SPYI vs. UTG
SPYI (NEOS S&P 500 High Income ETF) is Derivative Income fund actively managed by Neos, while UTG (Reaves Utility Income Trust) is a stock. Over the past 3 years, SPYI returned 15.48%/yr vs 22.50%/yr for UTG. At a 0.48 correlation, their price movements are largely independent.
Performance
SPYI vs. UTG - Performance Comparison
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Returns By Period
In the year-to-date period, SPYI achieves a 6.31% return, which is significantly lower than UTG's 13.63% return.
SPYI
- 1D
- 0.53%
- 1M
- -0.01%
- YTD
- 6.31%
- 6M
- 6.98%
- 1Y
- 19.90%
- 3Y*
- 15.48%
- 5Y*
- —
- 10Y*
- —
UTG
- 1D
- 1.59%
- 1M
- -4.80%
- YTD
- 13.63%
- 6M
- 13.46%
- 1Y
- 23.56%
- 3Y*
- 22.50%
- 5Y*
- 10.71%
- 10Y*
- 10.23%
SPYI vs. UTG - 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% |
UTG Reaves Utility Income Trust | 13.63% | 23.24% | 28.10% | 2.84% | -10.31% |
Correlation
The correlation between SPYI and UTG is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022 | 0.48 |
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Return for Risk
SPYI vs. UTG — Risk / Return Rank
SPYI
UTG
SPYI vs. UTG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and Reaves Utility Income Trust (UTG). 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 | UTG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.58 | ||
| Sortino ratioReturn per unit of downside risk | +0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.24 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.59 | 2.04 | +0.55 |
| Martin ratioReturn relative to average drawdown | 13.05 | 4.45 | +8.60 |
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Drawdowns
SPYI vs. UTG - Drawdown Comparison
The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum UTG drawdown of -67.77%. Use the drawdown chart below to compare losses from any high point for SPYI and UTG.
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Drawdown Indicators
| SPYI | UTG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -16.47% | -67.77% | +51.30% |
Max Drawdown (1Y)Largest decline over 1 year | -7.72% | -11.59% | +3.87% |
Max Drawdown (3Y)Largest decline over 3 years | -16.47% | -15.03% | -1.44% |
Max Drawdown (5Y)Largest decline over 5 years | — | -26.54% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -47.91% | — |
Current DrawdownCurrent decline from peak | -1.79% | -6.18% | +4.39% |
Average DrawdownAverage peak-to-trough decline | -1.81% | -8.74% | +6.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.53% | 5.31% | -3.78% |
Volatility
SPYI vs. UTG - Volatility Comparison
The current volatility for NEOS S&P 500 High Income ETF (SPYI) is 3.62%, while Reaves Utility Income Trust (UTG) has a volatility of 6.31%. This indicates that SPYI experiences smaller price fluctuations and is considered to be less risky than UTG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPYI | UTG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.62% | 6.31% | -2.69% |
Volatility (6M)Calculated over the trailing 6-month period | 8.07% | 13.12% | -5.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.10% | 16.96% | -6.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.99% | 16.87% | -3.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.99% | 21.61% | -8.62% |
Dividends
SPYI vs. UTG - Dividend Comparison
SPYI's dividend yield for the trailing twelve months is around 11.80%, more than UTG's 5.86% 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% |
UTG Reaves Utility Income Trust | 5.86% | 6.42% | 7.19% | 8.53% | 8.07% | 6.35% | 6.59% | 5.69% | 6.86% | 6.21% | 9.02% | 6.86% |
Frequently Asked Questions
SPYI and UTG have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UTG has higher volatility (6.31%) compared to SPYI (3.62%). In terms of maximum drawdown, SPYI dropped -16.47% vs UTG's -67.77%.
SPYI currently has the higher Sharpe Ratio (1.98 vs 1.40), 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.
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