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 | $823.2B | $12.6B |
| Dividend Yield | 0.99% | 11.93% |
| Holdings | 1,515 | 1,016 |
| YTD Return | +13.53%Best | +2.05% |
| 1Y Return | +17.47%Best | +5.16% |
| 3Y Return (annualized) | +22.36%Best | +13.49% |
| 5Y Return (annualized) | +13.21% | - |
| Volatility (annualized) | 14.0% | 10.3%Best |
| Max Drawdown | -18.8% | -16.5%Best |
| $10,000 over 4.1 years | $20,356Best | $16,143 |
| Top 10 Weight | 38.2%Tie | 38.2%Tie |
| Fund Family | State Street Investment Management | NEOS |
| Category | Equity | Equity |
| Style | Large Cap Blend | Large Cap Blend |
| Inception | Jan 22, 1993 | Aug 29, 2022 |
Volatility and max drawdown, and the $10,000 over 4.1 years row, are measured over the window both funds cover: Aug 30, 2022 to Oct 14, 2026 (4.1 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 4.1 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 +17.47% while SPYI returned +5.16%. Year to date, SPY is up 13.53% versus a gain of 2.05% for SPYI.
Over three years, SPY compounded at +22.36% per year against +13.49% for SPYI. Across the full 4-year window we track, SPY has the edge at +18.93% annualized vs +12.39%.
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 10.3% 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 0.99% against 11.93% for SPYI.
Holdings Overlap
98.9% of SPY's money is in holdings SPYI also owns. 98.5% of SPYI's money is in holdings SPY also owns.
Most of SPY is already inside SPYI. Owning both mostly buys the same companies twice.
489 positions in common, counted across the 504 positions we hold weights for in SPY and 501 in SPYI, against full books of 1,515 and 1,016.
What only one of them owns
Our book lists 7 positions for SPYI that do not appear in our book for SPY (0.7% of the fund), and 9 for SPY that do not appear in SPYI (0.3%).
Some of those will be the same company recorded under a different code in one of the two books, so the real difference in what you would own is no larger than this and may be smaller. We do not name the individual positions here for that reason.
Top Shared Holdings
| Stock | Weight in SPY | Weight in SPYI | Difference |
|---|---|---|---|
| NVDANvidia Corp | 7.78% | 7.84% | 0.06% |
| AAPLApple, Inc | 7.45% | 7.38% | 0.07% |
| MSFTMicrosoft Corp | 5.71% | 5.74% | 0.03% |
| AMZNAmazon.Com Inc | 3.78% | 3.81% | 0.03% |
| GOOGLAlphabet Inc | 3.12% | 3.09% | 0.03% |
| GOOGAlphabet Inc. C | 2.49% | 2.51% | 0.02% |
| AVGOBroadcom Inc | 2.48% | 2.50% | 0.02% |
| METAMeta Platforms Inc | 2.22% | 2.22% | 0.00% |
| MUMicron Technology, Inc. | 1.59% | 1.58% | 0.01% |
| TSLATesla Inc | 1.54% | 1.55% | 0.01% |
98.9% of SPY is already inside SPYI.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
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 +17.47% vs +5.16% for SPYI, so SPY leads on 1-year performance. Over the longest common window we track (4 years), SPY annualized +18.93% vs +12.39% 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 10.3% 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.
What is the holdings overlap between SPY and SPYI?
98.9% of SPY's money is in holdings SPYI also owns. 98.5% of SPYI's is in holdings SPY also owns. They hold 489 positions in common, counted across the 504 positions we hold weights for in SPY and 501 in SPYI.
Which pays a higher dividend, SPY or SPYI?
SPY yields 0.99% while SPYI yields 11.93%, 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.