SPYI vs. HDV

Last updated Jun 16, 2026

SPYI (NEOS S&P 500 High Income ETF) and HDV (iShares Core High Dividend ETF) are both exchange-traded funds - SPYI is a Derivative Income fund actively managed by Neos, while HDV is a Dividend fund tracking the Morningstar Dividend Yield Focus Index. SPYI is actively managed, while HDV is passively managed. Over the past 3 years, SPYI returned 15.90%/yr vs 14.34%/yr for HDV. At a 0.45 correlation, their price movements are largely independent. SPYI charges 0.68%/yr vs 0.08%/yr for HDV.

Performance

SPYI vs. HDV - Performance Comparison

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

Returns By Period

In the year-to-date period, SPYI achieves a 7.94% return, which is significantly lower than HDV's 14.11% return.

SPYI

• 1D: 1.53%
• 1M: 1.73%
• YTD: 7.94%
• 6M: 8.71%
• 1Y: 22.69%
• 3Y*: 15.90%
• 5Y*: —
• 10Y*: —

HDV

• 1D: -1.03%
• 1M: 1.04%
• YTD: 14.11%
• 6M: 13.57%
• 1Y: 20.60%
• 3Y*: 14.34%
• 5Y*: 10.83%
• 10Y*: 9.36%

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

SPYI vs. HDV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPYI NEOS S&P 500 High Income ETF	7.94%	16.67%	19.03%	18.09%	-3.96%
HDV iShares Core High Dividend ETF	14.11%	11.90%	14.16%	1.72%	3.68%

Correlation

The correlation between SPYI and HDV is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.45

Over the past year, the correlation between SPYI and HDV has dropped to 0.12 - well below their long-term average of 0.45, suggesting their price drivers have been diverging.

SPYI vs. HDV - Sectors Allocation Comparison

Sectors	SPYI	HDV
Technology	39.1%	9.7%
Financial Services	11.1%	10.8%
Communication Services	10.7%	0.1%
Consumer Cyclical	9.9%	6.0%
Healthcare	8.3%	17.0%
Industrials	7.8%	1.3%
Consumer Defensive	4.5%	24.2%
Energy	3.1%	21.0%
Utilities	2.1%	8.9%
Real Estate	1.8%	-
Basic Materials	1.7%	1.1%

Return for Risk

SPYI vs. HDV — Risk / Return Rank

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

SPYI

SPYI Risk / Return Rank: 77
SPYI Sharpe Ratio Rank: 79
SPYI Sortino Ratio Rank: 77
SPYI Omega Ratio Rank: 83
SPYI Calmar Ratio Rank: 65
SPYI Martin Ratio Rank: 83

HDV

HDV Risk / Return Rank: 74
HDV Sharpe Ratio Rank: 74
HDV Sortino Ratio Rank: 79
HDV Omega Ratio Rank: 68
HDV Calmar Ratio Rank: 83
HDV Martin Ratio Rank: 67

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. HDV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and iShares Core High Dividend ETF (HDV). 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	HDV	Difference
Sharpe ratio: Return per unit of total volatility	2.24	2.12	+0.12
Sortino ratio: Return per unit of downside risk	3.03	3.12	-0.09
Omega ratio: Gain probability vs. loss probability	1.44	1.36	+0.08
Calmar ratio: Return relative to maximum drawdown	2.95	4.00	-1.04
Martin ratio: Return relative to average drawdown	14.87	11.07	+3.80

SPYI vs. HDV - Sharpe Ratio Comparison

The current SPYI Sharpe Ratio is 2.24, which is comparable to the HDV Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of SPYI and HDV, 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. HDV - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum HDV drawdown of -37.04%. Use the drawdown chart below to compare losses from any high point for SPYI and HDV.

Drawdown Indicators

	SPYI	HDV	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-37.04%	+20.57%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-5.18%	-2.54%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	-10.49%	-5.98%
Max Drawdown (5Y) Largest decline over 5 years	—	-15.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-37.04%	—
Current Drawdown Current decline from peak	-0.30%	-1.31%	+1.01%
Average Drawdown Average peak-to-trough decline	-1.81%	-3.08%	+1.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	1.87%	-0.34%

Volatility

SPYI vs. HDV - Volatility Comparison

NEOS S&P 500 High Income ETF (SPYI) has a higher volatility of 3.89% compared to iShares Core High Dividend ETF (HDV) at 3.28%. This indicates that SPYI's price experiences larger fluctuations and is considered to be riskier than HDV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYI	HDV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.89%	3.28%	+0.61%
Volatility (6M) Calculated over the trailing 6-month period	8.20%	7.53%	+0.67%
Volatility (1Y) Calculated over the trailing 1-year period	10.19%	9.79%	+0.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.01%	12.84%	+0.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.01%	15.74%	-2.73%

SPYI vs. HDV - Expense Ratio Comparison

SPYI has a 0.68% expense ratio, which is higher than HDV's 0.08% expense ratio.

Dividends

SPYI vs. HDV - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 11.62%, more than HDV's 3.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDV iShares Core High Dividend ETF	3.56%	3.22%	3.67%	3.82%	3.56%	3.47%	4.07%	3.27%	3.67%	3.27%	3.28%	3.92%
SPYI NEOS S&P 500 High Income ETF	11.62%	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 HDV in my portfolio?

SPYI and HDV have a correlation of 0.12, 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 HDV?

SPYI has higher volatility (3.89%) compared to HDV (3.28%). In terms of maximum drawdown, SPYI dropped -16.47% vs HDV's -37.04%.

Which ETF is better, SPYI or HDV?

On 3-year performance, SPYI leads with 15.90% vs 14.34% for HDV. On fees, HDV is cheaper at 0.08% per year. On volatility, HDV has been the lower-risk option at 3.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYI or HDV?

Over the 3-year period, SPYI has performed better with a 15.90% return vs 14.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYI or HDV?

HDV is cheaper with a 0.08% expense ratio, compared with 0.68% for SPYI.

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

SPYI has the higher dividend yield at 11.62%, compared with 3.56% for HDV.

What is the main difference between SPYI and HDV?

SPYI is categorized as Derivative Income, while HDV is Dividend. They also come from different issuers: Neos and iShares. Their fees differ too: 0.68% for SPYI and 0.08% for HDV.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (2.24 vs 2.12), 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.