VTIP vs. SPYI
VTIP (Vanguard Short-Term Inflation-Protected Securities ETF) and SPYI (NEOS S&P 500 High Income ETF) are both exchange-traded funds - VTIP is a Inflation-Protected Bonds fund tracking the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index, while SPYI is a Derivative Income fund actively managed by Neos. VTIP is passively managed, while SPYI is actively managed. Over the past 3 years, VTIP returned 5.13%/yr vs 15.61%/yr for SPYI. At a 0.12 correlation, their price movements are largely independent. VTIP charges 0.03%/yr vs 0.68%/yr for SPYI.
Performance
VTIP vs. SPYI - Performance Comparison
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Returns By Period
In the year-to-date period, VTIP achieves a 1.76% return, which is significantly lower than SPYI's 5.65% return.
VTIP
- 1D
- -0.20%
- 1M
- -0.04%
- YTD
- 1.76%
- 6M
- 1.81%
- 1Y
- 4.45%
- 3Y*
- 5.13%
- 5Y*
- 3.31%
- 10Y*
- 3.09%
SPYI
- 1D
- -2.24%
- 1M
- 0.20%
- YTD
- 5.65%
- 6M
- 5.99%
- 1Y
- 20.87%
- 3Y*
- 15.61%
- 5Y*
- —
- 10Y*
- —
VTIP vs. SPYI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 1.76% | 6.07% | 4.74% | 4.62% | -2.15% |
SPYI NEOS S&P 500 High Income ETF | 5.65% | 16.67% | 19.03% | 18.09% | -2.44% |
Correlation
The correlation between VTIP and SPYI is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022 | 0.12 |
The correlation between VTIP and SPYI shifts across timeframes, from -0.03 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VTIP vs. SPYI — Risk / Return Rank
VTIP
SPYI
VTIP vs. SPYI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) 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.
| VTIP | SPYI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.85 | ||
| Sortino ratioReturn per unit of downside risk | +2.13 | ||
| Omega ratioGain probability vs. loss probability | 1.62 | 1.42 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 6.39 | 2.72 | +3.67 |
| Martin ratioReturn relative to average drawdown | 25.19 | 14.08 | +11.11 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| VTIP | SPYI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.96 | 2.12 | +0.85 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.20 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.13 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.89 | 1.16 | -0.28 |
Drawdowns
VTIP vs. SPYI - Drawdown Comparison
The maximum VTIP drawdown since its inception was -6.27%, smaller than the maximum SPYI drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for VTIP and SPYI.
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Drawdown Indicators
| VTIP | SPYI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.27% | -16.47% | +10.20% |
Max Drawdown (1Y)Largest decline over 1 year | -0.70% | -7.72% | +7.02% |
Max Drawdown (3Y)Largest decline over 3 years | -0.98% | -16.47% | +15.49% |
Max Drawdown (5Y)Largest decline over 5 years | -5.50% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -6.27% | — | — |
Current DrawdownCurrent decline from peak | -0.30% | -2.40% | +2.10% |
Average DrawdownAverage peak-to-trough decline | -1.04% | -1.80% | +0.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.18% | 1.49% | -1.31% |
Volatility
VTIP vs. SPYI - Volatility Comparison
The current volatility for Vanguard Short-Term Inflation-Protected Securities ETF (VTIP) is 0.46%, while NEOS S&P 500 High Income ETF (SPYI) has a volatility of 2.86%. This indicates that VTIP 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
| VTIP | SPYI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.46% | 2.86% | -2.40% |
Volatility (6M)Calculated over the trailing 6-month period | 1.05% | 7.77% | -6.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 1.51% | 9.90% | -8.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 2.77% | 12.96% | -10.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 2.74% | 12.96% | -10.22% |
VTIP vs. SPYI - Expense Ratio Comparison
VTIP has a 0.03% expense ratio, which is lower than SPYI's 0.68% expense ratio.
Dividends
VTIP vs. SPYI - Dividend Comparison
VTIP's dividend yield for the trailing twelve months is around 3.59%, less than SPYI's 11.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
SPYI NEOS S&P 500 High Income ETF | 11.87% | 11.70% | 12.04% | 12.01% | 4.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
VTIP Vanguard Short-Term Inflation-Protected Securities ETF | 3.59% | 3.81% | 2.70% | 2.86% | 6.84% | 4.68% | 1.20% | 1.95% | 2.45% | 1.52% | 0.76% |
Frequently Asked Questions
VTIP and SPYI have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPYI has higher volatility (2.86%) compared to VTIP (0.46%). In terms of maximum drawdown, VTIP dropped -6.27% vs SPYI's -16.47%.
On 3-year performance, SPYI leads with 15.61% vs 5.13% for VTIP. On fees, VTIP is cheaper at 0.03% per year. On volatility, VTIP has been the lower-risk option at 0.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPYI has performed better with a 15.61% return vs 5.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTIP is cheaper with a 0.03% expense ratio, compared with 0.68% for SPYI.
SPYI has the higher dividend yield at 11.87%, compared with 3.59% for VTIP.
VTIP is categorized as Inflation-Protected Bonds, while SPYI is Derivative Income. They also come from different issuers: Vanguard and Neos. Their fees differ too: 0.03% for VTIP and 0.68% for SPYI.
VTIP currently has the higher Sharpe Ratio (2.96 vs 2.12), 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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