SPY vs SPYI
State Street SPDR S&P 500 ETF Trust vs NEOS S&P 500 High Income ETF
Which is better, SPY or SPYI?
Nearly the same fund. SPY costs less.
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.97.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | SPY | SPYI |
|---|---|---|
| Expense Ratio | 0.09%Best | 0.68% |
| AUM | $777.9B | $12.3B |
| Dividend Yield | 1.00% | 12.06% |
| Holdings | 1,011 | 1,021 |
| YTD Return | +11.28%Best | -0.21% |
| 1Y Return | +13.46%Best | +1.39% |
| 3Y Return (annualized) | +20.37%Best | +12.33% |
| 5Y Return (annualized) | +11.54% | - |
| Volatility (annualized) | 14.0% | 10.2%Best |
| Max Drawdown | -18.8% | -16.5%Best |
| $10,000 over 4.2 years | $20,019Best | $15,814 |
| Fund Family | State Street Investment Management | NEOS |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 1993 | Aug 29, 2022 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown, and the $10,000 over 4.2 years row, are measured over the window both funds cover: Aug 30, 2022 to Nov 13, 2026 (4.2 years).
SPY vs SPYI growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 4.2 years both funds cover.
SPY vs SPYI Performance
State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management and NEOS S&P 500 High Income ETF (SPYI) is an ETF from NEOS. Over the past year SPY returned +13.46% while SPYI returned +1.39%. Year to date, SPY is up 11.28% versus a loss of 0.21% for SPYI.
Over three years, SPY compounded at +20.37% per year against +12.33% for SPYI. Across the full 4-year window we track, SPY has the edge at +17.97% annualized vs +11.53%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 14.0% compared with 10.2% for SPYI. 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 -18.8% for SPY and -16.5% for SPYI. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.97. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SPY charges 0.09% per year while SPYI charges 0.68%. On a $10,000 position that is $9 vs $68 annually, a gap of $59 per year that compounds over a long holding period. On income, SPY currently yields 1.00% against 12.06% for SPYI.
You are not choosing between two funds in isolation.
Whichever of SPY and SPYI you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, SPY or SPYI?
SPY has an expense ratio of 0.09% while SPYI charges 0.68%. SPY is the cheaper option, by $59 a year on a $10,000 investment.
Which performed better, SPY or SPYI?
Over the past year SPY returned +13.46% vs +1.39% for SPYI, so SPY leads on 1-year performance. Over the longest common window we track (4 years), SPY annualized +17.97% vs +11.53% for SPYI. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, SPY or SPYI?
SPY has been the more volatile fund at 14.0% annualized versus 10.2% for SPYI. Worst drawdown: SPY -18.8% vs SPYI -16.5%.
Should I hold both SPY and SPYI?
SPY and SPYI have a monthly-return correlation of 0.97, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
Which pays a higher dividend, SPY or SPYI?
SPY yields 1.00% while SPYI yields 12.06%, so SPYI currently pays the higher dividend yield.
Is SPYI better than SPY?
SPY has a lower expense ratio. SPY led over 1Y, 3Y and the full window. The two have moved almost in lockstep, correlation 0.97. Which one suits a particular account depends on what it is for. This is information, not a recommendation.