XSPI vs. SPY

Last updated Jun 3, 2026

XSPI (NEOS Boosted S&P 500 High Income ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - XSPI is a Derivative Income fund tracking the S&P 500, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. With a 0.97 correlation, they move nearly in lockstep. XSPI charges 0.98%/yr vs 0.09%/yr for SPY.

Performance

XSPI vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Boosted S&P 500 High Income ETF (XSPI) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

XSPI

• 1D: 0.22%
• 1M: 5.49%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

XSPI vs. SPY - Yearly Performance Comparison

	2026 (YTD)
XSPI NEOS Boosted S&P 500 High Income ETF	9.19%
SPY State Street SPDR S&P 500 ETF	9.68%

Correlation

The correlation between XSPI and SPY is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 4, 2026	0.97

Return for Risk

XSPI vs. SPY — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY 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.

XSPI vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Boosted S&P 500 High Income ETF (XSPI) and State Street SPDR S&P 500 ETF (SPY). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	XSPI	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.38	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.77	0.59	+1.18

Drawdowns

XSPI vs. SPY - Drawdown Comparison

The maximum XSPI drawdown since its inception was -11.59%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for XSPI and SPY.

Drawdown Indicators

	XSPI	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-11.59%	-55.19%	+43.60%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.88%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	0.00%	-0.70%	+0.70%
Average Drawdown Average peak-to-trough decline	-2.24%	-9.05%	+6.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.91%	—

Volatility

Volatility by Period

	XSPI	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.84%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.90%	—
Volatility (1Y) Calculated over the trailing 1-year period	17.66%	11.83%	+5.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.66%	17.05%	+0.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.66%	17.94%	-0.28%

XSPI vs. SPY - Expense Ratio Comparison

XSPI has a 0.98% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

XSPI vs. SPY - Dividend Comparison

XSPI's dividend yield for the trailing twelve months is around 5.28%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
XSPI NEOS Boosted S&P 500 High Income ETF	5.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XSPI and SPY in my portfolio?

With a correlation of 0.97, XSPI and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which ETF is better, XSPI or SPY?

On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XSPI or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.98% for XSPI.

Which ETF pays a higher dividend yield, XSPI or SPY?

XSPI has the higher dividend yield at 5.28%, compared with 0.98% for SPY.

What is the main difference between XSPI and SPY?

XSPI is categorized as Derivative Income, while SPY is S&P 500. XSPI tracks S&P 500, while SPY tracks S&P 500 Index. They also come from different issuers: NEOS Investments and State Street. Their fees differ too: 0.98% for XSPI and 0.09% for SPY.