SPYI vs. QYLD

Last updated Jun 4, 2026

SPYI (NEOS S&P 500 High Income ETF) and QYLD (Global X NASDAQ 100 Covered Call ETF) are both exchange-traded funds - SPYI is a Derivative Income fund actively managed by Neos, while QYLD is a Nasdaq-100 fund tracking the CBOE NASDAQ-100 Buy Write V2. SPYI is actively managed, while QYLD is passively managed. Over the past 3 years, SPYI returned 16.41%/yr vs 13.80%/yr for QYLD. Their correlation of 0.84 suggests significant overlap in exposure. SPYI charges 0.68%/yr vs 0.60%/yr for QYLD.

Performance

SPYI vs. QYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS S&P 500 High Income ETF (SPYI) and Global X NASDAQ 100 Covered Call ETF (QYLD). 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 7.72% return and QYLD slightly higher at 7.88%.

SPYI

• 1D: -0.50%
• 1M: 3.71%
• YTD: 7.72%
• 6M: 8.37%
• 1Y: 22.76%
• 3Y*: 16.41%
• 5Y*: —
• 10Y*: —

QYLD

• 1D: -0.06%
• 1M: 1.62%
• YTD: 7.88%
• 6M: 9.97%
• 1Y: 23.93%
• 3Y*: 13.80%
• 5Y*: 8.43%
• 10Y*: 9.80%

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

SPYI vs. QYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPYI NEOS S&P 500 High Income ETF	7.72%	16.67%	19.03%	18.09%	-2.44%
QYLD Global X NASDAQ 100 Covered Call ETF	7.88%	9.28%	19.35%	22.77%	-3.45%

Correlation

The correlation between SPYI and QYLD is 0.85, 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	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022	0.84

The correlation between SPYI and QYLD has been stable across timeframes, ranging from 0.84 to 0.85 - a consistent structural relationship.

SPYI vs. QYLD - Sectors Allocation Comparison

Sectors	SPYI	QYLD
Technology	35.5%	53.8%
Financial Services	11.8%	0.2%
Communication Services	11.2%	15.8%
Consumer Cyclical	10.1%	12.3%
Healthcare	8.5%	4.2%
Industrials	8.4%	2.8%
Consumer Defensive	4.9%	7.7%
Energy	3.5%	0.6%
Utilities	2.3%	1.4%
Real Estate	2.0%	0.1%
Basic Materials	1.8%	1.1%

Return for Risk

SPYI vs. QYLD — 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: 70
SPYI Omega Ratio Rank: 76
SPYI Calmar Ratio Rank: 58
SPYI Martin Ratio Rank: 78

QYLD

QYLD Risk / Return Rank: 88
QYLD Sharpe Ratio Rank: 84
QYLD Sortino Ratio Rank: 85
QYLD Omega Ratio Rank: 92
QYLD Calmar Ratio Rank: 86
QYLD Martin Ratio Rank: 94

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. QYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and Global X NASDAQ 100 Covered Call ETF (QYLD). 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	QYLD	Difference
Sharpe ratio: Return per unit of total volatility	2.38	2.80	-0.43
Sortino ratio: Return per unit of downside risk	3.26	3.92	-0.66
Omega ratio: Gain probability vs. loss probability	1.47	1.63	-0.16
Calmar ratio: Return relative to maximum drawdown	2.96	4.84	-1.88
Martin ratio: Return relative to average drawdown	15.43	28.36	-12.93
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. QYLD - Sharpe Ratio Comparison

The current SPYI Sharpe Ratio is 2.38, which is comparable to the QYLD Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of SPYI and QYLD, 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	QYLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	2.80	-0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.58	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.21	0.59	+0.62

Drawdowns

SPYI vs. QYLD - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum QYLD drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for SPYI and QYLD.

Drawdown Indicators

	SPYI	QYLD	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-24.75%	+8.28%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-4.97%	-2.75%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	-19.06%	+2.59%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.61%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-24.75%	—
Current Drawdown Current decline from peak	-0.50%	-0.06%	-0.44%
Average Drawdown Average peak-to-trough decline	-1.80%	-3.84%	+2.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.48%	0.85%	+0.63%

Volatility

SPYI vs. QYLD - Volatility Comparison

NEOS S&P 500 High Income ETF (SPYI) and Global X NASDAQ 100 Covered Call ETF (QYLD) have volatilities of 1.82% and 1.85%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYI	QYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.82%	1.85%	-0.03%
Volatility (6M) Calculated over the trailing 6-month period	7.41%	7.12%	+0.29%
Volatility (1Y) Calculated over the trailing 1-year period	9.63%	8.58%	+1.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.92%	14.70%	-1.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.92%	15.49%	-2.57%

SPYI vs. QYLD - Expense Ratio Comparison

SPYI has a 0.68% expense ratio, which is higher than QYLD's 0.60% expense ratio.

Dividends

SPYI vs. QYLD - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 11.64%, more than QYLD's 11.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QYLD Global X NASDAQ 100 Covered Call ETF	11.46%	11.55%	12.50%	11.78%	13.75%	12.85%	11.16%	9.84%	12.44%	7.69%	9.15%	9.42%
SPYI NEOS S&P 500 High Income ETF	11.64%	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 QYLD in my portfolio?

SPYI and QYLD have a correlation of 0.85, 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 QYLD?

QYLD has higher volatility (1.85%) compared to SPYI (1.82%). In terms of maximum drawdown, SPYI dropped -16.47% vs QYLD's -24.75%.

Which ETF is better, SPYI or QYLD?

On 3-year performance, SPYI leads with 16.41% vs 13.80% for QYLD. On fees, QYLD is cheaper at 0.60% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYI or QYLD?

Over the 3-year period, SPYI has performed better with a 16.41% return vs 13.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYI or QYLD?

QYLD is cheaper with a 0.60% expense ratio, compared with 0.68% for SPYI.

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

SPYI has the higher dividend yield at 11.64%, compared with 11.46% for QYLD.

What is the main difference between SPYI and QYLD?

SPYI is categorized as Derivative Income, while QYLD is Nasdaq-100. They also come from different issuers: Neos and Global X. Their fees differ too: 0.68% for SPYI and 0.60% for QYLD.

Which has better risk-adjusted returns?

QYLD currently has the higher Sharpe Ratio (2.80 vs 2.38), 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.