SPYI vs. MLPI

Last updated Jun 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 Energy Equities fund actively managed by Neos. Both are actively managed. At a correlation of -0.15, they often move in opposite directions. 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 7.72% return, which is significantly lower than MLPI's 17.58% return.

SPYI

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

MLPI

• 1D: 0.04%
• 1M: -3.13%
• YTD: 17.58%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYI vs. MLPI - Yearly Performance Comparison

	2026 (YTD)	2025
SPYI NEOS S&P 500 High Income ETF	7.72%	1.22%
MLPI Neos MLP & Energy Infrastructure High Income ETF	17.58%	0.56%

Correlation

The correlation between SPYI and MLPI is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 19, 2025	-0.15

Return for Risk

SPYI vs. MLPI — 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

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. 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.

	SPYI	MLPI	Difference
Sharpe ratio: Return per unit of total volatility	2.38	—	—
Sortino ratio: Return per unit of downside risk	3.26	—	—
Omega ratio: Gain probability vs. loss probability	1.47	—	—
Calmar ratio: Return relative to maximum drawdown	2.96	—	—
Martin ratio: Return relative to average drawdown	15.43	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SPYI	MLPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.21	3.49	-2.27

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	-0.50%	-3.84%	+3.34%
Average Drawdown Average peak-to-trough decline	-1.80%	-1.27%	-0.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.48%	—	—

Volatility

Volatility by Period

	SPYI	MLPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.82%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.41%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.63%	13.05%	-3.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.92%	13.05%	-0.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.92%	13.05%	-0.13%

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 11.64%, more than MLPI's 6.04% yield.

Position	TTM	2025	2024	2023	2022
MLPI Neos MLP & Energy Infrastructure High Income ETF	6.04%	0.00%	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 MLPI in my portfolio?

SPYI and MLPI have a correlation of -0.15, 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 11.64%, compared with 6.04% for MLPI.

What is the main difference between SPYI and MLPI?

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