VUSB vs. SPYI

Last updated Jun 14, 2026

VUSB (Vanguard Ultra-Short Bond ETF) and SPYI (NEOS S&P 500 High Income ETF) are both exchange-traded funds - VUSB is a Ultrashort Bond fund actively managed by Vanguard, while SPYI is a Derivative Income fund actively managed by Neos. Both are actively managed. Over the past 3 years, VUSB returned 5.40%/yr vs 15.48%/yr for SPYI. At a 0.14 correlation, their price movements are largely independent. VUSB charges 0.10%/yr vs 0.68%/yr for SPYI.

Performance

VUSB vs. SPYI - Performance Comparison

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

Returns By Period

In the year-to-date period, VUSB achieves a 1.48% return, which is significantly lower than SPYI's 6.31% return.

VUSB

• 1D: 0.00%
• 1M: 0.34%
• YTD: 1.48%
• 6M: 1.78%
• 1Y: 4.47%
• 3Y*: 5.40%
• 5Y*: 3.45%
• 10Y*: —

SPYI

• 1D: 0.53%
• 1M: 0.20%
• YTD: 6.31%
• 6M: 6.98%
• 1Y: 20.84%
• 3Y*: 15.48%
• 5Y*: —
• 10Y*: —

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

VUSB vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
VUSB Vanguard Ultra-Short Bond ETF	1.48%	5.20%	5.68%	5.52%	0.56%
SPYI NEOS S&P 500 High Income ETF	6.31%	16.67%	19.03%	18.09%	-3.96%

Correlation

The correlation between VUSB and SPYI is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.14

Return for Risk

VUSB vs. SPYI — Risk / Return Rank

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

VUSB

VUSB Risk / Return Rank: 99
VUSB Sharpe Ratio Rank: 99
VUSB Sortino Ratio Rank: 99
VUSB Omega Ratio Rank: 99
VUSB Calmar Ratio Rank: 98
VUSB Martin Ratio Rank: 98

SPYI

SPYI Risk / Return Rank: 71
SPYI Sharpe Ratio Rank: 71
SPYI Sortino Ratio Rank: 69
SPYI Omega Ratio Rank: 76
SPYI Calmar Ratio Rank: 60
SPYI Martin Ratio Rank: 78

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.

VUSB vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Ultra-Short Bond ETF (VUSB) 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.

	VUSB	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	6.91	1.98	+4.93
Sortino ratio: Return per unit of downside risk	12.46	2.68	+9.78
Omega ratio: Gain probability vs. loss probability	3.34	1.39	+1.95
Calmar ratio: Return relative to maximum drawdown	12.12	2.59	+9.53
Martin ratio: Return relative to average drawdown	69.82	13.05	+56.78

VUSB vs. SPYI - Sharpe Ratio Comparison

The current VUSB Sharpe Ratio is 6.91, which is higher than the SPYI Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of VUSB 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

VUSB vs. SPYI - Drawdown Comparison

The maximum VUSB drawdown since its inception was -1.79%, smaller than the maximum SPYI drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for VUSB and SPYI.

Drawdown Indicators

	VUSB	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-1.79%	-16.47%	+14.68%
Max Drawdown (1Y) Largest decline over 1 year	-0.37%	-7.72%	+7.35%
Max Drawdown (3Y) Largest decline over 3 years	-0.46%	-16.47%	+16.01%
Max Drawdown (5Y) Largest decline over 5 years	-1.79%	—	—
Current Drawdown Current decline from peak	0.00%	-1.79%	+1.79%
Average Drawdown Average peak-to-trough decline	-0.27%	-1.81%	+1.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.06%	1.53%	-1.47%

Volatility

VUSB vs. SPYI - Volatility Comparison

The current volatility for Vanguard Ultra-Short Bond ETF (VUSB) is 0.19%, while NEOS S&P 500 High Income ETF (SPYI) has a volatility of 3.62%. This indicates that VUSB 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

	VUSB	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.19%	3.62%	-3.43%
Volatility (6M) Calculated over the trailing 6-month period	0.53%	8.07%	-7.54%
Volatility (1Y) Calculated over the trailing 1-year period	0.65%	10.10%	-9.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.83%	12.99%	-12.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.82%	12.99%	-12.17%

VUSB vs. SPYI - Expense Ratio Comparison

VUSB has a 0.10% expense ratio, which is lower than SPYI's 0.68% expense ratio.

Dividends

VUSB vs. SPYI - Dividend Comparison

VUSB's dividend yield for the trailing twelve months is around 4.39%, less than SPYI's 11.80% yield.

Position	TTM	2025	2024	2023	2022	2021
SPYI NEOS S&P 500 High Income ETF	11.80%	11.70%	12.04%	12.01%	4.10%	0.00%
VUSB Vanguard Ultra-Short Bond ETF	4.39%	4.63%	5.16%	4.45%	1.56%	0.26%

Frequently Asked Questions

Can I hold both VUSB and SPYI in my portfolio?

VUSB and SPYI have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VUSB or SPYI?

SPYI has higher volatility (3.62%) compared to VUSB (0.19%). In terms of maximum drawdown, VUSB dropped -1.79% vs SPYI's -16.47%.

Which ETF is better, VUSB or SPYI?

On 3-year performance, SPYI leads with 15.48% vs 5.40% for VUSB. On fees, VUSB is cheaper at 0.10% per year. On volatility, VUSB has been the lower-risk option at 0.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VUSB or SPYI?

Over the 3-year period, SPYI has performed better with a 15.48% return vs 5.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VUSB or SPYI?

VUSB is cheaper with a 0.10% expense ratio, compared with 0.68% for SPYI.

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

SPYI has the higher dividend yield at 11.80%, compared with 4.39% for VUSB.

What is the main difference between VUSB and SPYI?

VUSB is categorized as Ultrashort Bond, while SPYI is Derivative Income. They also come from different issuers: Vanguard and Neos. Their fees differ too: 0.10% for VUSB and 0.68% for SPYI.

Which has better risk-adjusted returns?

VUSB currently has the higher Sharpe Ratio (6.91 vs 1.98), 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.