SPYI vs. BND
SPYI (NEOS S&P 500 High Income ETF) and BND (Vanguard Total Bond Market ETF) are both exchange-traded funds - SPYI is a Derivative Income fund actively managed by Neos, while BND is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. SPYI is actively managed, while BND is passively managed. Over the past 3 years, SPYI returned 15.61%/yr vs 3.80%/yr for BND. At a 0.21 correlation, their price movements are largely independent. SPYI charges 0.68%/yr vs 0.03%/yr for BND.
Performance
SPYI vs. BND - 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 BND's -0.05% return.
SPYI
- 1D
- -2.24%
- 1M
- 0.20%
- YTD
- 5.65%
- 6M
- 5.99%
- 1Y
- 20.87%
- 3Y*
- 15.61%
- 5Y*
- —
- 10Y*
- —
BND
- 1D
- -0.45%
- 1M
- -0.64%
- YTD
- -0.05%
- 6M
- 0.11%
- 1Y
- 4.33%
- 3Y*
- 3.80%
- 5Y*
- 0.02%
- 10Y*
- 1.56%
SPYI vs. BND - 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% | -2.44% |
BND Vanguard Total Bond Market ETF | -0.05% | 7.08% | 1.38% | 5.65% | -3.01% |
Correlation
The correlation between SPYI and BND is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022 | 0.21 |
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Return for Risk
SPYI vs. BND — Risk / Return Rank
SPYI
BND
SPYI vs. BND - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and Vanguard Total Bond Market ETF (BND). 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 | BND | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.96 | ||
| Sortino ratioReturn per unit of downside risk | +1.15 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.20 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 2.72 | 1.62 | +1.09 |
| Martin ratioReturn relative to average drawdown | 14.08 | 4.86 | +9.22 |
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 | BND | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.12 | 1.16 | +0.96 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.00 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.28 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.16 | 0.58 | +0.58 |
Drawdowns
SPYI vs. BND - Drawdown Comparison
The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum BND drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for SPYI and BND.
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Drawdown Indicators
| SPYI | BND | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.47% | -18.58% | +2.11% |
Max Drawdown (1Y)Largest decline over 1 year | -7.72% | -2.68% | -5.04% |
Max Drawdown (3Y)Largest decline over 3 years | -16.47% | -5.92% | -10.55% |
Max Drawdown (5Y)Largest decline over 5 years | — | -17.91% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -18.58% | — |
Current DrawdownCurrent decline from peak | -2.40% | -2.67% | +0.27% |
Average DrawdownAverage peak-to-trough decline | -1.80% | -3.06% | +1.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.49% | 0.89% | +0.60% |
Volatility
SPYI vs. BND - Volatility Comparison
NEOS S&P 500 High Income ETF (SPYI) has a higher volatility of 2.86% compared to Vanguard Total Bond Market ETF (BND) at 1.23%. This indicates that SPYI's price experiences larger fluctuations and is considered to be riskier than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPYI | BND | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.86% | 1.23% | +1.63% |
Volatility (6M)Calculated over the trailing 6-month period | 7.77% | 2.70% | +5.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.90% | 3.76% | +6.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.96% | 6.02% | +6.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.96% | 5.53% | +7.43% |
SPYI vs. BND - Expense Ratio Comparison
SPYI has a 0.68% expense ratio, which is higher than BND's 0.03% expense ratio.
Dividends
SPYI vs. BND - Dividend Comparison
SPYI's dividend yield for the trailing twelve months is around 11.87%, more than BND's 3.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BND Vanguard Total Bond Market ETF | 3.98% | 3.86% | 3.67% | 3.09% | 2.60% | 2.12% | 2.38% | 2.72% | 2.81% | 2.54% | 2.51% | 2.57% |
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% | 0.00% |
Frequently Asked Questions
SPYI and BND have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPYI has higher volatility (2.86%) compared to BND (1.23%). In terms of maximum drawdown, SPYI dropped -16.47% vs BND's -18.58%.
On 3-year performance, SPYI leads with 15.61% vs 3.80% for BND. On fees, BND is cheaper at 0.03% per year. On volatility, BND has been the lower-risk option at 1.23%. 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 15.61% return vs 3.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BND is cheaper with a 0.03% expense ratio, compared with 0.68% for SPYI.
SPYI has the higher dividend yield at 11.87%, compared with 3.98% for BND.
SPYI is categorized as Derivative Income, while BND is Total Bond Market. They also come from different issuers: Neos and Vanguard. Their fees differ too: 0.68% for SPYI and 0.03% for BND.
SPYI currently has the higher Sharpe Ratio (2.12 vs 1.16), 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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