XSPI vs. TOPW

Last updated Jun 5, 2026

XSPI (NEOS Boosted S&P 500 High Income ETF) and TOPW (Roundhill Top WeeklyPay ETF) are both Derivative Income funds - XSPI tracks the S&P 500 while TOPW tracks the Solactive Roundhill WeeklyPay Universe Index. Both are passively managed. Their correlation of 0.85 suggests significant overlap in exposure. XSPI charges 0.98%/yr vs 0.99%/yr for TOPW.

Performance

XSPI vs. TOPW - 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 Roundhill Top WeeklyPay ETF (TOPW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

XSPI

• 1D: 0.46%
• 1M: 4.72%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TOPW

• 1D: -0.63%
• 1M: 2.63%
• YTD: 7.03%
• 6M: -1.44%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XSPI vs. TOPW - Yearly Performance Comparison

	2026 (YTD)
XSPI NEOS Boosted S&P 500 High Income ETF	8.72%
TOPW Roundhill Top WeeklyPay ETF	12.55%

Correlation

The correlation between XSPI and TOPW is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 4, 2026	0.85

Return for Risk

XSPI vs. TOPW - 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 Roundhill Top WeeklyPay ETF (TOPW). 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	TOPW	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.64	0.22	+1.42

Drawdowns

XSPI vs. TOPW - Drawdown Comparison

The maximum XSPI drawdown since its inception was -11.59%, smaller than the maximum TOPW drawdown of -29.87%. Use the drawdown chart below to compare losses from any high point for XSPI and TOPW.

Drawdown Indicators

	XSPI	TOPW	Difference
Max Drawdown Largest peak-to-trough decline	-11.59%	-29.87%	+18.28%
Current Drawdown Current decline from peak	-0.43%	-10.58%	+10.15%
Average Drawdown Average peak-to-trough decline	-2.21%	-12.86%	+10.65%

Volatility

Volatility by Period

	XSPI	TOPW	Difference
Volatility (1Y) Calculated over the trailing 1-year period	17.54%	27.30%	-9.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.54%	27.30%	-9.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.54%	27.30%	-9.76%

XSPI vs. TOPW - Expense Ratio Comparison

XSPI has a 0.98% expense ratio, which is lower than TOPW's 0.99% expense ratio.

Dividends

XSPI vs. TOPW - Dividend Comparison

XSPI's dividend yield for the trailing twelve months is around 6.80%, less than TOPW's 40.58% yield.

Position	TTM	2025
TOPW Roundhill Top WeeklyPay ETF	40.58%	21.52%
XSPI NEOS Boosted S&P 500 High Income ETF	6.80%	0.00%

Frequently Asked Questions

Can I hold both XSPI and TOPW in my portfolio?

XSPI and TOPW have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XSPI or TOPW?

On fees, XSPI is cheaper at 0.98% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XSPI or TOPW?

XSPI is cheaper with a 0.98% expense ratio, compared with 0.99% for TOPW.

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

TOPW has the higher dividend yield at 40.58%, compared with 6.80% for XSPI.

What is the main difference between XSPI and TOPW?

XSPI tracks S&P 500, while TOPW tracks Solactive Roundhill WeeklyPay Universe Index. They also come from different issuers: NEOS Investments and Roundhill Investments. Their fees differ too: 0.98% for XSPI and 0.99% for TOPW.