YLD vs. SPYI

Last updated Jun 5, 2026

YLD (Principal Active High Yield ETF) and SPYI (NEOS S&P 500 High Income ETF) are both exchange-traded funds - YLD is a High Yield Bonds fund actively managed by Principal, while SPYI is a Derivative Income fund actively managed by Neos. Both are actively managed. Over the past 3 years, YLD returned 8.69%/yr vs 16.57%/yr for SPYI. A 0.54 correlation means they provide meaningful diversification when combined. YLD charges 0.39%/yr vs 0.68%/yr for SPYI.

Performance

YLD vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal Active High Yield ETF (YLD) 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, YLD achieves a 2.97% return, which is significantly lower than SPYI's 8.08% return.

YLD

• 1D: 0.13%
• 1M: 0.39%
• YTD: 2.97%
• 6M: 3.53%
• 1Y: 7.28%
• 3Y*: 8.69%
• 5Y*: 4.77%
• 10Y*: 5.73%

SPYI

• 1D: 0.33%
• 1M: 3.47%
• YTD: 8.08%
• 6M: 8.61%
• 1Y: 23.19%
• 3Y*: 16.57%
• 5Y*: —
• 10Y*: —

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

YLD vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
YLD Principal Active High Yield ETF	2.97%	6.55%	9.19%	12.93%	1.16%
SPYI NEOS S&P 500 High Income ETF	8.08%	16.67%	19.03%	18.09%	-2.44%

Correlation

The correlation between YLD and SPYI is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (All Time) Calculated using the full available price history since Aug 31, 2022	0.54

The correlation between YLD and SPYI has been stable across timeframes, ranging from 0.53 to 0.62 - a consistent structural relationship.

YLD vs. SPYI - Sectors Allocation Comparison

Sectors	YLD	SPYI
Real Estate	100.0%	2.0%
Basic Materials	-	1.8%
Communication Services	-	11.2%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	4.9%
Energy	-	3.5%
Financial Services	-	11.8%
Healthcare	-	8.5%
Industrials	-	8.4%
Technology	-	35.5%
Utilities	-	2.3%

Return for Risk

YLD vs. SPYI — Risk / Return Rank

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

YLD

YLD Risk / Return Rank: 60
YLD Sharpe Ratio Rank: 50
YLD Sortino Ratio Rank: 53
YLD Omega Ratio Rank: 51
YLD Calmar Ratio Rank: 74
YLD Martin Ratio Rank: 70

SPYI

SPYI Risk / Return Rank: 75
SPYI Sharpe Ratio Rank: 76
SPYI Sortino Ratio Rank: 75
SPYI Omega Ratio Rank: 80
SPYI Calmar Ratio Rank: 62
SPYI Martin Ratio Rank: 81

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.

YLD vs. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal Active High Yield ETF (YLD) 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.

	YLD	SPYI	Difference
Sharpe ratio: Return per unit of total volatility	1.69	2.42	-0.73
Sortino ratio: Return per unit of downside risk	2.54	3.32	-0.78
Omega ratio: Gain probability vs. loss probability	1.31	1.47	-0.16
Calmar ratio: Return relative to maximum drawdown	3.70	3.02	+0.68
Martin ratio: Return relative to average drawdown	12.81	15.73	-2.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

YLD vs. SPYI - Sharpe Ratio Comparison

The current YLD Sharpe Ratio is 1.69, which is lower than the SPYI Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of YLD 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.

Sharpe Ratios by Period

	YLD	SPYI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	2.42	-0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.75	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.70	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	1.22	-0.57

Drawdowns

YLD vs. SPYI - Drawdown Comparison

The maximum YLD drawdown since its inception was -28.34%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for YLD and SPYI.

Drawdown Indicators

	YLD	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-28.34%	-16.47%	-11.87%
Max Drawdown (1Y) Largest decline over 1 year	-1.98%	-7.72%	+5.74%
Max Drawdown (3Y) Largest decline over 3 years	-5.62%	-16.47%	+10.85%
Max Drawdown (5Y) Largest decline over 5 years	-13.89%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-28.34%	—	—
Current Drawdown Current decline from peak	-0.24%	-0.17%	-0.07%
Average Drawdown Average peak-to-trough decline	-2.70%	-1.80%	-0.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.57%	1.48%	-0.91%

Volatility

YLD vs. SPYI - Volatility Comparison

The current volatility for Principal Active High Yield ETF (YLD) is 1.31%, while NEOS S&P 500 High Income ETF (SPYI) has a volatility of 1.78%. This indicates that YLD 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

	YLD	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.31%	1.78%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	3.50%	7.42%	-3.92%
Volatility (1Y) Calculated over the trailing 1-year period	4.34%	9.62%	-5.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.39%	12.91%	-6.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.21%	12.91%	-4.70%

YLD vs. SPYI - Expense Ratio Comparison

YLD has a 0.39% expense ratio, which is lower than SPYI's 0.68% expense ratio.

Dividends

YLD vs. SPYI - Dividend Comparison

YLD's dividend yield for the trailing twelve months is around 7.26%, less than SPYI's 11.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYI NEOS S&P 500 High Income ETF	11.60%	11.70%	12.04%	12.01%	4.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
YLD Principal Active High Yield ETF	7.26%	7.33%	7.12%	6.46%	6.51%	3.92%	4.40%	4.81%	5.42%	6.28%	4.47%	2.56%

Frequently Asked Questions

Can I hold both YLD and SPYI in my portfolio?

YLD and SPYI have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YLD or SPYI?

SPYI has higher volatility (1.78%) compared to YLD (1.31%). In terms of maximum drawdown, YLD dropped -28.34% vs SPYI's -16.47%.

Which ETF is better, YLD or SPYI?

On 3-year performance, SPYI leads with 16.57% vs 8.69% for YLD. On fees, YLD is cheaper at 0.39% per year. On volatility, YLD has been the lower-risk option at 1.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YLD or SPYI?

Over the 3-year period, SPYI has performed better with a 16.57% return vs 8.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YLD or SPYI?

YLD is cheaper with a 0.39% expense ratio, compared with 0.68% for SPYI.

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

SPYI has the higher dividend yield at 11.60%, compared with 7.26% for YLD.

What is the main difference between YLD and SPYI?

YLD is categorized as High Yield Bonds, while SPYI is Derivative Income. They also come from different issuers: Principal and Neos. Their fees differ too: 0.39% for YLD and 0.68% for SPYI.

Which has better risk-adjusted returns?

SPYI currently has the higher Sharpe Ratio (2.42 vs 1.69), 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.