SPYI vs. ARMW

Last updated Jun 4, 2026

SPYI (NEOS S&P 500 High Income ETF) and ARMW (Roundhill ARM WeeklyPay ETF) are both Derivative Income funds. Both are actively managed. A 0.53 correlation means they provide meaningful diversification when combined. SPYI charges 0.68%/yr vs 0.99%/yr for ARMW.

Performance

SPYI vs. ARMW - Performance Comparison

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

Returns By Period

In the year-to-date period, SPYI achieves a 7.72% return, which is significantly lower than ARMW's 363.23% return.

SPYI

• 1D: -0.50%
• 1M: 3.71%
• YTD: 7.72%
• 6M: 8.37%
• 1Y: 22.76%
• 3Y*: 16.41%
• 5Y*: —
• 10Y*: —

ARMW

• 1D: 3.44%
• 1M: 128.75%
• YTD: 363.23%
• 6M: 245.13%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYI vs. ARMW - Yearly Performance Comparison

	2026 (YTD)	2025
SPYI NEOS S&P 500 High Income ETF	7.72%	2.58%
ARMW Roundhill ARM WeeklyPay ETF	363.23%	-40.49%

Correlation

The correlation between SPYI and ARMW is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 24, 2025	0.53

SPYI vs. ARMW - Sectors Allocation Comparison

Sectors	SPYI	ARMW
Technology	35.5%	36.0%
Financial Services	11.8%	-
Communication Services	11.2%	-
Consumer Cyclical	10.1%	-
Healthcare	8.5%	-
Industrials	8.4%	-
Consumer Defensive	4.9%	-
Energy	3.5%	-
Utilities	2.3%	-
Real Estate	2.0%	-
Basic Materials	1.8%	-

Return for Risk

SPYI vs. ARMW — Risk / Return Rank

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

SPYI

SPYI Risk / Return Rank: 71
SPYI Sharpe Ratio Rank: 71
SPYI Sortino Ratio Rank: 70
SPYI Omega Ratio Rank: 76
SPYI Calmar Ratio Rank: 58
SPYI 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.

SPYI vs. ARMW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and Roundhill ARM WeeklyPay ETF (ARMW). 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	ARMW	Difference
Sharpe ratio: Return per unit of total volatility	2.38	—	—
Sortino ratio: Return per unit of downside risk	3.26	—	—
Omega ratio: Gain probability vs. loss probability	1.47	—	—
Calmar ratio: Return relative to maximum drawdown	2.96	—	—
Martin ratio: Return relative to average drawdown	15.43	—	—
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

	SPYI	ARMW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.21	4.96	-3.74

Drawdowns

SPYI vs. ARMW - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum ARMW drawdown of -48.47%. Use the drawdown chart below to compare losses from any high point for SPYI and ARMW.

Drawdown Indicators

	SPYI	ARMW	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-48.47%	+32.00%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	—	—
Current Drawdown Current decline from peak	-0.50%	0.00%	-0.50%
Average Drawdown Average peak-to-trough decline	-1.80%	-26.55%	+24.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.48%	—	—

Volatility

Volatility by Period

	SPYI	ARMW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.82%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.41%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.63%	88.46%	-78.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.92%	88.46%	-75.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.92%	88.46%	-75.54%

SPYI vs. ARMW - Expense Ratio Comparison

SPYI has a 0.68% expense ratio, which is lower than ARMW's 0.99% expense ratio.

Dividends

SPYI vs. ARMW - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 11.64%, less than ARMW's 15.20% yield.

Position	TTM	2025	2024	2023	2022
ARMW Roundhill ARM WeeklyPay ETF	15.20%	16.38%	0.00%	0.00%	0.00%
SPYI NEOS S&P 500 High Income ETF	11.64%	11.70%	12.04%	12.01%	4.10%

Frequently Asked Questions

Can I hold both SPYI and ARMW in my portfolio?

SPYI and ARMW have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPYI or ARMW?

On fees, SPYI 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, SPYI or ARMW?

SPYI is cheaper with a 0.68% expense ratio, compared with 0.99% for ARMW.

Which ETF pays a higher dividend yield, SPYI or ARMW?

ARMW has the higher dividend yield at 15.20%, compared with 11.64% for SPYI.

What is the main difference between SPYI and ARMW?

They also come from different issuers: Neos and Roundhill Investments. Their fees differ too: 0.68% for SPYI and 0.99% for ARMW.