ACII vs. SPY

Last updated Jun 4, 2026

ACII (Innovator Index Autocallable Income Strategy ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - ACII is a Derivative Income fund actively managed by Innovator, while SPY is a S&P 500 fund tracking the S&P 500 Index. ACII is actively managed, while SPY is passively managed. Their correlation of 0.80 suggests significant overlap in exposure. ACII charges 0.79%/yr vs 0.09%/yr for SPY.

Performance

ACII vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Index Autocallable Income Strategy ETF (ACII) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ACII

• 1D: -0.95%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

ACII vs. SPY - Yearly Performance Comparison

	2026 (YTD)
ACII Innovator Index Autocallable Income Strategy ETF	-1.10%
SPY State Street SPDR S&P 500 ETF	-0.05%

Correlation

The correlation between ACII and SPY is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	0.80

Return for Risk

ACII vs. SPY — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

ACII vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Index Autocallable Income Strategy ETF (ACII) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	ACII	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.38	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	-7.55	0.59	-8.14

Drawdowns

ACII vs. SPY - Drawdown Comparison

The maximum ACII drawdown since its inception was -1.27%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ACII and SPY.

Drawdown Indicators

	ACII	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-1.27%	-55.19%	+53.92%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.88%	—
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	-1.27%	-0.70%	-0.57%
Average Drawdown Average peak-to-trough decline	-0.42%	-9.05%	+8.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.91%	—

Volatility

Volatility by Period

	ACII	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.84%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.90%	—
Volatility (1Y) Calculated over the trailing 1-year period	7.65%	11.83%	-4.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.65%	17.05%	-9.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.65%	17.94%	-10.29%

ACII vs. SPY - Expense Ratio Comparison

ACII has a 0.79% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

ACII vs. SPY - Dividend Comparison

ACII's dividend yield for the trailing twelve months is around 0.74%, less than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACII Innovator Index Autocallable Income Strategy ETF	0.74%	0.00%	0.00%	0.00%	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 ACII and SPY in my portfolio?

ACII and SPY have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ACII or SPY?

On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ACII or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.79% for ACII.

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

SPY has the higher dividend yield at 0.98%, compared with 0.74% for ACII.

What is the main difference between ACII and SPY?

ACII is categorized as Derivative Income, while SPY is S&P 500. They also come from different issuers: Innovator and State Street. Their fees differ too: 0.79% for ACII and 0.09% for SPY.