SPYI vs. TSPY

Last updated Jun 18, 2026

SPYI (NEOS S&P 500 High Income ETF) and TSPY (TappAlpha S&P 500 Growth & Daily Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, SPYI returned 20.68% vs 23.56% for TSPY. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.68% expense ratio.

Performance

SPYI vs. TSPY - Performance Comparison

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

Returns By Period

In the year-to-date period, SPYI achieves a 6.26% return, which is significantly lower than TSPY's 6.81% return.

SPYI

• 1D: -1.09%
• 1M: 0.13%
• YTD: 6.26%
• 6M: 8.34%
• 1Y: 20.68%
• 3Y*: 15.29%
• 5Y*: —
• 10Y*: —

TSPY

• 1D: -1.09%
• 1M: 0.63%
• YTD: 6.81%
• 6M: 8.86%
• 1Y: 23.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYI vs. TSPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYI NEOS S&P 500 High Income ETF	6.26%	16.67%	7.24%
TSPY TappAlpha S&P 500 Growth & Daily Income ETF	6.81%	17.29%	6.59%

Correlation

The correlation between SPYI and TSPY is 0.94, 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	0.94
Correlation (All Time) Calculated using the full available price history since Aug 15, 2024	0.91

The correlation between SPYI and TSPY has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

SPYI vs. TSPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPYI

SPYI Risk / Return Rank: 68
SPYI Sharpe Ratio Rank: 66
SPYI Sortino Ratio Rank: 64
SPYI Omega Ratio Rank: 74
SPYI Calmar Ratio Rank: 57
SPYI Martin Ratio Rank: 76

TSPY

TSPY Risk / Return Rank: 60
TSPY Sharpe Ratio Rank: 62
TSPY Sortino Ratio Rank: 61
TSPY Omega Ratio Rank: 64
TSPY Calmar Ratio Rank: 52
TSPY Martin Ratio Rank: 63

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. TSPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and TappAlpha S&P 500 Growth & Daily Income ETF (TSPY). 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	TSPY	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.94	+0.10
Sortino ratio: Return per unit of downside risk	2.77	2.67	+0.10
Omega ratio: Gain probability vs. loss probability	1.40	1.36	+0.04
Calmar ratio: Return relative to maximum drawdown	2.69	2.46	+0.24
Martin ratio: Return relative to average drawdown	13.53	10.64	+2.89

SPYI vs. TSPY - Sharpe Ratio Comparison

The current SPYI Sharpe Ratio is 2.04, which is comparable to the TSPY Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of SPYI and TSPY, 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. TSPY - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum TSPY drawdown of -18.02%. Use the drawdown chart below to compare losses from any high point for SPYI and TSPY.

Drawdown Indicators

	SPYI	TSPY	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-18.02%	+1.55%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-9.63%	+1.91%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	—	—
Current Drawdown Current decline from peak	-1.84%	-2.32%	+0.48%
Average Drawdown Average peak-to-trough decline	-1.81%	-2.52%	+0.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	2.22%	-0.69%

Volatility

SPYI vs. TSPY - Volatility Comparison

The current volatility for NEOS S&P 500 High Income ETF (SPYI) is 4.02%, while TappAlpha S&P 500 Growth & Daily Income ETF (TSPY) has a volatility of 4.33%. This indicates that SPYI experiences smaller price fluctuations and is considered to be less risky than TSPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYI	TSPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	4.33%	-0.31%
Volatility (6M) Calculated over the trailing 6-month period	8.25%	9.53%	-1.28%
Volatility (1Y) Calculated over the trailing 1-year period	10.23%	12.24%	-2.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.01%	16.13%	-3.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.01%	16.13%	-3.12%

SPYI vs. TSPY - Expense Ratio Comparison

Both SPYI and TSPY have an expense ratio of 0.68%.

Dividends

SPYI vs. TSPY - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 12.93%, less than TSPY's 13.98% yield.

Position	TTM	2025	2024	2023	2022
SPYI NEOS S&P 500 High Income ETF	12.93%	11.70%	12.04%	12.01%	4.10%
TSPY TappAlpha S&P 500 Growth & Daily Income ETF	13.98%	13.69%	3.45%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPYI and TSPY in my portfolio?

With a correlation of 0.94, SPYI and TSPY 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 TSPY?

TSPY has higher volatility (4.33%) compared to SPYI (4.02%). In terms of maximum drawdown, SPYI dropped -16.47% vs TSPY's -18.02%.

Which ETF is better, SPYI or TSPY?

On 1-year performance, TSPY leads with 23.56% vs 20.68% for SPYI. Both ETFs have the same 0.68% expense ratio. On volatility, SPYI has been the lower-risk option at 4.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYI or TSPY?

Over the 1-year period, TSPY has performed better with a 23.56% return vs 20.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYI or TSPY?

SPYI and TSPY have the same expense ratio: 0.68% per year.

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

TSPY has the higher dividend yield at 13.98%, compared with 12.93% for SPYI.

What is the main difference between SPYI and TSPY?

They also come from different issuers: Neos and TappAlpha.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (2.04 vs 1.94), 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.