SPYI vs. KBWD

Last updated Jun 14, 2026

SPYI (NEOS S&P 500 High Income ETF) and KBWD (Invesco KBW High Dividend Yield Financial ETF) are both exchange-traded funds - SPYI is a Derivative Income fund actively managed by Neos, while KBWD is a Financials Equities fund tracking the KBW Nasdaq Financial Sector Dividend Yield Index. SPYI is actively managed, while KBWD is passively managed. Over the past 3 years, SPYI returned 15.48%/yr vs 5.00%/yr for KBWD. A 0.61 correlation means they provide meaningful diversification when combined. SPYI charges 0.68%/yr vs 1.24%/yr for KBWD.

Performance

SPYI vs. KBWD - Performance Comparison

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

Returns By Period

In the year-to-date period, SPYI achieves a 6.31% return, which is significantly higher than KBWD's -3.74% return.

SPYI

• 1D: 0.53%
• 1M: -0.52%
• YTD: 6.31%
• 6M: 6.98%
• 1Y: 20.84%
• 3Y*: 15.48%
• 5Y*: —
• 10Y*: —

KBWD

• 1D: 0.80%
• 1M: -1.25%
• YTD: -3.74%
• 6M: -4.15%
• 1Y: 3.52%
• 3Y*: 5.00%
• 5Y*: 0.34%
• 10Y*: 5.25%

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

SPYI vs. KBWD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPYI NEOS S&P 500 High Income ETF	6.31%	16.67%	19.03%	18.09%	-3.96%
KBWD Invesco KBW High Dividend Yield Financial ETF	-3.74%	5.59%	4.30%	20.21%	-12.04%

Correlation

The correlation between SPYI and KBWD is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.61

The correlation between SPYI and KBWD has been stable across timeframes, ranging from 0.52 to 0.61 - a consistent structural relationship.

SPYI vs. KBWD - Sectors Allocation Comparison

Sectors	SPYI	KBWD
Technology	39.1%	-
Financial Services	11.1%	60.8%
Communication Services	10.7%	-
Consumer Cyclical	9.9%	-
Healthcare	8.3%	-
Industrials	7.8%	-
Consumer Defensive	4.5%	-
Energy	3.1%	-
Utilities	2.1%	-
Real Estate	1.8%	39.2%
Basic Materials	1.7%	-

Return for Risk

SPYI vs. KBWD — 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: 69
SPYI Omega Ratio Rank: 76
SPYI Calmar Ratio Rank: 60
SPYI Martin Ratio Rank: 78

KBWD

KBWD Risk / Return Rank: 11
KBWD Sharpe Ratio Rank: 11
KBWD Sortino Ratio Rank: 11
KBWD Omega Ratio Rank: 11
KBWD Calmar Ratio Rank: 11
KBWD Martin Ratio Rank: 11

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. KBWD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and Invesco KBW High Dividend Yield Financial ETF (KBWD). 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	KBWD	Difference
Sharpe ratio: Return per unit of total volatility	1.98	0.13	+1.85
Sortino ratio: Return per unit of downside risk	2.68	0.29	+2.40
Omega ratio: Gain probability vs. loss probability	1.39	1.03	+0.35
Calmar ratio: Return relative to maximum drawdown	2.59	0.13	+2.46
Martin ratio: Return relative to average drawdown	13.05	0.32	+12.73

SPYI vs. KBWD - Sharpe Ratio Comparison

The current SPYI Sharpe Ratio is 1.98, which is higher than the KBWD Sharpe Ratio of 0.13. The chart below compares the historical Sharpe Ratios of SPYI and KBWD, 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. KBWD - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum KBWD drawdown of -58.63%. Use the drawdown chart below to compare losses from any high point for SPYI and KBWD.

Drawdown Indicators

	SPYI	KBWD	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-58.63%	+42.16%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-15.05%	+7.33%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	-19.65%	+3.18%
Max Drawdown (5Y) Largest decline over 5 years	—	-30.74%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-58.63%	—
Current Drawdown Current decline from peak	-1.79%	-10.58%	+8.79%
Average Drawdown Average peak-to-trough decline	-1.81%	-7.41%	+5.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	6.10%	-4.57%

Volatility

SPYI vs. KBWD - Volatility Comparison

The current volatility for NEOS S&P 500 High Income ETF (SPYI) is 3.62%, while Invesco KBW High Dividend Yield Financial ETF (KBWD) has a volatility of 4.70%. This indicates that SPYI experiences smaller price fluctuations and is considered to be less risky than KBWD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYI	KBWD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.62%	4.70%	-1.08%
Volatility (6M) Calculated over the trailing 6-month period	8.07%	12.36%	-4.29%
Volatility (1Y) Calculated over the trailing 1-year period	10.10%	15.59%	-5.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.99%	19.89%	-6.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.99%	23.25%	-10.26%

SPYI vs. KBWD - Expense Ratio Comparison

SPYI has a 0.68% expense ratio, which is lower than KBWD's 1.24% expense ratio.

Dividends

SPYI vs. KBWD - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 11.80%, less than KBWD's 14.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
KBWD Invesco KBW High Dividend Yield Financial ETF	14.14%	12.83%	12.45%	11.45%	11.32%	7.26%	9.68%	8.63%	9.47%	8.77%	8.68%	8.89%
SPYI NEOS S&P 500 High Income ETF	11.80%	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 KBWD in my portfolio?

SPYI and KBWD have a correlation of 0.52, 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 KBWD?

KBWD has higher volatility (4.70%) compared to SPYI (3.62%). In terms of maximum drawdown, SPYI dropped -16.47% vs KBWD's -58.63%.

Which ETF is better, SPYI or KBWD?

On 3-year performance, SPYI leads with 15.48% vs 5.00% for KBWD. On fees, SPYI is cheaper at 0.68% per year. On volatility, SPYI has been the lower-risk option at 3.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYI or KBWD?

Over the 3-year period, SPYI has performed better with a 15.48% return vs 5.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYI or KBWD?

SPYI is cheaper with a 0.68% expense ratio, compared with 1.24% for KBWD.

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

KBWD has the higher dividend yield at 14.14%, compared with 11.80% for SPYI.

What is the main difference between SPYI and KBWD?

SPYI is categorized as Derivative Income, while KBWD is Financials Equities. They also come from different issuers: Neos and Invesco. Their fees differ too: 0.68% for SPYI and 1.24% for KBWD.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (1.98 vs 0.13), 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.