SPYH vs. MLPI

Last updated Jun 24, 2026

SPYH (NEOS S&P 500 Hedged Equity Income ETF) and MLPI (NEOS MLP & Energy Infrastructure High Income ETF) are both exchange-traded funds - SPYH is a Equity Hedged fund actively managed by NEOS, while MLPI is a MLPs fund actively managed by NEOS. Both are actively managed. At a correlation of -0.16, they often move in opposite directions. Both charge a 0.68% expense ratio.

Performance

SPYH vs. MLPI - 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 NEOS MLP & Energy Infrastructure High Income ETF (MLPI). 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 MLPI's 19.61% return.

SPYH

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

MLPI

• 1D: 1.09%
• 1M: -2.18%
• YTD: 19.61%
• 6M: 18.17%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYH vs. MLPI - Yearly Performance Comparison

	2026 (YTD)	2025
SPYH NEOS S&P 500 Hedged Equity Income ETF	3.89%	1.61%
MLPI NEOS MLP & Energy Infrastructure High Income ETF	19.61%	0.36%

Correlation

The correlation between SPYH and MLPI is -0.16, 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 (All Time) Calculated using the full available price history since Dec 18, 2025	-0.16

Return for Risk

SPYH vs. MLPI — 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

MLPI

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

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. MLPI - 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 NEOS MLP & Energy Infrastructure High Income ETF (MLPI). 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	MLPI	Difference
Sharpe ratio: Return per unit of total volatility	1.90	—	—
Sortino ratio: Return per unit of downside risk	2.60	—	—
Omega ratio: Gain probability vs. loss probability	1.36	—	—
Calmar ratio: Return relative to maximum drawdown	2.61	—	—
Martin ratio: Return relative to average drawdown	12.08	—	—

Drawdowns

SPYH vs. MLPI - Drawdown Comparison

The maximum SPYH drawdown since its inception was -7.22%, which is greater than MLPI's maximum drawdown of -5.38%. Use the drawdown chart below to compare losses from any high point for SPYH and MLPI.

Drawdown Indicators

	SPYH	MLPI	Difference
Max Drawdown Largest peak-to-trough decline	-7.22%	-5.38%	-1.84%
Max Drawdown (1Y) Largest decline over 1 year	-6.02%	—	—
Current Drawdown Current decline from peak	-2.13%	-2.18%	+0.05%
Average Drawdown Average peak-to-trough decline	-0.75%	-1.49%	+0.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.30%	—	—

Volatility

Volatility by Period

	SPYH	MLPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.28%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.43%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.28%	13.05%	-4.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.44%	13.05%	-0.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.44%	13.05%	-0.61%

SPYH vs. MLPI - Expense Ratio Comparison

Both SPYH and MLPI have an expense ratio of 0.68%.

Dividends

SPYH vs. MLPI - Dividend Comparison

SPYH's dividend yield for the trailing twelve months is around 7.68%, more than MLPI's 7.19% yield.

Position	TTM	2025
MLPI NEOS MLP & Energy Infrastructure High Income ETF	7.19%	0.00%
SPYH NEOS S&P 500 Hedged Equity Income ETF	7.68%	5.54%

Frequently Asked Questions

Can I hold both SPYH and MLPI in my portfolio?

SPYH and MLPI have a correlation of -0.16, 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 MLPI?

Both ETFs have the same 0.68% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPYH or MLPI?

SPYH and MLPI have the same expense ratio: 0.68% per year.

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

SPYH has the higher dividend yield at 7.68%, compared with 7.19% for MLPI.

What is the main difference between SPYH and MLPI?

SPYH is categorized as Equity Hedged, while MLPI is MLPs.