AAPY.L vs. SPYY.L
AAPY.L (IncomeShares Apple (AAPL) Options ETP) and SPYY.L (IncomeShares S&P500 Options (0DTE) ETP) are both Derivative Income funds from Leverage Shares. Both are actively managed. Over the past year, AAPY.L returned 17.30% vs 10.35% for SPYY.L. At a 0.31 correlation, their price movements are largely independent. AAPY.L charges 0.55%/yr vs 0.45%/yr for SPYY.L.
Performance
AAPY.L vs. SPYY.L - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, AAPY.L achieves a 3.14% return, which is significantly higher than SPYY.L's -3.36% return.
AAPY.L
- 1D
- -1.00%
- 1M
- 6.95%
- YTD
- 3.14%
- 6M
- 1.59%
- 1Y
- 17.30%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPYY.L
- 1D
- -0.10%
- 1M
- 2.57%
- YTD
- -3.36%
- 6M
- -3.03%
- 1Y
- 10.35%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
AAPY.L vs. SPYY.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
AAPY.L IncomeShares Apple (AAPL) Options ETP | 3.14% | -6.59% | 12.62% |
SPYY.L IncomeShares S&P500 Options (0DTE) ETP | -3.36% | 16.00% | -7.06% |
Correlation
The correlation between AAPY.L and SPYY.L is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2024 | 0.31 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
AAPY.L vs. SPYY.L — Risk / Return Rank
AAPY.L
SPYY.L
AAPY.L vs. SPYY.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IncomeShares Apple (AAPL) Options ETP (AAPY.L) and IncomeShares S&P500 Options (0DTE) ETP (SPYY.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.
| AAPY.L | SPYY.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.17 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.19 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.93 | 0.71 | +0.21 |
| Martin ratioReturn relative to average drawdown | 2.36 | 2.23 | +0.13 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| AAPY.L | SPYY.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.87 | 0.83 | +0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.20 | 0.26 | -0.06 |
Drawdowns
AAPY.L vs. SPYY.L - Drawdown Comparison
The maximum AAPY.L drawdown since its inception was -30.25%, which is greater than SPYY.L's maximum drawdown of -17.71%. Use the drawdown chart below to compare losses from any high point for AAPY.L and SPYY.L.
Loading charts...
Drawdown Indicators
| AAPY.L | SPYY.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -30.25% | -17.71% | -12.54% |
Max Drawdown (1Y)Largest decline over 1 year | -18.86% | -14.91% | -3.95% |
Current DrawdownCurrent decline from peak | -4.43% | -4.42% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -10.78% | -4.76% | -6.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.42% | 4.79% | +2.63% |
Volatility
AAPY.L vs. SPYY.L - Volatility Comparison
IncomeShares Apple (AAPL) Options ETP (AAPY.L) has a higher volatility of 4.71% compared to IncomeShares S&P500 Options (0DTE) ETP (SPYY.L) at 2.78%. This indicates that AAPY.L's price experiences larger fluctuations and is considered to be riskier than SPYY.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| AAPY.L | SPYY.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.71% | 2.78% | +1.93% |
Volatility (6M)Calculated over the trailing 6-month period | 14.59% | 9.59% | +5.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.04% | 12.77% | +7.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.34% | 14.47% | +9.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.34% | 14.47% | +9.87% |
AAPY.L vs. SPYY.L - Expense Ratio Comparison
AAPY.L has a 0.55% expense ratio, which is higher than SPYY.L's 0.45% expense ratio.
Dividends
AAPY.L vs. SPYY.L - Dividend Comparison
AAPY.L's dividend yield for the trailing twelve months is around 11.15%, less than SPYY.L's 34.35% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
AAPY.L IncomeShares Apple (AAPL) Options ETP | 11.15% | 10.77% | 1.08% |
SPYY.L IncomeShares S&P500 Options (0DTE) ETP | 34.35% | 82.07% | 2.84% |
Frequently Asked Questions
AAPY.L and SPYY.L have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPYY.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPYY.L is cheaper with a 0.45% expense ratio, compared with 0.55% for AAPY.L.
Their fees differ too: 0.55% for AAPY.L and 0.45% for SPYY.L.
Find the right allocation for AAPY.L and SPYY.L
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer