XYLG vs. SPYI

Last updated Jun 24, 2026

XYLG (Global X S&P 500 Covered Call & Growth ETF) and SPYI (NEOS S&P 500 High Income ETF) are both Derivative Income funds. XYLG is passively managed, while SPYI is actively managed. Over the past 3 years, XYLG returned 15.97%/yr vs 15.16%/yr for SPYI. Their correlation of 0.92 suggests significant overlap in exposure. XYLG charges 0.35%/yr vs 0.68%/yr for SPYI.

Performance

XYLG vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X S&P 500 Covered Call & Growth ETF (XYLG) 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, XYLG achieves a 6.31% return, which is significantly higher than SPYI's 5.56% return.

XYLG

• 1D: -1.11%
• 1M: -0.48%
• YTD: 6.31%
• 6M: 5.87%
• 1Y: 19.67%
• 3Y*: 15.97%
• 5Y*: 10.07%
• 10Y*: —

SPYI

• 1D: -1.30%
• 1M: -1.23%
• YTD: 5.56%
• 6M: 4.95%
• 1Y: 19.05%
• 3Y*: 15.16%
• 5Y*: —
• 10Y*: —

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

XYLG vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XYLG Global X S&P 500 Covered Call & Growth ETF	6.31%	12.93%	22.31%	18.16%	-3.49%
SPYI NEOS S&P 500 High Income ETF	5.56%	16.67%	19.03%	18.09%	-3.96%

Correlation

The correlation between XYLG and SPYI is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.93
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022	0.92

The correlation between XYLG and SPYI has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

XYLG vs. SPYI - Sectors Allocation Comparison

Sectors	XYLG	SPYI
Technology	39.2%	39.1%
Financial Services	11.6%	11.1%
Communication Services	10.2%	10.7%
Consumer Cyclical	9.5%	9.9%
Healthcare	8.4%	8.3%
Industrials	7.9%	7.8%
Consumer Defensive	4.6%	4.5%
Energy	3.1%	3.1%
Utilities	2.6%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.8%	1.7%

Return for Risk

XYLG vs. SPYI — Risk / Return Rank

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

XYLG

XYLG Risk / Return Rank: 66
XYLG Sharpe Ratio Rank: 63
XYLG Sortino Ratio Rank: 63
XYLG Omega Ratio Rank: 65
XYLG Calmar Ratio Rank: 60
XYLG Martin Ratio Rank: 76

SPYI

SPYI Risk / Return Rank: 58
SPYI Sharpe Ratio Rank: 57
SPYI Sortino Ratio Rank: 54
SPYI Omega Ratio Rank: 61
SPYI Calmar Ratio Rank: 52
SPYI Martin Ratio Rank: 69

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.

XYLG vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Covered Call & Growth ETF (XYLG) 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.

	XYLG	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	2.00	1.85	+0.14
Sortino ratio: Return per unit of downside risk	2.81	2.53	+0.28
Omega ratio: Gain probability vs. loss probability	1.37	1.36	+0.01
Calmar ratio: Return relative to maximum drawdown	2.85	2.48	+0.37
Martin ratio: Return relative to average drawdown	13.98	12.37	+1.61

XYLG vs. SPYI - Sharpe Ratio Comparison

The current XYLG Sharpe Ratio is 2.00, which is comparable to the SPYI Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of XYLG 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

XYLG vs. SPYI - Drawdown Comparison

The maximum XYLG drawdown since its inception was -21.30%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for XYLG and SPYI.

Drawdown Indicators

	XYLG	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-21.30%	-16.47%	-4.83%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-7.72%	+0.79%
Max Drawdown (3Y) Largest decline over 3 years	-17.42%	-16.47%	-0.95%
Max Drawdown (5Y) Largest decline over 5 years	-21.30%	—	—
Current Drawdown Current decline from peak	-1.84%	-2.49%	+0.65%
Average Drawdown Average peak-to-trough decline	-4.07%	-1.81%	-2.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.41%	1.54%	-0.13%

Volatility

XYLG vs. SPYI - Volatility Comparison

The current volatility for Global X S&P 500 Covered Call & Growth ETF (XYLG) is 3.50%, while NEOS S&P 500 High Income ETF (SPYI) has a volatility of 4.27%. This indicates that XYLG experiences smaller price fluctuations and is considered to be less risky than SPYI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XYLG	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.50%	4.27%	-0.77%
Volatility (6M) Calculated over the trailing 6-month period	8.15%	8.32%	-0.17%
Volatility (1Y) Calculated over the trailing 1-year period	9.95%	10.34%	-0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.07%	13.02%	+1.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.86%	13.02%	+0.84%

XYLG vs. SPYI - Expense Ratio Comparison

XYLG has a 0.35% expense ratio, which is lower than SPYI's 0.68% expense ratio.

Dividends

XYLG vs. SPYI - Dividend Comparison

XYLG's dividend yield for the trailing twelve months is around 13.25%, more than SPYI's 13.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
SPYI NEOS S&P 500 High Income ETF	13.02%	11.70%	12.04%	12.01%	4.10%	0.00%	0.00%
XYLG Global X S&P 500 Covered Call & Growth ETF	13.25%	13.94%	23.65%	4.90%	6.43%	7.40%	1.39%

Frequently Asked Questions

Can I hold both XYLG and SPYI in my portfolio?

With a correlation of 0.93, XYLG 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 is riskier, XYLG or SPYI?

SPYI has higher volatility (4.27%) compared to XYLG (3.50%). In terms of maximum drawdown, XYLG dropped -21.30% vs SPYI's -16.47%.

Which ETF is better, XYLG or SPYI?

On 3-year performance, XYLG leads with 15.97% vs 15.16% for SPYI. On fees, XYLG is cheaper at 0.35% per year. On volatility, XYLG has been the lower-risk option at 3.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XYLG or SPYI?

Over the 3-year period, XYLG has performed better with a 15.97% return vs 15.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XYLG or SPYI?

XYLG is cheaper with a 0.35% expense ratio, compared with 0.68% for SPYI.

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

XYLG has the higher dividend yield at 13.25%, compared with 13.02% for SPYI.

What is the main difference between XYLG and SPYI?

They also come from different issuers: Global X and Neos. Their fees differ too: 0.35% for XYLG and 0.68% for SPYI.

Which has better risk-adjusted returns?

XYLG currently has the higher Sharpe Ratio (2.00 vs 1.85), 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.