARMW - Drawdown Comparison

The maximum SPYH drawdown since its inception was -7.22%, smaller than the maximum ARMW drawdown of -56.50%. Use the drawdown chart below to compare losses from any high point for SPYH and ARMW.

Drawdown Indicators

	SPYH	ARMW	Difference
Max Drawdown Largest peak-to-trough decline	-7.22%	-56.50%	+49.28%
Max Drawdown (1Y) Largest decline over 1 year	-6.02%	—	—
Current Drawdown Current decline from peak	-0.37%	-52.71%	+52.34%
Average Drawdown Average peak-to-trough decline	-0.77%	-27.18%	+26.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.35%	—	—

Volatility

Volatility by Period

	SPYH	ARMW	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.67%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.61%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.61%	96.03%	-87.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.17%	96.03%	-83.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.17%	96.03%	-83.86%

SPYH vs. ARMW - Expense Ratio Comparison

SPYH has a 0.68% expense ratio, which is lower than ARMW's 0.99% expense ratio.

Dividends

SPYH vs. ARMW - Dividend Comparison

SPYH's dividend yield for the trailing twelve months is around 7.71%, less than ARMW's 62.70% yield.

Position	TTM	2025
ARMW Roundhill ARM WeeklyPay ETF	62.70%	16.38%
SPYH NEOS S&P 500 Hedged Equity Income ETF	7.71%	5.54%

Frequently Asked Questions

Can I hold both SPYH and ARMW in my portfolio?

SPYH and ARMW have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPYH or ARMW?

On fees, SPYH is cheaper at 0.68% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPYH or ARMW?

SPYH is cheaper with a 0.68% expense ratio, compared with 0.99% for ARMW.

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

ARMW has the higher dividend yield at 62.70%, compared with 7.71% for SPYH.

What is the main difference between SPYH and ARMW?

They also come from different issuers: Neos and Roundhill. Their fees differ too: 0.68% for SPYH and 0.99% for ARMW.