SPYI vs. MSTY

Last updated Jun 9, 2026

SPYI (NEOS S&P 500 High Income ETF) and MSTY (YieldMax™ MSTR Option Income Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, SPYI returned 20.24% vs -60.53% for MSTY. At a 0.44 correlation, their price movements are largely independent. SPYI charges 0.68%/yr vs 0.99%/yr for MSTY.

Performance

SPYI vs. MSTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS S&P 500 High Income ETF (SPYI) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYI achieves a 5.97% return, which is significantly higher than MSTY's -14.65% return.

SPYI

• 1D: 0.30%
• 1M: 0.11%
• YTD: 5.97%
• 6M: 6.55%
• 1Y: 20.24%
• 3Y*: 15.60%
• 5Y*: —
• 10Y*: —

MSTY

• 1D: 4.76%
• 1M: -29.07%
• YTD: -14.65%
• 6M: -26.17%
• 1Y: -60.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYI vs. MSTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYI NEOS S&P 500 High Income ETF	5.97%	16.67%	13.46%
MSTY YieldMax™ MSTR Option Income Strategy ETF	-14.65%	-42.71%	200.20%

Correlation

The correlation between SPYI and MSTY is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Feb 23, 2024	0.44

Return for Risk

SPYI vs. MSTY — Risk / Return Rank

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

SPYI

SPYI Risk / Return Rank: 70
SPYI Sharpe Ratio Rank: 70
SPYI Sortino Ratio Rank: 68
SPYI Omega Ratio Rank: 76
SPYI Calmar Ratio Rank: 59
SPYI Martin Ratio Rank: 78

MSTY

MSTY Risk / Return Rank: 2
MSTY Sharpe Ratio Rank: 1
MSTY Sortino Ratio Rank: 1
MSTY Omega Ratio Rank: 1
MSTY Calmar Ratio Rank: 2
MSTY Martin Ratio Rank: 3

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. MSTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and YieldMax™ MSTR Option Income Strategy ETF (MSTY). 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	MSTY	Difference
Sharpe ratio: Return per unit of total volatility	2.06	-1.00	+3.06
Sortino ratio: Return per unit of downside risk	2.78	-1.67	+4.45
Omega ratio: Gain probability vs. loss probability	1.40	0.81	+0.59
Calmar ratio: Return relative to maximum drawdown	2.63	-0.85	+3.48
Martin ratio: Return relative to average drawdown	13.60	-1.28	+14.87
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. MSTY - Sharpe Ratio Comparison

The current SPYI Sharpe Ratio is 2.06, which is higher than the MSTY Sharpe Ratio of -1.00. The chart below compares the historical Sharpe Ratios of SPYI and MSTY, 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	MSTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	-1.00	+3.06
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	0.26	+0.91

Drawdowns

SPYI vs. MSTY - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum MSTY drawdown of -71.79%. Use the drawdown chart below to compare losses from any high point for SPYI and MSTY.

Drawdown Indicators

	SPYI	MSTY	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-71.79%	+55.32%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-71.79%	+64.07%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	—	—
Current Drawdown Current decline from peak	-2.11%	-66.45%	+64.34%
Average Drawdown Average peak-to-trough decline	-1.80%	-26.30%	+24.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.49%	47.43%	-45.94%

Volatility

SPYI vs. MSTY - Volatility Comparison

The current volatility for NEOS S&P 500 High Income ETF (SPYI) is 2.87%, while YieldMax™ MSTR Option Income Strategy ETF (MSTY) has a volatility of 18.89%. This indicates that SPYI experiences smaller price fluctuations and is considered to be less risky than MSTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYI	MSTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	18.89%	-16.02%
Volatility (6M) Calculated over the trailing 6-month period	7.78%	49.13%	-41.35%
Volatility (1Y) Calculated over the trailing 1-year period	9.88%	60.99%	-51.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.95%	71.94%	-58.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.95%	71.94%	-58.99%

SPYI vs. MSTY - Expense Ratio Comparison

SPYI has a 0.68% expense ratio, which is lower than MSTY's 0.99% expense ratio.

Dividends

SPYI vs. MSTY - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 11.83%, less than MSTY's 233.09% yield.

Position	TTM	2025	2024	2023	2022
MSTY YieldMax™ MSTR Option Income Strategy ETF	233.09%	294.61%	104.56%	0.00%	0.00%
SPYI NEOS S&P 500 High Income ETF	11.83%	11.70%	12.04%	12.01%	4.10%

Frequently Asked Questions

Can I hold both SPYI and MSTY in my portfolio?

SPYI and MSTY have a correlation of 0.46, 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 MSTY?

MSTY has higher volatility (18.89%) compared to SPYI (2.87%). In terms of maximum drawdown, SPYI dropped -16.47% vs MSTY's -71.79%.

Which ETF is better, SPYI or MSTY?

On 1-year performance, SPYI leads with 20.24% vs -60.53% for MSTY. On fees, SPYI is cheaper at 0.68% per year. On volatility, SPYI has been the lower-risk option at 2.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYI or MSTY?

Over the 1-year period, SPYI has performed better with a 20.24% return vs -60.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYI or MSTY?

SPYI is cheaper with a 0.68% expense ratio, compared with 0.99% for MSTY.

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

MSTY has the higher dividend yield at 233.09%, compared with 11.83% for SPYI.

What is the main difference between SPYI and MSTY?

They also come from different issuers: Neos and YieldMax. Their fees differ too: 0.68% for SPYI and 0.99% for MSTY.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (2.06 vs -1.00), 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.