SPYH vs. QQQI

Last updated Aug 2, 2026

SPYH (NEOS S&P 500 Hedged Equity Income ETF) and QQQI (NEOS Nasdaq-100 High Income ETF) are both exchange-traded funds - SPYH is a Derivative Income fund actively managed by Neos, while QQQI is a Nasdaq-100 fund actively managed by Neos. Both are actively managed. Over the past year, SPYH returned 14.86% vs 17.94% for QQQI. Their correlation of 0.92 means they have usually moved in the same direction. Both charge a 0.68% expense ratio.

Performance

SPYH vs. QQQI - 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 Nasdaq-100 High Income ETF (QQQI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYH achieves a 5.96% return, which is significantly lower than QQQI's 6.90% return.

SPYH

• 1D: 0.69%
• 1M: 0.68%
• 6M: 4.69%
• YTD: 5.96%
• 1Y: 14.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.88%

QQQI

• 1D: 0.68%
• 1M: -3.08%
• 6M: 5.69%
• YTD: 6.90%
• 1Y: 17.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.07%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QQQI NEOS Nasdaq-100 High Income ETF	$341.25M	$334.46M	$358.36M
SPYH NEOS S&P 500 Hedged Equity Income ETF	$472.46K	$589.47K	$594.95K

SPYH vs. QQQI - Yearly Performance Comparison

	2026 (YTD)	2025
SPYH NEOS S&P 500 Hedged Equity Income ETF	5.96%	20.01%
QQQI NEOS Nasdaq-100 High Income ETF	6.90%	24.92%

Correlation

The correlation between SPYH and QQQI is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.92

The correlation between SPYH and QQQI has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

SPYH vs. QQQI - Sectors Allocation Comparison

Sectors	SPYH	QQQI
Technology	38.1%	59.9%
Financial Services	11.7%	0.2%
Communication Services	10.0%	12.1%
Consumer Cyclical	9.3%	10.0%
Healthcare	9.1%	3.7%
Industrials	8.1%	4.3%
Consumer Defensive	4.8%	6.5%
Energy	3.1%	0.5%
Utilities	2.4%	1.2%
Real Estate	1.9%	0.1%
Basic Materials	1.7%	1.1%

Return for Risk

SPYH vs. QQQI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPYH

SPYH Risk / Return Rank: 70
SPYH Sharpe Ratio Rank: 70
SPYH Sortino Ratio Rank: 67
SPYH Omega Ratio Rank: 70
SPYH Calmar Ratio Rank: 65
SPYH Martin Ratio Rank: 79

QQQI

QQQI Risk / Return Rank: 43
QQQI Sharpe Ratio Rank: 40
QQQI Sortino Ratio Rank: 38
QQQI Omega Ratio Rank: 39
QQQI Calmar Ratio Rank: 47
QQQI Martin Ratio Rank: 52

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPYH vs. QQQI - 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 Nasdaq-100 High Income ETF (QQQI). 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	QQQI	Difference
Sharpe ratio: Return per unit of total volatility	1.60	0.98	+0.61
Sortino ratio: Return per unit of downside risk	2.20	1.42	+0.79
Omega ratio: Gain probability vs. loss probability	1.29	1.18	+0.11
Calmar ratio: Return relative to maximum drawdown	2.28	1.67	+0.60
Martin ratio: Return relative to average drawdown	10.14	6.03	+4.11

SPYH vs. QQQI - Sharpe Ratio Comparison

The current SPYH Sharpe Ratio is 1.60, which is higher than the QQQI Sharpe Ratio of 0.98. The chart below compares the historical Sharpe Ratios of SPYH and QQQI, 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. QQQI - Drawdown Comparison

The maximum SPYH drawdown since its inception was -7.22%, smaller than the maximum QQQI drawdown of -20.00%. Use the drawdown chart below to compare losses from any high point for SPYH and QQQI.

Drawdown Indicators

	SPYH	QQQI	Difference
Max Drawdown Largest peak-to-trough decline	-7.22%	-20.00%	+12.78%
Max Drawdown (1Y) Largest decline over 1 year	-6.02%	-9.61%	+3.59%
Current Drawdown Current decline from peak	-0.37%	-5.92%	+5.55%
Average Drawdown Average peak-to-trough decline	-0.77%	-2.27%	+1.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.35%	2.67%	-1.32%

Volatility

SPYH vs. QQQI - Volatility Comparison

The current volatility for NEOS S&P 500 Hedged Equity Income ETF (SPYH) is 2.67%, while NEOS Nasdaq-100 High Income ETF (QQQI) has a volatility of 6.53%. This indicates that SPYH experiences smaller price fluctuations and is considered to be less risky than QQQI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYH	QQQI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.67%	6.53%	-3.86%
Volatility (6M) Calculated over the trailing 6-month period	6.61%	13.66%	-7.05%
Volatility (1Y) Calculated over the trailing 1-year period	8.61%	16.35%	-7.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.17%	17.75%	-5.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.17%	17.75%	-5.58%

SPYH vs. QQQI - Expense Ratio Comparison

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

Dividends

SPYH vs. QQQI - Dividend Comparison

SPYH's dividend yield for the trailing twelve months is around 7.71%, less than QQQI's 14.38% yield.

Position	TTM	2025	2024
QQQI NEOS Nasdaq-100 High Income ETF	14.38%	13.82%	12.85%
SPYH NEOS S&P 500 Hedged Equity Income ETF	7.71%	5.54%	0.00%

Frequently Asked Questions

Can I hold both SPYH and QQQI in my portfolio?

With a correlation of 0.91, SPYH and QQQI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SPYH or QQQI?

QQQI has higher volatility (6.53%) compared to SPYH (2.67%). In terms of maximum drawdown, SPYH dropped -7.22% vs QQQI's -20.00%.

Which ETF is better, SPYH or QQQI?

On 1-year performance, QQQI leads with 17.94% vs 14.86% for SPYH. Both ETFs have the same 0.68% expense ratio. On volatility, SPYH has been the lower-risk option at 2.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYH or QQQI?

Over the 1-year period, QQQI has performed better with a 17.94% return vs 14.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYH or QQQI?

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

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

QQQI has the higher dividend yield at 14.38%, compared with 7.71% for SPYH.

What is the main difference between SPYH and QQQI?

SPYH is categorized as Derivative Income, while QQQI is Nasdaq-100.

Which has better risk-adjusted returns?

SPYH currently has the higher Sharpe Ratio (1.60 vs 0.98), 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.