XLRE vs. SPYI

Last updated Jun 14, 2026

XLRE (Real Estate Select Sector SPDR Fund) and SPYI (NEOS S&P 500 High Income ETF) are both exchange-traded funds - XLRE is a REIT fund tracking the Real Estate Select Sector Index, while SPYI is a Derivative Income fund actively managed by Neos. XLRE is passively managed, while SPYI is actively managed. Over the past 3 years, XLRE returned 10.41%/yr vs 15.48%/yr for SPYI. A 0.50 correlation means they provide meaningful diversification when combined. XLRE charges 0.13%/yr vs 0.68%/yr for SPYI.

Performance

XLRE vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Real Estate Select Sector SPDR Fund (XLRE) 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, XLRE achieves a 13.17% return, which is significantly higher than SPYI's 6.31% return.

XLRE

• 1D: 0.98%
• 1M: 4.93%
• YTD: 13.17%
• 6M: 13.29%
• 1Y: 12.05%
• 3Y*: 10.41%
• 5Y*: 3.32%
• 10Y*: 7.15%

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)

XLRE vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XLRE Real Estate Select Sector SPDR Fund	13.17%	2.63%	5.09%	12.36%	-11.55%
SPYI NEOS S&P 500 High Income ETF	6.31%	16.67%	19.03%	18.09%	-3.96%

Correlation

The correlation between XLRE and SPYI is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.50

Over the past year, the correlation between XLRE and SPYI has dropped to 0.28 - well below their long-term average of 0.50, suggesting their price drivers have been diverging.

Return for Risk

XLRE vs. SPYI — Risk / Return Rank

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

XLRE

XLRE Risk / Return Rank: 27
XLRE Sharpe Ratio Rank: 26
XLRE Sortino Ratio Rank: 24
XLRE Omega Ratio Rank: 24
XLRE Calmar Ratio Rank: 31
XLRE Martin Ratio Rank: 29

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.

XLRE vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Real Estate Select Sector SPDR Fund (XLRE) 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.

	XLRE	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	0.81	1.98	-1.17
Sortino ratio: Return per unit of downside risk	1.18	2.68	-1.51
Omega ratio: Gain probability vs. loss probability	1.15	1.39	-0.24
Calmar ratio: Return relative to maximum drawdown	1.34	2.59	-1.25
Martin ratio: Return relative to average drawdown	3.69	13.05	-9.35

XLRE vs. SPYI - Sharpe Ratio Comparison

The current XLRE Sharpe Ratio is 0.81, which is lower than the SPYI Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of XLRE 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

XLRE vs. SPYI - Drawdown Comparison

The maximum XLRE drawdown since its inception was -38.83%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for XLRE and SPYI.

Drawdown Indicators

	XLRE	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-38.83%	-16.47%	-22.36%
Max Drawdown (1Y) Largest decline over 1 year	-8.33%	-7.72%	-0.61%
Max Drawdown (3Y) Largest decline over 3 years	-16.74%	-16.47%	-0.27%
Max Drawdown (5Y) Largest decline over 5 years	-34.12%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.83%	—	—
Current Drawdown Current decline from peak	0.00%	-1.79%	+1.79%
Average Drawdown Average peak-to-trough decline	-9.58%	-1.81%	-7.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.03%	1.53%	+1.50%

Volatility

XLRE vs. SPYI - Volatility Comparison

Real Estate Select Sector SPDR Fund (XLRE) has a higher volatility of 4.81% compared to NEOS S&P 500 High Income ETF (SPYI) at 3.62%. This indicates that XLRE'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

	XLRE	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.81%	3.62%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	10.20%	8.07%	+2.13%
Volatility (1Y) Calculated over the trailing 1-year period	13.83%	10.10%	+3.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.10%	12.99%	+6.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.42%	12.99%	+7.43%

XLRE vs. SPYI - Expense Ratio Comparison

XLRE has a 0.13% expense ratio, which is lower than SPYI's 0.68% expense ratio.

Dividends

XLRE vs. SPYI - Dividend Comparison

XLRE's dividend yield for the trailing twelve months is around 3.08%, 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%
XLRE Real Estate Select Sector SPDR Fund	3.08%	3.45%	3.43%	3.31%	3.70%	2.61%	3.15%	3.06%	3.78%	3.25%	4.22%	1.09%

Frequently Asked Questions

Can I hold both XLRE and SPYI in my portfolio?

XLRE and SPYI have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XLRE or SPYI?

XLRE has higher volatility (4.81%) compared to SPYI (3.62%). In terms of maximum drawdown, XLRE dropped -38.83% vs SPYI's -16.47%.

Which ETF is better, XLRE or SPYI?

On 3-year performance, SPYI leads with 15.48% vs 10.41% for XLRE. On fees, XLRE is cheaper at 0.13% 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, XLRE or SPYI?

Over the 3-year period, SPYI has performed better with a 15.48% return vs 10.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XLRE or SPYI?

XLRE is cheaper with a 0.13% expense ratio, compared with 0.68% for SPYI.

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

SPYI has the higher dividend yield at 11.80%, compared with 3.08% for XLRE.

What is the main difference between XLRE and SPYI?

XLRE is categorized as REIT, while SPYI is Derivative Income. They also come from different issuers: State Street and Neos. Their fees differ too: 0.13% for XLRE and 0.68% for SPYI.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (1.98 vs 0.81), 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.