SPYI vs. ECAT
SPYI (NEOS S&P 500 High Income ETF) and ECAT (BlackRock ESG Capital Allocation Term Trust) are both Derivative Income funds. Over the past 3 years, SPYI returned 15.48%/yr vs 18.39%/yr for ECAT. A 0.72 correlation means they provide meaningful diversification when combined. SPYI charges 0.68%/yr vs 1.38%/yr for ECAT.
Performance
SPYI vs. ECAT - Performance Comparison
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Returns By Period
In the year-to-date period, SPYI achieves a 6.31% return, which is significantly lower than ECAT's 10.66% return.
SPYI
- 1D
- 0.53%
- 1M
- -0.52%
- YTD
- 6.31%
- 6M
- 6.98%
- 1Y
- 20.84%
- 3Y*
- 15.48%
- 5Y*
- —
- 10Y*
- —
ECAT
- 1D
- 2.30%
- 1M
- 3.12%
- YTD
- 10.66%
- 6M
- 10.05%
- 1Y
- 19.89%
- 3Y*
- 18.39%
- 5Y*
- —
- 10Y*
- —
SPYI vs. ECAT - 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% |
ECAT BlackRock ESG Capital Allocation Term Trust | 10.66% | 16.64% | 19.96% | 32.36% | -5.67% |
Correlation
The correlation between SPYI and ECAT is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022 | 0.72 |
The correlation between SPYI and ECAT has been stable across timeframes, ranging from 0.68 to 0.72 - a consistent structural relationship.
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Return for Risk
SPYI vs. ECAT — Risk / Return Rank
SPYI
ECAT
SPYI vs. ECAT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and BlackRock ESG Capital Allocation Term Trust (ECAT). 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 | ECAT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +0.76 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.24 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.59 | 1.56 | +1.03 |
| Martin ratioReturn relative to average drawdown | 13.05 | 5.79 | +7.26 |
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Drawdowns
SPYI vs. ECAT - Drawdown Comparison
The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum ECAT drawdown of -32.23%. Use the drawdown chart below to compare losses from any high point for SPYI and ECAT.
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Drawdown Indicators
| SPYI | ECAT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.47% | -32.23% | +15.76% |
Max Drawdown (1Y)Largest decline over 1 year | -7.72% | -11.80% | +4.08% |
Max Drawdown (3Y)Largest decline over 3 years | -16.47% | -15.79% | -0.68% |
Current DrawdownCurrent decline from peak | -1.79% | -1.71% | -0.08% |
Average DrawdownAverage peak-to-trough decline | -1.81% | -9.07% | +7.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.53% | 3.18% | -1.65% |
Volatility
SPYI vs. ECAT - Volatility Comparison
The current volatility for NEOS S&P 500 High Income ETF (SPYI) is 3.62%, while BlackRock ESG Capital Allocation Term Trust (ECAT) has a volatility of 4.46%. This indicates that SPYI experiences smaller price fluctuations and is considered to be less risky than ECAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPYI | ECAT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.62% | 4.46% | -0.84% |
Volatility (6M)Calculated over the trailing 6-month period | 8.07% | 10.92% | -2.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.10% | 13.77% | -3.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.99% | 16.91% | -3.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.99% | 16.91% | -3.92% |
SPYI vs. ECAT - Expense Ratio Comparison
SPYI has a 0.68% expense ratio, which is lower than ECAT's 1.38% expense ratio.
Dividends
SPYI vs. ECAT - Dividend Comparison
SPYI's dividend yield for the trailing twelve months is around 11.80%, less than ECAT's 21.82% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
ECAT BlackRock ESG Capital Allocation Term Trust | 19.91% | 23.00% | 17.44% | 9.14% | 8.94% | 0.54% |
SPYI NEOS S&P 500 High Income ETF | 11.80% | 11.70% | 12.04% | 12.01% | 4.10% | 0.00% |
Frequently Asked Questions
SPYI and ECAT have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ECAT has higher volatility (4.46%) compared to SPYI (3.62%). In terms of maximum drawdown, SPYI dropped -16.47% vs ECAT's -32.23%.
SPYI currently has the higher Sharpe Ratio (1.98 vs 1.33), 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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