UTG vs. SPYI
UTG (Reaves Utility Income Trust) 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, UTG returned 22.50%/yr vs 15.48%/yr for SPYI. At a 0.48 correlation, their price movements are largely independent.
Performance
UTG vs. SPYI - Performance Comparison
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Returns By Period
In the year-to-date period, UTG achieves a 13.63% return, which is significantly higher than SPYI's 6.31% return.
UTG
- 1D
- 1.59%
- 1M
- -4.80%
- YTD
- 13.63%
- 6M
- 13.46%
- 1Y
- 23.56%
- 3Y*
- 22.50%
- 5Y*
- 10.71%
- 10Y*
- 10.23%
SPYI
- 1D
- 0.53%
- 1M
- -0.01%
- YTD
- 6.31%
- 6M
- 6.98%
- 1Y
- 19.90%
- 3Y*
- 15.48%
- 5Y*
- —
- 10Y*
- —
UTG vs. SPYI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
UTG Reaves Utility Income Trust | 13.63% | 23.24% | 28.10% | 2.84% | -10.31% |
SPYI NEOS S&P 500 High Income ETF | 6.31% | 16.67% | 19.03% | 18.09% | -3.96% |
Correlation
The correlation between UTG and SPYI is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022 | 0.48 |
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Return for Risk
UTG vs. SPYI — Risk / Return Rank
UTG
SPYI
UTG vs. SPYI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Reaves Utility Income Trust (UTG) 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.
| UTG | SPYI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.58 | ||
| Sortino ratioReturn per unit of downside risk | -0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.39 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 2.04 | 2.59 | -0.55 |
| Martin ratioReturn relative to average drawdown | 4.45 | 13.05 | -8.60 |
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Drawdowns
UTG vs. SPYI - Drawdown Comparison
The maximum UTG drawdown since its inception was -67.77%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for UTG and SPYI.
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Drawdown Indicators
| UTG | SPYI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.77% | -16.47% | -51.30% |
Max Drawdown (1Y)Largest decline over 1 year | -11.59% | -7.72% | -3.87% |
Max Drawdown (3Y)Largest decline over 3 years | -15.03% | -16.47% | +1.44% |
Max Drawdown (5Y)Largest decline over 5 years | -26.54% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -47.91% | — | — |
Current DrawdownCurrent decline from peak | -6.18% | -1.79% | -4.39% |
Average DrawdownAverage peak-to-trough decline | -8.74% | -1.81% | -6.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.31% | 1.53% | +3.78% |
Volatility
UTG vs. SPYI - Volatility Comparison
Reaves Utility Income Trust (UTG) has a higher volatility of 6.31% compared to NEOS S&P 500 High Income ETF (SPYI) at 3.62%. This indicates that UTG's price experiences larger fluctuations and is considered to be riskier 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
| UTG | SPYI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.31% | 3.62% | +2.69% |
Volatility (6M)Calculated over the trailing 6-month period | 13.12% | 8.07% | +5.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.96% | 10.10% | +6.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.87% | 12.99% | +3.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.61% | 12.99% | +8.62% |
Dividends
UTG vs. SPYI - Dividend Comparison
UTG's dividend yield for the trailing twelve months is around 5.86%, less than 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% |
UTG Reaves Utility Income Trust | 5.86% | 6.42% | 7.19% | 8.53% | 8.07% | 6.35% | 6.59% | 5.69% | 6.86% | 6.21% | 9.02% | 6.86% |
Frequently Asked Questions
UTG and SPYI have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UTG has higher volatility (6.31%) compared to SPYI (3.62%). In terms of maximum drawdown, UTG dropped -67.77% vs SPYI's -16.47%.
SPYI currently has the higher Sharpe Ratio (1.98 vs 1.40), 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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