SPYI vs. BIL
SPYI (NEOS S&P 500 High Income ETF) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - SPYI is a Derivative Income fund actively managed by Neos, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. SPYI is actively managed, while BIL is passively managed. Over the past 3 years, SPYI returned 15.48%/yr vs 4.62%/yr for BIL. At a correlation of -0.04, they often move in opposite directions. SPYI charges 0.68%/yr vs 0.14%/yr for BIL.
Performance
SPYI vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, SPYI achieves a 5.65% return, which is significantly higher than BIL's 1.54% return.
SPYI
- 1D
- -0.30%
- 1M
- -0.20%
- YTD
- 5.65%
- 6M
- 6.29%
- 1Y
- 19.75%
- 3Y*
- 15.48%
- 5Y*
- —
- 10Y*
- —
BIL
- 1D
- 0.00%
- 1M
- 0.29%
- YTD
- 1.54%
- 6M
- 1.76%
- 1Y
- 3.86%
- 3Y*
- 4.62%
- 5Y*
- 3.42%
- 10Y*
- 2.19%
SPYI vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPYI NEOS S&P 500 High Income ETF | 5.65% | 16.67% | 19.03% | 18.09% | -3.96% |
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.54% | 4.15% | 5.19% | 4.94% | 1.08% |
Correlation
The correlation between SPYI and BIL is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022 | -0.04 |
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Return for Risk
SPYI vs. BIL — Risk / Return Rank
SPYI
BIL
SPYI vs. BIL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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 | BIL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -17.47 | ||
| Sortino ratioReturn per unit of downside risk | -170.94 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 87.66 | -86.27 |
| Calmar ratioReturn relative to maximum drawdown | 2.57 | 354.31 | -351.74 |
| Martin ratioReturn relative to average drawdown | 13.20 | 2,809.54 | -2,796.33 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPYI | BIL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.01 | 19.48 | -17.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 13.23 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 8.57 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.12 | 2.78 | -1.66 |
Drawdowns
SPYI vs. BIL - Drawdown Comparison
The maximum SPYI drawdown since its inception was -16.47%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for SPYI and BIL.
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Drawdown Indicators
| SPYI | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.47% | -0.78% | -15.69% |
Max Drawdown (1Y)Largest decline over 1 year | -7.72% | -0.01% | -7.71% |
Max Drawdown (3Y)Largest decline over 3 years | -16.47% | -0.01% | -16.46% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.09% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.21% | — |
Current DrawdownCurrent decline from peak | -2.40% | 0.00% | -2.40% |
Average DrawdownAverage peak-to-trough decline | -1.81% | -0.26% | -1.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.50% | 0.00% | +1.50% |
Volatility
SPYI vs. BIL - Volatility Comparison
NEOS S&P 500 High Income ETF (SPYI) has a higher volatility of 2.84% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.06%. This indicates that SPYI's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPYI | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.84% | 0.06% | +2.78% |
Volatility (6M)Calculated over the trailing 6-month period | 7.78% | 0.14% | +7.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.87% | 0.20% | +9.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.97% | 0.26% | +12.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.97% | 0.26% | +12.71% |
SPYI vs. BIL - Expense Ratio Comparison
SPYI has a 0.68% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
SPYI vs. BIL - Dividend Comparison
SPYI's dividend yield for the trailing twelve months is around 11.87%, more than BIL's 3.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.86% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% |
SPYI NEOS S&P 500 High Income ETF | 11.87% | 11.70% | 12.04% | 12.01% | 4.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SPYI and BIL have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPYI has higher volatility (2.84%) compared to BIL (0.06%). In terms of maximum drawdown, SPYI dropped -16.47% vs BIL's -0.78%.
On 3-year performance, SPYI leads with 15.48% vs 4.62% for BIL. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPYI has performed better with a 15.48% return vs 4.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIL is cheaper with a 0.14% expense ratio, compared with 0.68% for SPYI.
SPYI has the higher dividend yield at 11.87%, compared with 3.86% for BIL.
SPYI is categorized as Derivative Income, while BIL is Government Bonds. They also come from different issuers: Neos and State Street. Their fees differ too: 0.68% for SPYI and 0.14% for BIL.
BIL currently has the higher Sharpe Ratio (19.48 vs 2.01), 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.
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