SPYI vs. SGOV
SPYI (NEOS S&P 500 High Income ETF) and SGOV (iShares 0-3 Month Treasury Bond ETF) are both exchange-traded funds - SPYI is a Derivative Income fund actively managed by Neos, while SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. SPYI is actively managed, while SGOV is passively managed. Over the past 3 years, SPYI returned 15.60%/yr vs 4.70%/yr for SGOV. At a correlation of -0.04, they often move in opposite directions. SPYI charges 0.68%/yr vs 0.09%/yr for SGOV.
Performance
SPYI vs. SGOV - Performance Comparison
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Returns By Period
In the year-to-date period, SPYI achieves a 5.97% return, which is significantly higher than SGOV's 1.56% return.
SPYI
- 1D
- 0.30%
- 1M
- 0.11%
- YTD
- 5.97%
- 6M
- 6.55%
- 1Y
- 20.24%
- 3Y*
- 15.60%
- 5Y*
- —
- 10Y*
- —
SGOV
- 1D
- 0.01%
- 1M
- 0.28%
- YTD
- 1.56%
- 6M
- 1.80%
- 1Y
- 3.95%
- 3Y*
- 4.70%
- 5Y*
- 3.55%
- 10Y*
- —
SPYI vs. SGOV - 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% | -2.44% |
SGOV iShares 0-3 Month Treasury Bond ETF | 1.56% | 4.24% | 5.27% | 5.12% | 1.13% |
Correlation
The correlation between SPYI and SGOV is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022 | -0.04 |
The correlation between SPYI and SGOV shifts across timeframes, from -0.14 (1 year) to -0.01 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SPYI vs. SGOV — Risk / Return Rank
SPYI
SGOV
SPYI vs. SGOV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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 | SGOV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.22 | ||
| Sortino ratioReturn per unit of downside risk | -272.90 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 195.55 | -194.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.63 | 398.20 | -395.56 |
| Martin ratioReturn relative to average drawdown | 13.60 | 4,461.99 | -4,448.39 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPYI | SGOV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.06 | 20.28 | -18.22 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 14.78 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.17 | 12.50 | -11.33 |
Drawdowns
SPYI vs. SGOV - Drawdown Comparison
The maximum SPYI drawdown since its inception was -16.47%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for SPYI and SGOV.
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Drawdown Indicators
| SPYI | SGOV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.47% | -0.03% | -16.44% |
Max Drawdown (1Y)Largest decline over 1 year | -7.72% | -0.01% | -7.71% |
Max Drawdown (3Y)Largest decline over 3 years | -16.47% | -0.01% | -16.46% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.03% | — |
Current DrawdownCurrent decline from peak | -2.11% | 0.00% | -2.11% |
Average DrawdownAverage peak-to-trough decline | -1.80% | -0.00% | -1.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.49% | 0.00% | +1.49% |
Volatility
SPYI vs. SGOV - Volatility Comparison
NEOS S&P 500 High Income ETF (SPYI) has a higher volatility of 2.87% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.06%. This indicates that SPYI's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPYI | SGOV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.87% | 0.06% | +2.81% |
Volatility (6M)Calculated over the trailing 6-month period | 7.78% | 0.13% | +7.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.88% | 0.20% | +9.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.95% | 0.24% | +12.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.95% | 0.24% | +12.71% |
SPYI vs. SGOV - Expense Ratio Comparison
SPYI has a 0.68% expense ratio, which is higher than SGOV's 0.09% expense ratio.
Dividends
SPYI vs. SGOV - Dividend Comparison
SPYI's dividend yield for the trailing twelve months is around 11.83%, more than SGOV's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
SGOV iShares 0-3 Month Treasury Bond ETF | 3.85% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% |
SPYI NEOS S&P 500 High Income ETF | 11.83% | 11.70% | 12.04% | 12.01% | 4.10% | 0.00% | 0.00% |
Frequently Asked Questions
SPYI and SGOV have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPYI has higher volatility (2.87%) compared to SGOV (0.06%). In terms of maximum drawdown, SPYI dropped -16.47% vs SGOV's -0.03%.
On 3-year performance, SPYI leads with 15.60% vs 4.70% for SGOV. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPYI has performed better with a 15.60% return vs 4.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOV is cheaper with a 0.09% expense ratio, compared with 0.68% for SPYI.
SPYI has the higher dividend yield at 11.83%, compared with 3.85% for SGOV.
SPYI is categorized as Derivative Income, while SGOV is Ultrashort Bond. They also come from different issuers: Neos and iShares. Their fees differ too: 0.68% for SPYI and 0.09% for SGOV.
SGOV currently has the higher Sharpe Ratio (20.28 vs 2.06), 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.
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