XSPI vs. SPYI

Last updated Aug 2, 2026

XSPI (NEOS Boosted S&P 500 High Income ETF) and SPYI (NEOS S&P 500 High Income ETF) are both Derivative Income funds from Neos. XSPI is passively managed, while SPYI is actively managed. Their 0.98 correlation means they have historically moved very closely together. XSPI charges 0.98%/yr vs 0.68%/yr for SPYI.

Performance

XSPI vs. SPYI - 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 High Income ETF (SPYI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

XSPI

• 1D: 1.16%
• 1M: 0.67%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

SPYI

• 1D: 0.65%
• 1M: 0.62%
• 6M: 6.50%
• YTD: 7.96%
• 1Y: 18.69%
• 3Y*: 14.78%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.51%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPYI NEOS S&P 500 High Income ETF	$155.71M	$137.58M	$149.04M
XSPI NEOS Boosted S&P 500 High Income ETF	$3.39M	$3.19M	$3.26M

XSPI vs. SPYI - Yearly Performance Comparison

	2026 (YTD)
XSPI NEOS Boosted S&P 500 High Income ETF	7.03%
SPYI NEOS S&P 500 High Income ETF	5.97%

Correlation

The correlation between XSPI and SPYI is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 3, 2026	0.98

Return for Risk

XSPI vs. SPYI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XSPI

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

SPYI

SPYI Risk / Return Rank: 72
SPYI Sharpe Ratio Rank: 71
SPYI Sortino Ratio Rank: 68
SPYI Omega Ratio Rank: 73
SPYI Calmar Ratio Rank: 64
SPYI Martin Ratio Rank: 82

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XSPI vs. SPYI - 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 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.

	XSPI	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	—	1.59	—
Sortino ratio: Return per unit of downside risk	—	2.21	—
Omega ratio: Gain probability vs. loss probability	—	1.30	—
Calmar ratio: Return relative to maximum drawdown	—	2.23	—
Martin ratio: Return relative to average drawdown	—	10.69	—

Drawdowns

XSPI vs. SPYI - Drawdown Comparison

The maximum XSPI drawdown since its inception was -11.78%, smaller than the maximum SPYI drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for XSPI and SPYI.

Drawdown Indicators

	XSPI	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-11.78%	-16.47%	+4.69%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.72%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-16.47%	—
Current Drawdown Current decline from peak	-0.84%	-0.65%	-0.19%
Average Drawdown Average peak-to-trough decline	-2.28%	-1.79%	-0.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.61%	—

Volatility

Volatility by Period

	XSPI	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.22%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.68%	—
Volatility (1Y) Calculated over the trailing 1-year period	18.10%	10.80%	+7.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.10%	12.96%	+5.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.10%	12.96%	+5.14%

XSPI vs. SPYI - Expense Ratio Comparison

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

Dividends

XSPI vs. SPYI - Dividend Comparison

XSPI's dividend yield for the trailing twelve months is around 8.35%, less than SPYI's 11.93% yield.

Position	TTM	2025	2024	2023	2022
SPYI NEOS S&P 500 High Income ETF	11.93%	11.70%	12.04%	12.01%	4.10%
XSPI NEOS Boosted S&P 500 High Income ETF	8.35%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XSPI and SPYI in my portfolio?

With a correlation of 0.98, XSPI and SPYI 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 SPYI?

On fees, SPYI 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 SPYI?

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

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

SPYI has the higher dividend yield at 11.93%, compared with 8.35% for XSPI.

What is the main difference between XSPI and SPYI?

Their fees differ too: 0.98% for XSPI and 0.68% for SPYI.