WTPI vs. SPYI

Last updated Jun 23, 2026

WTPI (WisdomTree Equity Premium Income Fund) and SPYI (NEOS S&P 500 High Income ETF) are both Derivative Income funds. WTPI is passively managed, while SPYI is actively managed. Over the past 3 years, WTPI returned 13.18%/yr vs 15.66%/yr for SPYI. Their correlation of 0.87 suggests significant overlap in exposure. WTPI charges 0.44%/yr vs 0.68%/yr for SPYI.

Performance

WTPI vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Equity Premium Income Fund (WTPI) 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, WTPI achieves a 4.36% return, which is significantly lower than SPYI's 6.95% return.

WTPI

• 1D: -0.18%
• 1M: 0.45%
• YTD: 4.36%
• 6M: 3.64%
• 1Y: 18.38%
• 3Y*: 13.18%
• 5Y*: 9.62%
• 10Y*: 8.33%

SPYI

• 1D: -0.30%
• 1M: 0.07%
• YTD: 6.95%
• 6M: 6.74%
• 1Y: 21.49%
• 3Y*: 15.66%
• 5Y*: —
• 10Y*: —

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

WTPI vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
WTPI WisdomTree Equity Premium Income Fund	4.36%	14.45%	17.18%	15.53%	-3.73%
SPYI NEOS S&P 500 High Income ETF	6.95%	16.67%	19.03%	18.09%	-3.96%

Correlation

The correlation between WTPI and SPYI is 0.87, 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	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.87

The correlation between WTPI and SPYI has been stable across timeframes, ranging from 0.87 to 0.88 - a consistent structural relationship.

Return for Risk

WTPI vs. SPYI — Risk / Return Rank

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

WTPI

WTPI Risk / Return Rank: 63
WTPI Sharpe Ratio Rank: 62
WTPI Sortino Ratio Rank: 62
WTPI Omega Ratio Rank: 70
WTPI Calmar Ratio Rank: 54
WTPI Martin Ratio Rank: 68

SPYI

SPYI Risk / Return Rank: 68
SPYI Sharpe Ratio Rank: 67
SPYI Sortino Ratio Rank: 64
SPYI Omega Ratio Rank: 73
SPYI Calmar Ratio Rank: 58
SPYI Martin Ratio Rank: 76

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.

WTPI vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Equity Premium Income Fund (WTPI) 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.

	WTPI	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	2.00	2.11	-0.11
Sortino ratio: Return per unit of downside risk	2.79	2.86	-0.08
Omega ratio: Gain probability vs. loss probability	1.40	1.41	-0.01
Calmar ratio: Return relative to maximum drawdown	2.58	2.80	-0.21
Martin ratio: Return relative to average drawdown	12.19	14.03	-1.84

WTPI vs. SPYI - Sharpe Ratio Comparison

The current WTPI Sharpe Ratio is 2.00, which is comparable to the SPYI Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of WTPI 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

WTPI vs. SPYI - Drawdown Comparison

The maximum WTPI drawdown since its inception was -28.40%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for WTPI and SPYI.

Drawdown Indicators

	WTPI	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-28.40%	-16.47%	-11.93%
Max Drawdown (1Y) Largest decline over 1 year	-7.15%	-7.72%	+0.57%
Max Drawdown (3Y) Largest decline over 3 years	-15.26%	-16.47%	+1.21%
Max Drawdown (5Y) Largest decline over 5 years	-16.56%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-28.40%	—	—
Current Drawdown Current decline from peak	-0.39%	-1.21%	+0.82%
Average Drawdown Average peak-to-trough decline	-3.43%	-1.81%	-1.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.51%	1.54%	-0.03%

Volatility

WTPI vs. SPYI - Volatility Comparison

The current volatility for WisdomTree Equity Premium Income Fund (WTPI) is 3.19%, while NEOS S&P 500 High Income ETF (SPYI) has a volatility of 4.06%. This indicates that WTPI 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

	WTPI	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	4.06%	-0.87%
Volatility (6M) Calculated over the trailing 6-month period	7.55%	8.23%	-0.68%
Volatility (1Y) Calculated over the trailing 1-year period	9.27%	10.27%	-1.00%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.21%	13.01%	-0.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.26%	13.01%	+0.25%

WTPI vs. SPYI - Expense Ratio Comparison

WTPI has a 0.44% expense ratio, which is lower than SPYI's 0.68% expense ratio.

Dividends

WTPI vs. SPYI - Dividend Comparison

WTPI's dividend yield for the trailing twelve months is around 12.05%, less than SPYI's 12.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SPYI NEOS S&P 500 High Income ETF	12.85%	11.70%	12.04%	12.01%	4.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
WTPI WisdomTree Equity Premium Income Fund	12.05%	13.18%	11.99%	8.94%	3.27%	0.00%	1.43%	1.47%	6.46%	3.52%	2.27%

Frequently Asked Questions

Can I hold both WTPI and SPYI in my portfolio?

WTPI and SPYI have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WTPI or SPYI?

SPYI has higher volatility (4.06%) compared to WTPI (3.19%). In terms of maximum drawdown, WTPI dropped -28.40% vs SPYI's -16.47%.

Which ETF is better, WTPI or SPYI?

On 3-year performance, SPYI leads with 15.66% vs 13.18% for WTPI. On fees, WTPI is cheaper at 0.44% per year. On volatility, WTPI has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WTPI or SPYI?

Over the 3-year period, SPYI has performed better with a 15.66% return vs 13.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WTPI or SPYI?

WTPI is cheaper with a 0.44% expense ratio, compared with 0.68% for SPYI.

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

SPYI has the higher dividend yield at 12.85%, compared with 12.05% for WTPI.

What is the main difference between WTPI and SPYI?

They also come from different issuers: WisdomTree and Neos. Their fees differ too: 0.44% for WTPI and 0.68% for SPYI.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (2.11 vs 2.00), 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.