SSPY vs. SPYI

Last updated Aug 2, 2026

SSPY (Stratified LargeCap Index ETF) and SPYI (NEOS S&P 500 High Income ETF) are both exchange-traded funds - SSPY is a Large Cap Blend Equities fund tracking the Syntax Stratified LargeCap Index, while SPYI is a Derivative Income fund actively managed by Neos. SSPY is passively managed, while SPYI is actively managed. Over the past year, SSPY returned 21.30% vs 18.69% for SPYI. Their 0.74 correlation means they have sometimes moved together and sometimes differently. SSPY charges 0.45%/yr vs 0.68%/yr for SPYI.

Performance

SSPY vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Stratified LargeCap Index ETF (SSPY) 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, SSPY achieves a 13.17% return, which is significantly higher than SPYI's 7.96% return.

SSPY

• 1D: 0.04%
• 1M: 0.36%
• 6M: 9.41%
• YTD: 13.17%
• 1Y: 21.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.74%

SPYI

• 1D: 0.65%
• 1M: 0.62%
• 6M: 6.50%
• YTD: 7.96%
• 1Y: 18.69%
• 3Y*: 14.78%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.51%

*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	$155.71M	$137.58M	$149.04M
SSPY Stratified LargeCap Index ETF	$96.57K	$169.77K	$167.99K

SSPY vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SSPY Stratified LargeCap Index ETF	13.17%	12.88%	-0.90%
SPYI NEOS S&P 500 High Income ETF	7.96%	16.67%	2.53%

Correlation

The correlation between SSPY and SPYI is 0.66, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.66
Correlation (All Time) Calculated using the full available price history since Sep 30, 2024	0.74

The correlation between SSPY and SPYI has been stable across timeframes, ranging from 0.66 to 0.74 - a consistent structural relationship.

SSPY vs. SPYI - Sectors Allocation Comparison

Sectors	SSPY	SPYI
Technology	16.3%	38.3%
Consumer Cyclical	12.9%	9.6%
Healthcare	12.7%	8.9%
Consumer Defensive	12.5%	4.6%
Financial Services	10.6%	11.7%
Industrials	10.3%	8.4%
Utilities	6.4%	2.2%
Energy	6.2%	3.0%
Communication Services	5.1%	10.0%
Real Estate	3.4%	1.8%
Basic Materials	2.7%	1.7%

Return for Risk

SSPY vs. SPYI — Risk / Return Rank

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

SSPY

SSPY Risk / Return Rank: 82
SSPY Sharpe Ratio Rank: 82
SSPY Sortino Ratio Rank: 84
SSPY Omega Ratio Rank: 81
SSPY Calmar Ratio Rank: 78
SSPY Martin Ratio Rank: 82

SPYI

SPYI Risk / Return Rank: 72
SPYI Sharpe Ratio Rank: 71
SPYI Sortino Ratio Rank: 68
SPYI Omega Ratio Rank: 73
SPYI Calmar Ratio Rank: 64
SPYI Martin Ratio Rank: 82

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.

SSPY vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Stratified LargeCap Index ETF (SSPY) 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.

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.

	SSPY	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.59	+0.32
Sortino ratio: Return per unit of downside risk	2.80	2.21	+0.59
Omega ratio: Gain probability vs. loss probability	1.34	1.30	+0.04
Calmar ratio: Return relative to maximum drawdown	2.79	2.23	+0.56
Martin ratio: Return relative to average drawdown	10.84	10.69	+0.15

SSPY vs. SPYI - Sharpe Ratio Comparison

The current SSPY Sharpe Ratio is 1.91, which is comparable to the SPYI Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of SSPY 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.

Drawdowns

SSPY vs. SPYI - Drawdown Comparison

The maximum SSPY drawdown since its inception was -16.16%, roughly equal to the maximum SPYI drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for SSPY and SPYI.

Drawdown Indicators

	SSPY	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-16.16%	-16.47%	+0.31%
Max Drawdown (1Y) Largest decline over 1 year	-7.32%	-7.72%	+0.40%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.47%	—
Current Drawdown Current decline from peak	-0.96%	-0.65%	-0.31%
Average Drawdown Average peak-to-trough decline	-2.17%	-1.79%	-0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.88%	1.61%	+0.27%

Volatility

SSPY vs. SPYI - Volatility Comparison

The current volatility for Stratified LargeCap Index ETF (SSPY) is 2.95%, while NEOS S&P 500 High Income ETF (SPYI) has a volatility of 3.22%. This indicates that SSPY experiences smaller price fluctuations and is considered to be less risky than SPYI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSPY	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.95%	3.22%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	7.82%	8.68%	-0.86%
Volatility (1Y) Calculated over the trailing 1-year period	10.75%	10.80%	-0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.22%	12.96%	+1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.22%	12.96%	+1.26%

SSPY vs. SPYI - Expense Ratio Comparison

SSPY has a 0.45% expense ratio, which is lower than SPYI's 0.68% expense ratio.

Dividends

SSPY vs. SPYI - Dividend Comparison

SSPY's dividend yield for the trailing twelve months is around 1.22%, less than SPYI's 11.93% yield.

Position	TTM	2025	2024	2023	2022
SPYI NEOS S&P 500 High Income ETF	11.93%	11.70%	12.04%	12.01%	4.10%
SSPY Stratified LargeCap Index ETF	1.22%	1.38%	0.35%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SSPY and SPYI in my portfolio?

SSPY and SPYI have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SSPY or SPYI?

SPYI has higher volatility (3.22%) compared to SSPY (2.95%). In terms of maximum drawdown, SSPY dropped -16.16% vs SPYI's -16.47%.

Which ETF is better, SSPY or SPYI?

On 1-year performance, SSPY leads with 21.30% vs 18.69% for SPYI. On fees, SSPY is cheaper at 0.45% per year. On volatility, SSPY has been the lower-risk option at 2.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SSPY or SPYI?

Over the 1-year period, SSPY has performed better with a 21.30% return vs 18.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SSPY or SPYI?

SSPY is cheaper with a 0.45% expense ratio, compared with 0.68% for SPYI.

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

SPYI has the higher dividend yield at 11.93%, compared with 1.22% for SSPY.

What is the main difference between SSPY and SPYI?

SSPY is categorized as Large Cap Blend Equities, while SPYI is Derivative Income. They also come from different issuers: Exchange Traded Concepts and Neos. Their fees differ too: 0.45% for SSPY and 0.68% for SPYI.

Which has better risk-adjusted returns?

SSPY currently has the higher Sharpe Ratio (1.91 vs 1.59), 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.