Summary

• The NEOS S&P 500 High Income ETF offers more attractive valuation and better downside protection than the SPY SPDR S&P 500 ETF Trust in the case of a VIX surge.
• And I see greater odds for both scenarios under current economic and geopolitical conditions.
• SPYI's trailing 12-month yield stands at 11.73%, about 13% above its historical average and signaling a noticeable discount.
• In contrast, SPY’s valuation is stretched and could respond sensitively either to a VIX surge or an interest rate increase.
• I do much more than just articles at Envision Early Retirement: Members get access to model portfolios, regular updates, a chat room, and more. Learn More »

SPY vs. SPYI: Muted market volatility unlikely to last

I last covered the NEOS S&P 500 High Income ETF (SPYI) on January 27, 2026 with an article titled “SPYI Vs. QQQI: Why I Prefer The SP500-Based Covered Fund”. The article

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