USA vs. SPYI
USA (Liberty All-Star Equity Fund) is a stock, while SPYI (NEOS S&P 500 High Income ETF) is Derivative Income fund actively managed by Neos. Over the past 3 years, USA returned 7.82%/yr vs 15.48%/yr for SPYI. A 0.75 correlation means they provide meaningful diversification when combined.
Performance
USA vs. SPYI - Performance Comparison
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Returns By Period
In the year-to-date period, USA achieves a -3.46% return, which is significantly lower than SPYI's 6.31% return.
USA
- 1D
- -0.52%
- 1M
- 0.17%
- YTD
- -3.46%
- 6M
- -1.58%
- 1Y
- -4.32%
- 3Y*
- 7.82%
- 5Y*
- 1.42%
- 10Y*
- 12.13%
SPYI
- 1D
- 0.53%
- 1M
- -0.52%
- YTD
- 6.31%
- 6M
- 6.98%
- 1Y
- 20.84%
- 3Y*
- 15.48%
- 5Y*
- —
- 10Y*
- —
USA vs. SPYI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
USA Liberty All-Star Equity Fund | -3.46% | 0.09% | 20.81% | 23.17% | -10.77% |
SPYI NEOS S&P 500 High Income ETF | 6.31% | 16.67% | 19.03% | 18.09% | -3.96% |
Correlation
The correlation between USA and SPYI is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022 | 0.75 |
The correlation between USA and SPYI has been stable across timeframes, ranging from 0.73 to 0.75 - a consistent structural relationship.
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Return for Risk
USA vs. SPYI — Risk / Return Rank
USA
SPYI
USA vs. SPYI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Liberty All-Star Equity Fund (USA) 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.
| USA | SPYI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.34 | ||
| Sortino ratioReturn per unit of downside risk | -3.11 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.39 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.32 | 2.59 | -2.91 |
| Martin ratioReturn relative to average drawdown | -0.76 | 13.05 | -13.81 |
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Drawdowns
USA vs. SPYI - Drawdown Comparison
The maximum USA drawdown since its inception was -69.15%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for USA and SPYI.
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Drawdown Indicators
| USA | SPYI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.15% | -16.47% | -52.68% |
Max Drawdown (1Y)Largest decline over 1 year | -15.28% | -7.72% | -7.56% |
Max Drawdown (3Y)Largest decline over 3 years | -17.69% | -16.47% | -1.22% |
Max Drawdown (5Y)Largest decline over 5 years | -34.05% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -47.07% | — | — |
Current DrawdownCurrent decline from peak | -8.65% | -1.79% | -6.86% |
Average DrawdownAverage peak-to-trough decline | -11.52% | -1.81% | -9.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.43% | 1.53% | +4.90% |
Volatility
USA vs. SPYI - Volatility Comparison
The current volatility for Liberty All-Star Equity Fund (USA) is 3.16%, while NEOS S&P 500 High Income ETF (SPYI) has a volatility of 3.62%. This indicates that USA 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.
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Volatility by Period
| USA | SPYI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.16% | 3.62% | -0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 10.42% | 8.07% | +2.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.64% | 10.10% | +3.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.26% | 12.99% | +7.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.56% | 12.99% | +9.57% |
Dividends
USA vs. SPYI - Dividend Comparison
USA's dividend yield for the trailing twelve months is around 11.85%, which matches SPYI's 11.80% 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% |
USA Liberty All-Star Equity Fund | 11.85% | 10.67% | 10.22% | 9.56% | 12.11% | 9.67% | 9.13% | 9.75% | 12.64% | 8.89% | 9.30% | 9.53% |
Frequently Asked Questions
USA and SPYI have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPYI has higher volatility (3.62%) compared to USA (3.16%). In terms of maximum drawdown, USA dropped -69.15% vs SPYI's -16.47%.
SPYI currently has the higher Sharpe Ratio (1.98 vs -0.36), 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.
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