SPYI vs. VUSB

Last updated Jun 13, 2026

SPYI (NEOS S&P 500 High Income ETF) and VUSB (Vanguard Ultra-Short Bond ETF) are both exchange-traded funds - SPYI is a Derivative Income fund actively managed by Neos, while VUSB is a Ultrashort Bond fund actively managed by Vanguard. Both are actively managed. Over the past 3 years, SPYI returned 15.48%/yr vs 5.40%/yr for VUSB. At a 0.14 correlation, their price movements are largely independent. SPYI charges 0.68%/yr vs 0.10%/yr for VUSB.

Performance

SPYI vs. VUSB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS S&P 500 High Income ETF (SPYI) and Vanguard Ultra-Short Bond ETF (VUSB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYI achieves a 6.31% return, which is significantly higher than VUSB's 1.48% return.

SPYI

• 1D: 0.53%
• 1M: -0.01%
• YTD: 6.31%
• 6M: 6.98%
• 1Y: 19.90%
• 3Y*: 15.48%
• 5Y*: —
• 10Y*: —

VUSB

• 1D: 0.00%
• 1M: 0.34%
• YTD: 1.48%
• 6M: 1.78%
• 1Y: 4.47%
• 3Y*: 5.40%
• 5Y*: 3.45%
• 10Y*: —

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

SPYI vs. VUSB - 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%
VUSB Vanguard Ultra-Short Bond ETF	1.48%	5.20%	5.68%	5.52%	0.56%

Correlation

The correlation between SPYI and VUSB is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.14

SPYI vs. VUSB - Sectors Allocation Comparison

Sectors	SPYI	VUSB
Technology	35.5%	0.2%
Financial Services	11.8%	-
Communication Services	11.2%	-
Consumer Cyclical	10.1%	-
Healthcare	8.5%	-
Industrials	8.4%	-
Consumer Defensive	4.9%	-
Energy	3.5%	-
Utilities	2.3%	-
Real Estate	2.0%	-
Basic Materials	1.8%	-

Return for Risk

SPYI vs. VUSB — Risk / Return Rank

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

SPYI

SPYI Risk / Return Rank: 71
SPYI Sharpe Ratio Rank: 71
SPYI Sortino Ratio Rank: 69
SPYI Omega Ratio Rank: 76
SPYI Calmar Ratio Rank: 60
SPYI Martin Ratio Rank: 78

VUSB

VUSB Risk / Return Rank: 99
VUSB Sharpe Ratio Rank: 99
VUSB Sortino Ratio Rank: 99
VUSB Omega Ratio Rank: 99
VUSB Calmar Ratio Rank: 98
VUSB Martin Ratio Rank: 98

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. VUSB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and Vanguard Ultra-Short Bond ETF (VUSB). 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	VUSB	Difference
Sharpe ratio: Return per unit of total volatility	1.98	6.91	-4.93
Sortino ratio: Return per unit of downside risk	2.68	12.46	-9.78
Omega ratio: Gain probability vs. loss probability	1.39	3.34	-1.95
Calmar ratio: Return relative to maximum drawdown	2.59	12.12	-9.53
Martin ratio: Return relative to average drawdown	13.05	69.82	-56.78

SPYI vs. VUSB - Sharpe Ratio Comparison

The current SPYI Sharpe Ratio is 1.98, which is lower than the VUSB Sharpe Ratio of 6.91. The chart below compares the historical Sharpe Ratios of SPYI and VUSB, 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. VUSB - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, which is greater than VUSB's maximum drawdown of -1.79%. Use the drawdown chart below to compare losses from any high point for SPYI and VUSB.

Drawdown Indicators

	SPYI	VUSB	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-1.79%	-14.68%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-0.37%	-7.35%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	-0.46%	-16.01%
Max Drawdown (5Y) Largest decline over 5 years	—	-1.79%	—
Current Drawdown Current decline from peak	-1.79%	0.00%	-1.79%
Average Drawdown Average peak-to-trough decline	-1.81%	-0.27%	-1.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.53%	0.06%	+1.47%

Volatility

SPYI vs. VUSB - Volatility Comparison

NEOS S&P 500 High Income ETF (SPYI) has a higher volatility of 3.62% compared to Vanguard Ultra-Short Bond ETF (VUSB) at 0.19%. This indicates that SPYI's price experiences larger fluctuations and is considered to be riskier than VUSB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYI	VUSB	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.62%	0.19%	+3.43%
Volatility (6M) Calculated over the trailing 6-month period	8.07%	0.53%	+7.54%
Volatility (1Y) Calculated over the trailing 1-year period	10.10%	0.65%	+9.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.99%	0.83%	+12.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.99%	0.82%	+12.17%

SPYI vs. VUSB - Expense Ratio Comparison

SPYI has a 0.68% expense ratio, which is higher than VUSB's 0.10% expense ratio.

Dividends

SPYI vs. VUSB - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 11.80%, more than VUSB's 4.39% yield.

Position	TTM	2025	2024	2023	2022	2021
SPYI NEOS S&P 500 High Income ETF	11.80%	11.70%	12.04%	12.01%	4.10%	0.00%
VUSB Vanguard Ultra-Short Bond ETF	4.39%	4.63%	5.16%	4.45%	1.56%	0.26%

Frequently Asked Questions

Can I hold both SPYI and VUSB in my portfolio?

SPYI and VUSB have a correlation of 0.22, 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 VUSB?

SPYI has higher volatility (3.62%) compared to VUSB (0.19%). In terms of maximum drawdown, SPYI dropped -16.47% vs VUSB's -1.79%.

Which ETF is better, SPYI or VUSB?

On 3-year performance, SPYI leads with 15.48% vs 5.40% for VUSB. On fees, VUSB is cheaper at 0.10% per year. On volatility, VUSB has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYI or VUSB?

Over the 3-year period, SPYI has performed better with a 15.48% return vs 5.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYI or VUSB?

VUSB is cheaper with a 0.10% expense ratio, compared with 0.68% for SPYI.

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

SPYI has the higher dividend yield at 11.80%, compared with 4.39% for VUSB.

What is the main difference between SPYI and VUSB?

SPYI is categorized as Derivative Income, while VUSB is Ultrashort Bond. They also come from different issuers: Neos and Vanguard. Their fees differ too: 0.68% for SPYI and 0.10% for VUSB.

Which has better risk-adjusted returns?

VUSB currently has the higher Sharpe Ratio (6.91 vs 1.98), 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.