SPYI vs. XYLD

Last updated Aug 4, 2026

SPYI (NEOS S&P 500 High Income ETF) and XYLD (Global X S&P 500 Covered Call ETF) are both Derivative Income funds. SPYI is actively managed, while XYLD is passively managed. Over the past 3 years, SPYI returned 15.87%/yr vs 12.12%/yr for XYLD. Their correlation of 0.86 means they have usually moved in the same direction. SPYI charges 0.68%/yr vs 0.60%/yr for XYLD.

Performance

SPYI vs. XYLD - Performance Comparison

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

Returns By Period

In the year-to-date period, SPYI achieves a 9.18% return, which is significantly higher than XYLD's 8.63% return.

SPYI

• 1D: 1.14%
• 1M: 1.76%
• 6M: 7.18%
• YTD: 9.18%
• 1Y: 20.03%
• 3Y*: 15.87%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.81%

XYLD

• 1D: 0.53%
• 1M: 2.36%
• 6M: 6.99%
• YTD: 8.63%
• 1Y: 19.53%
• 3Y*: 12.12%
• 5Y*: 7.92%
• 10Y*: 8.27%
• ALL TIME*: 8.41%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPYI NEOS S&P 500 High Income ETF	$155.96M	$140.10M	$149.40M
XYLD Global X S&P 500 Covered Call ETF	$33.43M	$34.54M	$32.48M

SPYI vs. XYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPYI NEOS S&P 500 High Income ETF	9.18%	16.67%	19.03%	18.09%	-3.96%
XYLD Global X S&P 500 Covered Call ETF	8.63%	8.02%	19.49%	11.10%	-2.50%

Correlation

The correlation between SPYI and XYLD is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.88
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.86

The correlation between SPYI and XYLD has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.

SPYI vs. XYLD - Sectors Allocation Comparison

Sectors	SPYI	XYLD
Technology	38.3%	38.5%
Financial Services	11.7%	11.6%
Communication Services	10.0%	9.9%
Consumer Cyclical	9.6%	9.5%
Healthcare	8.9%	8.9%
Industrials	8.4%	8.4%
Consumer Defensive	4.6%	4.5%
Energy	3.0%	3.0%
Utilities	2.2%	2.2%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

SPYI vs. XYLD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPYI

SPYI Risk / Return Rank: 80
SPYI Sharpe Ratio Rank: 80
SPYI Sortino Ratio Rank: 79
SPYI Omega Ratio Rank: 82
SPYI Calmar Ratio Rank: 74
SPYI Martin Ratio Rank: 86

XYLD

XYLD Risk / Return Rank: 94
XYLD Sharpe Ratio Rank: 95
XYLD Sortino Ratio Rank: 95
XYLD Omega Ratio Rank: 96
XYLD Calmar Ratio Rank: 89
XYLD Martin Ratio Rank: 94

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPYI vs. XYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) and Global X S&P 500 Covered Call ETF (XYLD). 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	XYLD	Difference
Sharpe ratio: Return per unit of total volatility	1.87	2.77	-0.90
Sortino ratio: Return per unit of downside risk	2.58	3.95	-1.37
Omega ratio: Gain probability vs. loss probability	1.36	1.63	-0.27
Calmar ratio: Return relative to maximum drawdown	2.61	3.71	-1.10
Martin ratio: Return relative to average drawdown	12.52	19.28	-6.76

SPYI vs. XYLD - Sharpe Ratio Comparison

The current SPYI Sharpe Ratio is 1.87, which is lower than the XYLD Sharpe Ratio of 2.77. The chart below compares the historical Sharpe Ratios of SPYI and XYLD, 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. XYLD - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum XYLD drawdown of -33.46%. Use the drawdown chart below to compare losses from any high point for SPYI and XYLD.

Drawdown Indicators

	SPYI	XYLD	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-33.46%	+16.99%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-5.29%	-2.43%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	-15.53%	-0.94%
Max Drawdown (5Y) Largest decline over 5 years	—	-18.66%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.46%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.79%	-3.68%	+1.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.60%	1.02%	+0.58%

Volatility

SPYI vs. XYLD - Volatility Comparison

NEOS S&P 500 High Income ETF (SPYI) has a higher volatility of 3.40% compared to Global X S&P 500 Covered Call ETF (XYLD) at 1.97%. This indicates that SPYI's price experiences larger fluctuations and is considered to be riskier than XYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYI	XYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.40%	1.97%	+1.43%
Volatility (6M) Calculated over the trailing 6-month period	8.75%	5.99%	+2.76%
Volatility (1Y) Calculated over the trailing 1-year period	10.78%	7.10%	+3.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.97%	11.27%	+1.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.97%	14.16%	-1.19%

SPYI vs. XYLD - Expense Ratio Comparison

SPYI has a 0.68% expense ratio, which is higher than XYLD's 0.60% expense ratio.

Dividends

SPYI vs. XYLD - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 11.80%, more than XYLD's 10.47% 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%
XYLD Global X S&P 500 Covered Call ETF	10.47%	10.51%	11.54%	10.51%	13.43%	9.07%	7.93%	5.76%	7.12%	5.18%	3.23%	4.65%

Frequently Asked Questions

Can I hold both SPYI and XYLD in my portfolio?

With a correlation of 0.92, SPYI and XYLD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SPYI or XYLD?

SPYI has higher volatility (3.40%) compared to XYLD (1.97%). In terms of maximum drawdown, SPYI dropped -16.47% vs XYLD's -33.46%.

Which ETF is better, SPYI or XYLD?

On 3-year performance, SPYI leads with 15.87% vs 12.12% for XYLD. On fees, XYLD is cheaper at 0.60% per year. On volatility, XYLD has been the lower-risk option at 1.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYI or XYLD?

Over the 3-year period, SPYI has performed better with a 15.87% return vs 12.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYI or XYLD?

XYLD is cheaper with a 0.60% expense ratio, compared with 0.68% for SPYI.

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

SPYI has the higher dividend yield at 11.80%, compared with 10.47% for XYLD.

What is the main difference between SPYI and XYLD?

They also come from different issuers: Neos and Global X. Their fees differ too: 0.68% for SPYI and 0.60% for XYLD.

Which has better risk-adjusted returns?

XYLD currently has the higher Sharpe Ratio (2.77 vs 1.87), 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.