SPYH vs. XSPI

Last updated Jun 4, 2026

SPYH (NEOS S&P 500 Hedged Equity Income ETF) and XSPI (NEOS Boosted S&P 500 High Income ETF) are both exchange-traded funds - SPYH is a Equity Hedged fund actively managed by NEOS, while XSPI is a Derivative Income fund tracking the S&P 500. SPYH is actively managed, while XSPI is passively managed. With a 0.98 correlation, they move nearly in lockstep. SPYH charges 0.68%/yr vs 0.98%/yr for XSPI.

Performance

SPYH vs. XSPI - 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 Boosted S&P 500 High Income ETF (XSPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPYH

• 1D: -0.39%
• 1M: 3.32%
• YTD: 5.74%
• 6M: 6.16%
• 1Y: 18.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XSPI

• 1D: -0.89%
• 1M: 5.09%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYH vs. XSPI - Yearly Performance Comparison

	2026 (YTD)
SPYH NEOS S&P 500 Hedged Equity Income ETF	4.51%
XSPI NEOS Boosted S&P 500 High Income ETF	8.22%

Correlation

The correlation between SPYH and XSPI is 0.98 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 4, 2026	0.98

Return for Risk

SPYH vs. XSPI — Risk / Return Rank

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

SPYH

SPYH Risk / Return Rank: 73
SPYH Sharpe Ratio Rank: 74
SPYH Sortino Ratio Rank: 74
SPYH Omega Ratio Rank: 77
SPYH Calmar Ratio Rank: 64
SPYH Martin Ratio Rank: 78

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. XSPI - 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 Boosted S&P 500 High Income ETF (XSPI). 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	XSPI	Difference
Sharpe ratio Return per unit of total volatility	2.42	—	—
Sortino ratio Return per unit of downside risk	3.35	—	—
Omega ratio Gain probability vs. loss probability	1.46	—	—
Calmar ratio Return relative to maximum drawdown	3.13	—	—
Martin ratio Return relative to average drawdown	15.14	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SPYH	XSPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.93	1.55	+0.38

Drawdowns

SPYH vs. XSPI - Drawdown Comparison

The maximum SPYH drawdown since its inception was -6.39%, smaller than the maximum XSPI drawdown of -11.59%. Use the drawdown chart below to compare losses from any high point for SPYH and XSPI.

Drawdown Indicators

	SPYH	XSPI	Difference
Max Drawdown Largest peak-to-trough decline	-6.39%	-11.59%	+5.20%
Max Drawdown (1Y) Largest decline over 1 year	-6.02%	—	—
Current Drawdown Current decline from peak	-0.39%	-0.89%	+0.50%
Average Drawdown Average peak-to-trough decline	-0.71%	-2.23%	+1.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.24%	—	—

Volatility

Volatility by Period

	SPYH	XSPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.55%	—	—
Volatility (6M) Calculated over the trailing 6-month period	5.78%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.80%	17.64%	-9.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.36%	17.64%	-5.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.36%	17.64%	-5.28%

SPYH vs. XSPI - Expense Ratio Comparison

SPYH has a 0.68% expense ratio, which is lower than XSPI's 0.98% expense ratio.

Dividends

SPYH vs. XSPI - Dividend Comparison

SPYH's dividend yield for the trailing twelve months is around 7.54%, more than XSPI's 6.83% yield.

Position	TTM	2025
SPYH NEOS S&P 500 Hedged Equity Income ETF	7.54%	5.54%
XSPI NEOS Boosted S&P 500 High Income ETF	6.83%	0.00%

Frequently Asked Questions

Can I hold both SPYH and XSPI in my portfolio?

With a correlation of 0.98, SPYH and XSPI 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 ETF is better, SPYH or XSPI?

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.

Which ETF is cheaper, SPYH or XSPI?

SPYH is cheaper with a 0.68% expense ratio, compared with 0.98% for XSPI.

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

SPYH has the higher dividend yield at 7.54%, compared with 6.83% for XSPI.

What is the main difference between SPYH and XSPI?

SPYH is categorized as Equity Hedged, while XSPI is Derivative Income. They also come from different issuers: NEOS and NEOS Investments. Their fees differ too: 0.68% for SPYH and 0.98% for XSPI.