SPYI vs. USD=X

Last updated Jun 9, 2026

SPYI (NEOS S&P 500 High Income ETF) is Derivative Income fund actively managed by Neos, while USD=X (USD Cash) is a currency. Over the past 3 years, SPYI returned 15.60%/yr vs 0.00%/yr for USD=X.

Performance

SPYI vs. USD=X - Performance Comparison

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

Returns By Period

SPYI

• 1D: 0.30%
• 1M: 0.11%
• YTD: 5.97%
• 6M: 6.55%
• 1Y: 20.24%
• 3Y*: 15.60%
• 5Y*: —
• 10Y*: —

USD=X

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 0.00%
• 3Y*: 0.00%
• 5Y*: 0.00%
• 10Y*: 0.00%

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

SPYI vs. USD=X - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPYI NEOS S&P 500 High Income ETF	5.97%	16.67%	19.03%	18.09%	-3.96%
USD=X USD Cash	0.00%	0.00%	0.00%	0.00%	0.00%

Return for Risk

SPYI vs. USD=X — 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: 70
SPYI Sortino Ratio Rank: 68
SPYI Omega Ratio Rank: 76
SPYI Calmar Ratio Rank: 59
SPYI Martin Ratio Rank: 78

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. USD=X - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and USD Cash (USD=X). 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	USD=X	Difference
Sharpe ratio: Return per unit of total volatility	2.06	—	—
Sortino ratio: Return per unit of downside risk	2.78	—	—
Omega ratio: Gain probability vs. loss probability	1.40	—	—
Calmar ratio: Return relative to maximum drawdown	2.63	—	—
Martin ratio: Return relative to average drawdown	13.60	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	SPYI	USD=X	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	—	—

Drawdowns

SPYI vs. USD=X - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, which is greater than USD=X's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for SPYI and USD=X.

Drawdown Indicators

	SPYI	USD=X	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	0.00%	-16.47%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	0.00%	-7.72%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	0.00%	-16.47%
Max Drawdown (5Y) Largest decline over 5 years	—	0.00%	—
Max Drawdown (10Y) Largest decline over 10 years	—	0.00%	—
Current Drawdown Current decline from peak	-2.11%	0.00%	-2.11%
Average Drawdown Average peak-to-trough decline	-1.80%	0.00%	-1.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.49%	0.00%	+1.49%

Volatility

SPYI vs. USD=X - Volatility Comparison

NEOS S&P 500 High Income ETF (SPYI) has a higher volatility of 2.87% compared to USD Cash (USD=X) at 0.00%. This indicates that SPYI's price experiences larger fluctuations and is considered to be riskier than USD=X based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYI	USD=X	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	0.00%	+2.87%
Volatility (6M) Calculated over the trailing 6-month period	7.78%	0.00%	+7.78%
Volatility (1Y) Calculated over the trailing 1-year period	9.88%	0.00%	+9.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.95%	0.00%	+12.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.95%	0.00%	+12.95%

Frequently Asked Questions

Which is riskier, SPYI or USD=X?

SPYI has higher volatility (2.87%) compared to USD=X (0.00%). In terms of maximum drawdown, SPYI dropped -16.47% vs USD=X's 0.00%.