SPYI vs. HYBI

Last updated Jun 24, 2026

SPYI (NEOS S&P 500 High Income ETF) and HYBI (NEOS Enhanced Income Credit Select ETF) are both exchange-traded funds - SPYI is a Derivative Income fund actively managed by Neos, while HYBI is a Nontraditional Bonds fund actively managed by Neos. Both are actively managed. Over the past year, SPYI returned 19.05% vs 6.54% for HYBI. A 0.74 correlation means they provide meaningful diversification when combined. Both charge a 0.68% expense ratio.

Performance

SPYI vs. HYBI - Performance Comparison

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

Returns By Period

In the year-to-date period, SPYI achieves a 5.56% return, which is significantly higher than HYBI's 1.71% return.

SPYI

• 1D: -1.30%
• 1M: -1.23%
• YTD: 5.56%
• 6M: 4.95%
• 1Y: 19.05%
• 3Y*: 15.16%
• 5Y*: —
• 10Y*: —

HYBI

• 1D: -0.08%
• 1M: 0.38%
• YTD: 1.71%
• 6M: 1.90%
• 1Y: 6.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYI vs. HYBI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYI NEOS S&P 500 High Income ETF	5.56%	16.67%	2.53%
HYBI NEOS Enhanced Income Credit Select ETF	1.71%	6.97%	-0.53%

Correlation

The correlation between SPYI and HYBI is 0.80, 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	0.80
Correlation (All Time) Calculated using the full available price history since Sep 30, 2024	0.74

The correlation between SPYI and HYBI has been stable across timeframes, ranging from 0.74 to 0.80 - a consistent structural relationship.

Return for Risk

SPYI vs. HYBI — Risk / Return Rank

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

SPYI

SPYI Risk / Return Rank: 58
SPYI Sharpe Ratio Rank: 57
SPYI Sortino Ratio Rank: 54
SPYI Omega Ratio Rank: 61
SPYI Calmar Ratio Rank: 52
SPYI Martin Ratio Rank: 69

HYBI

HYBI Risk / Return Rank: 73
HYBI Sharpe Ratio Rank: 63
HYBI Sortino Ratio Rank: 70
HYBI Omega Ratio Rank: 68
HYBI Calmar Ratio Rank: 86
HYBI Martin Ratio Rank: 80

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. HYBI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and NEOS Enhanced Income Credit Select ETF (HYBI). 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	HYBI	Difference
Sharpe ratio: Return per unit of total volatility	1.85	1.96	-0.10
Sortino ratio: Return per unit of downside risk	2.53	2.99	-0.46
Omega ratio: Gain probability vs. loss probability	1.36	1.38	-0.02
Calmar ratio: Return relative to maximum drawdown	2.48	4.60	-2.12
Martin ratio: Return relative to average drawdown	12.37	14.75	-2.38

SPYI vs. HYBI - Sharpe Ratio Comparison

The current SPYI Sharpe Ratio is 1.85, which is comparable to the HYBI Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of SPYI and HYBI, 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. HYBI - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, which is greater than HYBI's maximum drawdown of -4.68%. Use the drawdown chart below to compare losses from any high point for SPYI and HYBI.

Drawdown Indicators

	SPYI	HYBI	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-4.68%	-11.79%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-1.43%	-6.29%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	—	—
Current Drawdown Current decline from peak	-2.49%	-0.26%	-2.23%
Average Drawdown Average peak-to-trough decline	-1.81%	-0.61%	-1.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	0.44%	+1.10%

Volatility

SPYI vs. HYBI - Volatility Comparison

NEOS S&P 500 High Income ETF (SPYI) has a higher volatility of 4.27% compared to NEOS Enhanced Income Credit Select ETF (HYBI) at 1.28%. This indicates that SPYI's price experiences larger fluctuations and is considered to be riskier than HYBI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYI	HYBI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.27%	1.28%	+2.99%
Volatility (6M) Calculated over the trailing 6-month period	8.32%	2.35%	+5.97%
Volatility (1Y) Calculated over the trailing 1-year period	10.34%	3.37%	+6.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.02%	4.94%	+8.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.02%	4.94%	+8.08%

SPYI vs. HYBI - Expense Ratio Comparison

Both SPYI and HYBI have an expense ratio of 0.68%.

Dividends

SPYI vs. HYBI - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 13.02%, more than HYBI's 9.09% yield.

Position	TTM	2025	2024	2023	2022
HYBI NEOS Enhanced Income Credit Select ETF	9.09%	8.48%	2.21%	0.00%	0.00%
SPYI NEOS S&P 500 High Income ETF	13.02%	11.70%	12.04%	12.01%	4.10%

Frequently Asked Questions

Can I hold both SPYI and HYBI in my portfolio?

SPYI and HYBI 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 HYBI?

SPYI has higher volatility (4.27%) compared to HYBI (1.28%). In terms of maximum drawdown, SPYI dropped -16.47% vs HYBI's -4.68%.

Which ETF is better, SPYI or HYBI?

On 1-year performance, SPYI leads with 19.05% vs 6.54% for HYBI. Both ETFs have the same 0.68% expense ratio. On volatility, HYBI has been the lower-risk option at 1.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYI or HYBI?

Over the 1-year period, SPYI has performed better with a 19.05% return vs 6.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYI or HYBI?

SPYI and HYBI have the same expense ratio: 0.68% per year.

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

SPYI has the higher dividend yield at 13.02%, compared with 9.09% for HYBI.

What is the main difference between SPYI and HYBI?

SPYI is categorized as Derivative Income, while HYBI is Nontraditional Bonds.

Which has better risk-adjusted returns?

HYBI currently has the higher Sharpe Ratio (1.96 vs 1.85), 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.