USCC.TO vs. SPYI

Last updated Jun 24, 2026

USCC.TO (Global X S&P 500 Covered Call ETF) and SPYI (NEOS S&P 500 High Income ETF) are both Derivative Income funds. Both are actively managed. Over the past 3 years, USCC.TO returned 19.10%/yr vs 18.04%/yr for SPYI. A 0.55 correlation means they provide meaningful diversification when combined. USCC.TO charges 0.49%/yr vs 0.68%/yr for SPYI.

Performance

USCC.TO vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X S&P 500 Covered Call ETF (USCC.TO) and NEOS S&P 500 High Income ETF (SPYI). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

USCC.TO is traded in CAD, while SPYI is traded in USD. To make them comparable, the SPYI values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, USCC.TO achieves a 10.19% return, which is significantly higher than SPYI's 9.14% return.

USCC.TO

• 1D: -0.76%
• 1M: 2.08%
• YTD: 10.19%
• 6M: 9.88%
• 1Y: 23.79%
• 3Y*: 19.10%
• 5Y*: 12.82%
• 10Y*: 12.96%

SPYI

• 1D: -1.41%
• 1M: 1.51%
• YTD: 9.14%
• 6M: 8.07%
• 1Y: 22.68%
• 3Y*: 18.04%
• 5Y*: —
• 10Y*: —

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

USCC.TO vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
USCC.TO Global X S&P 500 Covered Call ETF	10.19%	9.19%	31.45%	17.35%	0.33%
SPYI NEOS S&P 500 High Income ETF	9.14%	11.34%	29.11%	15.29%	0.11%

Correlation

The correlation between USCC.TO and SPYI is 0.70, 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	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.55

The correlation between USCC.TO and SPYI shifts across timeframes, from 0.55 (all time) to 0.70 (1 year), reflecting how their relationship changes across market environments.

USCC.TO vs. SPYI - Sectors Allocation Comparison

Sectors	USCC.TO	SPYI
Technology	35.6%	39.1%
Financial Services	11.8%	11.1%
Communication Services	11.2%	10.7%
Consumer Cyclical	10.1%	9.9%
Healthcare	8.5%	8.3%
Industrials	8.3%	7.8%
Consumer Defensive	4.9%	4.5%
Energy	3.5%	3.1%
Utilities	2.4%	2.1%
Real Estate	1.9%	1.8%
Basic Materials	1.8%	1.7%

Return for Risk

USCC.TO vs. SPYI — Risk / Return Rank

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

USCC.TO

USCC.TO Risk / Return Rank: 80
USCC.TO Sharpe Ratio Rank: 82
USCC.TO Sortino Ratio Rank: 81
USCC.TO Omega Ratio Rank: 85
USCC.TO Calmar Ratio Rank: 74
USCC.TO Martin Ratio Rank: 79

SPYI

SPYI Risk / Return Rank: 58
SPYI Sharpe Ratio Rank: 57
SPYI Sortino Ratio Rank: 54
SPYI Omega Ratio Rank: 61
SPYI Calmar Ratio Rank: 52
SPYI Martin Ratio Rank: 69

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.

USCC.TO vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Covered Call ETF (USCC.TO) 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.

	USCC.TO	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	2.42	2.10	+0.32
Sortino ratio: Return per unit of downside risk	3.34	2.96	+0.38
Omega ratio: Gain probability vs. loss probability	1.48	1.38	+0.10
Calmar ratio: Return relative to maximum drawdown	3.56	3.15	+0.41
Martin ratio: Return relative to average drawdown	14.46	12.80	+1.66

USCC.TO vs. SPYI - Sharpe Ratio Comparison

The current USCC.TO Sharpe Ratio is 2.42, which is comparable to the SPYI Sharpe Ratio of 2.10. The chart below compares the historical Sharpe Ratios of USCC.TO 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

USCC.TO vs. SPYI - Drawdown Comparison

The maximum USCC.TO drawdown since its inception was -28.40%, which is greater than SPYI's maximum drawdown of -17.27%. Use the drawdown chart below to compare losses from any high point for USCC.TO and SPYI.

Drawdown Indicators

	USCC.TO	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-28.40%	-17.27%	-11.13%
Max Drawdown (1Y) Largest decline over 1 year	-6.71%	-7.23%	+0.52%
Max Drawdown (3Y) Largest decline over 3 years	-17.55%	-17.27%	-0.28%
Max Drawdown (5Y) Largest decline over 5 years	-17.55%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-28.40%	—	—
Current Drawdown Current decline from peak	-0.90%	-1.41%	+0.51%
Average Drawdown Average peak-to-trough decline	-3.16%	-1.84%	-1.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.65%	1.78%	-0.13%

Volatility

USCC.TO vs. SPYI - Volatility Comparison

The current volatility for Global X S&P 500 Covered Call ETF (USCC.TO) is 3.74%, while NEOS S&P 500 High Income ETF (SPYI) has a volatility of 4.60%. This indicates that USCC.TO 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

	USCC.TO	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.74%	4.60%	-0.86%
Volatility (6M) Calculated over the trailing 6-month period	8.10%	8.84%	-0.74%
Volatility (1Y) Calculated over the trailing 1-year period	9.87%	10.88%	-1.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.83%	13.98%	-0.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.59%	13.98%	+0.61%

USCC.TO vs. SPYI - Expense Ratio Comparison

USCC.TO has a 0.49% expense ratio, which is lower than SPYI's 0.68% expense ratio.

Dividends

USCC.TO vs. SPYI - Dividend Comparison

USCC.TO's dividend yield for the trailing twelve months is around 9.52%, less than SPYI's 13.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYI NEOS S&P 500 High Income ETF	13.02%	11.70%	12.04%	12.01%	4.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USCC.TO Global X S&P 500 Covered Call ETF	9.52%	10.20%	9.86%	11.45%	10.42%	5.05%	5.17%	5.16%	6.19%	5.56%	5.59%	5.71%

Frequently Asked Questions

Can I hold both USCC.TO and SPYI in my portfolio?

USCC.TO and SPYI have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USCC.TO or SPYI?

On fees, USCC.TO is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, USCC.TO or SPYI?

USCC.TO is cheaper with a 0.49% expense ratio, compared with 0.68% for SPYI.

What is the main difference between USCC.TO and SPYI?

They also come from different issuers: Global X and Neos. Their fees differ too: 0.49% for USCC.TO and 0.68% for SPYI.