AAPI.L vs. SPYO.L

Last updated Apr 1, 2026

Compare and contrast key facts about IncomeShares Apple (AAPL) Options ETP GBP (AAPI.L) and IncomeShares S&P500 Options (0DTE) ETP GBP (SPYO.L).

AAPI.L and SPYO.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. AAPI.L is an actively managed fund by Leverage Shares. It was launched on Sep 26, 2024. SPYO.L is an actively managed fund by Leverage Shares. It was launched on Aug 27, 2024.

Performance

AAPI.L vs. SPYO.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in IncomeShares Apple (AAPL) Options ETP GBP (AAPI.L) and IncomeShares S&P500 Options (0DTE) ETP GBP (SPYO.L). The values are adjusted to include any dividend payments, if applicable.

AAPI.L vs. SPYO.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AAPI.L IncomeShares Apple (AAPL) Options ETP GBP	-11.83%	-12.96%	20.45%
SPYO.L IncomeShares S&P500 Options (0DTE) ETP GBP	-9.00%	8.13%	-0.61%

Returns By Period

In the year-to-date period, AAPI.L achieves a -11.83% return, which is significantly lower than SPYO.L's -9.00% return.

AAPI.L

• 1D: 0.69%
• 1M: -6.68%
• YTD: -11.83%
• 6M: -11.99%
• 1Y: -8.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPYO.L

• 1D: -0.66%
• 1M: -5.48%
• YTD: -9.00%
• 6M: -4.95%
• 1Y: 4.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

AAPI.L vs. SPYO.L - Expense Ratio Comparison

AAPI.L has a 0.55% expense ratio, which is higher than SPYO.L's 0.45% expense ratio.

AAPI.L

IncomeShares Apple (AAPL) Options ETP GBP

SPYO.L

IncomeShares S&P500 Options (0DTE) ETP GBP

Return for Risk

AAPI.L vs. SPYO.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AAPI.L

AAPI.L Risk / Return Rank: 5
AAPI.L Sharpe Ratio Rank: 6
AAPI.L Sortino Ratio Rank: 6
AAPI.L Omega Ratio Rank: 5
AAPI.L Calmar Ratio Rank: 4
AAPI.L Martin Ratio Rank: 4

SPYO.L

SPYO.L Risk / Return Rank: 19
SPYO.L Sharpe Ratio Rank: 21
SPYO.L Sortino Ratio Rank: 19
SPYO.L Omega Ratio Rank: 21
SPYO.L Calmar Ratio Rank: 18
SPYO.L Martin Ratio Rank: 17

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AAPI.L vs. SPYO.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IncomeShares Apple (AAPL) Options ETP GBP (AAPI.L) and IncomeShares S&P500 Options (0DTE) ETP GBP (SPYO.L). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AAPI.L	SPYO.L	Difference
Sharpe ratio Return per unit of total volatility	-0.34	0.33	-0.68
Sortino ratio Return per unit of downside risk	-0.29	0.53	-0.82
Omega ratio Gain probability vs. loss probability	0.96	1.08	-0.12
Calmar ratio Return relative to maximum drawdown	-0.50	0.30	-0.80
Martin ratio Return relative to average drawdown	-1.03	0.76	-1.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AAPI.L vs. SPYO.L - Sharpe Ratio Comparison

The current AAPI.L Sharpe Ratio is -0.34, which is lower than the SPYO.L Sharpe Ratio of 0.33. The chart below compares the historical Sharpe Ratios of AAPI.L and SPYO.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	AAPI.L	SPYO.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.34	0.33	-0.68
Sharpe Ratio (All Time) Calculated using the full available price history	-0.21	-0.06	-0.15

Correlation

The correlation between AAPI.L and SPYO.L is 0.36, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

AAPI.L vs. SPYO.L - Dividend Comparison

AAPI.L's dividend yield for the trailing twelve months is around 11.56%, less than SPYO.L's 72.19% yield.

	TTM	2025	2024
AAPI.L IncomeShares Apple (AAPL) Options ETP GBP	11.56%	11.04%	1.04%
SPYO.L IncomeShares S&P500 Options (0DTE) ETP GBP	72.19%	84.42%	2.75%

Drawdowns

AAPI.L vs. SPYO.L - Drawdown Comparison

The maximum AAPI.L drawdown since its inception was -31.31%, which is greater than SPYO.L's maximum drawdown of -17.68%. Use the drawdown chart below to compare losses from any high point for AAPI.L and SPYO.L.

Drawdown Indicators

	AAPI.L	SPYO.L	Difference
Max Drawdown Largest peak-to-trough decline	-31.31%	-17.68%	-13.63%
Max Drawdown (1Y) Largest decline over 1 year	-18.98%	-10.83%	-8.15%
Current Drawdown Current decline from peak	-23.86%	-10.20%	-13.66%
Average Drawdown Average peak-to-trough decline	-14.35%	-4.50%	-9.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.26%	4.32%	+4.94%

Volatility

AAPI.L vs. SPYO.L - Volatility Comparison

IncomeShares Apple (AAPL) Options ETP GBP (AAPI.L) has a higher volatility of 3.90% compared to IncomeShares S&P500 Options (0DTE) ETP GBP (SPYO.L) at 3.40%. This indicates that AAPI.L's price experiences larger fluctuations and is considered to be riskier than SPYO.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPI.L	SPYO.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	3.40%	+0.50%
Volatility (6M) Calculated over the trailing 6-month period	14.12%	8.00%	+6.12%
Volatility (1Y) Calculated over the trailing 1-year period	25.14%	14.64%	+10.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.18%	14.25%	+9.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.18%	14.25%	+9.93%