XLE vs. SPYI

Last updated Jun 14, 2026

XLE (State Street Energy Select Sector SPDR ETF) and SPYI (NEOS S&P 500 High Income ETF) are both exchange-traded funds - XLE is a Energy Equities fund tracking the Energy Select Sector Index, while SPYI is a Derivative Income fund actively managed by Neos. XLE is passively managed, while SPYI is actively managed. Over the past 3 years, XLE returned 16.18%/yr vs 15.48%/yr for SPYI. At a 0.26 correlation, their price movements are largely independent. XLE charges 0.08%/yr vs 0.68%/yr for SPYI.

Performance

XLE vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Energy Select Sector SPDR ETF (XLE) 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, XLE achieves a 29.56% return, which is significantly higher than SPYI's 6.31% return.

XLE

• 1D: 0.75%
• 1M: -0.90%
• YTD: 29.56%
• 6M: 28.37%
• 1Y: 34.84%
• 3Y*: 16.18%
• 5Y*: 20.12%
• 10Y*: 9.91%

SPYI

• 1D: 0.53%
• 1M: -0.52%
• YTD: 6.31%
• 6M: 6.98%
• 1Y: 20.84%
• 3Y*: 15.48%
• 5Y*: —
• 10Y*: —

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

XLE vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XLE State Street Energy Select Sector SPDR ETF	29.56%	7.88%	5.56%	-0.63%	6.24%
SPYI NEOS S&P 500 High Income ETF	6.31%	16.67%	19.03%	18.09%	-3.96%

Correlation

The correlation between XLE and SPYI is -0.09, 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	-0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.17
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.26

The correlation between XLE and SPYI shifts across timeframes, from -0.09 (1 year) to 0.26 (all time), reflecting how their relationship changes across market environments.

XLE vs. SPYI - Sectors Allocation Comparison

Sectors	XLE	SPYI
Energy	100.0%	3.1%
Basic Materials	-	1.7%
Communication Services	-	10.7%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.5%
Financial Services	-	11.1%
Healthcare	-	8.3%
Industrials	-	7.8%
Real Estate	-	1.8%
Technology	-	39.1%
Utilities	-	2.1%

Return for Risk

XLE vs. SPYI — Risk / Return Rank

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

XLE

XLE Risk / Return Rank: 61
XLE Sharpe Ratio Rank: 64
XLE Sortino Ratio Rank: 58
XLE Omega Ratio Rank: 54
XLE Calmar Ratio Rank: 71
XLE Martin Ratio Rank: 56

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.

XLE vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Energy Select Sector SPDR ETF (XLE) 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.

	XLE	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	1.82	1.98	-0.16
Sortino ratio: Return per unit of downside risk	2.40	2.68	-0.28
Omega ratio: Gain probability vs. loss probability	1.30	1.39	-0.09
Calmar ratio: Return relative to maximum drawdown	3.10	2.59	+0.51
Martin ratio: Return relative to average drawdown	8.63	13.05	-4.41

XLE vs. SPYI - Sharpe Ratio Comparison

The current XLE Sharpe Ratio is 1.82, which is comparable to the SPYI Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of XLE 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

XLE vs. SPYI - Drawdown Comparison

The maximum XLE drawdown since its inception was -71.26%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for XLE and SPYI.

Drawdown Indicators

	XLE	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-71.26%	-16.47%	-54.79%
Max Drawdown (1Y) Largest decline over 1 year	-12.05%	-7.72%	-4.33%
Max Drawdown (3Y) Largest decline over 3 years	-20.14%	-16.47%	-3.67%
Max Drawdown (5Y) Largest decline over 5 years	-26.04%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-66.81%	—	—
Current Drawdown Current decline from peak	-8.01%	-1.79%	-6.22%
Average Drawdown Average peak-to-trough decline	-17.97%	-1.81%	-16.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.32%	1.53%	+2.79%

Volatility

XLE vs. SPYI - Volatility Comparison

State Street Energy Select Sector SPDR ETF (XLE) has a higher volatility of 7.26% compared to NEOS S&P 500 High Income ETF (SPYI) at 3.62%. This indicates that XLE'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

	XLE	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.26%	3.62%	+3.64%
Volatility (6M) Calculated over the trailing 6-month period	16.79%	8.07%	+8.72%
Volatility (1Y) Calculated over the trailing 1-year period	20.57%	10.10%	+10.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.05%	12.99%	+13.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.58%	12.99%	+16.59%

XLE vs. SPYI - Expense Ratio Comparison

XLE has a 0.08% expense ratio, which is lower than SPYI's 0.68% expense ratio.

Dividends

XLE vs. SPYI - Dividend Comparison

XLE's dividend yield for the trailing twelve months is around 2.59%, less than SPYI's 11.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYI NEOS S&P 500 High Income ETF	11.80%	11.70%	12.04%	12.01%	4.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XLE State Street Energy Select Sector SPDR ETF	2.59%	3.28%	3.36%	3.55%	3.68%	4.21%	5.62%	6.72%	3.54%	3.03%	2.26%	3.39%

Frequently Asked Questions

Can I hold both XLE and SPYI in my portfolio?

XLE and SPYI have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XLE or SPYI?

XLE has higher volatility (7.26%) compared to SPYI (3.62%). In terms of maximum drawdown, XLE dropped -71.26% vs SPYI's -16.47%.

Which ETF is better, XLE or SPYI?

On 3-year performance, XLE leads with 16.18% vs 15.48% for SPYI. On fees, XLE is cheaper at 0.08% per year. On volatility, SPYI has been the lower-risk option at 3.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XLE or SPYI?

Over the 3-year period, XLE has performed better with a 16.18% return vs 15.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLE or SPYI?

XLE is cheaper with a 0.08% expense ratio, compared with 0.68% for SPYI.

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

SPYI has the higher dividend yield at 11.80%, compared with 2.59% for XLE.

What is the main difference between XLE and SPYI?

XLE is categorized as Energy Equities, while SPYI is Derivative Income. They also come from different issuers: State Street and Neos. Their fees differ too: 0.08% for XLE and 0.68% for SPYI.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (1.98 vs 1.82), 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.