SPYI vs. BUYW

Last updated Jun 4, 2026

SPYI (NEOS S&P 500 High Income ETF) and BUYW (Main Buywrite ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, SPYI returned 16.41%/yr vs 8.73%/yr for BUYW. A 0.63 correlation means they provide meaningful diversification when combined. SPYI charges 0.68%/yr vs 1.29%/yr for BUYW.

Performance

SPYI vs. BUYW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS S&P 500 High Income ETF (SPYI) and Main Buywrite ETF (BUYW). 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 higher than BUYW's 3.39% return.

SPYI

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

BUYW

• 1D: 0.35%
• 1M: 0.99%
• YTD: 3.39%
• 6M: 4.27%
• 1Y: 9.76%
• 3Y*: 8.73%
• 5Y*: —
• 10Y*: —

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

SPYI vs. BUYW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPYI NEOS S&P 500 High Income ETF	7.72%	16.67%	19.03%	18.09%	-4.50%
BUYW Main Buywrite ETF	3.39%	9.08%	9.82%	12.80%	1.46%

Correlation

The correlation between SPYI and BUYW is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (All Time) Calculated using the full available price history since Sep 13, 2022	0.63

The correlation between SPYI and BUYW has been stable across timeframes, ranging from 0.55 to 0.63 - a consistent structural relationship.

SPYI vs. BUYW - Sectors Allocation Comparison

Sectors	SPYI	BUYW
Technology	35.5%	24.0%
Financial Services	11.8%	15.3%
Communication Services	11.2%	16.9%
Consumer Cyclical	10.1%	6.4%
Healthcare	8.5%	13.0%
Industrials	8.4%	4.4%
Consumer Defensive	4.9%	3.2%
Energy	3.5%	13.6%
Utilities	2.3%	1.3%
Real Estate	2.0%	1.0%
Basic Materials	1.8%	1.0%

Return for Risk

SPYI vs. BUYW — 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

BUYW

BUYW Risk / Return Rank: 71
BUYW Sharpe Ratio Rank: 59
BUYW Sortino Ratio Rank: 66
BUYW Omega Ratio Rank: 66
BUYW Calmar Ratio Rank: 75
BUYW Martin Ratio Rank: 89

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. BUYW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and Main Buywrite ETF (BUYW). 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	BUYW	Difference
Sharpe ratio: Return per unit of total volatility	2.38	2.03	+0.35
Sortino ratio: Return per unit of downside risk	3.26	3.08	+0.18
Omega ratio: Gain probability vs. loss probability	1.47	1.40	+0.06
Calmar ratio: Return relative to maximum drawdown	2.96	3.79	-0.82
Martin ratio: Return relative to average drawdown	15.43	20.24	-4.81
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. BUYW - Sharpe Ratio Comparison

The current SPYI Sharpe Ratio is 2.38, which is comparable to the BUYW Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of SPYI and BUYW, 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	BUYW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	2.03	+0.35
Sharpe Ratio (All Time) Calculated using the full available price history	1.21	1.17	+0.05

Drawdowns

SPYI vs. BUYW - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, which is greater than BUYW's maximum drawdown of -9.36%. Use the drawdown chart below to compare losses from any high point for SPYI and BUYW.

Drawdown Indicators

	SPYI	BUYW	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-9.36%	-7.11%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-2.59%	-5.13%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	-9.36%	-7.11%
Current Drawdown Current decline from peak	-0.50%	-0.21%	-0.29%
Average Drawdown Average peak-to-trough decline	-1.80%	-0.61%	-1.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.48%	0.48%	+1.00%

Volatility

SPYI vs. BUYW - Volatility Comparison

NEOS S&P 500 High Income ETF (SPYI) has a higher volatility of 1.82% compared to Main Buywrite ETF (BUYW) at 1.02%. This indicates that SPYI's price experiences larger fluctuations and is considered to be riskier than BUYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYI	BUYW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.82%	1.02%	+0.80%
Volatility (6M) Calculated over the trailing 6-month period	7.41%	4.03%	+3.38%
Volatility (1Y) Calculated over the trailing 1-year period	9.63%	4.85%	+4.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.92%	8.47%	+4.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.92%	8.47%	+4.45%

SPYI vs. BUYW - Expense Ratio Comparison

SPYI has a 0.68% expense ratio, which is lower than BUYW's 1.29% expense ratio.

Dividends

SPYI vs. BUYW - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 11.64%, more than BUYW's 5.91% yield.

Position	TTM	2025	2024	2023	2022
BUYW Main Buywrite ETF	5.91%	5.89%	5.93%	5.95%	0.50%
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 BUYW in my portfolio?

SPYI and BUYW have a correlation of 0.55, 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 BUYW?

SPYI has higher volatility (1.82%) compared to BUYW (1.02%). In terms of maximum drawdown, SPYI dropped -16.47% vs BUYW's -9.36%.

Which ETF is better, SPYI or BUYW?

On 3-year performance, SPYI leads with 16.41% vs 8.73% for BUYW. On fees, SPYI is cheaper at 0.68% per year. On volatility, BUYW has been the lower-risk option at 1.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYI or BUYW?

Over the 3-year period, SPYI has performed better with a 16.41% return vs 8.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYI or BUYW?

SPYI is cheaper with a 0.68% expense ratio, compared with 1.29% for BUYW.

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

SPYI has the higher dividend yield at 11.64%, compared with 5.91% for BUYW.

What is the main difference between SPYI and BUYW?

They also come from different issuers: Neos and Main Funds. Their fees differ too: 0.68% for SPYI and 1.29% for BUYW.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (2.38 vs 2.03), 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.