SPYI vs. FIYY

Last updated Jul 14, 2026

SPYI (NEOS S&P 500 High Income ETF) and FIYY (GraniteShares YieldBOOST 20Y+ Treasuries ETF) are both Derivative Income funds. Both are actively managed. At a 0.34 correlation, their price movements are largely independent. SPYI charges 0.68%/yr vs 1.07%/yr for FIYY.

Performance

SPYI vs. FIYY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS S&P 500 High Income ETF (SPYI) and GraniteShares YieldBOOST 20Y+ Treasuries ETF (FIYY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPYI

• 1D: -0.61%
• 1M: 1.51%
• 6M: 6.46%
• YTD: 7.92%
• 1Y: 18.57%
• 3Y*: 15.25%
• 5Y*: —
• 10Y*: —

FIYY

• 1D: -0.07%
• 1M: -0.64%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYI vs. FIYY - Yearly Performance Comparison

	2026 (YTD)
SPYI NEOS S&P 500 High Income ETF	3.91%
FIYY GraniteShares YieldBOOST 20Y+ Treasuries ETF	-2.01%

Correlation

The correlation between SPYI and FIYY is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 5, 2026	0.34

Return for Risk

SPYI vs. FIYY — 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: 69
SPYI Sortino Ratio Rank: 67
SPYI Omega Ratio Rank: 74
SPYI Calmar Ratio Rank: 61
SPYI Martin Ratio Rank: 78

FIYY

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. FIYY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and GraniteShares YieldBOOST 20Y+ Treasuries ETF (FIYY). 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	FIYY	Difference
Sharpe ratio: Return per unit of total volatility	1.79	—	—
Sortino ratio: Return per unit of downside risk	2.46	—	—
Omega ratio: Gain probability vs. loss probability	1.35	—	—
Calmar ratio: Return relative to maximum drawdown	2.42	—	—
Martin ratio: Return relative to average drawdown	11.80	—	—

Drawdowns

SPYI vs. FIYY - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, which is greater than FIYY's maximum drawdown of -2.51%. Use the drawdown chart below to compare losses from any high point for SPYI and FIYY.

Drawdown Indicators

	SPYI	FIYY	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-2.51%	-13.96%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	—	—
Current Drawdown Current decline from peak	-0.61%	-2.13%	+1.52%
Average Drawdown Average peak-to-trough decline	-1.80%	-1.47%	-0.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.58%	—	—

Volatility

Volatility by Period

	SPYI	FIYY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.66%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.45%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.46%	5.08%	+5.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.97%	5.08%	+7.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.97%	5.08%	+7.89%

SPYI vs. FIYY - Expense Ratio Comparison

SPYI has a 0.68% expense ratio, which is lower than FIYY's 1.07% expense ratio.

Dividends

SPYI vs. FIYY - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 11.79%, more than FIYY's 1.13% yield.

Position	TTM	2025	2024	2023	2022
FIYY GraniteShares YieldBOOST 20Y+ Treasuries ETF	1.13%	0.00%	0.00%	0.00%	0.00%
SPYI NEOS S&P 500 High Income ETF	11.79%	11.70%	12.04%	12.01%	4.10%

Frequently Asked Questions

Can I hold both SPYI and FIYY in my portfolio?

SPYI and FIYY have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPYI or FIYY?

On fees, SPYI is cheaper at 0.68% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPYI or FIYY?

SPYI is cheaper with a 0.68% expense ratio, compared with 1.07% for FIYY.

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

SPYI has the higher dividend yield at 11.79%, compared with 1.13% for FIYY.

What is the main difference between SPYI and FIYY?

They also come from different issuers: Neos and GraniteShares. Their fees differ too: 0.68% for SPYI and 1.07% for FIYY.