SPYI vs. PFFA

Last updated Jun 13, 2026

SPYI (NEOS S&P 500 High Income ETF) and PFFA (Virtus InfraCap U.S. Preferred Stock ETF) are both exchange-traded funds - SPYI is a Derivative Income fund actively managed by Neos, while PFFA is a Preferred Stock/Convertible Bonds fund actively managed by Virtus Investment Partners. Both are actively managed. Over the past 3 years, SPYI returned 15.48%/yr vs 13.86%/yr for PFFA. A 0.51 correlation means they provide meaningful diversification when combined. SPYI charges 0.68%/yr vs 1.47%/yr for PFFA.

Performance

SPYI vs. PFFA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS S&P 500 High Income ETF (SPYI) and Virtus InfraCap U.S. Preferred Stock ETF (PFFA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYI achieves a 6.31% return, which is significantly higher than PFFA's 1.97% return.

SPYI

• 1D: 0.53%
• 1M: -0.01%
• YTD: 6.31%
• 6M: 6.98%
• 1Y: 19.90%
• 3Y*: 15.48%
• 5Y*: —
• 10Y*: —

PFFA

• 1D: 0.00%
• 1M: -2.29%
• YTD: 1.97%
• 6M: 1.59%
• 1Y: 11.48%
• 3Y*: 13.86%
• 5Y*: 6.13%
• 10Y*: —

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

SPYI vs. PFFA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPYI NEOS S&P 500 High Income ETF	6.31%	16.67%	19.03%	18.09%	-3.96%
PFFA Virtus InfraCap U.S. Preferred Stock ETF	1.97%	8.22%	16.11%	26.45%	-14.99%

Correlation

The correlation between SPYI and PFFA is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.51

The correlation between SPYI and PFFA shifts across timeframes, from 0.48 (3 years) to 0.58 (1 year), reflecting how their relationship changes across market environments.

SPYI vs. PFFA - Sectors Allocation Comparison

Sectors	SPYI	PFFA
Technology	35.5%	3.0%
Financial Services	11.8%	27.6%
Communication Services	11.2%	5.3%
Consumer Cyclical	10.1%	0.2%
Healthcare	8.5%	0.9%
Industrials	8.4%	10.2%
Consumer Defensive	4.9%	-
Energy	3.5%	3.2%
Utilities	2.3%	2.3%
Real Estate	2.0%	40.6%
Basic Materials	1.8%	0.3%

Return for Risk

SPYI vs. PFFA — 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: 69
SPYI Omega Ratio Rank: 76
SPYI Calmar Ratio Rank: 60
SPYI Martin Ratio Rank: 78

PFFA

PFFA Risk / Return Rank: 49
PFFA Sharpe Ratio Rank: 54
PFFA Sortino Ratio Rank: 55
PFFA Omega Ratio Rank: 55
PFFA Calmar Ratio Rank: 40
PFFA Martin Ratio Rank: 42

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. PFFA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and Virtus InfraCap U.S. Preferred Stock ETF (PFFA). 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	PFFA	Difference
Sharpe ratio: Return per unit of total volatility	1.98	1.62	+0.36
Sortino ratio: Return per unit of downside risk	2.68	2.30	+0.39
Omega ratio: Gain probability vs. loss probability	1.39	1.30	+0.09
Calmar ratio: Return relative to maximum drawdown	2.59	1.78	+0.81
Martin ratio: Return relative to average drawdown	13.05	5.93	+7.11

SPYI vs. PFFA - Sharpe Ratio Comparison

The current SPYI Sharpe Ratio is 1.98, which is comparable to the PFFA Sharpe Ratio of 1.62. The chart below compares the historical Sharpe Ratios of SPYI and PFFA, 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. PFFA - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum PFFA drawdown of -70.52%. Use the drawdown chart below to compare losses from any high point for SPYI and PFFA.

Drawdown Indicators

	SPYI	PFFA	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-70.52%	+54.05%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-6.49%	-1.23%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	-12.15%	-4.32%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.70%	—
Current Drawdown Current decline from peak	-1.79%	-2.56%	+0.77%
Average Drawdown Average peak-to-trough decline	-1.81%	-6.63%	+4.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	1.94%	-0.41%

Volatility

SPYI vs. PFFA - Volatility Comparison

NEOS S&P 500 High Income ETF (SPYI) has a higher volatility of 3.62% compared to Virtus InfraCap U.S. Preferred Stock ETF (PFFA) at 2.05%. This indicates that SPYI's price experiences larger fluctuations and is considered to be riskier than PFFA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYI	PFFA	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.62%	2.05%	+1.57%
Volatility (6M) Calculated over the trailing 6-month period	8.07%	5.82%	+2.25%
Volatility (1Y) Calculated over the trailing 1-year period	10.10%	7.13%	+2.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.99%	11.52%	+1.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.99%	31.79%	-18.80%

SPYI vs. PFFA - Expense Ratio Comparison

SPYI has a 0.68% expense ratio, which is lower than PFFA's 1.47% expense ratio.

Dividends

SPYI vs. PFFA - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 11.80%, more than PFFA's 9.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
PFFA Virtus InfraCap U.S. Preferred Stock ETF	9.72%	9.47%	9.18%	9.56%	10.75%	7.64%	8.54%	10.02%	5.15%
SPYI NEOS S&P 500 High Income ETF	11.80%	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 PFFA in my portfolio?

SPYI and PFFA have a correlation of 0.58, 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 PFFA?

SPYI has higher volatility (3.62%) compared to PFFA (2.05%). In terms of maximum drawdown, SPYI dropped -16.47% vs PFFA's -70.52%.

Which ETF is better, SPYI or PFFA?

On 3-year performance, SPYI leads with 15.48% vs 13.86% for PFFA. On fees, SPYI is cheaper at 0.68% per year. On volatility, PFFA has been the lower-risk option at 2.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYI or PFFA?

Over the 3-year period, SPYI has performed better with a 15.48% return vs 13.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYI or PFFA?

SPYI is cheaper with a 0.68% expense ratio, compared with 1.47% for PFFA.

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

SPYI has the higher dividend yield at 11.80%, compared with 9.72% for PFFA.

What is the main difference between SPYI and PFFA?

SPYI is categorized as Derivative Income, while PFFA is Preferred Stock/Convertible Bonds. They also come from different issuers: Neos and Virtus Investment Partners. Their fees differ too: 0.68% for SPYI and 1.47% for PFFA.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (1.98 vs 1.62), 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.