VUG vs. SPYI

Last updated Jun 6, 2026

VUG (Vanguard Growth ETF) and SPYI (NEOS S&P 500 High Income ETF) are both exchange-traded funds - VUG is a Large Cap Growth Equities fund tracking the CRSP US Large Cap Growth Index, while SPYI is a Derivative Income fund actively managed by Neos. VUG is passively managed, while SPYI is actively managed. Over the past 3 years, VUG returned 24.49%/yr vs 15.61%/yr for SPYI. Their correlation of 0.91 suggests significant overlap in exposure. VUG charges 0.03%/yr vs 0.68%/yr for SPYI.

Performance

VUG vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Growth ETF (VUG) and NEOS S&P 500 High Income ETF (SPYI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with VUG having a 5.80% return and SPYI slightly lower at 5.65%.

VUG

• 1D: -3.62%
• 1M: 0.03%
• YTD: 5.80%
• 6M: 4.57%
• 1Y: 23.98%
• 3Y*: 24.49%
• 5Y*: 14.33%
• 10Y*: 17.81%

SPYI

• 1D: -2.24%
• 1M: 0.20%
• YTD: 5.65%
• 6M: 5.99%
• 1Y: 20.87%
• 3Y*: 15.61%
• 5Y*: —
• 10Y*: —

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

VUG vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
VUG Vanguard Growth ETF	5.80%	19.40%	32.69%	46.83%	-11.26%
SPYI NEOS S&P 500 High Income ETF	5.65%	16.67%	19.03%	18.09%	-2.44%

Correlation

The correlation between VUG and SPYI is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022	0.91

The correlation between VUG and SPYI has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

VUG vs. SPYI - Sectors Allocation Comparison

Sectors	VUG	SPYI
Technology	53.5%	35.5%
Communication Services	17.3%	11.2%
Consumer Cyclical	12.2%	10.1%
Healthcare	4.6%	8.5%
Financial Services	4.3%	11.8%
Industrials	3.6%	8.4%
Consumer Defensive	1.5%	4.9%
Real Estate	1.0%	2.0%
Utilities	0.9%	2.3%
Basic Materials	0.6%	1.8%
Energy	0.4%	3.5%

Return for Risk

VUG vs. SPYI — Risk / Return Rank

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

VUG

VUG Risk / Return Rank: 38
VUG Sharpe Ratio Rank: 43
VUG Sortino Ratio Rank: 40
VUG Omega Ratio Rank: 41
VUG Calmar Ratio Rank: 30
VUG Martin Ratio Rank: 34

SPYI

SPYI Risk / Return Rank: 66
SPYI Sharpe Ratio Rank: 65
SPYI Sortino Ratio Rank: 62
SPYI Omega Ratio Rank: 72
SPYI Calmar Ratio Rank: 56
SPYI Martin Ratio Rank: 75

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.

VUG vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Growth ETF (VUG) 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.

	VUG	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	1.48	2.12	-0.64
Sortino ratio: Return per unit of downside risk	2.01	2.86	-0.85
Omega ratio: Gain probability vs. loss probability	1.26	1.42	-0.15
Calmar ratio: Return relative to maximum drawdown	1.46	2.72	-1.26
Martin ratio: Return relative to average drawdown	5.09	14.08	-8.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VUG vs. SPYI - Sharpe Ratio Comparison

The current VUG Sharpe Ratio is 1.48, which is lower than the SPYI Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of VUG 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.

Sharpe Ratios by Period

	VUG	SPYI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.48	2.12	-0.64
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.83	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	1.16	-0.55

Drawdowns

VUG vs. SPYI - Drawdown Comparison

The maximum VUG drawdown since its inception was -50.68%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for VUG and SPYI.

Drawdown Indicators

	VUG	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-50.68%	-16.47%	-34.21%
Max Drawdown (1Y) Largest decline over 1 year	-16.53%	-7.72%	-8.81%
Max Drawdown (3Y) Largest decline over 3 years	-22.85%	-16.47%	-6.38%
Max Drawdown (5Y) Largest decline over 5 years	-35.61%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.61%	—	—
Current Drawdown Current decline from peak	-4.83%	-2.40%	-2.43%
Average Drawdown Average peak-to-trough decline	-7.09%	-1.80%	-5.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.72%	1.49%	+3.23%

Volatility

VUG vs. SPYI - Volatility Comparison

Vanguard Growth ETF (VUG) has a higher volatility of 5.17% compared to NEOS S&P 500 High Income ETF (SPYI) at 2.86%. This indicates that VUG'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.

Volatility by Period

	VUG	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.17%	2.86%	+2.31%
Volatility (6M) Calculated over the trailing 6-month period	12.68%	7.77%	+4.91%
Volatility (1Y) Calculated over the trailing 1-year period	16.26%	9.90%	+6.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.27%	12.96%	+9.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.47%	12.96%	+8.51%

VUG vs. SPYI - Expense Ratio Comparison

VUG has a 0.03% expense ratio, which is lower than SPYI's 0.68% expense ratio.

Dividends

VUG vs. SPYI - Dividend Comparison

VUG's dividend yield for the trailing twelve months is around 0.39%, less than SPYI's 11.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%
VUG Vanguard Growth ETF	0.39%	0.41%	0.47%	0.58%	0.70%	0.48%	0.66%	0.95%	1.32%	1.14%	1.39%	1.30%

Frequently Asked Questions

Can I hold both VUG and SPYI in my portfolio?

With a correlation of 0.92, VUG and SPYI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, VUG or SPYI?

VUG has higher volatility (5.17%) compared to SPYI (2.86%). In terms of maximum drawdown, VUG dropped -50.68% vs SPYI's -16.47%.

Which ETF is better, VUG or SPYI?

On 3-year performance, VUG leads with 24.49% vs 15.61% for SPYI. On fees, VUG is cheaper at 0.03% per year. On volatility, SPYI has been the lower-risk option at 2.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VUG or SPYI?

Over the 3-year period, VUG has performed better with a 24.49% return vs 15.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VUG or SPYI?

VUG is cheaper with a 0.03% expense ratio, compared with 0.68% for SPYI.

Which ETF pays a higher dividend yield, VUG or SPYI?

SPYI has the higher dividend yield at 11.87%, compared with 0.39% for VUG.

What is the main difference between VUG and SPYI?

VUG is categorized as Large Cap Growth Equities, while SPYI is Derivative Income. They also come from different issuers: Vanguard and Neos. Their fees differ too: 0.03% for VUG and 0.68% for SPYI.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (2.12 vs 1.48), 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.