SVOL vs. SPYI

Last updated Jun 9, 2026

SVOL (Simplify Volatility Premium ETF) and SPYI (NEOS S&P 500 High Income ETF) are both exchange-traded funds - SVOL is a Volatility fund actively managed by Simplify, while SPYI is a Derivative Income fund actively managed by Neos. Both are actively managed. Over the past 3 years, SVOL returned 5.92%/yr vs 15.60%/yr for SPYI. A 0.74 correlation means they provide meaningful diversification when combined. SVOL charges 0.50%/yr vs 0.68%/yr for SPYI.

Performance

SVOL vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Volatility Premium ETF (SVOL) 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, SVOL achieves a -0.84% return, which is significantly lower than SPYI's 5.97% return.

SVOL

• 1D: 0.50%
• 1M: 2.47%
• YTD: -0.84%
• 6M: 1.19%
• 1Y: 10.38%
• 3Y*: 5.92%
• 5Y*: 6.66%
• 10Y*: —

SPYI

• 1D: 0.30%
• 1M: 0.11%
• YTD: 5.97%
• 6M: 6.55%
• 1Y: 20.24%
• 3Y*: 15.60%
• 5Y*: —
• 10Y*: —

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

SVOL vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SVOL Simplify Volatility Premium ETF	-0.84%	2.41%	6.77%	22.88%	3.39%
SPYI NEOS S&P 500 High Income ETF	5.97%	16.67%	19.03%	18.09%	-3.96%

Correlation

The correlation between SVOL and SPYI is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.74

The correlation between SVOL and SPYI has been stable across timeframes, ranging from 0.74 to 0.77 - a consistent structural relationship.

SVOL vs. SPYI - Sectors Allocation Comparison

Sectors	SVOL	SPYI
Technology	31.9%	35.5%
Financial Services	11.4%	11.8%
Industrials	11.4%	8.4%
Healthcare	11.0%	8.5%
Consumer Cyclical	9.4%	10.1%
Communication Services	7.4%	11.2%
Consumer Defensive	5.1%	4.9%
Energy	4.8%	3.5%
Real Estate	2.8%	2.0%
Basic Materials	2.5%	1.8%
Utilities	2.3%	2.3%

Return for Risk

SVOL vs. SPYI — Risk / Return Rank

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

SVOL

SVOL Risk / Return Rank: 19
SVOL Sharpe Ratio Rank: 18
SVOL Sortino Ratio Rank: 18
SVOL Omega Ratio Rank: 19
SVOL Calmar Ratio Rank: 20
SVOL Martin Ratio Rank: 19

SPYI

SPYI Risk / Return Rank: 70
SPYI Sharpe Ratio Rank: 70
SPYI Sortino Ratio Rank: 68
SPYI Omega Ratio Rank: 76
SPYI Calmar Ratio Rank: 59
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.

SVOL vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Volatility Premium ETF (SVOL) 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.

	SVOL	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	0.50	2.06	-1.56
Sortino ratio: Return per unit of downside risk	0.84	2.78	-1.95
Omega ratio: Gain probability vs. loss probability	1.12	1.40	-0.29
Calmar ratio: Return relative to maximum drawdown	0.80	2.63	-1.83
Martin ratio: Return relative to average drawdown	1.89	13.60	-11.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SVOL vs. SPYI - Sharpe Ratio Comparison

The current SVOL Sharpe Ratio is 0.50, which is lower than the SPYI Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of SVOL 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

	SVOL	SPYI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.50	2.06	-1.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	1.17	-0.82

Drawdowns

SVOL vs. SPYI - Drawdown Comparison

The maximum SVOL drawdown since its inception was -33.50%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for SVOL and SPYI.

Drawdown Indicators

	SVOL	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-33.50%	-16.47%	-17.03%
Max Drawdown (1Y) Largest decline over 1 year	-13.01%	-7.72%	-5.29%
Max Drawdown (3Y) Largest decline over 3 years	-33.50%	-16.47%	-17.03%
Max Drawdown (5Y) Largest decline over 5 years	-33.50%	—	—
Current Drawdown Current decline from peak	-3.40%	-2.11%	-1.29%
Average Drawdown Average peak-to-trough decline	-4.77%	-1.80%	-2.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.49%	1.49%	+4.00%

Volatility

SVOL vs. SPYI - Volatility Comparison

Simplify Volatility Premium ETF (SVOL) and NEOS S&P 500 High Income ETF (SPYI) have volatilities of 2.77% and 2.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SVOL	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.77%	2.87%	-0.10%
Volatility (6M) Calculated over the trailing 6-month period	9.82%	7.78%	+2.04%
Volatility (1Y) Calculated over the trailing 1-year period	20.78%	9.88%	+10.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.01%	12.95%	+9.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.92%	12.95%	+8.97%

SVOL vs. SPYI - Expense Ratio Comparison

SVOL has a 0.50% expense ratio, which is lower than SPYI's 0.68% expense ratio.

Dividends

SVOL vs. SPYI - Dividend Comparison

SVOL's dividend yield for the trailing twelve months is around 22.19%, more than SPYI's 11.83% yield.

Position	TTM	2025	2024	2023	2022	2021
SPYI NEOS S&P 500 High Income ETF	11.83%	11.70%	12.04%	12.01%	4.10%	0.00%
SVOL Simplify Volatility Premium ETF	22.19%	19.82%	16.79%	16.36%	18.32%	4.65%

Frequently Asked Questions

Can I hold both SVOL and SPYI in my portfolio?

SVOL and SPYI have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SVOL or SPYI?

SPYI has higher volatility (2.87%) compared to SVOL (2.77%). In terms of maximum drawdown, SVOL dropped -33.50% vs SPYI's -16.47%.

Which ETF is better, SVOL or SPYI?

On 3-year performance, SPYI leads with 15.60% vs 5.92% for SVOL. On fees, SVOL is cheaper at 0.50% per year. On volatility, SVOL has been the lower-risk option at 2.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SVOL or SPYI?

Over the 3-year period, SPYI has performed better with a 15.60% return vs 5.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SVOL or SPYI?

SVOL is cheaper with a 0.50% expense ratio, compared with 0.68% for SPYI.

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

SVOL has the higher dividend yield at 22.19%, compared with 11.83% for SPYI.

What is the main difference between SVOL and SPYI?

SVOL is categorized as Volatility, while SPYI is Derivative Income. They also come from different issuers: Simplify and Neos. Their fees differ too: 0.50% for SVOL and 0.68% for SPYI.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (2.06 vs 0.50), 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.