SPYI vs. IYRI

Last updated Jun 4, 2026

SPYI (NEOS S&P 500 High Income ETF) and IYRI (NEOS Real Estate High Income ETF) are both Derivative Income funds from Neos. SPYI is actively managed, while IYRI is passively managed. Over the past year, SPYI returned 22.76% vs 8.34% for IYRI. At a 0.44 correlation, their price movements are largely independent. Both charge a 0.68% expense ratio.

Performance

SPYI vs. IYRI - 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 Real Estate High Income ETF (IYRI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYI achieves a 7.72% return, which is significantly higher than IYRI's 4.08% return.

SPYI

• 1D: -0.50%
• 1M: 3.71%
• YTD: 7.72%
• 6M: 8.37%
• 1Y: 22.76%
• 3Y*: 16.41%
• 5Y*: —
• 10Y*: —

IYRI

• 1D: 0.17%
• 1M: -1.04%
• YTD: 4.08%
• 6M: 3.47%
• 1Y: 8.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYI vs. IYRI - Yearly Performance Comparison

	2026 (YTD)	2025
SPYI NEOS S&P 500 High Income ETF	7.72%	15.35%
IYRI NEOS Real Estate High Income ETF	4.08%	7.95%

Correlation

The correlation between SPYI and IYRI is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (All Time) Calculated using the full available price history since Jan 16, 2025	0.44

SPYI vs. IYRI - Sectors Allocation Comparison

Sectors	SPYI	IYRI
Technology	35.5%	-
Financial Services	11.8%	-
Communication Services	11.2%	0.6%
Consumer Cyclical	10.1%	-
Healthcare	8.5%	-
Industrials	8.4%	-
Consumer Defensive	4.9%	-
Energy	3.5%	-
Utilities	2.3%	-
Real Estate	2.0%	98.0%
Basic Materials	1.8%	1.3%

Return for Risk

SPYI vs. IYRI — Risk / Return Rank

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

SPYI

SPYI Risk / Return Rank: 71
SPYI Sharpe Ratio Rank: 71
SPYI Sortino Ratio Rank: 70
SPYI Omega Ratio Rank: 76
SPYI Calmar Ratio Rank: 58
SPYI Martin Ratio Rank: 78

IYRI

IYRI Risk / Return Rank: 23
IYRI Sharpe Ratio Rank: 23
IYRI Sortino Ratio Rank: 21
IYRI Omega Ratio Rank: 22
IYRI Calmar Ratio Rank: 24
IYRI Martin Ratio Rank: 28

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. IYRI - 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 Real Estate High Income ETF (IYRI). 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	IYRI	Difference
Sharpe ratio: Return per unit of total volatility	2.38	0.81	+1.56
Sortino ratio: Return per unit of downside risk	3.26	1.16	+2.10
Omega ratio: Gain probability vs. loss probability	1.47	1.15	+0.32
Calmar ratio: Return relative to maximum drawdown	2.96	1.11	+1.85
Martin ratio: Return relative to average drawdown	15.43	4.00	+11.43
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. IYRI - Sharpe Ratio Comparison

The current SPYI Sharpe Ratio is 2.38, which is higher than the IYRI Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of SPYI and IYRI, 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	IYRI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	0.81	+1.56
Sharpe Ratio (All Time) Calculated using the full available price history	1.21	0.68	+0.54

Drawdowns

SPYI vs. IYRI - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, which is greater than IYRI's maximum drawdown of -12.12%. Use the drawdown chart below to compare losses from any high point for SPYI and IYRI.

Drawdown Indicators

	SPYI	IYRI	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-12.12%	-4.35%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-7.53%	-0.19%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	—	—
Current Drawdown Current decline from peak	-0.50%	-2.17%	+1.67%
Average Drawdown Average peak-to-trough decline	-1.80%	-1.72%	-0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.48%	2.09%	-0.61%

Volatility

SPYI vs. IYRI - Volatility Comparison

The current volatility for NEOS S&P 500 High Income ETF (SPYI) is 1.82%, while NEOS Real Estate High Income ETF (IYRI) has a volatility of 3.03%. This indicates that SPYI experiences smaller price fluctuations and is considered to be less risky than IYRI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYI	IYRI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.82%	3.03%	-1.21%
Volatility (6M) Calculated over the trailing 6-month period	7.41%	7.17%	+0.24%
Volatility (1Y) Calculated over the trailing 1-year period	9.63%	10.31%	-0.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.92%	13.07%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.92%	13.07%	-0.15%

SPYI vs. IYRI - Expense Ratio Comparison

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

Dividends

SPYI vs. IYRI - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 11.64%, more than IYRI's 11.27% yield.

Position	TTM	2025	2024	2023	2022
IYRI NEOS Real Estate High Income ETF	11.27%	11.72%	0.00%	0.00%	0.00%
SPYI NEOS S&P 500 High Income ETF	11.64%	11.70%	12.04%	12.01%	4.10%

Frequently Asked Questions

Can I hold both SPYI and IYRI in my portfolio?

SPYI and IYRI have a correlation of 0.36, 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 IYRI?

IYRI has higher volatility (3.03%) compared to SPYI (1.82%). In terms of maximum drawdown, SPYI dropped -16.47% vs IYRI's -12.12%.

Which ETF is better, SPYI or IYRI?

On 1-year performance, SPYI leads with 22.76% vs 8.34% for IYRI. Both ETFs have the same 0.68% expense ratio. On volatility, SPYI has been the lower-risk option at 1.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYI or IYRI?

Over the 1-year period, SPYI has performed better with a 22.76% return vs 8.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYI or IYRI?

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

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

SPYI has the higher dividend yield at 11.64%, compared with 11.27% for IYRI.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (2.38 vs 0.81), 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.