SPYI vs. SPY

Last updated Jun 21, 2026

SPYI (NEOS S&P 500 High Income ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SPYI is a Derivative Income fund actively managed by Neos, while SPY is a S&P 500 fund tracking the S&P 500 Index. SPYI is actively managed, while SPY is passively managed. Over the past 3 years, SPYI returned 15.66%/yr vs 20.82%/yr for SPY. With a 0.96 correlation, they move nearly in lockstep. SPYI charges 0.68%/yr vs 0.09%/yr for SPY.

Performance

SPYI vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS S&P 500 High Income ETF (SPYI) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYI achieves a 7.27% return, which is significantly lower than SPY's 10.09% return.

SPYI

• 1D: 0.95%
• 1M: 0.60%
• YTD: 7.27%
• 6M: 7.69%
• 1Y: 21.86%
• 3Y*: 15.66%
• 5Y*: —
• 10Y*: —

SPY

• 1D: 1.04%
• 1M: 0.80%
• YTD: 10.09%
• 6M: 10.30%
• 1Y: 27.05%
• 3Y*: 20.82%
• 5Y*: 14.00%
• 10Y*: 15.48%

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

SPYI vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPYI NEOS S&P 500 High Income ETF	7.27%	16.67%	19.03%	18.09%	-3.96%
SPY State Street SPDR S&P 500 ETF	10.09%	17.72%	24.89%	26.18%	-4.19%

Correlation

The correlation between SPYI and SPY is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.96

The correlation between SPYI and SPY has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.

SPYI vs. SPY - Sectors Allocation Comparison

Sectors	SPYI	SPY
Technology	39.1%	39.0%
Financial Services	11.1%	11.1%
Communication Services	10.7%	10.6%
Consumer Cyclical	9.9%	9.9%
Healthcare	8.3%	8.3%
Industrials	7.8%	7.8%
Consumer Defensive	4.5%	4.5%
Energy	3.1%	3.1%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

SPYI vs. SPY — 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: 69
SPYI Sortino Ratio Rank: 67
SPYI Omega Ratio Rank: 76
SPYI Calmar Ratio Rank: 60
SPYI Martin Ratio Rank: 78

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 68
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.17	-0.04
Sortino ratio: Return per unit of downside risk	2.89	2.92	-0.03
Omega ratio: Gain probability vs. loss probability	1.42	1.39	+0.02
Calmar ratio: Return relative to maximum drawdown	2.83	3.02	-0.20
Martin ratio: Return relative to average drawdown	14.19	13.61	+0.58

SPYI vs. SPY - Sharpe Ratio Comparison

The current SPYI Sharpe Ratio is 2.13, which is comparable to the SPY Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of SPYI and SPY, 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. SPY - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SPYI and SPY.

Drawdown Indicators

	SPYI	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-55.19%	+38.72%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-8.88%	+1.16%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	-18.76%	+2.29%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.91%	-1.44%	+0.53%
Average Drawdown Average peak-to-trough decline	-1.81%	-9.04%	+7.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	1.97%	-0.44%

Volatility

SPYI vs. SPY - Volatility Comparison

The current volatility for NEOS S&P 500 High Income ETF (SPYI) is 4.10%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.73%. This indicates that SPYI experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYI	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.10%	4.73%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	8.30%	9.81%	-1.51%
Volatility (1Y) Calculated over the trailing 1-year period	10.24%	12.41%	-2.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.01%	17.15%	-4.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.01%	17.98%	-4.97%

SPYI vs. SPY - Expense Ratio Comparison

SPYI has a 0.68% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

SPYI vs. SPY - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 12.81%, more than SPY's 1.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
SPYI NEOS S&P 500 High Income ETF	12.81%	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 SPY in my portfolio?

With a correlation of 0.99, SPYI and SPY 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 SPY?

SPY has higher volatility (4.73%) compared to SPYI (4.10%). In terms of maximum drawdown, SPYI dropped -16.47% vs SPY's -55.19%.

Which ETF is better, SPYI or SPY?

On 3-year performance, SPY leads with 20.82% vs 15.66% for SPYI. On fees, SPY is cheaper at 0.09% per year. On volatility, SPYI has been the lower-risk option at 4.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYI or SPY?

Over the 3-year period, SPY has performed better with a 20.82% return vs 15.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYI or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.68% for SPYI.

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

SPYI has the higher dividend yield at 12.81%, compared with 1.01% for SPY.

What is the main difference between SPYI and SPY?

SPYI is categorized as Derivative Income, while SPY is S&P 500. They also come from different issuers: Neos and State Street. Their fees differ too: 0.68% for SPYI and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.17 vs 2.13), 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.