SPYI vs. VYMI

Last updated Jun 6, 2026

SPYI (NEOS S&P 500 High Income ETF) and VYMI (Vanguard International High Dividend Yield ETF) are both exchange-traded funds - SPYI is a Derivative Income fund actively managed by Neos, while VYMI is a Dividend fund tracking the FTSE All-World ex US High Dividend Yield Index. SPYI is actively managed, while VYMI is passively managed. Over the past 3 years, SPYI returned 15.61%/yr vs 21.16%/yr for VYMI. A 0.64 correlation means they provide meaningful diversification when combined. SPYI charges 0.68%/yr vs 0.07%/yr for VYMI.

Performance

SPYI vs. VYMI - 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 International High Dividend Yield ETF (VYMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYI achieves a 5.65% return, which is significantly lower than VYMI's 9.77% return.

SPYI

• 1D: -2.24%
• 1M: 0.20%
• YTD: 5.65%
• 6M: 5.99%
• 1Y: 20.87%
• 3Y*: 15.61%
• 5Y*: —
• 10Y*: —

VYMI

• 1D: -1.98%
• 1M: -2.36%
• YTD: 9.77%
• 6M: 12.87%
• 1Y: 27.95%
• 3Y*: 21.16%
• 5Y*: 11.64%
• 10Y*: 10.16%

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

SPYI vs. VYMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPYI NEOS S&P 500 High Income ETF	5.65%	16.67%	19.03%	18.09%	-2.44%
VYMI Vanguard International High Dividend Yield ETF	9.77%	38.05%	7.06%	17.07%	5.18%

Correlation

The correlation between SPYI and VYMI is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022	0.64

The correlation between SPYI and VYMI has been stable across timeframes, ranging from 0.62 to 0.68 - a consistent structural relationship.

SPYI vs. VYMI - Sectors Allocation Comparison

Sectors	SPYI	VYMI
Technology	35.5%	4.3%
Financial Services	11.8%	41.9%
Communication Services	11.2%	4.0%
Consumer Cyclical	10.1%	6.5%
Healthcare	8.5%	6.6%
Industrials	8.4%	6.6%
Consumer Defensive	4.9%	7.0%
Energy	3.5%	9.5%
Utilities	2.3%	5.6%
Real Estate	2.0%	1.3%
Basic Materials	1.8%	6.8%

Return for Risk

SPYI vs. VYMI — Risk / Return Rank

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

SPYI

SPYI Risk / Return Rank: 66
SPYI Sharpe Ratio Rank: 65
SPYI Sortino Ratio Rank: 62
SPYI Omega Ratio Rank: 72
SPYI Calmar Ratio Rank: 56
SPYI Martin Ratio Rank: 75

VYMI

VYMI Risk / Return Rank: 63
VYMI Sharpe Ratio Rank: 66
VYMI Sortino Ratio Rank: 64
VYMI Omega Ratio Rank: 65
VYMI Calmar Ratio Rank: 57
VYMI Martin Ratio Rank: 62

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. VYMI - 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 International High Dividend Yield ETF (VYMI). 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	VYMI	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.14	-0.02
Sortino ratio: Return per unit of downside risk	2.86	2.92	-0.06
Omega ratio: Gain probability vs. loss probability	1.42	1.39	+0.03
Calmar ratio: Return relative to maximum drawdown	2.72	2.77	-0.05
Martin ratio: Return relative to average drawdown	14.08	10.88	+3.20
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. VYMI - Sharpe Ratio Comparison

The current SPYI Sharpe Ratio is 2.12, which is comparable to the VYMI Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of SPYI and VYMI, 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	VYMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	2.14	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.79	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.60	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.16	0.64	+0.52

Drawdowns

SPYI vs. VYMI - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum VYMI drawdown of -40.00%. Use the drawdown chart below to compare losses from any high point for SPYI and VYMI.

Drawdown Indicators

	SPYI	VYMI	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-40.00%	+23.53%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-10.14%	+2.42%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	-12.84%	-3.63%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.05%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.00%	—
Current Drawdown Current decline from peak	-2.40%	-2.76%	+0.36%
Average Drawdown Average peak-to-trough decline	-1.80%	-6.31%	+4.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.49%	2.58%	-1.09%

Volatility

SPYI vs. VYMI - Volatility Comparison

The current volatility for NEOS S&P 500 High Income ETF (SPYI) is 2.86%, while Vanguard International High Dividend Yield ETF (VYMI) has a volatility of 3.93%. This indicates that SPYI experiences smaller price fluctuations and is considered to be less risky than VYMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYI	VYMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.86%	3.93%	-1.07%
Volatility (6M) Calculated over the trailing 6-month period	7.77%	10.94%	-3.17%
Volatility (1Y) Calculated over the trailing 1-year period	9.90%	13.10%	-3.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.96%	14.86%	-1.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.96%	16.88%	-3.92%

SPYI vs. VYMI - Expense Ratio Comparison

SPYI has a 0.68% expense ratio, which is higher than VYMI's 0.07% expense ratio.

Dividends

SPYI vs. VYMI - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 11.87%, more than VYMI's 3.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SPYI NEOS S&P 500 High Income ETF	11.87%	11.70%	12.04%	12.01%	4.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VYMI Vanguard International High Dividend Yield ETF	3.49%	3.68%	4.84%	4.58%	4.70%	4.30%	3.22%	4.20%	4.29%	3.21%	2.39%

Frequently Asked Questions

Can I hold both SPYI and VYMI in my portfolio?

SPYI and VYMI have a correlation of 0.68, 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 VYMI?

VYMI has higher volatility (3.93%) compared to SPYI (2.86%). In terms of maximum drawdown, SPYI dropped -16.47% vs VYMI's -40.00%.

Which ETF is better, SPYI or VYMI?

On 3-year performance, VYMI leads with 21.16% vs 15.61% for SPYI. On fees, VYMI is cheaper at 0.07% per year. On volatility, SPYI has been the lower-risk option at 2.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYI or VYMI?

Over the 3-year period, VYMI has performed better with a 21.16% return vs 15.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYI or VYMI?

VYMI is cheaper with a 0.07% expense ratio, compared with 0.68% for SPYI.

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

SPYI has the higher dividend yield at 11.87%, compared with 3.49% for VYMI.

What is the main difference between SPYI and VYMI?

SPYI is categorized as Derivative Income, while VYMI is Dividend. They also come from different issuers: Neos and Vanguard. Their fees differ too: 0.68% for SPYI and 0.07% for VYMI.

Which has better risk-adjusted returns?

VYMI currently has the higher Sharpe Ratio (2.14 vs 2.12), 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.