SPYI vs. TLT

Last updated Jun 14, 2026

SPYI (NEOS S&P 500 High Income ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - SPYI is a Derivative Income fund actively managed by Neos, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. SPYI is actively managed, while TLT is passively managed. Over the past 3 years, SPYI returned 15.48%/yr vs -1.38%/yr for TLT. At a 0.14 correlation, their price movements are largely independent. SPYI charges 0.68%/yr vs 0.15%/yr for TLT.

Performance

SPYI vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS S&P 500 High Income ETF (SPYI) and iShares 20+ Year Treasury Bond ETF (TLT). 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 higher than TLT's 0.27% return.

SPYI

• 1D: 0.53%
• 1M: -0.52%
• YTD: 6.31%
• 6M: 6.98%
• 1Y: 20.84%
• 3Y*: 15.48%
• 5Y*: —
• 10Y*: —

TLT

• 1D: -0.24%
• 1M: 1.40%
• YTD: 0.27%
• 6M: 0.45%
• 1Y: 3.88%
• 3Y*: -1.38%
• 5Y*: -6.53%
• 10Y*: -1.75%

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

SPYI vs. TLT - 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%	-3.96%
TLT iShares 20+ Year Treasury Bond ETF	0.27%	4.25%	-8.05%	2.77%	-10.60%

Correlation

The correlation between SPYI and TLT is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.14

Return for Risk

SPYI vs. TLT — 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

TLT

TLT Risk / Return Rank: 14
TLT Sharpe Ratio Rank: 14
TLT Sortino Ratio Rank: 13
TLT Omega Ratio Rank: 13
TLT Calmar Ratio Rank: 14
TLT Martin Ratio Rank: 14

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. TLT - 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 20+ Year Treasury Bond ETF (TLT). 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	TLT	Difference
Sharpe ratio: Return per unit of total volatility	1.98	0.30	+1.68
Sortino ratio: Return per unit of downside risk	2.68	0.50	+2.18
Omega ratio: Gain probability vs. loss probability	1.39	1.06	+0.33
Calmar ratio: Return relative to maximum drawdown	2.59	0.38	+2.21
Martin ratio: Return relative to average drawdown	13.05	0.92	+12.12

SPYI vs. TLT - Sharpe Ratio Comparison

The current SPYI Sharpe Ratio is 1.98, which is higher than the TLT Sharpe Ratio of 0.30. The chart below compares the historical Sharpe Ratios of SPYI and TLT, 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. TLT - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for SPYI and TLT.

Drawdown Indicators

	SPYI	TLT	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-48.35%	+31.88%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-7.58%	-0.14%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	-19.18%	+2.71%
Max Drawdown (5Y) Largest decline over 5 years	—	-43.70%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-48.35%	—
Current Drawdown Current decline from peak	-1.79%	-40.12%	+38.33%
Average Drawdown Average peak-to-trough decline	-1.81%	-13.84%	+12.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	3.14%	-1.61%

Volatility

SPYI vs. TLT - Volatility Comparison

NEOS S&P 500 High Income ETF (SPYI) has a higher volatility of 3.62% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.83%. This indicates that SPYI's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYI	TLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.62%	2.83%	+0.79%
Volatility (6M) Calculated over the trailing 6-month period	8.07%	6.64%	+1.43%
Volatility (1Y) Calculated over the trailing 1-year period	10.10%	9.68%	+0.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.99%	15.85%	-2.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.99%	14.91%	-1.92%

SPYI vs. TLT - Expense Ratio Comparison

SPYI has a 0.68% expense ratio, which is higher than TLT's 0.15% expense ratio.

Dividends

SPYI vs. TLT - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 11.80%, more than TLT's 4.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYI NEOS S&P 500 High Income ETF	11.80%	11.70%	12.04%	12.01%	4.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TLT iShares 20+ Year Treasury Bond ETF	4.56%	4.43%	4.30%	3.38%	2.67%	1.50%	1.50%	2.27%	2.63%	2.43%	2.60%	2.61%

Frequently Asked Questions

Can I hold both SPYI and TLT in my portfolio?

SPYI and TLT have a correlation of 0.22, 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 TLT?

SPYI has higher volatility (3.62%) compared to TLT (2.83%). In terms of maximum drawdown, SPYI dropped -16.47% vs TLT's -48.35%.

Which ETF is better, SPYI or TLT?

On 3-year performance, SPYI leads with 15.48% vs -1.38% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYI or TLT?

Over the 3-year period, SPYI has performed better with a 15.48% return vs -1.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYI or TLT?

TLT is cheaper with a 0.15% expense ratio, compared with 0.68% for SPYI.

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

SPYI has the higher dividend yield at 11.80%, compared with 4.56% for TLT.

What is the main difference between SPYI and TLT?

SPYI is categorized as Derivative Income, while TLT is Government Bonds. They also come from different issuers: Neos and iShares. Their fees differ too: 0.68% for SPYI and 0.15% for TLT.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (1.98 vs 0.30), 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.