SPYI vs. DGRW

Last updated Jun 25, 2026

SPYI (NEOS S&P 500 High Income ETF) and DGRW (WisdomTree U.S. Quality Dividend Growth Fund) are both exchange-traded funds - SPYI is a Derivative Income fund actively managed by Neos, while DGRW is a Dividend fund tracking the WisdomTree U.S. Quality Dividend Growth Index. SPYI is actively managed, while DGRW is passively managed. Over the past 3 years, SPYI returned 15.13%/yr vs 15.08%/yr for DGRW. Their correlation of 0.90 suggests significant overlap in exposure. SPYI charges 0.68%/yr vs 0.28%/yr for DGRW.

Performance

SPYI vs. DGRW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS S&P 500 High Income ETF (SPYI) and WisdomTree U.S. Quality Dividend Growth Fund (DGRW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYI achieves a 5.49% return, which is significantly lower than DGRW's 6.30% return.

SPYI

• 1D: -0.07%
• 1M: -1.29%
• YTD: 5.49%
• 6M: 4.60%
• 1Y: 18.10%
• 3Y*: 15.13%
• 5Y*: —
• 10Y*: —

DGRW

• 1D: -0.05%
• 1M: -1.67%
• YTD: 6.30%
• 6M: 5.21%
• 1Y: 16.02%
• 3Y*: 15.08%
• 5Y*: 11.67%
• 10Y*: 14.14%

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

SPYI vs. DGRW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPYI NEOS S&P 500 High Income ETF	5.49%	16.67%	19.03%	18.09%	-3.96%
DGRW WisdomTree U.S. Quality Dividend Growth Fund	6.30%	12.17%	16.98%	18.66%	1.86%

Correlation

The correlation between SPYI and DGRW is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.90

The correlation between SPYI and DGRW has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

SPYI vs. DGRW - Sectors Allocation Comparison

Sectors	SPYI	DGRW
Technology	39.1%	32.1%
Financial Services	11.1%	11.3%
Communication Services	10.7%	10.1%
Consumer Cyclical	9.9%	7.1%
Healthcare	8.3%	12.8%
Industrials	7.8%	9.9%
Consumer Defensive	4.5%	6.7%
Energy	3.1%	5.0%
Utilities	2.1%	0.2%
Real Estate	1.8%	-
Basic Materials	1.7%	3.3%

Return for Risk

SPYI vs. DGRW — Risk / Return Rank

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

SPYI

SPYI Risk / Return Rank: 60
SPYI Sharpe Ratio Rank: 58
SPYI Sortino Ratio Rank: 56
SPYI Omega Ratio Rank: 63
SPYI Calmar Ratio Rank: 53
SPYI Martin Ratio Rank: 70

DGRW

DGRW Risk / Return Rank: 49
DGRW Sharpe Ratio Rank: 51
DGRW Sortino Ratio Rank: 51
DGRW Omega Ratio Rank: 50
DGRW Calmar Ratio Rank: 42
DGRW Martin Ratio Rank: 52

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. DGRW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and WisdomTree U.S. Quality Dividend Growth Fund (DGRW). 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	DGRW	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.57	+0.20
Sortino ratio: Return per unit of downside risk	2.42	2.26	+0.16
Omega ratio: Gain probability vs. loss probability	1.34	1.29	+0.05
Calmar ratio: Return relative to maximum drawdown	2.36	1.94	+0.42
Martin ratio: Return relative to average drawdown	11.69	8.19	+3.50

SPYI vs. DGRW - Sharpe Ratio Comparison

The current SPYI Sharpe Ratio is 1.77, which is comparable to the DGRW Sharpe Ratio of 1.57. The chart below compares the historical Sharpe Ratios of SPYI and DGRW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPYI vs. DGRW - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum DGRW drawdown of -32.04%. Use the drawdown chart below to compare losses from any high point for SPYI and DGRW.

Drawdown Indicators

	SPYI	DGRW	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-32.04%	+15.57%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-8.30%	+0.58%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	-16.21%	-0.26%
Max Drawdown (5Y) Largest decline over 5 years	—	-17.27%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-32.04%	—
Current Drawdown Current decline from peak	-2.55%	-3.37%	+0.82%
Average Drawdown Average peak-to-trough decline	-1.81%	-3.01%	+1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.55%	1.96%	-0.41%

Volatility

SPYI vs. DGRW - Volatility Comparison

NEOS S&P 500 High Income ETF (SPYI) has a higher volatility of 4.26% compared to WisdomTree U.S. Quality Dividend Growth Fund (DGRW) at 3.72%. This indicates that SPYI's price experiences larger fluctuations and is considered to be riskier than DGRW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYI	DGRW	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.26%	3.72%	+0.54%
Volatility (6M) Calculated over the trailing 6-month period	8.28%	8.24%	+0.04%
Volatility (1Y) Calculated over the trailing 1-year period	10.32%	10.28%	+0.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.01%	14.01%	-1.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.01%	16.21%	-3.20%

SPYI vs. DGRW - Expense Ratio Comparison

SPYI has a 0.68% expense ratio, which is higher than DGRW's 0.28% expense ratio.

Dividends

SPYI vs. DGRW - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 13.02%, more than DGRW's 1.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DGRW WisdomTree U.S. Quality Dividend Growth Fund	1.30%	1.43%	1.55%	1.74%	2.15%	1.78%	1.93%	2.20%	2.42%	1.71%	2.13%	2.18%
SPYI NEOS S&P 500 High Income ETF	13.02%	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

Can I hold both SPYI and DGRW in my portfolio?

SPYI and DGRW have a correlation of 0.90, 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 DGRW?

SPYI has higher volatility (4.26%) compared to DGRW (3.72%). In terms of maximum drawdown, SPYI dropped -16.47% vs DGRW's -32.04%.

Which ETF is better, SPYI or DGRW?

On 3-year performance, SPYI leads with 15.13% vs 15.08% for DGRW. On fees, DGRW is cheaper at 0.28% per year. On volatility, DGRW has been the lower-risk option at 3.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYI or DGRW?

Over the 3-year period, SPYI has performed better with a 15.13% return vs 15.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYI or DGRW?

DGRW is cheaper with a 0.28% expense ratio, compared with 0.68% for SPYI.

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

SPYI has the higher dividend yield at 13.02%, compared with 1.30% for DGRW.

What is the main difference between SPYI and DGRW?

SPYI is categorized as Derivative Income, while DGRW is Dividend. They also come from different issuers: Neos and WisdomTree. Their fees differ too: 0.68% for SPYI and 0.28% for DGRW.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (1.77 vs 1.57), 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.