VAMO vs. SPYH

Last updated Jun 25, 2026

VAMO (Cambria Value and Momentum ETF) and SPYH (NEOS S&P 500 Hedged Equity Income ETF) are both exchange-traded funds - VAMO is a Momentum fund actively managed by Cambria, while SPYH is a Equity Hedged fund actively managed by NEOS. Both are actively managed. Over the past year, VAMO returned 19.83% vs 13.71% for SPYH. At a 0.43 correlation, their price movements are largely independent. VAMO charges 0.65%/yr vs 0.68%/yr for SPYH.

Performance

VAMO vs. SPYH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Value and Momentum ETF (VAMO) and NEOS S&P 500 Hedged Equity Income ETF (SPYH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VAMO achieves a 4.86% return, which is significantly higher than SPYH's 2.95% return.

VAMO

• 1D: 0.44%
• 1M: 1.78%
• YTD: 4.86%
• 6M: 3.48%
• 1Y: 19.83%
• 3Y*: 14.12%
• 5Y*: 8.99%
• 10Y*: 5.92%

SPYH

• 1D: -0.90%
• 1M: -1.95%
• YTD: 2.95%
• 6M: 2.05%
• 1Y: 13.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

VAMO vs. SPYH - Yearly Performance Comparison

	2026 (YTD)	2025
VAMO Cambria Value and Momentum ETF	4.86%	16.35%
SPYH NEOS S&P 500 Hedged Equity Income ETF	2.95%	20.01%

Correlation

The correlation between VAMO and SPYH is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.43

Return for Risk

VAMO vs. SPYH — Risk / Return Rank

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

VAMO

VAMO Risk / Return Rank: 64
VAMO Sharpe Ratio Rank: 60
VAMO Sortino Ratio Rank: 63
VAMO Omega Ratio Rank: 56
VAMO Calmar Ratio Rank: 78
VAMO Martin Ratio Rank: 64

SPYH

SPYH Risk / Return Rank: 57
SPYH Sharpe Ratio Rank: 55
SPYH Sortino Ratio Rank: 53
SPYH Omega Ratio Rank: 57
SPYH Calmar Ratio Rank: 52
SPYH Martin Ratio Rank: 65

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.

VAMO vs. SPYH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Value and Momentum ETF (VAMO) and NEOS S&P 500 Hedged Equity Income ETF (SPYH). 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.

	VAMO	SPYH	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.66	+0.12
Sortino ratio: Return per unit of downside risk	2.60	2.28	+0.32
Omega ratio: Gain probability vs. loss probability	1.31	1.31	0.00
Calmar ratio: Return relative to maximum drawdown	3.59	2.29	+1.30
Martin ratio: Return relative to average drawdown	10.30	10.48	-0.18

VAMO vs. SPYH - Sharpe Ratio Comparison

The current VAMO Sharpe Ratio is 1.78, which is comparable to the SPYH Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of VAMO and SPYH, 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

VAMO vs. SPYH - Drawdown Comparison

The maximum VAMO drawdown since its inception was -41.84%, which is greater than SPYH's maximum drawdown of -7.22%. Use the drawdown chart below to compare losses from any high point for VAMO and SPYH.

Drawdown Indicators

	VAMO	SPYH	Difference
Max Drawdown Largest peak-to-trough decline	-41.84%	-7.22%	-34.62%
Max Drawdown (1Y) Largest decline over 1 year	-5.55%	-6.02%	+0.47%
Max Drawdown (3Y) Largest decline over 3 years	-11.61%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.25%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.84%	—	—
Current Drawdown Current decline from peak	-1.15%	-3.01%	+1.86%
Average Drawdown Average peak-to-trough decline	-9.93%	-0.76%	-9.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.93%	1.31%	+0.62%

Volatility

VAMO vs. SPYH - Volatility Comparison

The current volatility for Cambria Value and Momentum ETF (VAMO) is 2.71%, while NEOS S&P 500 Hedged Equity Income ETF (SPYH) has a volatility of 3.38%. This indicates that VAMO experiences smaller price fluctuations and is considered to be less risky than SPYH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VAMO	SPYH	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.71%	3.38%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	7.63%	6.47%	+1.16%
Volatility (1Y) Calculated over the trailing 1-year period	11.20%	8.31%	+2.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.18%	12.45%	+4.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.10%	12.45%	+5.65%

VAMO vs. SPYH - Expense Ratio Comparison

VAMO has a 0.65% expense ratio, which is lower than SPYH's 0.68% expense ratio.

Dividends

VAMO vs. SPYH - Dividend Comparison

VAMO's dividend yield for the trailing twelve months is around 0.62%, less than SPYH's 7.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYH NEOS S&P 500 Hedged Equity Income ETF	7.75%	5.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VAMO Cambria Value and Momentum ETF	0.62%	1.41%	0.84%	1.35%	1.10%	1.07%	1.03%	1.15%	1.03%	0.35%	0.56%	0.20%

Frequently Asked Questions

Can I hold both VAMO and SPYH in my portfolio?

VAMO and SPYH have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VAMO or SPYH?

SPYH has higher volatility (3.38%) compared to VAMO (2.71%). In terms of maximum drawdown, VAMO dropped -41.84% vs SPYH's -7.22%.

Which ETF is better, VAMO or SPYH?

On 1-year performance, VAMO leads with 19.83% vs 13.71% for SPYH. On fees, VAMO is cheaper at 0.65% per year. On volatility, VAMO has been the lower-risk option at 2.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VAMO or SPYH?

Over the 1-year period, VAMO has performed better with a 19.83% return vs 13.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VAMO or SPYH?

VAMO is cheaper with a 0.65% expense ratio, compared with 0.68% for SPYH.

Which ETF pays a higher dividend yield, VAMO or SPYH?

SPYH has the higher dividend yield at 7.75%, compared with 0.62% for VAMO.

What is the main difference between VAMO and SPYH?

VAMO is categorized as Momentum, while SPYH is Equity Hedged. They also come from different issuers: Cambria and NEOS. Their fees differ too: 0.65% for VAMO and 0.68% for SPYH.

Which has better risk-adjusted returns?

VAMO currently has the higher Sharpe Ratio (1.78 vs 1.66), 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.