SPYH vs. ONEH
SPYH (NEOS S&P 500 Hedged Equity Income ETF) and ONEH (TrueShares Equity Hedge ETF) are both Equity Hedged funds. Both are actively managed. At a 0.19 correlation, their price movements are largely independent. SPYH charges 0.68%/yr vs 0.79%/yr for ONEH.
Performance
SPYH vs. ONEH - Performance Comparison
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Returns By Period
SPYH
- 1D
- -1.00%
- 1M
- -1.05%
- YTD
- 3.89%
- 6M
- 3.22%
- 1Y
- 15.64%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ONEH
- 1D
- 0.14%
- 1M
- 0.90%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPYH vs. ONEH - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
SPYH NEOS S&P 500 Hedged Equity Income ETF | 2.34% |
ONEH TrueShares Equity Hedge ETF | -1.06% |
Correlation
The correlation between SPYH and ONEH is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jan 29, 2026 | 0.19 |
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Return for Risk
SPYH vs. ONEH — Risk / Return Rank
SPYH
ONEH
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SPYH vs. ONEH - 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 TrueShares Equity Hedge ETF (ONEH). 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 | ONEH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.36 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.61 | — | — |
| Martin ratioReturn relative to average drawdown | 12.08 | — | — |
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Drawdowns
SPYH vs. ONEH - Drawdown Comparison
The maximum SPYH drawdown since its inception was -7.22%, which is greater than ONEH's maximum drawdown of -3.55%. Use the drawdown chart below to compare losses from any high point for SPYH and ONEH.
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Drawdown Indicators
| SPYH | ONEH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -7.22% | -3.55% | -3.67% |
Max Drawdown (1Y)Largest decline over 1 year | -6.02% | — | — |
Current DrawdownCurrent decline from peak | -2.13% | -1.06% | -1.07% |
Average DrawdownAverage peak-to-trough decline | -0.75% | -1.50% | +0.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.30% | — | — |
Volatility
SPYH vs. ONEH - Volatility Comparison
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Volatility by Period
| SPYH | ONEH | 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% | 5.36% | +2.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.44% | 5.36% | +7.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.44% | 5.36% | +7.08% |
SPYH vs. ONEH - Expense Ratio Comparison
SPYH has a 0.68% expense ratio, which is lower than ONEH's 0.79% expense ratio.
Dividends
SPYH vs. ONEH - Dividend Comparison
SPYH's dividend yield for the trailing twelve months is around 7.68%, while ONEH has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
ONEH TrueShares Equity Hedge ETF | 0.00% | 0.00% |
SPYH NEOS S&P 500 Hedged Equity Income ETF | 7.68% | 5.54% |
Frequently Asked Questions
SPYH and ONEH have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
SPYH is cheaper with a 0.68% expense ratio, compared with 0.79% for ONEH.
SPYH has the higher dividend yield at 7.68%, compared with 0.00% for ONEH.
They also come from different issuers: NEOS and TrueShares. Their fees differ too: 0.68% for SPYH and 0.79% for ONEH.
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