TDAQ vs. SPYI

Last updated Jun 4, 2026

TDAQ (TappAlpha Innovation 100 Growth & Daily Income ETF) and SPYI (NEOS S&P 500 High Income ETF) are both Derivative Income funds. Both are actively managed. Their correlation of 0.88 suggests significant overlap in exposure. Both charge a 0.68% expense ratio.

Performance

TDAQ vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TappAlpha Innovation 100 Growth & Daily Income ETF (TDAQ) 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, TDAQ achieves a 20.13% return, which is significantly higher than SPYI's 7.72% return.

TDAQ

• 1D: -0.48%
• 1M: 10.56%
• YTD: 20.13%
• 6M: 19.09%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

TDAQ vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025
TDAQ TappAlpha Innovation 100 Growth & Daily Income ETF	20.13%	8.90%
SPYI NEOS S&P 500 High Income ETF	7.72%	5.74%

Correlation

The correlation between TDAQ and SPYI is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 5, 2025	0.88

TDAQ vs. SPYI - Sectors Allocation Comparison

Sectors	TDAQ	SPYI
Technology	54.2%	35.5%
Communication Services	15.5%	11.2%
Consumer Cyclical	12.2%	10.1%
Consumer Defensive	7.6%	4.9%
Healthcare	4.2%	8.5%
Industrials	2.8%	8.4%
Utilities	1.4%	2.3%
Basic Materials	1.2%	1.8%
Energy	0.6%	3.5%
Financial Services	0.2%	11.8%
Real Estate	0.1%	2.0%

Return for Risk

TDAQ vs. SPYI — Risk / Return Rank

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

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.

TDAQ vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TappAlpha Innovation 100 Growth & Daily Income ETF (TDAQ) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	TDAQ	SPYI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.55	1.21	+1.34

Drawdowns

TDAQ vs. SPYI - Drawdown Comparison

The maximum TDAQ drawdown since its inception was -11.31%, smaller than the maximum SPYI drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for TDAQ and SPYI.

Drawdown Indicators

	TDAQ	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-11.31%	-16.47%	+5.16%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.72%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-16.47%	—
Current Drawdown Current decline from peak	-0.48%	-0.50%	+0.02%
Average Drawdown Average peak-to-trough decline	-2.25%	-1.80%	-0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.48%	—

Volatility

Volatility by Period

	TDAQ	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.82%	—
Volatility (6M) Calculated over the trailing 6-month period	—	7.41%	—
Volatility (1Y) Calculated over the trailing 1-year period	17.14%	9.63%	+7.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.14%	12.92%	+4.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.14%	12.92%	+4.22%

TDAQ vs. SPYI - Expense Ratio Comparison

Both TDAQ and SPYI have an expense ratio of 0.68%.

Dividends

TDAQ vs. SPYI - Dividend Comparison

TDAQ's dividend yield for the trailing twelve months is around 10.10%, less than SPYI's 11.64% yield.

Position	TTM	2025	2024	2023	2022
SPYI NEOS S&P 500 High Income ETF	11.64%	11.70%	12.04%	12.01%	4.10%
TDAQ TappAlpha Innovation 100 Growth & Daily Income ETF	10.10%	4.32%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TDAQ and SPYI in my portfolio?

TDAQ and SPYI have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TDAQ or SPYI?

Both ETFs have the same 0.68% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TDAQ or SPYI?

TDAQ and SPYI have the same expense ratio: 0.68% per year.

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

SPYI has the higher dividend yield at 11.64%, compared with 10.10% for TDAQ.

What is the main difference between TDAQ and SPYI?

They also come from different issuers: TappAlpha and Neos.