SPYI vs. ARCC

Last updated Jun 9, 2026

SPYI (NEOS S&P 500 High Income ETF) is Derivative Income fund actively managed by Neos, while ARCC (Ares Capital Corporation) is a stock. Over the past 3 years, SPYI returned 15.60%/yr vs 9.21%/yr for ARCC. A 0.50 correlation means they provide meaningful diversification when combined.

Performance

SPYI vs. ARCC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS S&P 500 High Income ETF (SPYI) and Ares Capital Corporation (ARCC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYI achieves a 5.97% return, which is significantly higher than ARCC's -4.69% return.

SPYI

• 1D: 0.30%
• 1M: 0.11%
• YTD: 5.97%
• 6M: 6.55%
• 1Y: 20.24%
• 3Y*: 15.60%
• 5Y*: —
• 10Y*: —

ARCC

• 1D: -0.11%
• 1M: -1.26%
• YTD: -4.69%
• 6M: -6.11%
• 1Y: -7.10%
• 3Y*: 9.21%
• 5Y*: 8.47%
• 10Y*: 12.83%

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

SPYI vs. ARCC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPYI NEOS S&P 500 High Income ETF	5.97%	16.67%	19.03%	18.09%	-2.44%
ARCC Ares Capital Corporation	-4.69%	1.07%	19.78%	20.03%	-1.18%

Correlation

The correlation between SPYI and ARCC is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022	0.50

The correlation between SPYI and ARCC has been stable across timeframes, ranging from 0.46 to 0.50 - a consistent structural relationship.

Return for Risk

SPYI vs. ARCC — Risk / Return Rank

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

SPYI

SPYI Risk / Return Rank: 70
SPYI Sharpe Ratio Rank: 70
SPYI Sortino Ratio Rank: 68
SPYI Omega Ratio Rank: 76
SPYI Calmar Ratio Rank: 59
SPYI Martin Ratio Rank: 78

ARCC

ARCC Risk / Return Rank: 26
ARCC Sharpe Ratio Rank: 25
ARCC Sortino Ratio Rank: 22
ARCC Omega Ratio Rank: 23
ARCC Calmar Ratio Rank: 30
ARCC Martin Ratio Rank: 30

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.

SPYI vs. ARCC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and Ares Capital Corporation (ARCC). 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.

	SPYI	ARCC	Difference
Sharpe ratio: Return per unit of total volatility	2.06	-0.39	+2.45
Sortino ratio: Return per unit of downside risk	2.78	-0.42	+3.20
Omega ratio: Gain probability vs. loss probability	1.40	0.95	+0.45
Calmar ratio: Return relative to maximum drawdown	2.63	-0.37	+3.00
Martin ratio: Return relative to average drawdown	13.60	-0.67	+14.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYI vs. ARCC - Sharpe Ratio Comparison

The current SPYI Sharpe Ratio is 2.06, which is higher than the ARCC Sharpe Ratio of -0.39. The chart below compares the historical Sharpe Ratios of SPYI and ARCC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPYI	ARCC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	-0.39	+2.45
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.43	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.50	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	0.37	+0.79

Drawdowns

SPYI vs. ARCC - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum ARCC drawdown of -79.36%. Use the drawdown chart below to compare losses from any high point for SPYI and ARCC.

Drawdown Indicators

	SPYI	ARCC	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-79.36%	+62.89%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-19.35%	+11.63%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	-19.35%	+2.88%
Max Drawdown (5Y) Largest decline over 5 years	—	-21.76%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-56.77%	—
Current Drawdown Current decline from peak	-2.11%	-13.24%	+11.13%
Average Drawdown Average peak-to-trough decline	-1.80%	-9.10%	+7.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.49%	10.58%	-9.09%

Volatility

SPYI vs. ARCC - Volatility Comparison

The current volatility for NEOS S&P 500 High Income ETF (SPYI) is 2.87%, while Ares Capital Corporation (ARCC) has a volatility of 3.82%. This indicates that SPYI experiences smaller price fluctuations and is considered to be less risky than ARCC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYI	ARCC	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	3.82%	-0.95%
Volatility (6M) Calculated over the trailing 6-month period	7.78%	14.73%	-6.95%
Volatility (1Y) Calculated over the trailing 1-year period	9.88%	18.45%	-8.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.95%	19.97%	-7.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.95%	25.59%	-12.64%

Dividends

SPYI vs. ARCC - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 11.83%, more than ARCC's 10.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARCC Ares Capital Corporation	10.23%	9.49%	8.77%	9.59%	10.12%	7.65%	9.47%	9.01%	9.88%	9.67%	9.22%	11.02%
SPYI NEOS S&P 500 High Income ETF	11.83%	11.70%	12.04%	12.01%	4.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPYI and ARCC in my portfolio?

SPYI and ARCC have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYI or ARCC?

ARCC has higher volatility (3.82%) compared to SPYI (2.87%). In terms of maximum drawdown, SPYI dropped -16.47% vs ARCC's -79.36%.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (2.06 vs -0.39), 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.