Compare/Updated Oct 26, 2026, refreshed every trading day
SPYI vs SPY
Neos S&P 500(R) High Income ETF against State Street SPDR S&P 500 ETF: 4 years of returns, risk and today’s technical read, from Kavout’s own data.
SPY outperformed SPYI over the period: $1,000 invested on October 28, 2022 grew to $2,052 versus $1,821 for SPYI, a difference of $231. SPY also led over three years, with an 82.7% return versus 61.5%, and over one year, with 14.7% versus 14.1%. SPYI provided lower risk, however: 10.6% volatility versus 12.7% for SPY, and a smaller worst drawdown of 16.5% versus 18.8%. The funds had a 0.957 daily-move correlation, while SPYI moved 0.77% for each 1% move in SPY. SPYI’s 0.68% expense ratio was substantially higher than SPY’s 0.09%. The comparison suggests SPY delivered stronger long-term capital growth, while SPYI traded some upside for lower volatility and drawdown risk.
- Price is above its 200-day average ($50); 50-day at $53.
- RSI 44, neutral. Supertrend says sell. ADX 16, so the trend is weak.
- Price is above its 200-day average ($725); 50-day at $767.
- RSI 42, neutral. Supertrend says sell. ADX 14, so the trend is weak.
Head to head
Which has returned more, SPYI or SPY?
SPYI beat SPY in 25 of the last 48 months; SPY won the other 23. The typical monthly gap was 0.70 points.
Total return by period
Which is riskier?
Both: Feb 19, 2025 to Apr 8, 2025
- 0.957
- correlation of daily moves, 4 years
- 0.77
- SPYI move per 1% in SPY
- 0.988
- correlation, last 12 months
Month by month
Of the last 48 months. The typical gap was 0.70 points.
When did they diverge?
| Month | SPYI | SPY | Gap |
|---|---|---|---|
| November 2023 | +4.7% | +9.1% | -4.41 pts |
| April 2026 | +7.2% | +10.5% | -3.27 pts |
| June 2023 | +3.8% | +6.5% | -2.70 pts |
| December 2023 | +2.4% | +4.6% | -2.20 pts |
Where the numbers come from. 1000 daily adjusted closes per fund from the Kavout market-data API, dividends included. Signals and indicators are Kavout’s own, refreshed nightly. Every figure is calculated from those adjusted closes.
Holdings and fees
What do you actually own with SPYI and SPY?
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