SPYI vs. COIN
SPYI (NEOS S&P 500 High Income ETF) is Derivative Income fund actively managed by Neos, while COIN (Coinbase Global, Inc.) is a stock. Over the past 3 years, SPYI returned 15.48%/yr vs 45.01%/yr for COIN. A 0.51 correlation means they provide meaningful diversification when combined.
Performance
SPYI vs. COIN - Performance Comparison
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Returns By Period
In the year-to-date period, SPYI achieves a 6.31% return, which is significantly higher than COIN's -29.34% return.
SPYI
- 1D
- 0.53%
- 1M
- 0.20%
- YTD
- 6.31%
- 6M
- 6.98%
- 1Y
- 20.84%
- 3Y*
- 15.48%
- 5Y*
- —
- 10Y*
- —
COIN
- 1D
- -0.41%
- 1M
- -18.24%
- YTD
- -29.34%
- 6M
- -40.26%
- 1Y
- -34.17%
- 3Y*
- 45.01%
- 5Y*
- -6.53%
- 10Y*
- —
SPYI vs. COIN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPYI NEOS S&P 500 High Income ETF | 6.31% | 16.67% | 19.03% | 18.09% | -3.96% |
COIN Coinbase Global, Inc. | -29.34% | -8.92% | 42.77% | 391.44% | -46.65% |
Correlation
The correlation between SPYI and COIN 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 | 0.52 |
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022 | 0.51 |
The correlation between SPYI and COIN has been stable across timeframes, ranging from 0.51 to 0.55 - a consistent structural relationship.
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Return for Risk
SPYI vs. COIN — Risk / Return Rank
SPYI
COIN
SPYI vs. COIN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and Coinbase Global, Inc. (COIN). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SPYI | COIN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.46 | ||
| Sortino ratioReturn per unit of downside risk | +3.03 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 0.96 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 2.59 | -0.51 | +3.10 |
| Martin ratioReturn relative to average drawdown | 13.05 | -0.82 | +13.87 |
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Drawdowns
SPYI vs. COIN - Drawdown Comparison
The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum COIN drawdown of -91.46%. Use the drawdown chart below to compare losses from any high point for SPYI and COIN.
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Drawdown Indicators
| SPYI | COIN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.47% | -91.46% | +74.99% |
Max Drawdown (1Y)Largest decline over 1 year | -7.72% | -66.39% | +58.67% |
Max Drawdown (3Y)Largest decline over 3 years | -16.47% | -66.39% | +49.92% |
Max Drawdown (5Y)Largest decline over 5 years | — | -90.90% | — |
Current DrawdownCurrent decline from peak | -1.79% | -61.94% | +60.15% |
Average DrawdownAverage peak-to-trough decline | -1.81% | -52.60% | +50.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.53% | 41.01% | -39.48% |
Volatility
SPYI vs. COIN - Volatility Comparison
The current volatility for NEOS S&P 500 High Income ETF (SPYI) is 3.62%, while Coinbase Global, Inc. (COIN) has a volatility of 19.52%. This indicates that SPYI experiences smaller price fluctuations and is considered to be less risky than COIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPYI | COIN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.62% | 19.52% | -15.90% |
Volatility (6M)Calculated over the trailing 6-month period | 8.07% | 51.84% | -43.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.10% | 70.66% | -60.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.99% | 85.93% | -72.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.99% | 85.49% | -72.50% |
Dividends
SPYI vs. COIN - Dividend Comparison
SPYI's dividend yield for the trailing twelve months is around 11.80%, while COIN has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
COIN Coinbase Global, Inc. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPYI NEOS S&P 500 High Income ETF | 11.80% | 11.70% | 12.04% | 12.01% | 4.10% |
Frequently Asked Questions
SPYI and COIN 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.
COIN has higher volatility (19.52%) compared to SPYI (3.62%). In terms of maximum drawdown, SPYI dropped -16.47% vs COIN's -91.46%.
SPYI currently has the higher Sharpe Ratio (1.98 vs -0.48), 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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