SPYI vs. UGA

Last updated Jun 24, 2026

SPYI (NEOS S&P 500 High Income ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - SPYI is a Derivative Income fund actively managed by Neos, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. SPYI is actively managed, while UGA is passively managed. Over the past 3 years, SPYI returned 15.16%/yr vs 18.95%/yr for UGA. At a 0.04 correlation, their price movements are largely independent. SPYI charges 0.68%/yr vs 0.75%/yr for UGA.

Performance

SPYI vs. UGA - Performance Comparison

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

Returns By Period

In the year-to-date period, SPYI achieves a 5.56% return, which is significantly lower than UGA's 64.09% return.

SPYI

• 1D: -1.30%
• 1M: -1.23%
• YTD: 5.56%
• 6M: 4.95%
• 1Y: 19.05%
• 3Y*: 15.16%
• 5Y*: —
• 10Y*: —

UGA

• 1D: -1.12%
• 1M: -12.11%
• YTD: 64.09%
• 6M: 60.42%
• 1Y: 59.74%
• 3Y*: 18.95%
• 5Y*: 22.69%
• 10Y*: 14.31%

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

SPYI vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPYI NEOS S&P 500 High Income ETF	5.56%	16.67%	19.03%	18.09%	-3.96%
UGA United States Gasoline Fund LP	64.09%	-2.00%	3.77%	1.27%	0.94%

Correlation

The correlation between SPYI and UGA is -0.21, 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	-0.22
Correlation (3Y) Calculated over the trailing 3-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.05

The correlation between SPYI and UGA shifts across timeframes, from -0.21 (1 year) to 0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

SPYI vs. UGA — Risk / Return Rank

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

SPYI

SPYI Risk / Return Rank: 58
SPYI Sharpe Ratio Rank: 57
SPYI Sortino Ratio Rank: 54
SPYI Omega Ratio Rank: 61
SPYI Calmar Ratio Rank: 52
SPYI Martin Ratio Rank: 69

UGA

UGA Risk / Return Rank: 55
UGA Sharpe Ratio Rank: 53
UGA Sortino Ratio Rank: 48
UGA Omega Ratio Rank: 49
UGA Calmar Ratio Rank: 67
UGA Martin Ratio Rank: 56

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. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and United States Gasoline Fund LP (UGA). 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	UGA	Difference
Sharpe ratio: Return per unit of total volatility	1.85	1.73	+0.13
Sortino ratio: Return per unit of downside risk	2.53	2.25	+0.28
Omega ratio: Gain probability vs. loss probability	1.36	1.30	+0.06
Calmar ratio: Return relative to maximum drawdown	2.48	3.17	-0.69
Martin ratio: Return relative to average drawdown	12.37	9.39	+2.98

SPYI vs. UGA - Sharpe Ratio Comparison

The current SPYI Sharpe Ratio is 1.85, which is comparable to the UGA Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of SPYI and UGA, 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. UGA - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for SPYI and UGA.

Drawdown Indicators

	SPYI	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-86.59%	+70.12%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-18.96%	+11.24%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	-26.68%	+10.21%
Max Drawdown (5Y) Largest decline over 5 years	—	-38.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.89%	—
Current Drawdown Current decline from peak	-2.49%	-18.05%	+15.56%
Average Drawdown Average peak-to-trough decline	-1.81%	-36.69%	+34.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.54%	6.43%	-4.89%

Volatility

SPYI vs. UGA - Volatility Comparison

The current volatility for NEOS S&P 500 High Income ETF (SPYI) is 4.27%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that SPYI experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYI	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.27%	9.24%	-4.97%
Volatility (6M) Calculated over the trailing 6-month period	8.32%	30.57%	-22.25%
Volatility (1Y) Calculated over the trailing 1-year period	10.34%	35.22%	-24.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.02%	34.45%	-21.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.02%	37.22%	-24.20%

SPYI vs. UGA - Expense Ratio Comparison

SPYI has a 0.68% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

SPYI vs. UGA - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 13.02%, while UGA has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
SPYI NEOS S&P 500 High Income ETF	13.02%	11.70%	12.04%	12.01%	4.10%
UGA United States Gasoline Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPYI and UGA in my portfolio?

SPYI and UGA have a correlation of -0.21, 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 UGA?

UGA has higher volatility (9.24%) compared to SPYI (4.27%). In terms of maximum drawdown, SPYI dropped -16.47% vs UGA's -86.59%.

Which ETF is better, SPYI or UGA?

On 3-year performance, UGA leads with 18.95% vs 15.16% for SPYI. On fees, SPYI is cheaper at 0.68% per year. On volatility, SPYI has been the lower-risk option at 4.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYI or UGA?

Over the 3-year period, UGA has performed better with a 18.95% return vs 15.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYI or UGA?

SPYI is cheaper with a 0.68% expense ratio, compared with 0.75% for UGA.

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

SPYI has the higher dividend yield at 13.02%, compared with 0.00% for UGA.

What is the main difference between SPYI and UGA?

SPYI is categorized as Derivative Income, while UGA is Oil & Gas. They also come from different issuers: Neos and Concierge Technologies. Their fees differ too: 0.68% for SPYI and 0.75% for UGA.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (1.85 vs 1.73), 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.