SPYI vs. GLDM

Last updated Jun 9, 2026

SPYI (NEOS S&P 500 High Income ETF) and GLDM (SPDR Gold MiniShares Trust) are both exchange-traded funds - SPYI is a Derivative Income fund actively managed by Neos, while GLDM is a Gold fund tracking the LBMA Gold Price PM. SPYI is actively managed, while GLDM is passively managed. Over the past 3 years, SPYI returned 15.60%/yr vs 30.08%/yr for GLDM. At a 0.14 correlation, their price movements are largely independent. SPYI charges 0.68%/yr vs 0.10%/yr for GLDM.

Performance

SPYI vs. GLDM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS S&P 500 High Income ETF (SPYI) and SPDR Gold MiniShares Trust (GLDM). 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 GLDM's 0.30% return.

SPYI

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

GLDM

• 1D: 0.25%
• 1M: -8.41%
• YTD: 0.30%
• 6M: 3.19%
• 1Y: 30.55%
• 3Y*: 30.08%
• 5Y*: 17.89%
• 10Y*: —

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

SPYI vs. GLDM - 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%	-2.44%
GLDM SPDR Gold MiniShares Trust	0.30%	64.20%	27.08%	13.04%	5.73%

Correlation

The correlation between SPYI and GLDM is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022	0.14

SPYI vs. GLDM - Sectors Allocation Comparison

Sectors	SPYI	GLDM
Technology	35.5%	-
Financial Services	11.8%	-
Communication Services	11.2%	-
Consumer Cyclical	10.1%	-
Healthcare	8.5%	-
Industrials	8.4%	-
Consumer Defensive	4.9%	-
Energy	3.5%	-
Utilities	2.3%	-
Real Estate	2.0%	-
Basic Materials	1.8%	100.0%

Return for Risk

SPYI vs. GLDM — 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

GLDM

GLDM Risk / Return Rank: 34
GLDM Sharpe Ratio Rank: 35
GLDM Sortino Ratio Rank: 31
GLDM Omega Ratio Rank: 39
GLDM Calmar Ratio Rank: 34
GLDM 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. GLDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and SPDR Gold MiniShares Trust (GLDM). 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	GLDM	Difference
Sharpe ratio: Return per unit of total volatility	2.06	1.15	+0.91
Sortino ratio: Return per unit of downside risk	2.78	1.54	+1.25
Omega ratio: Gain probability vs. loss probability	1.40	1.23	+0.17
Calmar ratio: Return relative to maximum drawdown	2.63	1.53	+1.10
Martin ratio: Return relative to average drawdown	13.60	3.85	+9.75
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. GLDM - Sharpe Ratio Comparison

The current SPYI Sharpe Ratio is 2.06, which is higher than the GLDM Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of SPYI and GLDM, 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	GLDM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	1.15	+0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.00	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	0.99	+0.18

Drawdowns

SPYI vs. GLDM - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum GLDM drawdown of -21.63%. Use the drawdown chart below to compare losses from any high point for SPYI and GLDM.

Drawdown Indicators

	SPYI	GLDM	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-21.63%	+5.16%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-20.00%	+12.28%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	-20.00%	+3.53%
Max Drawdown (5Y) Largest decline over 5 years	—	-20.92%	—
Current Drawdown Current decline from peak	-2.11%	-19.80%	+17.69%
Average Drawdown Average peak-to-trough decline	-1.80%	-6.24%	+4.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.49%	7.96%	-6.47%

Volatility

SPYI vs. GLDM - Volatility Comparison

The current volatility for NEOS S&P 500 High Income ETF (SPYI) is 2.87%, while SPDR Gold MiniShares Trust (GLDM) has a volatility of 5.65%. This indicates that SPYI experiences smaller price fluctuations and is considered to be less risky than GLDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYI	GLDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	5.65%	-2.78%
Volatility (6M) Calculated over the trailing 6-month period	7.78%	23.31%	-15.53%
Volatility (1Y) Calculated over the trailing 1-year period	9.88%	26.65%	-16.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.95%	17.98%	-5.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.95%	16.89%	-3.94%

SPYI vs. GLDM - Expense Ratio Comparison

SPYI has a 0.68% expense ratio, which is higher than GLDM's 0.10% expense ratio.

Dividends

SPYI vs. GLDM - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 11.83%, while GLDM has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
GLDM SPDR Gold MiniShares Trust	0.00%	0.00%	0.00%	0.00%	0.00%
SPYI NEOS S&P 500 High Income ETF	11.83%	11.70%	12.04%	12.01%	4.10%

Frequently Asked Questions

Can I hold both SPYI and GLDM in my portfolio?

SPYI and GLDM have a correlation of 0.21, 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 GLDM?

GLDM has higher volatility (5.65%) compared to SPYI (2.87%). In terms of maximum drawdown, SPYI dropped -16.47% vs GLDM's -21.63%.

Which ETF is better, SPYI or GLDM?

On 3-year performance, GLDM leads with 30.08% vs 15.60% for SPYI. On fees, GLDM is cheaper at 0.10% per year. On volatility, SPYI has been the lower-risk option at 2.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYI or GLDM?

Over the 3-year period, GLDM has performed better with a 30.08% return vs 15.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYI or GLDM?

GLDM is cheaper with a 0.10% expense ratio, compared with 0.68% for SPYI.

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

SPYI has the higher dividend yield at 11.83%, compared with 0.00% for GLDM.

What is the main difference between SPYI and GLDM?

SPYI is categorized as Derivative Income, while GLDM is Gold. They also come from different issuers: Neos and State Street. Their fees differ too: 0.68% for SPYI and 0.10% for GLDM.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (2.06 vs 1.15), 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.