IYRI vs SPY
NEOS Real Estate High Income ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | IYRI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.68% | 0.09% | |
| AUM | $314M | $821.1B | |
| Dividend Yield | 10.87% | 1.01% | |
| Holdings | 64 | 505 | |
| YTD Return | +2.02% | +12.68% | |
| 1Y Return | +1.94% | +21.82% | |
| 3Y Return (annualized) | - | +21.98% | |
| 5Y Return (annualized) | - | +12.89% | |
| Volatility (annualized) | 8.9% | 15.3% | |
| Max Drawdown | -12.1% | -56.5% | |
| Fund Family | NEOS | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jan 14, 2025 | Jan 22, 1993 |
IYRI vs SPY Performance
NEOS Real Estate High Income ETF (IYRI) is a ETF from NEOS and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year IYRI returned +1.94% while SPY returned +21.82%. Year to date, IYRI is up 2.02% versus a gain of 12.68% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 8.9% for IYRI. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -12.1% for IYRI and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.48. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
IYRI charges 0.68% per year while SPY charges 0.09%. On a $10,000 position that is $68 vs $9 annually, a gap of $59 per year that compounds over a long holding period. On income, IYRI currently yields 10.87% against 1.01% for SPY.
Holdings Overlap
IYRI and SPY share 31 holdings out of 534 unique holdings combined, representing a 1.8% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, IYRI or SPY?
IYRI has an expense ratio of 0.68% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $59 per year of difference.
Which performed better, IYRI or SPY?
Over the past year IYRI returned +1.94% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (2 years), IYRI annualized +5.58% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, IYRI or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 8.9% for IYRI. Worst drawdown: IYRI -12.1% vs SPY -56.5%.
Should I hold both IYRI and SPY?
IYRI and SPY have a monthly-return correlation of 0.48, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IYRI and SPY?
IYRI and SPY share 31 common holdings with a 1.8% weight overlap. Combined, they hold 534 unique securities.
Which pays a higher dividend, IYRI or SPY?
IYRI yields 10.87% while SPY yields 1.01%, so IYRI currently pays the higher dividend yield.
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