SPYI vs. DSL

Last updated Jun 9, 2026

SPYI (NEOS S&P 500 High Income ETF) and DSL (DoubleLine Income Solutions Fund) are both funds - SPYI is a Derivative Income fund actively managed by Neos, while DSL is a High Yield Bonds fund managed by DoubleLine. Over the past 3 years, SPYI returned 15.60%/yr vs 8.54%/yr for DSL. At a 0.39 correlation, their price movements are largely independent. SPYI charges 0.68%/yr vs 2.28%/yr for DSL.

Performance

SPYI vs. DSL - Performance Comparison

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

Returns By Period

In the year-to-date period, SPYI achieves a 5.97% return, which is significantly higher than DSL's 1.29% return.

SPYI

• 1D: 0.30%
• 1M: 0.11%
• YTD: 5.97%
• 6M: 6.55%
• 1Y: 20.24%
• 3Y*: 15.60%
• 5Y*: —
• 10Y*: —

DSL

• 1D: -0.09%
• 1M: -1.36%
• YTD: 1.29%
• 6M: 2.38%
• 1Y: -0.92%
• 3Y*: 8.54%
• 5Y*: 0.87%
• 10Y*: 5.21%

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

SPYI vs. DSL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPYI NEOS S&P 500 High Income ETF	5.97%	16.67%	19.03%	18.09%	-3.96%
DSL DoubleLine Income Solutions Fund	1.29%	-0.01%	15.00%	23.41%	-7.67%

Correlation

The correlation between SPYI and DSL is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.37
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.39

Return for Risk

SPYI vs. DSL — Risk / Return Rank

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

SPYI

SPYI Risk / Return Rank: 70
SPYI Sharpe Ratio Rank: 70
SPYI Sortino Ratio Rank: 68
SPYI Omega Ratio Rank: 76
SPYI Calmar Ratio Rank: 59
SPYI Martin Ratio Rank: 78

DSL

DSL Risk / Return Rank: 2
DSL Sharpe Ratio Rank: 3
DSL Sortino Ratio Rank: 2
DSL Omega Ratio Rank: 2
DSL Calmar Ratio Rank: 3
DSL Martin Ratio Rank: 3

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. DSL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and DoubleLine Income Solutions Fund (DSL). 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	DSL	Difference
Sharpe ratio: Return per unit of total volatility	2.06	-0.10	+2.16
Sortino ratio: Return per unit of downside risk	2.78	-0.08	+2.86
Omega ratio: Gain probability vs. loss probability	1.40	0.99	+0.41
Calmar ratio: Return relative to maximum drawdown	2.63	-0.08	+2.72
Martin ratio: Return relative to average drawdown	13.60	-0.17	+13.76
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. DSL - Sharpe Ratio Comparison

The current SPYI Sharpe Ratio is 2.06, which is higher than the DSL Sharpe Ratio of -0.10. The chart below compares the historical Sharpe Ratios of SPYI and DSL, 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	DSL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	-0.10	+2.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.06	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.26	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	0.21	+0.96

Drawdowns

SPYI vs. DSL - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum DSL drawdown of -49.51%. Use the drawdown chart below to compare losses from any high point for SPYI and DSL.

Drawdown Indicators

	SPYI	DSL	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-49.51%	+33.04%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-11.16%	+3.44%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	-14.43%	-2.04%
Max Drawdown (5Y) Largest decline over 5 years	—	-34.18%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-49.51%	—
Current Drawdown Current decline from peak	-2.11%	-6.46%	+4.35%
Average Drawdown Average peak-to-trough decline	-1.80%	-8.74%	+6.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.49%	5.59%	-4.10%

Volatility

SPYI vs. DSL - Volatility Comparison

The current volatility for NEOS S&P 500 High Income ETF (SPYI) is 2.87%, while DoubleLine Income Solutions Fund (DSL) has a volatility of 3.53%. This indicates that SPYI experiences smaller price fluctuations and is considered to be less risky than DSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYI	DSL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	3.53%	-0.66%
Volatility (6M) Calculated over the trailing 6-month period	7.78%	7.56%	+0.22%
Volatility (1Y) Calculated over the trailing 1-year period	9.88%	9.28%	+0.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.95%	14.84%	-1.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.95%	20.10%	-7.15%

SPYI vs. DSL - Expense Ratio Comparison

SPYI has a 0.68% expense ratio, which is lower than DSL's 2.28% expense ratio.

Dividends

SPYI vs. DSL - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 11.83%, less than DSL's 12.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DSL DoubleLine Income Solutions Fund	12.14%	11.71%	11.38%	10.78%	13.67%	10.74%	10.69%	9.33%	10.39%	9.11%	9.53%	11.63%
SPYI NEOS S&P 500 High Income ETF	11.83%	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 DSL in my portfolio?

SPYI and DSL have a correlation of 0.42, 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 DSL?

DSL has higher volatility (3.53%) compared to SPYI (2.87%). In terms of maximum drawdown, SPYI dropped -16.47% vs DSL's -49.51%.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (2.06 vs -0.10), 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.