SPYI vs. NIHI

Last updated Jun 25, 2026

SPYI (NEOS S&P 500 High Income ETF) and NIHI (NEOS MSCI EAFE High Income ETF) are both Derivative Income funds from Neos. Both are actively managed. A 0.79 correlation means they provide meaningful diversification when combined. Both charge a 0.68% expense ratio.

Performance

SPYI vs. NIHI - 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 MSCI EAFE High Income ETF (NIHI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SPYI having a 5.49% return and NIHI slightly higher at 5.62%.

SPYI

• 1D: -0.07%
• 1M: -1.29%
• YTD: 5.49%
• 6M: 4.60%
• 1Y: 18.10%
• 3Y*: 15.13%
• 5Y*: —
• 10Y*: —

NIHI

• 1D: -0.08%
• 1M: 0.07%
• YTD: 5.62%
• 6M: 5.37%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYI vs. NIHI - Yearly Performance Comparison

	2026 (YTD)	2025
SPYI NEOS S&P 500 High Income ETF	5.49%	4.51%
NIHI NEOS MSCI EAFE High Income ETF	5.62%	4.89%

Correlation

The correlation between SPYI and NIHI is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 17, 2025	0.79

SPYI vs. NIHI - Sectors Allocation Comparison

Sectors	SPYI	NIHI
Technology	39.1%	11.3%
Financial Services	11.1%	22.6%
Communication Services	10.7%	4.7%
Consumer Cyclical	9.9%	8.3%
Healthcare	8.3%	9.6%
Industrials	7.8%	20.3%
Consumer Defensive	4.5%	6.3%
Energy	3.1%	3.7%
Utilities	2.1%	3.6%
Real Estate	1.8%	3.0%
Basic Materials	1.7%	6.8%

Return for Risk

SPYI vs. NIHI — Risk / Return Rank

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

SPYI

SPYI Risk / Return Rank: 60
SPYI Sharpe Ratio Rank: 58
SPYI Sortino Ratio Rank: 56
SPYI Omega Ratio Rank: 63
SPYI Calmar Ratio Rank: 53
SPYI Martin Ratio Rank: 70

NIHI

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

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. NIHI - 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 MSCI EAFE High Income ETF (NIHI). 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	NIHI	Difference
Sharpe ratio: Return per unit of total volatility	1.77	—	—
Sortino ratio: Return per unit of downside risk	2.42	—	—
Omega ratio: Gain probability vs. loss probability	1.34	—	—
Calmar ratio: Return relative to maximum drawdown	2.36	—	—
Martin ratio: Return relative to average drawdown	11.69	—	—

Drawdowns

SPYI vs. NIHI - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, which is greater than NIHI's maximum drawdown of -10.88%. Use the drawdown chart below to compare losses from any high point for SPYI and NIHI.

Drawdown Indicators

	SPYI	NIHI	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-10.88%	-5.59%
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	-2.55%	-1.72%	-0.83%
Average Drawdown Average peak-to-trough decline	-1.81%	-2.29%	+0.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.55%	—	—

Volatility

Volatility by Period

	SPYI	NIHI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.26%	—	—
Volatility (6M) Calculated over the trailing 6-month period	8.28%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	10.32%	15.23%	-4.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.01%	15.23%	-2.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.01%	15.23%	-2.22%

SPYI vs. NIHI - Expense Ratio Comparison

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

Dividends

SPYI vs. NIHI - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 13.02%, more than NIHI's 8.72% yield.

Position	TTM	2025	2024	2023	2022
NIHI NEOS MSCI EAFE High Income ETF	8.72%	3.44%	0.00%	0.00%	0.00%
SPYI NEOS S&P 500 High Income ETF	13.02%	11.70%	12.04%	12.01%	4.10%

Frequently Asked Questions

Can I hold both SPYI and NIHI in my portfolio?

SPYI and NIHI have a correlation of 0.79, 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 NIHI?

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 NIHI?

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

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

SPYI has the higher dividend yield at 13.02%, compared with 8.72% for NIHI.