SPYI vs. VRP

Last updated Jun 9, 2026

SPYI (NEOS S&P 500 High Income ETF) and VRP (Invesco Variable Rate Preferred ETF) are both exchange-traded funds - SPYI is a Derivative Income fund actively managed by Neos, while VRP is a Preferred Stock/Convertible Bonds fund tracking the Wells Fargo Hybrid and Preferred Securities Floating and Variable Rate Index. SPYI is actively managed, while VRP is passively managed. Over the past 3 years, SPYI returned 15.60%/yr vs 9.63%/yr for VRP. At a 0.50 correlation, their price movements are largely independent. SPYI charges 0.68%/yr vs 0.50%/yr for VRP.

Performance

SPYI vs. VRP - Performance Comparison

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

Returns By Period

In the year-to-date period, SPYI achieves a 5.97% return, which is significantly higher than VRP's 1.98% return.

SPYI

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

VRP

• 1D: -0.04%
• 1M: 0.08%
• YTD: 1.98%
• 6M: 2.44%
• 1Y: 6.69%
• 3Y*: 9.63%
• 5Y*: 4.33%
• 10Y*: 5.21%

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

SPYI vs. VRP - 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%
VRP Invesco Variable Rate Preferred ETF	1.98%	7.34%	11.10%	10.35%	-0.70%

Correlation

The correlation between SPYI and VRP is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.50

The correlation between SPYI and VRP has been stable across timeframes, ranging from 0.46 to 0.52 - a consistent structural relationship.

SPYI vs. VRP - Sectors Allocation Comparison

Sectors	SPYI	VRP
Technology	35.5%	-
Financial Services	11.8%	41.3%
Communication Services	11.2%	4.5%
Consumer Cyclical	10.1%	0.7%
Healthcare	8.5%	1.7%
Industrials	8.4%	1.4%
Consumer Defensive	4.9%	0.3%
Energy	3.5%	7.5%
Utilities	2.3%	17.0%
Real Estate	2.0%	2.8%
Basic Materials	1.8%	0.2%

Return for Risk

SPYI vs. VRP — 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

VRP

VRP Risk / Return Rank: 75
VRP Sharpe Ratio Rank: 80
VRP Sortino Ratio Rank: 83
VRP Omega Ratio Rank: 88
VRP Calmar Ratio Rank: 52
VRP Martin Ratio Rank: 74

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. VRP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and Invesco Variable Rate Preferred ETF (VRP). 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	VRP	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.33	-0.27
Sortino ratio: Return per unit of downside risk	2.78	3.37	-0.59
Omega ratio: Gain probability vs. loss probability	1.40	1.51	-0.10
Calmar ratio: Return relative to maximum drawdown	2.63	2.33	+0.31
Martin ratio: Return relative to average drawdown	13.60	12.52	+1.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYI vs. VRP - Sharpe Ratio Comparison

The current SPYI Sharpe Ratio is 2.06, which is comparable to the VRP Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of SPYI and VRP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SPYI	VRP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	2.33	-0.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.66	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	0.38	+0.79

Drawdowns

SPYI vs. VRP - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum VRP drawdown of -46.04%. Use the drawdown chart below to compare losses from any high point for SPYI and VRP.

Drawdown Indicators

	SPYI	VRP	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-46.04%	+29.57%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-2.89%	-4.83%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	-4.26%	-12.21%
Max Drawdown (5Y) Largest decline over 5 years	—	-13.76%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.04%	—
Current Drawdown Current decline from peak	-2.11%	-0.25%	-1.86%
Average Drawdown Average peak-to-trough decline	-1.80%	-2.31%	+0.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.49%	0.54%	+0.95%

Volatility

SPYI vs. VRP - Volatility Comparison

NEOS S&P 500 High Income ETF (SPYI) has a higher volatility of 2.87% compared to Invesco Variable Rate Preferred ETF (VRP) at 0.63%. This indicates that SPYI's price experiences larger fluctuations and is considered to be riskier than VRP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYI	VRP	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	0.63%	+2.24%
Volatility (6M) Calculated over the trailing 6-month period	7.78%	2.33%	+5.45%
Volatility (1Y) Calculated over the trailing 1-year period	9.88%	2.90%	+6.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.95%	6.55%	+6.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.95%	14.53%	-1.58%

SPYI vs. VRP - Expense Ratio Comparison

SPYI has a 0.68% expense ratio, which is higher than VRP's 0.50% expense ratio.

Dividends

SPYI vs. VRP - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 11.83%, more than VRP's 6.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYI NEOS S&P 500 High Income ETF	11.83%	11.70%	12.04%	12.01%	4.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VRP Invesco Variable Rate Preferred ETF	6.31%	6.53%	5.78%	6.61%	5.38%	4.25%	4.17%	4.71%	5.28%	4.69%	5.10%	5.02%

Frequently Asked Questions

Can I hold both SPYI and VRP in my portfolio?

SPYI and VRP have a correlation of 0.52, 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 VRP?

SPYI has higher volatility (2.87%) compared to VRP (0.63%). In terms of maximum drawdown, SPYI dropped -16.47% vs VRP's -46.04%.

Which ETF is better, SPYI or VRP?

On 3-year performance, SPYI leads with 15.60% vs 9.63% for VRP. On fees, VRP is cheaper at 0.50% per year. On volatility, VRP has been the lower-risk option at 0.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYI or VRP?

Over the 3-year period, SPYI has performed better with a 15.60% return vs 9.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYI or VRP?

VRP is cheaper with a 0.50% expense ratio, compared with 0.68% for SPYI.

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

SPYI has the higher dividend yield at 11.83%, compared with 6.31% for VRP.

What is the main difference between SPYI and VRP?

SPYI is categorized as Derivative Income, while VRP is Preferred Stock/Convertible Bonds. They also come from different issuers: Neos and Invesco. Their fees differ too: 0.68% for SPYI and 0.50% for VRP.

Which has better risk-adjusted returns?

VRP currently has the higher Sharpe Ratio (2.33 vs 2.06), 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.