SPYI vs. KNG

Last updated Jun 28, 2026

SPYI (NEOS S&P 500 High Income ETF) and KNG (FT Vest S&P 500 Dividend Aristocrats Target Income ETF) are both exchange-traded funds - SPYI is a Derivative Income fund actively managed by Neos, while KNG is a Dividend fund tracking the Cboe S&P 500 Dividend Aristocrats Target Income Index Monthly Series. SPYI is actively managed, while KNG is passively managed. Over the past 3 years, SPYI returned 14.89%/yr vs 7.78%/yr for KNG. A 0.61 correlation means they provide meaningful diversification when combined. SPYI charges 0.68%/yr vs 0.75%/yr for KNG.

Performance

SPYI vs. KNG - Performance Comparison

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

Returns By Period

In the year-to-date period, SPYI achieves a 5.13% return, which is significantly lower than KNG's 7.61% return.

SPYI

• 1D: -0.36%
• 1M: -2.57%
• YTD: 5.13%
• 6M: 4.19%
• 1Y: 16.77%
• 3Y*: 14.89%
• 5Y*: —
• 10Y*: —

KNG

• 1D: 1.08%
• 1M: 5.26%
• YTD: 7.61%
• 6M: 6.65%
• 1Y: 12.79%
• 3Y*: 7.78%
• 5Y*: 5.81%
• 10Y*: —

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

SPYI vs. KNG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPYI NEOS S&P 500 High Income ETF	5.13%	16.67%	19.03%	18.09%	-3.96%
KNG FT Vest S&P 500 Dividend Aristocrats Target Income ETF	7.61%	6.63%	5.99%	7.48%	0.89%

Correlation

The correlation between SPYI and KNG is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.61

Over the past year, the correlation between SPYI and KNG has dropped to 0.37 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.

SPYI vs. KNG - Sectors Allocation Comparison

Sectors	SPYI	KNG
Technology	39.1%	4.6%
Financial Services	11.1%	12.8%
Communication Services	10.7%	-
Consumer Cyclical	9.9%	5.3%
Healthcare	8.3%	10.2%
Industrials	7.8%	20.2%
Consumer Defensive	4.5%	23.6%
Energy	3.1%	2.9%
Utilities	2.1%	5.7%
Real Estate	1.8%	4.6%
Basic Materials	1.7%	10.2%

Return for Risk

SPYI vs. KNG — Risk / Return Rank

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

SPYI

SPYI Risk / Return Rank: 57
SPYI Sharpe Ratio Rank: 55
SPYI Sortino Ratio Rank: 52
SPYI Omega Ratio Rank: 59
SPYI Calmar Ratio Rank: 50
SPYI Martin Ratio Rank: 68

KNG

KNG Risk / Return Rank: 35
KNG Sharpe Ratio Rank: 38
KNG Sortino Ratio Rank: 41
KNG Omega Ratio Rank: 35
KNG Calmar Ratio Rank: 33
KNG 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. KNG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and FT Vest S&P 500 Dividend Aristocrats Target Income ETF (KNG). 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	KNG	Difference
Sharpe ratio: Return per unit of total volatility	1.67	1.27	+0.39
Sortino ratio: Return per unit of downside risk	2.29	1.93	+0.37
Omega ratio: Gain probability vs. loss probability	1.32	1.22	+0.10
Calmar ratio: Return relative to maximum drawdown	2.22	1.54	+0.69
Martin ratio: Return relative to average drawdown	10.91	3.86	+7.05

SPYI vs. KNG - Sharpe Ratio Comparison

The current SPYI Sharpe Ratio is 1.67, which is higher than the KNG Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of SPYI and KNG, 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. KNG - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum KNG drawdown of -35.12%. Use the drawdown chart below to compare losses from any high point for SPYI and KNG.

Drawdown Indicators

	SPYI	KNG	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-35.12%	+18.65%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-8.61%	+0.89%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	-14.24%	-2.23%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.20%	—
Current Drawdown Current decline from peak	-2.89%	-0.91%	-1.98%
Average Drawdown Average peak-to-trough decline	-1.81%	-4.12%	+2.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.57%	3.42%	-1.85%

Volatility

SPYI vs. KNG - Volatility Comparison

NEOS S&P 500 High Income ETF (SPYI) has a higher volatility of 4.23% compared to FT Vest S&P 500 Dividend Aristocrats Target Income ETF (KNG) at 3.22%. This indicates that SPYI's price experiences larger fluctuations and is considered to be riskier than KNG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYI	KNG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.23%	3.22%	+1.01%
Volatility (6M) Calculated over the trailing 6-month period	8.27%	7.71%	+0.56%
Volatility (1Y) Calculated over the trailing 1-year period	10.30%	10.42%	-0.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.00%	13.59%	-0.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.00%	17.15%	-4.15%

SPYI vs. KNG - Expense Ratio Comparison

SPYI has a 0.68% expense ratio, which is lower than KNG's 0.75% expense ratio.

Dividends

SPYI vs. KNG - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 12.10%, more than KNG's 8.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
KNG FT Vest S&P 500 Dividend Aristocrats Target Income ETF	8.29%	8.61%	9.08%	5.91%	4.00%	3.45%	3.62%	4.09%	3.46%
SPYI NEOS S&P 500 High Income ETF	12.10%	11.70%	12.04%	12.01%	4.10%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPYI and KNG in my portfolio?

SPYI and KNG have a correlation of 0.37, 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 KNG?

SPYI has higher volatility (4.23%) compared to KNG (3.22%). In terms of maximum drawdown, SPYI dropped -16.47% vs KNG's -35.12%.

Which ETF is better, SPYI or KNG?

On 3-year performance, SPYI leads with 14.89% vs 7.78% for KNG. On fees, SPYI is cheaper at 0.68% per year. On volatility, KNG has been the lower-risk option at 3.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYI or KNG?

Over the 3-year period, SPYI has performed better with a 14.89% return vs 7.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYI or KNG?

SPYI is cheaper with a 0.68% expense ratio, compared with 0.75% for KNG.

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

SPYI has the higher dividend yield at 12.10%, compared with 8.29% for KNG.

What is the main difference between SPYI and KNG?

SPYI is categorized as Derivative Income, while KNG is Dividend. They also come from different issuers: Neos and First Trust. Their fees differ too: 0.68% for SPYI and 0.75% for KNG.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (1.67 vs 1.27), 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.