SPYI vs. FEPI

Last updated Jun 28, 2026

SPYI (NEOS S&P 500 High Income ETF) and FEPI (REX FANG & Innovation Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, SPYI returned 16.77% vs 16.30% for FEPI. Their correlation of 0.84 suggests significant overlap in exposure. SPYI charges 0.68%/yr vs 0.65%/yr for FEPI.

Performance

SPYI vs. FEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS S&P 500 High Income ETF (SPYI) and REX FANG & Innovation Equity Premium Income ETF (FEPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYI achieves a 5.13% return, which is significantly higher than FEPI's 1.96% return.

SPYI

• 1D: -0.36%
• 1M: -2.57%
• YTD: 5.13%
• 6M: 4.19%
• 1Y: 16.77%
• 3Y*: 14.89%
• 5Y*: —
• 10Y*: —

FEPI

• 1D: -0.50%
• 1M: -9.01%
• YTD: 1.96%
• 6M: 1.18%
• 1Y: 16.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYI vs. FEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SPYI NEOS S&P 500 High Income ETF	5.13%	16.67%	19.03%	4.41%
FEPI REX FANG & Innovation Equity Premium Income ETF	1.96%	18.33%	15.69%	11.75%

Correlation

The correlation between SPYI and FEPI is 0.80, 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	0.80
Correlation (All Time) Calculated using the full available price history since Oct 11, 2023	0.84

The correlation between SPYI and FEPI has been stable across timeframes, ranging from 0.80 to 0.84 - a consistent structural relationship.

SPYI vs. FEPI - Sectors Allocation Comparison

Sectors	SPYI	FEPI
Technology	39.1%	65.5%
Financial Services	11.1%	-
Communication Services	10.7%	19.6%
Consumer Cyclical	9.9%	12.4%
Healthcare	8.3%	-
Industrials	7.8%	-
Consumer Defensive	4.5%	-
Energy	3.1%	-
Utilities	2.1%	-
Real Estate	1.8%	-
Basic Materials	1.7%	-

Return for Risk

SPYI vs. FEPI — Risk / Return Rank

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

SPYI

SPYI Risk / Return Rank: 57
SPYI Sharpe Ratio Rank: 55
SPYI Sortino Ratio Rank: 52
SPYI Omega Ratio Rank: 59
SPYI Calmar Ratio Rank: 50
SPYI Martin Ratio Rank: 68

FEPI

FEPI Risk / Return Rank: 26
FEPI Sharpe Ratio Rank: 26
FEPI Sortino Ratio Rank: 25
FEPI Omega Ratio Rank: 26
FEPI Calmar Ratio Rank: 27
FEPI Martin Ratio Rank: 29

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. FEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and REX FANG & Innovation Equity Premium Income ETF (FEPI). 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	FEPI	Difference
Sharpe ratio: Return per unit of total volatility	1.67	0.91	+0.75
Sortino ratio: Return per unit of downside risk	2.29	1.31	+0.98
Omega ratio: Gain probability vs. loss probability	1.32	1.17	+0.15
Calmar ratio: Return relative to maximum drawdown	2.22	1.26	+0.97
Martin ratio: Return relative to average drawdown	10.91	3.92	+6.99

SPYI vs. FEPI - Sharpe Ratio Comparison

The current SPYI Sharpe Ratio is 1.67, which is higher than the FEPI Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of SPYI and FEPI, 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. FEPI - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum FEPI drawdown of -23.56%. Use the drawdown chart below to compare losses from any high point for SPYI and FEPI.

Drawdown Indicators

	SPYI	FEPI	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-23.56%	+7.09%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-12.91%	+5.19%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	—	—
Current Drawdown Current decline from peak	-2.89%	-9.01%	+6.12%
Average Drawdown Average peak-to-trough decline	-1.81%	-3.55%	+1.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.57%	4.14%	-2.57%

Volatility

SPYI vs. FEPI - Volatility Comparison

The current volatility for NEOS S&P 500 High Income ETF (SPYI) is 4.23%, while REX FANG & Innovation Equity Premium Income ETF (FEPI) has a volatility of 7.43%. This indicates that SPYI experiences smaller price fluctuations and is considered to be less risky than FEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYI	FEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.23%	7.43%	-3.20%
Volatility (6M) Calculated over the trailing 6-month period	8.27%	13.93%	-5.66%
Volatility (1Y) Calculated over the trailing 1-year period	10.30%	17.78%	-7.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.00%	19.30%	-6.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.00%	19.30%	-6.30%

SPYI vs. FEPI - Expense Ratio Comparison

SPYI has a 0.68% expense ratio, which is higher than FEPI's 0.65% expense ratio.

Dividends

SPYI vs. FEPI - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 12.10%, less than FEPI's 25.49% yield.

Position	TTM	2025	2024	2023	2022
FEPI REX FANG & Innovation Equity Premium Income ETF	25.49%	25.48%	27.18%	4.21%	0.00%
SPYI NEOS S&P 500 High Income ETF	12.10%	11.70%	12.04%	12.01%	4.10%

Frequently Asked Questions

Can I hold both SPYI and FEPI in my portfolio?

SPYI and FEPI have a correlation of 0.80, 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 FEPI?

FEPI has higher volatility (7.43%) compared to SPYI (4.23%). In terms of maximum drawdown, SPYI dropped -16.47% vs FEPI's -23.56%.

Which ETF is better, SPYI or FEPI?

On 1-year performance, SPYI leads with 16.77% vs 16.30% for FEPI. On fees, FEPI is cheaper at 0.65% per year. On volatility, SPYI has been the lower-risk option at 4.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYI or FEPI?

Over the 1-year period, SPYI has performed better with a 16.77% return vs 16.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYI or FEPI?

FEPI is cheaper with a 0.65% expense ratio, compared with 0.68% for SPYI.

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

FEPI has the higher dividend yield at 25.49%, compared with 12.10% for SPYI.

What is the main difference between SPYI and FEPI?

They also come from different issuers: Neos and REX. Their fees differ too: 0.68% for SPYI and 0.65% for FEPI.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (1.67 vs 0.91), 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.