MLPI vs SPY
MLPI vs SPY
NEOS MLP & Energy Infrastructure 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 503 holdings.
Side-by-Side Comparison
| Metric | MLPI | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.68% | 0.09% | |
| AUM | $813M | $789.1B | |
| Dividend Yield | 8.49% | 1.01% | |
| Holdings | 27 | 505 | |
| YTD Return | +4.73% | +13.79% | |
| 1Y Return | +6.20% | +23.66% | |
| 3Y Return (annualized) | - | +21.40% | |
| 5Y Return (annualized) | - | +13.37% | |
| Volatility (annualized) | 111.3% | 15.3% | |
| Max Drawdown | -81.4% | -56.5% | |
| Fund Family | NEOS | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Dec 18, 2025 | Jan 22, 1993 |
MLPI vs SPY Performance
NEOS MLP & Energy Infrastructure High Income ETF (MLPI) 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 MLPI returned +6.20% while SPY returned +23.66%. Year to date, MLPI is up 4.73% versus a gain of 13.79% for SPY.
Risk: Volatility and Drawdowns
MLPI has been the more volatile fund, with annualized monthly volatility of 111.3% compared with 15.3% for SPY. 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 -81.4% for MLPI 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 0.13. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
MLPI 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, MLPI currently yields 8.49% against 1.01% for SPY.
Holdings Overlap
MLPI and SPY share 4 holdings out of 523 unique holdings combined, representing a 0.4% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in MLPI | Weight in SPY | Difference |
|---|---|---|---|
| WMB | 9.12% | 0.14% | 8.98% |
| KMI | 6.35% | 0.10% | 6.25% |
| TRGP | 5.70% | 0.09% | 5.61% |
| OKE | Pro | Pro | Pro |
See all 4 holdings MLPI shares with SPY Exact weights in each fund and the difference, for every overlapping position. Get FundXLS Pro: $29/moFirst 500 subscribers, then $49/mo. Cancel anytime. | |||
Frequently Asked Questions
Which is cheaper, MLPI or SPY?
MLPI 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, MLPI or SPY?
Over the past year MLPI returned +6.20% vs +23.66% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (16 years), MLPI annualized +8.30% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, MLPI or SPY?
MLPI has been the more volatile fund at 111.3% annualized versus 15.3% for SPY. Worst drawdown: MLPI -81.4% vs SPY -56.5%.
Should I hold both MLPI and SPY?
MLPI and SPY have a monthly-return correlation of 0.13, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between MLPI and SPY?
MLPI and SPY share 4 common holdings with a 0.4% weight overlap. Combined, they hold 523 unique securities.
Which pays a higher dividend, MLPI or SPY?
MLPI yields 8.49% while SPY yields 1.01%, so MLPI currently pays the higher dividend yield.
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