SPYI vs. SPYT

Last updated Jun 4, 2026

SPYI (NEOS S&P 500 High Income ETF) and SPYT (Defiance S&P 500 Income Target ETF) are both Derivative Income funds. Both are actively managed. Over the past year, SPYI returned 22.76% vs 23.29% for SPYT. Their correlation of 0.94 suggests significant overlap in exposure. SPYI charges 0.68%/yr vs 0.87%/yr for SPYT.

Performance

SPYI vs. SPYT - Performance Comparison

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

Returns By Period

In the year-to-date period, SPYI achieves a 7.72% return, which is significantly lower than SPYT's 9.70% return.

SPYI

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

SPYT

• 1D: -0.68%
• 1M: 3.81%
• YTD: 9.70%
• 6M: 9.51%
• 1Y: 23.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYI vs. SPYT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYI NEOS S&P 500 High Income ETF	7.72%	16.67%	12.33%
SPYT Defiance S&P 500 Income Target ETF	9.70%	12.41%	12.94%

Correlation

The correlation between SPYI and SPYT is 0.95, 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	0.95
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024	0.94

The correlation between SPYI and SPYT has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

SPYI vs. SPYT - Sectors Allocation Comparison

Sectors	SPYI	SPYT
Technology	35.5%	36.2%
Financial Services	11.8%	11.9%
Communication Services	11.2%	10.9%
Consumer Cyclical	10.1%	10.1%
Healthcare	8.5%	8.4%
Industrials	8.4%	8.1%
Consumer Defensive	4.9%	4.9%
Energy	3.5%	3.5%
Utilities	2.3%	2.3%
Real Estate	2.0%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

SPYI vs. SPYT — 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

SPYT

SPYT Risk / Return Rank: 65
SPYT Sharpe Ratio Rank: 63
SPYT Sortino Ratio Rank: 63
SPYT Omega Ratio Rank: 70
SPYT Calmar Ratio Rank: 58
SPYT Martin Ratio Rank: 72

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. SPYT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and Defiance S&P 500 Income Target ETF (SPYT). 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	SPYT	Difference
Sharpe ratio: Return per unit of total volatility	2.38	2.16	+0.22
Sortino ratio: Return per unit of downside risk	3.26	2.98	+0.28
Omega ratio: Gain probability vs. loss probability	1.47	1.43	+0.04
Calmar ratio: Return relative to maximum drawdown	2.96	2.93	+0.04
Martin ratio: Return relative to average drawdown	15.43	13.59	+1.84
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. SPYT - Sharpe Ratio Comparison

The current SPYI Sharpe Ratio is 2.38, which is comparable to the SPYT Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of SPYI and SPYT, 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	SPYT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.38	2.16	+0.22
Sharpe Ratio (All Time) Calculated using the full available price history	1.21	1.08	+0.13

Drawdowns

SPYI vs. SPYT - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum SPYT drawdown of -18.25%. Use the drawdown chart below to compare losses from any high point for SPYI and SPYT.

Drawdown Indicators

	SPYI	SPYT	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-18.25%	+1.78%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-8.00%	+0.28%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	—	—
Current Drawdown Current decline from peak	-0.50%	-0.68%	+0.18%
Average Drawdown Average peak-to-trough decline	-1.80%	-2.00%	+0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.48%	1.72%	-0.24%

Volatility

SPYI vs. SPYT - Volatility Comparison

The current volatility for NEOS S&P 500 High Income ETF (SPYI) is 1.82%, while Defiance S&P 500 Income Target ETF (SPYT) has a volatility of 2.54%. This indicates that SPYI experiences smaller price fluctuations and is considered to be less risky than SPYT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYI	SPYT	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.82%	2.54%	-0.72%
Volatility (6M) Calculated over the trailing 6-month period	7.41%	8.32%	-0.91%
Volatility (1Y) Calculated over the trailing 1-year period	9.63%	10.86%	-1.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.92%	14.80%	-1.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.92%	14.80%	-1.88%

SPYI vs. SPYT - Expense Ratio Comparison

SPYI has a 0.68% expense ratio, which is lower than SPYT's 0.87% expense ratio.

Dividends

SPYI vs. SPYT - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 11.64%, less than SPYT's 20.73% yield.

Position	TTM	2025	2024	2023	2022
SPYI NEOS S&P 500 High Income ETF	11.64%	11.70%	12.04%	12.01%	4.10%
SPYT Defiance S&P 500 Income Target ETF	20.73%	21.40%	17.37%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPYI and SPYT in my portfolio?

With a correlation of 0.95, SPYI and SPYT 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 SPYT?

SPYT has higher volatility (2.54%) compared to SPYI (1.82%). In terms of maximum drawdown, SPYI dropped -16.47% vs SPYT's -18.25%.

Which ETF is better, SPYI or SPYT?

On 1-year performance, SPYT leads with 23.29% vs 22.76% for SPYI. On fees, SPYI is cheaper at 0.68% per year. On volatility, SPYI has been the lower-risk option at 1.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYI or SPYT?

Over the 1-year period, SPYT has performed better with a 23.29% return vs 22.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYI or SPYT?

SPYI is cheaper with a 0.68% expense ratio, compared with 0.87% for SPYT.

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

SPYT has the higher dividend yield at 20.73%, compared with 11.64% for SPYI.

What is the main difference between SPYI and SPYT?

They also come from different issuers: Neos and Defiance. Their fees differ too: 0.68% for SPYI and 0.87% for SPYT.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (2.38 vs 2.16), 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.