SPYI vs. RDVI

Last updated Jun 14, 2026

SPYI (NEOS S&P 500 High Income ETF) and RDVI (FT Cboe Vest Rising Dividend Achievers Target Income ETF) are both Derivative Income funds. SPYI is actively managed, while RDVI is passively managed. Over the past 3 years, SPYI returned 15.48%/yr vs 18.87%/yr for RDVI. A 0.73 correlation means they provide meaningful diversification when combined. SPYI charges 0.68%/yr vs 0.75%/yr for RDVI.

Performance

SPYI vs. RDVI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS S&P 500 High Income ETF (SPYI) and FT Cboe Vest Rising Dividend Achievers Target Income ETF (RDVI). 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 RDVI's 13.14% return.

SPYI

• 1D: 0.53%
• 1M: 0.20%
• YTD: 6.31%
• 6M: 6.98%
• 1Y: 20.84%
• 3Y*: 15.48%
• 5Y*: —
• 10Y*: —

RDVI

• 1D: 1.06%
• 1M: 6.73%
• YTD: 13.14%
• 6M: 12.37%
• 1Y: 29.70%
• 3Y*: 18.87%
• 5Y*: —
• 10Y*: —

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

SPYI vs. RDVI - 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%	3.78%
RDVI FT Cboe Vest Rising Dividend Achievers Target Income ETF	13.14%	17.93%	14.56%	18.63%	8.29%

Correlation

The correlation between SPYI and RDVI is 0.78, 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	0.78
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (All Time) Calculated using the full available price history since Oct 20, 2022	0.73

The correlation between SPYI and RDVI has been stable across timeframes, ranging from 0.72 to 0.78 - a consistent structural relationship.

SPYI vs. RDVI - Sectors Allocation Comparison

Sectors	SPYI	RDVI
Technology	39.1%	26.9%
Financial Services	11.1%	33.5%
Communication Services	10.7%	5.5%
Consumer Cyclical	9.9%	10.9%
Healthcare	8.3%	3.9%
Industrials	7.8%	13.6%
Consumer Defensive	4.5%	3.4%
Energy	3.1%	2.4%
Utilities	2.1%	1.4%
Real Estate	1.8%	-
Basic Materials	1.7%	-

Return for Risk

SPYI vs. RDVI — 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

RDVI

RDVI Risk / Return Rank: 76
RDVI Sharpe Ratio Rank: 74
RDVI Sortino Ratio Rank: 77
RDVI Omega Ratio Rank: 72
RDVI Calmar Ratio Rank: 75
RDVI Martin Ratio Rank: 82

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. RDVI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and FT Cboe Vest Rising Dividend Achievers Target Income ETF (RDVI). 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	RDVI	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.07	-0.09
Sortino ratio: Return per unit of downside risk	2.68	2.97	-0.29
Omega ratio: Gain probability vs. loss probability	1.39	1.37	+0.02
Calmar ratio: Return relative to maximum drawdown	2.59	3.36	-0.77
Martin ratio: Return relative to average drawdown	13.05	14.17	-1.13

SPYI vs. RDVI - Sharpe Ratio Comparison

The current SPYI Sharpe Ratio is 1.98, which is comparable to the RDVI Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of SPYI and RDVI, 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. RDVI - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum RDVI drawdown of -18.35%. Use the drawdown chart below to compare losses from any high point for SPYI and RDVI.

Drawdown Indicators

	SPYI	RDVI	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-18.35%	+1.88%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-8.48%	+0.76%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	-18.35%	+1.88%
Current Drawdown Current decline from peak	-1.79%	0.00%	-1.79%
Average Drawdown Average peak-to-trough decline	-1.81%	-3.15%	+1.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	2.01%	-0.48%

Volatility

SPYI vs. RDVI - Volatility Comparison

The current volatility for NEOS S&P 500 High Income ETF (SPYI) is 3.62%, while FT Cboe Vest Rising Dividend Achievers Target Income ETF (RDVI) has a volatility of 4.89%. This indicates that SPYI experiences smaller price fluctuations and is considered to be less risky than RDVI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYI	RDVI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.62%	4.89%	-1.27%
Volatility (6M) Calculated over the trailing 6-month period	8.07%	11.07%	-3.00%
Volatility (1Y) Calculated over the trailing 1-year period	10.10%	13.78%	-3.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.99%	16.98%	-3.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.99%	16.98%	-3.99%

SPYI vs. RDVI - Expense Ratio Comparison

SPYI has a 0.68% expense ratio, which is lower than RDVI's 0.75% expense ratio.

Dividends

SPYI vs. RDVI - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 11.80%, more than RDVI's 7.68% yield.

Position	TTM	2025	2024	2023	2022
RDVI FT Cboe Vest Rising Dividend Achievers Target Income ETF	7.68%	8.10%	8.62%	8.45%	1.53%
SPYI NEOS S&P 500 High Income ETF	11.80%	11.70%	12.04%	12.01%	4.10%

Frequently Asked Questions

Can I hold both SPYI and RDVI in my portfolio?

SPYI and RDVI have a correlation of 0.78, 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 RDVI?

RDVI has higher volatility (4.89%) compared to SPYI (3.62%). In terms of maximum drawdown, SPYI dropped -16.47% vs RDVI's -18.35%.

Which ETF is better, SPYI or RDVI?

On 3-year performance, RDVI leads with 18.87% 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 RDVI?

Over the 3-year period, RDVI has performed better with a 18.87% 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 RDVI?

SPYI is cheaper with a 0.68% expense ratio, compared with 0.75% for RDVI.

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

SPYI has the higher dividend yield at 11.80%, compared with 7.68% for RDVI.

What is the main difference between SPYI and RDVI?

They also come from different issuers: Neos and FT Vest. Their fees differ too: 0.68% for SPYI and 0.75% for RDVI.

Which has better risk-adjusted returns?

RDVI currently has the higher Sharpe Ratio (2.07 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.