SPYI vs. PTY

Last updated Jun 9, 2026

SPYI (NEOS S&P 500 High Income ETF) and PTY (PIMCO Corporate & Income Opportunity Fund) are both funds - SPYI is a Derivative Income fund actively managed by Neos, while PTY is a Corporate Bonds fund managed by FPA. Over the past 3 years, SPYI returned 15.60%/yr vs 6.93%/yr for PTY. At a 0.31 correlation, their price movements are largely independent. SPYI charges 0.68%/yr vs 1.19%/yr for PTY.

Performance

SPYI vs. PTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS S&P 500 High Income ETF (SPYI) and PIMCO Corporate & Income Opportunity Fund (PTY). 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 PTY's -3.69% return.

SPYI

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

PTY

• 1D: 0.00%
• 1M: -2.72%
• YTD: -3.69%
• 6M: -4.44%
• 1Y: -4.39%
• 3Y*: 6.93%
• 5Y*: -0.64%
• 10Y*: 8.37%

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

SPYI vs. PTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPYI NEOS S&P 500 High Income ETF	5.97%	16.67%	19.03%	18.09%	-3.96%
PTY PIMCO Corporate & Income Opportunity Fund	-3.69%	-0.51%	19.87%	22.56%	-9.23%

Correlation

The correlation between SPYI and PTY is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.31

Return for Risk

SPYI vs. PTY — 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

PTY

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

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. PTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and PIMCO Corporate & Income Opportunity Fund (PTY). 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	PTY	Difference
Sharpe ratio: Return per unit of total volatility	2.06	-0.41	+2.47
Sortino ratio: Return per unit of downside risk	2.78	-0.48	+3.26
Omega ratio: Gain probability vs. loss probability	1.40	0.93	+0.48
Calmar ratio: Return relative to maximum drawdown	2.63	-0.29	+2.92
Martin ratio: Return relative to average drawdown	13.60	-0.57	+14.17
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. PTY - Sharpe Ratio Comparison

The current SPYI Sharpe Ratio is 2.06, which is higher than the PTY Sharpe Ratio of -0.41. The chart below compares the historical Sharpe Ratios of SPYI and PTY, 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	PTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	-0.41	+2.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.04	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.40	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	0.46	+0.71

Drawdowns

SPYI vs. PTY - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum PTY drawdown of -60.86%. Use the drawdown chart below to compare losses from any high point for SPYI and PTY.

Drawdown Indicators

	SPYI	PTY	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-60.86%	+44.39%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-15.44%	+7.72%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	-16.04%	-0.43%
Max Drawdown (5Y) Largest decline over 5 years	—	-41.38%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.55%	—
Current Drawdown Current decline from peak	-2.11%	-12.59%	+10.48%
Average Drawdown Average peak-to-trough decline	-1.80%	-8.61%	+6.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.49%	7.72%	-6.23%

Volatility

SPYI vs. PTY - Volatility Comparison

NEOS S&P 500 High Income ETF (SPYI) has a higher volatility of 2.87% compared to PIMCO Corporate & Income Opportunity Fund (PTY) at 2.70%. This indicates that SPYI's price experiences larger fluctuations and is considered to be riskier than PTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYI	PTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	2.70%	+0.17%
Volatility (6M) Calculated over the trailing 6-month period	7.78%	7.49%	+0.29%
Volatility (1Y) Calculated over the trailing 1-year period	9.88%	10.82%	-0.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.95%	17.40%	-4.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.95%	21.20%	-8.25%

SPYI vs. PTY - Expense Ratio Comparison

SPYI has a 0.68% expense ratio, which is lower than PTY's 1.19% expense ratio.

Dividends

SPYI vs. PTY - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 11.83%, less than PTY's 12.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PTY PIMCO Corporate & Income Opportunity Fund	12.03%	11.05%	9.92%	10.77%	13.12%	9.16%	8.74%	8.37%	10.63%	9.48%	12.09%	11.92%
SPYI NEOS S&P 500 High Income ETF	11.83%	11.70%	12.04%	12.01%	4.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPYI and PTY in my portfolio?

SPYI and PTY have a correlation of 0.35, 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 PTY?

SPYI has higher volatility (2.87%) compared to PTY (2.70%). In terms of maximum drawdown, SPYI dropped -16.47% vs PTY's -60.86%.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (2.06 vs -0.41), 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.