SPYM vs. SPYI

Last updated Jun 4, 2026

SPYM (State Street SPDR Portfolio S&P 500 ETF) and SPYI (NEOS S&P 500 High Income ETF) are both exchange-traded funds - SPYM is a S&P 500 fund tracking the S&P 500 Index, while SPYI is a Derivative Income fund actively managed by Neos. SPYM is passively managed, while SPYI is actively managed. Over the past 3 years, SPYM returned 22.46%/yr vs 16.41%/yr for SPYI. With a 0.96 correlation, they move nearly in lockstep. SPYM charges 0.02%/yr vs 0.68%/yr for SPYI.

Performance

SPYM vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio S&P 500 ETF (SPYM) and NEOS S&P 500 High Income ETF (SPYI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYM achieves a 10.98% return, which is significantly higher than SPYI's 7.72% return.

SPYM

• 1D: -0.66%
• 1M: 5.06%
• YTD: 10.98%
• 6M: 10.98%
• 1Y: 28.09%
• 3Y*: 22.46%
• 5Y*: 13.91%
• 10Y*: 15.62%

SPYI

• 1D: -0.50%
• 1M: 3.71%
• YTD: 7.72%
• 6M: 8.37%
• 1Y: 22.76%
• 3Y*: 16.41%
• 5Y*: —
• 10Y*: —

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

SPYM vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPYM State Street SPDR Portfolio S&P 500 ETF	10.98%	17.79%	25.00%	26.24%	-3.08%
SPYI NEOS S&P 500 High Income ETF	7.72%	16.67%	19.03%	18.09%	-2.44%

Correlation

The correlation between SPYM and SPYI is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022	0.96

The correlation between SPYM and SPYI has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.

SPYM vs. SPYI - Sectors Allocation Comparison

Sectors	SPYM	SPYI
Technology	38.5%	35.5%
Financial Services	11.1%	11.8%
Communication Services	10.6%	11.2%
Consumer Cyclical	9.9%	10.1%
Healthcare	8.4%	8.5%
Industrials	7.6%	8.4%
Consumer Defensive	4.6%	4.9%
Energy	3.2%	3.5%
Utilities	2.5%	2.3%
Real Estate	1.8%	2.0%
Basic Materials	1.7%	1.8%

Return for Risk

SPYM vs. SPYI — Risk / Return Rank

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

SPYM

SPYM Risk / Return Rank: 70
SPYM Sharpe Ratio Rank: 71
SPYM Sortino Ratio Rank: 70
SPYM Omega Ratio Rank: 71
SPYM Calmar Ratio Rank: 62
SPYM Martin Ratio Rank: 76

SPYI

SPYI Risk / Return Rank: 71
SPYI Sharpe Ratio Rank: 71
SPYI Sortino Ratio Rank: 70
SPYI Omega Ratio Rank: 76
SPYI Calmar Ratio Rank: 58
SPYI Martin Ratio Rank: 78

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.

SPYM vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 ETF (SPYM) and NEOS S&P 500 High Income ETF (SPYI). 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.

	SPYM	SPYI	Difference
Sharpe ratio Return per unit of total volatility	2.39	2.38	+0.02
Sortino ratio Return per unit of downside risk	3.27	3.26	0.00
Omega ratio Gain probability vs. loss probability	1.44	1.47	-0.03
Calmar ratio Return relative to maximum drawdown	3.17	2.96	+0.21
Martin ratio Return relative to average drawdown	14.76	15.43	-0.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYM vs. SPYI - Sharpe Ratio Comparison

The current SPYM Sharpe Ratio is 2.39, which is comparable to the SPYI Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of SPYM and SPYI, 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

	SPYM	SPYI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	2.38	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.87	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	1.21	-0.60

Drawdowns

SPYM vs. SPYI - Drawdown Comparison

The maximum SPYM drawdown since its inception was -54.46%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for SPYM and SPYI.

Drawdown Indicators

	SPYM	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-54.46%	-16.47%	-37.99%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-7.72%	-1.18%
Max Drawdown (3Y) Largest decline over 3 years	-18.72%	-16.47%	-2.25%
Max Drawdown (5Y) Largest decline over 5 years	-24.48%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.87%	—	—
Current Drawdown Current decline from peak	-0.66%	-0.50%	-0.16%
Average Drawdown Average peak-to-trough decline	-7.15%	-1.80%	-5.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.91%	1.48%	+0.43%

Volatility

SPYM vs. SPYI - Volatility Comparison

State Street SPDR Portfolio S&P 500 ETF (SPYM) has a higher volatility of 2.83% compared to NEOS S&P 500 High Income ETF (SPYI) at 1.82%. This indicates that SPYM's price experiences larger fluctuations and is considered to be riskier than SPYI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYM	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.83%	1.82%	+1.01%
Volatility (6M) Calculated over the trailing 6-month period	8.90%	7.41%	+1.49%
Volatility (1Y) Calculated over the trailing 1-year period	11.80%	9.63%	+2.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.80%	12.92%	+3.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.00%	12.92%	+5.08%

SPYM vs. SPYI - Expense Ratio Comparison

SPYM has a 0.02% expense ratio, which is lower than SPYI's 0.68% expense ratio.

Dividends

SPYM vs. SPYI - Dividend Comparison

SPYM's dividend yield for the trailing twelve months is around 1.00%, less than SPYI's 11.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYI NEOS S&P 500 High Income ETF	11.64%	11.70%	12.04%	12.01%	4.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPYM State Street SPDR Portfolio S&P 500 ETF	1.00%	1.13%	1.28%	1.44%	1.69%	1.25%	1.54%	1.79%	2.23%	1.75%	1.97%	1.98%

Frequently Asked Questions

Can I hold both SPYM and SPYI in my portfolio?

With a correlation of 0.99, SPYM and SPYI 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, SPYM or SPYI?

SPYM has higher volatility (2.83%) compared to SPYI (1.82%). In terms of maximum drawdown, SPYM dropped -54.46% vs SPYI's -16.47%.

Which ETF is better, SPYM or SPYI?

On 3-year performance, SPYM leads with 22.46% vs 16.41% for SPYI. On fees, SPYM is cheaper at 0.02% per year. On volatility, SPYI has been the lower-risk option at 1.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYM or SPYI?

Over the 3-year period, SPYM has performed better with a 22.46% return vs 16.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYM or SPYI?

SPYM is cheaper with a 0.02% expense ratio, compared with 0.68% for SPYI.

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

SPYI has the higher dividend yield at 11.64%, compared with 1.00% for SPYM.

What is the main difference between SPYM and SPYI?

SPYM is categorized as S&P 500, while SPYI is Derivative Income. They also come from different issuers: State Street and Neos. Their fees differ too: 0.02% for SPYM and 0.68% for SPYI.

Which has better risk-adjusted returns?

SPYM currently has the higher Sharpe Ratio (2.39 vs 2.38), 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.