SPYI vs. MLPI

Last updated Aug 4, 2026

SPYI (NEOS S&P 500 High Income ETF) and MLPI (NEOS MLP & Energy Infrastructure High Income ETF) are both exchange-traded funds - SPYI is a Derivative Income fund actively managed by Neos, while MLPI is a Infrastructure Equities fund actively managed by Neos. Both are actively managed. Their -0.24 correlation means they have often moved in opposite directions in the past. Both charge a 0.68% expense ratio.

Performance

SPYI vs. MLPI - 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 MLP & Energy Infrastructure High Income ETF (MLPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYI achieves a 9.18% return, which is significantly lower than MLPI's 17.83% return.

SPYI

• 1D: 1.14%
• 1M: 1.76%
• 6M: 7.18%
• YTD: 9.18%
• 1Y: 20.03%
• 3Y*: 15.87%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.81%

MLPI

• 1D: -0.28%
• 1M: -0.32%
• 6M: 11.98%
• YTD: 17.83%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MLPI NEOS MLP & Energy Infrastructure High Income ETF	$22.33M	$21.99M	$19.61M
SPYI NEOS S&P 500 High Income ETF	$155.96M	$140.10M	$149.40M

SPYI vs. MLPI - Yearly Performance Comparison

	2026 (YTD)	2025
SPYI NEOS S&P 500 High Income ETF	9.18%	1.96%
MLPI NEOS MLP & Energy Infrastructure High Income ETF	17.83%	0.36%

Correlation

The correlation between SPYI and MLPI is -0.24, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 18, 2025	-0.24

Return for Risk

SPYI vs. MLPI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPYI

SPYI Risk / Return Rank: 80
SPYI Sharpe Ratio Rank: 80
SPYI Sortino Ratio Rank: 79
SPYI Omega Ratio Rank: 82
SPYI Calmar Ratio Rank: 74
SPYI Martin Ratio Rank: 86

MLPI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPYI vs. MLPI - 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 MLP & Energy Infrastructure High Income ETF (MLPI). 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	MLPI	Difference
Sharpe ratio: Return per unit of total volatility	1.87	—	—
Sortino ratio: Return per unit of downside risk	2.58	—	—
Omega ratio: Gain probability vs. loss probability	1.36	—	—
Calmar ratio: Return relative to maximum drawdown	2.61	—	—
Martin ratio: Return relative to average drawdown	12.52	—	—

Drawdowns

SPYI vs. MLPI - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, which is greater than MLPI's maximum drawdown of -5.38%. Use the drawdown chart below to compare losses from any high point for SPYI and MLPI.

Drawdown Indicators

	SPYI	MLPI	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-5.38%	-11.09%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	—	—
Current Drawdown Current decline from peak	0.00%	-3.63%	+3.63%
Average Drawdown Average peak-to-trough decline	-1.79%	-1.65%	-0.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	—	—

Volatility

Volatility by Period

	SPYI	MLPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.40%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.75%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.78%	13.28%	-2.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.97%	13.28%	-0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.97%	13.28%	-0.31%

SPYI vs. MLPI - Expense Ratio Comparison

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

Dividends

SPYI vs. MLPI - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 11.80%, more than MLPI's 8.65% yield.

Position	TTM	2025	2024	2023	2022
MLPI NEOS MLP & Energy Infrastructure High Income ETF	8.65%	0.00%	0.00%	0.00%	0.00%
SPYI NEOS S&P 500 High Income ETF	11.80%	11.70%	12.04%	12.01%	4.10%

Frequently Asked Questions

Can I hold both SPYI and MLPI in my portfolio?

SPYI and MLPI have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPYI or MLPI?

Both ETFs have the same 0.68% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPYI or MLPI?

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

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

SPYI has the higher dividend yield at 11.80%, compared with 8.65% for MLPI.

What is the main difference between SPYI and MLPI?

SPYI is categorized as Derivative Income, while MLPI is Infrastructure Equities.