SPYH vs. DIVO

Last updated Jun 24, 2026

SPYH (NEOS S&P 500 Hedged Equity Income ETF) and DIVO (Amplify CWP Enhanced Dividend Income ETF) are both exchange-traded funds - SPYH is a Equity Hedged fund actively managed by NEOS, while DIVO is a Derivative Income fund actively managed by Amplify. Both are actively managed. Over the past year, SPYH returned 15.64% vs 17.37% for DIVO. A 0.74 correlation means they provide meaningful diversification when combined. SPYH charges 0.68%/yr vs 0.56%/yr for DIVO.

Performance

SPYH vs. DIVO - 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 Amplify CWP Enhanced Dividend Income ETF (DIVO). 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 lower than DIVO's 5.40% return.

SPYH

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

DIVO

• 1D: -0.04%
• 1M: -0.03%
• YTD: 5.40%
• 6M: 4.24%
• 1Y: 17.37%
• 3Y*: 15.15%
• 5Y*: 10.94%
• 10Y*: —

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

SPYH vs. DIVO - Yearly Performance Comparison

	2026 (YTD)	2025
SPYH NEOS S&P 500 Hedged Equity Income ETF	3.89%	20.01%
DIVO Amplify CWP Enhanced Dividend Income ETF	5.40%	14.67%

Correlation

The correlation between SPYH and DIVO is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.74

The correlation between SPYH and DIVO has been stable across timeframes, ranging from 0.69 to 0.74 - a consistent structural relationship.

SPYH vs. DIVO - Sectors Allocation Comparison

Sectors	SPYH	DIVO
Technology	38.7%	14.6%
Financial Services	11.2%	30.3%
Communication Services	10.8%	1.0%
Consumer Cyclical	9.7%	10.9%
Healthcare	8.4%	6.8%
Industrials	7.4%	16.1%
Consumer Defensive	4.7%	7.4%
Energy	3.3%	7.0%
Utilities	2.3%	1.9%
Real Estate	1.9%	-
Basic Materials	1.7%	4.3%

Return for Risk

SPYH vs. DIVO — 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

DIVO

DIVO Risk / Return Rank: 60
DIVO Sharpe Ratio Rank: 59
DIVO Sortino Ratio Rank: 62
DIVO Omega Ratio Rank: 55
DIVO Calmar Ratio Rank: 61
DIVO Martin Ratio Rank: 61

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. DIVO - 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 Amplify CWP Enhanced Dividend Income ETF (DIVO). 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	DIVO	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.90	0.00
Sortino ratio: Return per unit of downside risk	2.60	2.81	-0.21
Omega ratio: Gain probability vs. loss probability	1.36	1.33	+0.03
Calmar ratio: Return relative to maximum drawdown	2.61	2.93	-0.33
Martin ratio: Return relative to average drawdown	12.08	10.48	+1.60

SPYH vs. DIVO - Sharpe Ratio Comparison

The current SPYH Sharpe Ratio is 1.90, which is comparable to the DIVO Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of SPYH and DIVO, 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. DIVO - Drawdown Comparison

The maximum SPYH drawdown since its inception was -7.22%, smaller than the maximum DIVO drawdown of -30.04%. Use the drawdown chart below to compare losses from any high point for SPYH and DIVO.

Drawdown Indicators

	SPYH	DIVO	Difference
Max Drawdown Largest peak-to-trough decline	-7.22%	-30.04%	+22.82%
Max Drawdown (1Y) Largest decline over 1 year	-6.02%	-5.95%	-0.07%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.12%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-13.72%	—
Current Drawdown Current decline from peak	-2.13%	-1.61%	-0.52%
Average Drawdown Average peak-to-trough decline	-0.75%	-2.60%	+1.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.30%	1.66%	-0.36%

Volatility

SPYH vs. DIVO - Volatility Comparison

NEOS S&P 500 Hedged Equity Income ETF (SPYH) has a higher volatility of 3.28% compared to Amplify CWP Enhanced Dividend Income ETF (DIVO) at 2.94%. This indicates that SPYH's price experiences larger fluctuations and is considered to be riskier than DIVO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYH	DIVO	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	2.94%	+0.34%
Volatility (6M) Calculated over the trailing 6-month period	6.43%	7.14%	-0.71%
Volatility (1Y) Calculated over the trailing 1-year period	8.28%	9.21%	-0.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.44%	11.95%	+0.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.44%	14.82%	-2.38%

SPYH vs. DIVO - Expense Ratio Comparison

SPYH has a 0.68% expense ratio, which is higher than DIVO's 0.56% expense ratio.

Dividends

SPYH vs. DIVO - Dividend Comparison

SPYH's dividend yield for the trailing twelve months is around 7.68%, more than DIVO's 6.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DIVO Amplify CWP Enhanced Dividend Income ETF	6.43%	6.44%	4.70%	4.67%	4.76%	4.79%	4.91%	8.16%	5.27%	3.83%
SPYH NEOS S&P 500 Hedged Equity Income ETF	7.68%	5.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPYH and DIVO in my portfolio?

SPYH and DIVO have a correlation of 0.69, 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 DIVO?

SPYH has higher volatility (3.28%) compared to DIVO (2.94%). In terms of maximum drawdown, SPYH dropped -7.22% vs DIVO's -30.04%.

Which ETF is better, SPYH or DIVO?

On 1-year performance, DIVO leads with 17.37% vs 15.64% for SPYH. On fees, DIVO is cheaper at 0.56% per year. On volatility, DIVO has been the lower-risk option at 2.94%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYH or DIVO?

Over the 1-year period, DIVO has performed better with a 17.37% return vs 15.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYH or DIVO?

DIVO is cheaper with a 0.56% expense ratio, compared with 0.68% for SPYH.

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

SPYH has the higher dividend yield at 7.68%, compared with 6.43% for DIVO.

What is the main difference between SPYH and DIVO?

SPYH is categorized as Equity Hedged, while DIVO is Derivative Income. They also come from different issuers: NEOS and Amplify. Their fees differ too: 0.68% for SPYH and 0.56% for DIVO.

Which has better risk-adjusted returns?

DIVO currently has the higher Sharpe Ratio (1.90 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.