XSPI vs. SPYH

Last updated Jun 4, 2026

XSPI (NEOS Boosted S&P 500 High Income ETF) and SPYH (NEOS S&P 500 Hedged Equity Income ETF) are both exchange-traded funds - XSPI is a Derivative Income fund tracking the S&P 500, while SPYH is a Equity Hedged fund actively managed by NEOS. XSPI is passively managed, while SPYH is actively managed. With a 0.98 correlation, they move nearly in lockstep. XSPI charges 0.98%/yr vs 0.68%/yr for SPYH.

Performance

XSPI vs. SPYH - 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 NEOS S&P 500 Hedged Equity Income ETF (SPYH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

XSPI

• 1D: -0.89%
• 1M: 5.09%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPYH

• 1D: -0.39%
• 1M: 3.32%
• YTD: 5.74%
• 6M: 6.16%
• 1Y: 18.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XSPI vs. SPYH - Yearly Performance Comparison

	2026 (YTD)
XSPI NEOS Boosted S&P 500 High Income ETF	8.22%
SPYH NEOS S&P 500 Hedged Equity Income ETF	4.51%

Correlation

The correlation between XSPI and SPYH is 0.98 - 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	0.98

Return for Risk

XSPI vs. SPYH — Risk / Return Rank

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

SPYH

SPYH Risk / Return Rank: 73
SPYH Sharpe Ratio Rank: 74
SPYH Sortino Ratio Rank: 74
SPYH Omega Ratio Rank: 77
SPYH Calmar Ratio Rank: 64
SPYH 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.

XSPI vs. SPYH - 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 NEOS S&P 500 Hedged Equity Income ETF (SPYH). 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	SPYH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.42	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.55	1.93	-0.38

Drawdowns

XSPI vs. SPYH - Drawdown Comparison

The maximum XSPI drawdown since its inception was -11.59%, which is greater than SPYH's maximum drawdown of -6.39%. Use the drawdown chart below to compare losses from any high point for XSPI and SPYH.

Drawdown Indicators

	XSPI	SPYH	Difference
Max Drawdown Largest peak-to-trough decline	-11.59%	-6.39%	-5.20%
Max Drawdown (1Y) Largest decline over 1 year	—	-6.02%	—
Current Drawdown Current decline from peak	-0.89%	-0.39%	-0.50%
Average Drawdown Average peak-to-trough decline	-2.23%	-0.71%	-1.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.24%	—

Volatility

Volatility by Period

	XSPI	SPYH	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.55%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.78%	—
Volatility (1Y) Calculated over the trailing 1-year period	17.64%	7.80%	+9.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.64%	12.36%	+5.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.64%	12.36%	+5.28%

XSPI vs. SPYH - Expense Ratio Comparison

XSPI has a 0.98% expense ratio, which is higher than SPYH's 0.68% expense ratio.

Dividends

XSPI vs. SPYH - Dividend Comparison

XSPI's dividend yield for the trailing twelve months is around 6.83%, less than SPYH's 7.54% yield.

Position	TTM	2025
SPYH NEOS S&P 500 Hedged Equity Income ETF	7.54%	5.54%
XSPI NEOS Boosted S&P 500 High Income ETF	6.83%	0.00%

Frequently Asked Questions

Can I hold both XSPI and SPYH in my portfolio?

With a correlation of 0.98, XSPI and SPYH 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 SPYH?

On fees, SPYH is cheaper at 0.68% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XSPI or SPYH?

SPYH is cheaper with a 0.68% expense ratio, compared with 0.98% for XSPI.

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

SPYH has the higher dividend yield at 7.54%, compared with 6.83% for XSPI.

What is the main difference between XSPI and SPYH?

XSPI is categorized as Derivative Income, while SPYH is Equity Hedged. They also come from different issuers: NEOS Investments and NEOS. Their fees differ too: 0.98% for XSPI and 0.68% for SPYH.