SPYH vs. SPIN

Last updated Aug 2, 2026

SPYH (NEOS S&P 500 Hedged Equity Income ETF) and SPIN (State Street US Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, SPYH returned 14.86% vs 14.27% for SPIN. Their correlation of 0.92 means they have usually moved in the same direction. SPYH charges 0.68%/yr vs 0.25%/yr for SPIN.

Performance

SPYH vs. SPIN - 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 State Street US Equity Premium Income ETF (SPIN). 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 higher than SPIN's 3.96% return.

SPYH

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

SPIN

• 1D: 1.24%
• 1M: 1.15%
• 6M: 2.65%
• YTD: 3.96%
• 1Y: 14.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.09%

*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)
SPIN State Street US Equity Premium Income ETF	$106.05K	$178.20K	$136.27K
SPYH NEOS S&P 500 Hedged Equity Income ETF	$472.46K	$589.47K	$594.95K

SPYH vs. SPIN - Yearly Performance Comparison

	2026 (YTD)	2025
SPYH NEOS S&P 500 Hedged Equity Income ETF	5.96%	20.01%
SPIN State Street US Equity Premium Income ETF	3.96%	18.83%

Correlation

The correlation between SPYH and SPIN is 0.94, 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.	0.94
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.92

The correlation between SPYH and SPIN has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

SPYH vs. SPIN - Sectors Allocation Comparison

Sectors	SPYH	SPIN
Technology	38.1%	39.0%
Financial Services	11.7%	12.3%
Communication Services	10.0%	11.1%
Consumer Cyclical	9.3%	8.2%
Healthcare	9.1%	8.7%
Industrials	8.1%	8.6%
Consumer Defensive	4.8%	3.7%
Energy	3.1%	2.5%
Utilities	2.4%	1.9%
Real Estate	1.9%	1.5%
Basic Materials	1.7%	2.4%

Return for Risk

SPYH vs. SPIN — 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

SPIN

SPIN Risk / Return Rank: 43
SPIN Sharpe Ratio Rank: 44
SPIN Sortino Ratio Rank: 43
SPIN Omega Ratio Rank: 44
SPIN Calmar Ratio Rank: 38
SPIN Martin Ratio Rank: 46

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. SPIN - 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 State Street US Equity Premium Income ETF (SPIN). 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	SPIN	Difference
Sharpe ratio: Return per unit of total volatility	1.60	1.11	+0.48
Sortino ratio: Return per unit of downside risk	2.20	1.58	+0.62
Omega ratio: Gain probability vs. loss probability	1.29	1.20	+0.09
Calmar ratio: Return relative to maximum drawdown	2.28	1.32	+0.96
Martin ratio: Return relative to average drawdown	10.14	5.27	+4.86

SPYH vs. SPIN - Sharpe Ratio Comparison

The current SPYH Sharpe Ratio is 1.60, which is higher than the SPIN Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of SPYH and SPIN, 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. SPIN - Drawdown Comparison

The maximum SPYH drawdown since its inception was -7.22%, smaller than the maximum SPIN drawdown of -16.85%. Use the drawdown chart below to compare losses from any high point for SPYH and SPIN.

Drawdown Indicators

	SPYH	SPIN	Difference
Max Drawdown Largest peak-to-trough decline	-7.22%	-16.85%	+9.63%
Max Drawdown (1Y) Largest decline over 1 year	-6.02%	-9.81%	+3.79%
Current Drawdown Current decline from peak	-0.37%	-0.18%	-0.19%
Average Drawdown Average peak-to-trough decline	-0.77%	-2.21%	+1.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.35%	2.45%	-1.10%

Volatility

SPYH vs. SPIN - Volatility Comparison

The current volatility for NEOS S&P 500 Hedged Equity Income ETF (SPYH) is 2.67%, while State Street US Equity Premium Income ETF (SPIN) has a volatility of 3.43%. This indicates that SPYH experiences smaller price fluctuations and is considered to be less risky than SPIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYH	SPIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.67%	3.43%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	6.61%	8.79%	-2.18%
Volatility (1Y) Calculated over the trailing 1-year period	8.61%	11.62%	-3.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.17%	14.25%	-2.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.17%	14.25%	-2.08%

SPYH vs. SPIN - Expense Ratio Comparison

SPYH has a 0.68% expense ratio, which is higher than SPIN's 0.25% expense ratio.

Dividends

SPYH vs. SPIN - Dividend Comparison

SPYH's dividend yield for the trailing twelve months is around 7.71%, more than SPIN's 5.11% yield.

Position	TTM	2025	2024
SPIN State Street US Equity Premium Income ETF	4.76%	8.20%	2.36%
SPYH NEOS S&P 500 Hedged Equity Income ETF	7.71%	5.54%	0.00%

Frequently Asked Questions

Can I hold both SPYH and SPIN in my portfolio?

With a correlation of 0.94, SPYH and SPIN 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 SPIN?

SPIN has higher volatility (3.43%) compared to SPYH (2.67%). In terms of maximum drawdown, SPYH dropped -7.22% vs SPIN's -16.85%.

Which ETF is better, SPYH or SPIN?

On 1-year performance, SPYH leads with 14.86% vs 14.27% for SPIN. On fees, SPIN is cheaper at 0.25% per year. 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 SPIN?

Over the 1-year period, SPYH has performed better with a 14.86% return vs 14.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYH or SPIN?

SPIN is cheaper with a 0.25% expense ratio, compared with 0.68% for SPYH.

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

SPYH has the higher dividend yield at 7.71%, compared with 4.76% for SPIN.

What is the main difference between SPYH and SPIN?

They also come from different issuers: Neos and State Street. Their fees differ too: 0.68% for SPYH and 0.25% for SPIN.

Which has better risk-adjusted returns?

SPYH currently has the higher Sharpe Ratio (1.60 vs 1.11), 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.