AAPY vs. SPY

Last updated Aug 5, 2026

AAPY (Kurv Yield Premium Strategy Apple (AAPL) ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - AAPY is a Derivative Income fund actively managed by Kurv, while SPY is a S&P 500 fund tracking the S&P 500 Index. AAPY is actively managed, while SPY is passively managed. Over the past year, AAPY returned 37.65% vs 23.56% for SPY. Their 0.50 correlation means their historical movements had little consistent relationship. AAPY charges 0.99%/yr vs 0.09%/yr for SPY.

Performance

AAPY vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kurv Yield Premium Strategy Apple (AAPL) ETF (AAPY) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAPY achieves a 11.73% return, which is significantly lower than SPY's 13.71% return.

AAPY

• 1D: 2.02%
• 1M: -0.68%
• 6M: 13.26%
• YTD: 11.73%
• 1Y: 37.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.99%

SPY

• 1D: 1.80%
• 1M: 3.56%
• 6M: 12.46%
• YTD: 13.71%
• 1Y: 23.56%
• 3Y*: 21.46%
• 5Y*: 13.31%
• 10Y*: 15.29%
• ALL TIME*: 10.89%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AAPY Kurv Yield Premium Strategy Apple (AAPL) ETF	$196.29K	$152.82K	$144.37K
SPY State Street SPDR S&P 500 ETF	$40.91B	$36.93B	$39.82B

AAPY vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
AAPY Kurv Yield Premium Strategy Apple (AAPL) ETF	11.73%	5.04%	20.54%	9.18%
SPY State Street SPDR S&P 500 ETF	13.71%	17.72%	24.89%	15.68%

Correlation

The correlation between AAPY and SPY is 0.42, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.42
Correlation (All Time) Calculated using the full available price history since Oct 27, 2023	0.50

Return for Risk

AAPY vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AAPY

AAPY Risk / Return Rank: 54
AAPY Sharpe Ratio Rank: 52
AAPY Sortino Ratio Rank: 48
AAPY Omega Ratio Rank: 56
AAPY Calmar Ratio Rank: 66
AAPY Martin Ratio Rank: 50

SPY

SPY Risk / Return Rank: 72
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 70
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 79

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AAPY vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kurv Yield Premium Strategy Apple (AAPL) ETF (AAPY) and State Street SPDR S&P 500 ETF (SPY). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AAPY	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.45	1.84	-0.39
Sortino ratio: Return per unit of downside risk	1.95	2.54	-0.59
Omega ratio: Gain probability vs. loss probability	1.28	1.33	-0.05
Calmar ratio: Return relative to maximum drawdown	2.61	2.66	-0.05
Martin ratio: Return relative to average drawdown	6.45	11.36	-4.91

AAPY vs. SPY - Sharpe Ratio Comparison

The current AAPY Sharpe Ratio is 1.45, which is comparable to the SPY Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of AAPY and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AAPY vs. SPY - Drawdown Comparison

The maximum AAPY drawdown since its inception was -29.22%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for AAPY and SPY.

Drawdown Indicators

	AAPY	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-29.22%	-55.19%	+25.97%
Max Drawdown (1Y) Largest decline over 1 year	-14.47%	-8.88%	-5.59%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-10.26%	0.00%	-10.26%
Average Drawdown Average peak-to-trough decline	-6.24%	-9.01%	+2.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.85%	2.08%	+3.77%

Volatility

AAPY vs. SPY - Volatility Comparison

Kurv Yield Premium Strategy Apple (AAPL) ETF (AAPY) has a higher volatility of 11.55% compared to State Street SPDR S&P 500 ETF (SPY) at 4.13%. This indicates that AAPY's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPY	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.55%	4.13%	+7.42%
Volatility (6M) Calculated over the trailing 6-month period	22.82%	10.36%	+12.46%
Volatility (1Y) Calculated over the trailing 1-year period	26.17%	12.96%	+13.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.92%	17.21%	+6.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.92%	17.97%	+5.95%

AAPY vs. SPY - Expense Ratio Comparison

AAPY has a 0.99% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

AAPY vs. SPY - Dividend Comparison

AAPY's dividend yield for the trailing twelve months is around 11.81%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AAPY Kurv Yield Premium Strategy Apple (AAPL) ETF	11.81%	12.66%	17.15%	2.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both AAPY and SPY in my portfolio?

AAPY and SPY have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAPY or SPY?

AAPY has higher volatility (11.55%) compared to SPY (4.13%). In terms of maximum drawdown, AAPY dropped -29.22% vs SPY's -55.19%.

Which ETF is better, AAPY or SPY?

On 1-year performance, AAPY leads with 37.65% vs 23.56% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPY or SPY?

Over the 1-year period, AAPY has performed better with a 37.65% return vs 23.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPY or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.99% for AAPY.

Which ETF pays a higher dividend yield, AAPY or SPY?

AAPY has the higher dividend yield at 11.81%, compared with 0.98% for SPY.

What is the main difference between AAPY and SPY?

AAPY is categorized as Derivative Income, while SPY is S&P 500. They also come from different issuers: Kurv and State Street. Their fees differ too: 0.99% for AAPY and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.84 vs 1.45), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.