SPYI vs. QLD

Last updated Jun 14, 2026

SPYI (NEOS S&P 500 High Income ETF) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - SPYI is a Derivative Income fund actively managed by Neos, while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). SPYI is actively managed, while QLD is passively managed. Over the past 3 years, SPYI returned 15.48%/yr vs 44.57%/yr for QLD. Their correlation of 0.90 suggests significant overlap in exposure. SPYI charges 0.68%/yr vs 0.95%/yr for QLD.

Performance

SPYI vs. QLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS S&P 500 High Income ETF (SPYI) and ProShares Ultra QQQ (QLD). 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 lower than QLD's 32.65% return.

SPYI

• 1D: 0.53%
• 1M: -0.52%
• YTD: 6.31%
• 6M: 6.98%
• 1Y: 20.84%
• 3Y*: 15.48%
• 5Y*: —
• 10Y*: —

QLD

• 1D: 1.30%
• 1M: -0.55%
• YTD: 32.65%
• 6M: 32.82%
• 1Y: 73.89%
• 3Y*: 44.57%
• 5Y*: 23.24%
• 10Y*: 35.67%

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

SPYI vs. QLD - 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%
QLD ProShares Ultra QQQ	32.65%	30.36%	42.82%	117.72%	-26.79%

Correlation

The correlation between SPYI and QLD is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.90

The correlation between SPYI and QLD has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

SPYI vs. QLD - Sectors Allocation Comparison

Sectors	SPYI	QLD
Technology	39.1%	58.7%
Financial Services	11.1%	0.2%
Communication Services	10.7%	14.3%
Consumer Cyclical	9.9%	11.4%
Healthcare	8.3%	3.7%
Industrials	7.8%	2.6%
Consumer Defensive	4.5%	6.4%
Energy	3.1%	0.5%
Utilities	2.1%	1.2%
Real Estate	1.8%	0.1%
Basic Materials	1.7%	1.0%

Return for Risk

SPYI vs. QLD — 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

QLD

QLD Risk / Return Rank: 64
QLD Sharpe Ratio Rank: 73
QLD Sortino Ratio Rank: 61
QLD Omega Ratio Rank: 64
QLD Calmar Ratio Rank: 64
QLD Martin Ratio Rank: 61

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. QLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and ProShares Ultra QQQ (QLD). 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	QLD	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.04	-0.06
Sortino ratio: Return per unit of downside risk	2.68	2.48	+0.20
Omega ratio: Gain probability vs. loss probability	1.39	1.33	+0.05
Calmar ratio: Return relative to maximum drawdown	2.59	2.78	-0.19
Martin ratio: Return relative to average drawdown	13.05	9.46	+3.59

SPYI vs. QLD - Sharpe Ratio Comparison

The current SPYI Sharpe Ratio is 1.98, which is comparable to the QLD Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of SPYI and QLD, 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. QLD - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum QLD drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for SPYI and QLD.

Drawdown Indicators

	SPYI	QLD	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-83.13%	+66.66%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-25.13%	+17.41%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	-42.29%	+25.82%
Max Drawdown (5Y) Largest decline over 5 years	—	-63.68%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-63.68%	—
Current Drawdown Current decline from peak	-1.79%	-7.11%	+5.32%
Average Drawdown Average peak-to-trough decline	-1.81%	-18.16%	+16.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	7.36%	-5.83%

Volatility

SPYI vs. QLD - Volatility Comparison

The current volatility for NEOS S&P 500 High Income ETF (SPYI) is 3.62%, while ProShares Ultra QQQ (QLD) has a volatility of 15.14%. This indicates that SPYI experiences smaller price fluctuations and is considered to be less risky than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYI	QLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.62%	15.14%	-11.52%
Volatility (6M) Calculated over the trailing 6-month period	8.07%	27.51%	-19.44%
Volatility (1Y) Calculated over the trailing 1-year period	10.10%	34.29%	-24.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.99%	45.07%	-32.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.99%	44.73%	-31.74%

SPYI vs. QLD - Expense Ratio Comparison

SPYI has a 0.68% expense ratio, which is lower than QLD's 0.95% expense ratio.

Dividends

SPYI vs. QLD - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 11.80%, more than QLD's 0.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QLD ProShares Ultra QQQ	0.13%	0.17%	0.25%	0.33%	0.31%	0.00%	0.00%	0.13%	0.06%	0.02%	0.21%	0.11%
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%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPYI and QLD in my portfolio?

With a correlation of 0.93, SPYI and QLD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SPYI or QLD?

QLD has higher volatility (15.14%) compared to SPYI (3.62%). In terms of maximum drawdown, SPYI dropped -16.47% vs QLD's -83.13%.

Which ETF is better, SPYI or QLD?

On 3-year performance, QLD leads with 44.57% vs 15.48% for SPYI. On fees, SPYI is cheaper at 0.68% per year. On volatility, SPYI has been the lower-risk option at 3.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYI or QLD?

Over the 3-year period, QLD has performed better with a 44.57% return vs 15.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYI or QLD?

SPYI is cheaper with a 0.68% expense ratio, compared with 0.95% for QLD.

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

SPYI has the higher dividend yield at 11.80%, compared with 0.13% for QLD.

What is the main difference between SPYI and QLD?

SPYI is categorized as Derivative Income, while QLD is Leveraged Equities. They also come from different issuers: Neos and ProShares. Their fees differ too: 0.68% for SPYI and 0.95% for QLD.

Which has better risk-adjusted returns?

QLD currently has the higher Sharpe Ratio (2.04 vs 1.98), 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.