SPYH vs. MAXJ

Last updated Jun 3, 2026

SPYH (NEOS S&P 500 Hedged Equity Income ETF) and MAXJ (iShares Large Cap Max Buffer Jun ETF) are both Equity Hedged funds. Both are actively managed. Over the past year, SPYH returned 19.81% vs 9.63% for MAXJ. Their correlation of 0.80 suggests significant overlap in exposure. SPYH charges 0.68%/yr vs 0.50%/yr for MAXJ.

Performance

SPYH vs. MAXJ - 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 iShares Large Cap Max Buffer Jun ETF (MAXJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYH achieves a 6.15% return, which is significantly higher than MAXJ's 2.84% return.

SPYH

• 1D: 0.04%
• 1M: 3.31%
• YTD: 6.15%
• 6M: 6.77%
• 1Y: 19.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MAXJ

• 1D: -0.02%
• 1M: 0.69%
• YTD: 2.84%
• 6M: 3.56%
• 1Y: 9.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYH vs. MAXJ - Yearly Performance Comparison

	2026 (YTD)	2025
SPYH NEOS S&P 500 Hedged Equity Income ETF	6.15%	21.09%
MAXJ iShares Large Cap Max Buffer Jun ETF	2.84%	12.25%

Correlation

The correlation between SPYH and MAXJ is 0.79, 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	0.79
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	0.80

The correlation between SPYH and MAXJ has been stable across timeframes, ranging from 0.79 to 0.80 - a consistent structural relationship.

Return for Risk

SPYH vs. MAXJ — Risk / Return Rank

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

SPYH

SPYH Risk / Return Rank: 76
SPYH Sharpe Ratio Rank: 77
SPYH Sortino Ratio Rank: 77
SPYH Omega Ratio Rank: 80
SPYH Calmar Ratio Rank: 65
SPYH Martin Ratio Rank: 80

MAXJ

MAXJ Risk / Return Rank: 94
MAXJ Sharpe Ratio Rank: 92
MAXJ Sortino Ratio Rank: 96
MAXJ Omega Ratio Rank: 96
MAXJ Calmar Ratio Rank: 90
MAXJ Martin Ratio Rank: 95

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. MAXJ - 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 iShares Large Cap Max Buffer Jun ETF (MAXJ). 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	MAXJ	Difference
Sharpe ratio Return per unit of total volatility	2.55	3.30	-0.75
Sortino ratio Return per unit of downside risk	3.52	5.45	-1.93
Omega ratio Gain probability vs. loss probability	1.49	1.79	-0.30
Calmar ratio Return relative to maximum drawdown	3.33	5.80	-2.47
Martin ratio Return relative to average drawdown	16.13	32.89	-16.76
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. MAXJ - Sharpe Ratio Comparison

The current SPYH Sharpe Ratio is 2.55, which is comparable to the MAXJ Sharpe Ratio of 3.30. The chart below compares the historical Sharpe Ratios of SPYH and MAXJ, 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	MAXJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.55	3.30	-0.75
Sharpe Ratio (All Time) Calculated using the full available price history	1.97	1.64	+0.33

Drawdowns

SPYH vs. MAXJ - Drawdown Comparison

The maximum SPYH drawdown since its inception was -6.39%, roughly equal to the maximum MAXJ drawdown of -6.35%. Use the drawdown chart below to compare losses from any high point for SPYH and MAXJ.

Drawdown Indicators

	SPYH	MAXJ	Difference
Max Drawdown Largest peak-to-trough decline	-6.39%	-6.35%	-0.04%
Max Drawdown (1Y) Largest decline over 1 year	-6.02%	-1.70%	-4.32%
Current Drawdown Current decline from peak	0.00%	-0.02%	+0.02%
Average Drawdown Average peak-to-trough decline	-0.71%	-0.56%	-0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.24%	0.30%	+0.94%

Volatility

SPYH vs. MAXJ - Volatility Comparison

NEOS S&P 500 Hedged Equity Income ETF (SPYH) has a higher volatility of 1.55% compared to iShares Large Cap Max Buffer Jun ETF (MAXJ) at 0.33%. This indicates that SPYH's price experiences larger fluctuations and is considered to be riskier than MAXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYH	MAXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	0.33%	+1.22%
Volatility (6M) Calculated over the trailing 6-month period	5.77%	1.93%	+3.84%
Volatility (1Y) Calculated over the trailing 1-year period	7.79%	2.93%	+4.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.37%	5.29%	+7.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.37%	5.29%	+7.08%

SPYH vs. MAXJ - Expense Ratio Comparison

SPYH has a 0.68% expense ratio, which is higher than MAXJ's 0.50% expense ratio.

Dividends

SPYH vs. MAXJ - Dividend Comparison

SPYH's dividend yield for the trailing twelve months is around 7.52%, more than MAXJ's 0.98% yield.

Position	TTM	2025	2024
MAXJ iShares Large Cap Max Buffer Jun ETF	0.98%	1.01%	0.81%
SPYH NEOS S&P 500 Hedged Equity Income ETF	7.52%	5.54%	0.00%

Frequently Asked Questions

Can I hold both SPYH and MAXJ in my portfolio?

SPYH and MAXJ have a correlation of 0.79, 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 MAXJ?

SPYH has higher volatility (1.55%) compared to MAXJ (0.33%). In terms of maximum drawdown, SPYH dropped -6.39% vs MAXJ's -6.35%.

Which ETF is better, SPYH or MAXJ?

On 1-year performance, SPYH leads with 19.81% vs 9.63% for MAXJ. On fees, MAXJ is cheaper at 0.50% per year. On volatility, MAXJ has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYH or MAXJ?

Over the 1-year period, SPYH has performed better with a 19.81% return vs 9.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYH or MAXJ?

MAXJ is cheaper with a 0.50% expense ratio, compared with 0.68% for SPYH.

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

SPYH has the higher dividend yield at 7.52%, compared with 0.98% for MAXJ.

What is the main difference between SPYH and MAXJ?

They also come from different issuers: NEOS and iShares. Their fees differ too: 0.68% for SPYH and 0.50% for MAXJ.

Which has better risk-adjusted returns?

MAXJ currently has the higher Sharpe Ratio (3.30 vs 2.55), 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.