SPYH vs. BAMU

Last updated Jun 24, 2026

SPYH (NEOS S&P 500 Hedged Equity Income ETF) and BAMU (Brookstone Ultra-Short Bond ETF) are both exchange-traded funds - SPYH is a Equity Hedged fund actively managed by NEOS, while BAMU is a Ultrashort Bond fund actively managed by Brookstone. Both are actively managed. Over the past year, SPYH returned 15.64% vs 2.87% for BAMU. At a correlation of -0.06, they often move in opposite directions. SPYH charges 0.68%/yr vs 1.09%/yr for BAMU.

Performance

SPYH vs. BAMU - 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 Brookstone Ultra-Short Bond ETF (BAMU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYH achieves a 3.89% return, which is significantly higher than BAMU's 1.18% return.

SPYH

• 1D: -1.00%
• 1M: -1.05%
• YTD: 3.89%
• 6M: 3.22%
• 1Y: 15.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BAMU

• 1D: 0.00%
• 1M: 0.16%
• YTD: 1.18%
• 6M: 1.29%
• 1Y: 2.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYH vs. BAMU - Yearly Performance Comparison

	2026 (YTD)	2025
SPYH NEOS S&P 500 Hedged Equity Income ETF	3.89%	20.01%
BAMU Brookstone Ultra-Short Bond ETF	1.18%	2.33%

Correlation

The correlation between SPYH and BAMU is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.11
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	-0.06

Return for Risk

SPYH vs. BAMU — Risk / Return Rank

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

SPYH

SPYH Risk / Return Rank: 63
SPYH Sharpe Ratio Rank: 62
SPYH Sortino Ratio Rank: 60
SPYH Omega Ratio Rank: 64
SPYH Calmar Ratio Rank: 57
SPYH Martin Ratio Rank: 70

BAMU

BAMU Risk / Return Rank: 98
BAMU Sharpe Ratio Rank: 98
BAMU Sortino Ratio Rank: 98
BAMU Omega Ratio Rank: 98
BAMU Calmar Ratio Rank: 99
BAMU Martin Ratio Rank: 99

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. BAMU - 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 Brookstone Ultra-Short Bond ETF (BAMU). 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	BAMU	Difference
Sharpe ratio: Return per unit of total volatility	1.90	4.94	-3.04
Sortino ratio: Return per unit of downside risk	2.60	8.71	-6.11
Omega ratio: Gain probability vs. loss probability	1.36	2.41	-1.05
Calmar ratio: Return relative to maximum drawdown	2.61	24.37	-21.77
Martin ratio: Return relative to average drawdown	12.08	96.52	-84.44

SPYH vs. BAMU - Sharpe Ratio Comparison

The current SPYH Sharpe Ratio is 1.90, which is lower than the BAMU Sharpe Ratio of 4.94. The chart below compares the historical Sharpe Ratios of SPYH and BAMU, 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

SPYH vs. BAMU - Drawdown Comparison

The maximum SPYH drawdown since its inception was -7.22%, which is greater than BAMU's maximum drawdown of -0.36%. Use the drawdown chart below to compare losses from any high point for SPYH and BAMU.

Drawdown Indicators

	SPYH	BAMU	Difference
Max Drawdown Largest peak-to-trough decline	-7.22%	-0.36%	-6.86%
Max Drawdown (1Y) Largest decline over 1 year	-6.02%	-0.12%	-5.90%
Current Drawdown Current decline from peak	-2.13%	0.00%	-2.13%
Average Drawdown Average peak-to-trough decline	-0.75%	-0.02%	-0.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.30%	0.03%	+1.27%

Volatility

SPYH vs. BAMU - Volatility Comparison

NEOS S&P 500 Hedged Equity Income ETF (SPYH) has a higher volatility of 3.28% compared to Brookstone Ultra-Short Bond ETF (BAMU) at 0.09%. This indicates that SPYH's price experiences larger fluctuations and is considered to be riskier than BAMU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYH	BAMU	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	0.09%	+3.19%
Volatility (6M) Calculated over the trailing 6-month period	6.43%	0.39%	+6.04%
Volatility (1Y) Calculated over the trailing 1-year period	8.28%	0.58%	+7.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.44%	0.87%	+11.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.44%	0.87%	+11.57%

SPYH vs. BAMU - Expense Ratio Comparison

SPYH has a 0.68% expense ratio, which is lower than BAMU's 1.09% expense ratio.

Dividends

SPYH vs. BAMU - Dividend Comparison

SPYH's dividend yield for the trailing twelve months is around 7.68%, more than BAMU's 3.05% yield.

Position	TTM	2025	2024	2023
BAMU Brookstone Ultra-Short Bond ETF	3.05%	3.20%	3.97%	0.84%
SPYH NEOS S&P 500 Hedged Equity Income ETF	7.68%	5.54%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPYH and BAMU in my portfolio?

SPYH and BAMU have a correlation of -0.11, 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 BAMU?

SPYH has higher volatility (3.28%) compared to BAMU (0.09%). In terms of maximum drawdown, SPYH dropped -7.22% vs BAMU's -0.36%.

Which ETF is better, SPYH or BAMU?

On 1-year performance, SPYH leads with 15.64% vs 2.87% for BAMU. On fees, SPYH is cheaper at 0.68% per year. On volatility, BAMU has been the lower-risk option at 0.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYH or BAMU?

Over the 1-year period, SPYH has performed better with a 15.64% return vs 2.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYH or BAMU?

SPYH is cheaper with a 0.68% expense ratio, compared with 1.09% for BAMU.

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

SPYH has the higher dividend yield at 7.68%, compared with 3.05% for BAMU.

What is the main difference between SPYH and BAMU?

SPYH is categorized as Equity Hedged, while BAMU is Ultrashort Bond. They also come from different issuers: NEOS and Brookstone. Their fees differ too: 0.68% for SPYH and 1.09% for BAMU.

Which has better risk-adjusted returns?

BAMU currently has the higher Sharpe Ratio (4.94 vs 1.90), 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.