VYM vs. SPYI

Last updated Jun 6, 2026

VYM (Vanguard High Dividend Yield ETF) and SPYI (NEOS S&P 500 High Income ETF) are both exchange-traded funds - VYM is a Dividend fund tracking the FTSE High Dividend Yield Index, while SPYI is a Derivative Income fund actively managed by Neos. VYM is passively managed, while SPYI is actively managed. Over the past 3 years, VYM returned 18.37%/yr vs 15.61%/yr for SPYI. A 0.74 correlation means they provide meaningful diversification when combined. VYM charges 0.04%/yr vs 0.68%/yr for SPYI.

Performance

VYM vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard High Dividend Yield ETF (VYM) 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, VYM achieves a 10.90% return, which is significantly higher than SPYI's 5.65% return.

VYM

• 1D: -1.35%
• 1M: 0.82%
• YTD: 10.90%
• 6M: 10.34%
• 1Y: 25.21%
• 3Y*: 18.37%
• 5Y*: 11.16%
• 10Y*: 11.65%

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)

VYM vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
VYM Vanguard High Dividend Yield ETF	10.90%	15.42%	17.60%	6.57%	5.19%
SPYI NEOS S&P 500 High Income ETF	5.65%	16.67%	19.03%	18.09%	-2.44%

Correlation

The correlation between VYM and SPYI is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022	0.74

The correlation between VYM and SPYI has been stable across timeframes, ranging from 0.70 to 0.74 - a consistent structural relationship.

VYM vs. SPYI - Sectors Allocation Comparison

Sectors	VYM	SPYI
Financial Services	20.5%	11.8%
Technology	17.7%	35.5%
Healthcare	12.2%	8.5%
Industrials	12.1%	8.4%
Energy	9.8%	3.5%
Consumer Defensive	8.1%	4.9%
Consumer Cyclical	6.7%	10.1%
Utilities	5.7%	2.3%
Communication Services	3.5%	11.2%
Basic Materials	3.5%	1.8%
Real Estate	0.0%	2.0%

Return for Risk

VYM vs. SPYI — Risk / Return Rank

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

VYM

VYM Risk / Return Rank: 77
VYM Sharpe Ratio Rank: 77
VYM Sortino Ratio Rank: 79
VYM Omega Ratio Rank: 76
VYM Calmar Ratio Rank: 76
VYM Martin Ratio Rank: 76

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.

VYM vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard High Dividend Yield ETF (VYM) 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.

	VYM	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	2.45	2.12	+0.33
Sortino ratio: Return per unit of downside risk	3.47	2.86	+0.61
Omega ratio: Gain probability vs. loss probability	1.44	1.42	+0.03
Calmar ratio: Return relative to maximum drawdown	3.78	2.72	+1.07
Martin ratio: Return relative to average drawdown	14.19	14.08	+0.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VYM vs. SPYI - Sharpe Ratio Comparison

The current VYM Sharpe Ratio is 2.45, which is comparable to the SPYI Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of VYM 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

	VYM	SPYI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	2.12	+0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.72	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.51	1.16	-0.66

Drawdowns

VYM vs. SPYI - Drawdown Comparison

The maximum VYM drawdown since its inception was -56.98%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for VYM and SPYI.

Drawdown Indicators

	VYM	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-56.98%	-16.47%	-40.51%
Max Drawdown (1Y) Largest decline over 1 year	-6.69%	-7.72%	+1.03%
Max Drawdown (3Y) Largest decline over 3 years	-14.46%	-16.47%	+2.01%
Max Drawdown (5Y) Largest decline over 5 years	-15.84%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-35.21%	—	—
Current Drawdown Current decline from peak	-1.82%	-2.40%	+0.58%
Average Drawdown Average peak-to-trough decline	-7.19%	-1.80%	-5.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.78%	1.49%	+0.29%

Volatility

VYM vs. SPYI - Volatility Comparison

Vanguard High Dividend Yield ETF (VYM) has a higher volatility of 3.08% compared to NEOS S&P 500 High Income ETF (SPYI) at 2.86%. This indicates that VYM'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

	VYM	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.08%	2.86%	+0.22%
Volatility (6M) Calculated over the trailing 6-month period	7.73%	7.77%	-0.04%
Volatility (1Y) Calculated over the trailing 1-year period	10.35%	9.90%	+0.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.97%	12.96%	+1.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.34%	12.96%	+3.38%

VYM vs. SPYI - Expense Ratio Comparison

VYM has a 0.04% expense ratio, which is lower than SPYI's 0.68% expense ratio.

Dividends

VYM vs. SPYI - Dividend Comparison

VYM's dividend yield for the trailing twelve months is around 2.22%, 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%
VYM Vanguard High Dividend Yield ETF	2.22%	2.44%	2.74%	3.12%	3.01%	2.76%	3.18%	3.03%	3.40%	2.80%	2.91%	3.22%

Frequently Asked Questions

Can I hold both VYM and SPYI in my portfolio?

VYM and SPYI have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VYM or SPYI?

VYM has higher volatility (3.08%) compared to SPYI (2.86%). In terms of maximum drawdown, VYM dropped -56.98% vs SPYI's -16.47%.

Which ETF is better, VYM or SPYI?

On 3-year performance, VYM leads with 18.37% vs 15.61% for SPYI. On fees, VYM is cheaper at 0.04% 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, VYM or SPYI?

Over the 3-year period, VYM has performed better with a 18.37% return vs 15.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VYM or SPYI?

VYM is cheaper with a 0.04% expense ratio, compared with 0.68% for SPYI.

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

SPYI has the higher dividend yield at 11.87%, compared with 2.22% for VYM.

What is the main difference between VYM and SPYI?

VYM is categorized as Dividend, while SPYI is Derivative Income. They also come from different issuers: Vanguard and Neos. Their fees differ too: 0.04% for VYM and 0.68% for SPYI.

Which has better risk-adjusted returns?

VYM currently has the higher Sharpe Ratio (2.45 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.