ACIO vs. SPY
ACIO (Aptus Collared Income Opportunity ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - ACIO is a Diversified Portfolio fund actively managed by Aptus Capital Advisors, while SPY is a S&P 500 fund tracking the S&P 500 Index. ACIO is actively managed, while SPY is passively managed. Over the past 5 years, ACIO returned 9.91%/yr vs 13.51%/yr for SPY. Their correlation of 0.92 suggests significant overlap in exposure. ACIO charges 0.79%/yr vs 0.09%/yr for SPY.
Performance
ACIO vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, ACIO achieves a 6.05% return, which is significantly lower than SPY's 9.74% return.
ACIO
- 1D
- -0.41%
- 1M
- -0.45%
- YTD
- 6.05%
- 6M
- 5.72%
- 1Y
- 15.07%
- 3Y*
- 15.24%
- 5Y*
- 9.91%
- 10Y*
- —
SPY
- 1D
- -0.31%
- 1M
- 0.09%
- YTD
- 9.74%
- 6M
- 9.27%
- 1Y
- 26.65%
- 3Y*
- 21.27%
- 5Y*
- 13.51%
- 10Y*
- 15.70%
ACIO vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ACIO Aptus Collared Income Opportunity ETF | 6.05% | 9.03% | 21.92% | 15.90% | -10.31% | 18.03% | 9.85% | 3.30% |
SPY State Street SPDR S&P 500 ETF | 9.74% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 9.34% |
Correlation
The correlation between ACIO and SPY is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Jul 10, 2019 | 0.92 |
The correlation between ACIO and SPY has been stable across timeframes, ranging from 0.92 to 0.97 - a consistent structural relationship.
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Return for Risk
ACIO vs. SPY — Risk / Return Rank
ACIO
SPY
ACIO vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Aptus Collared Income Opportunity ETF (ACIO) 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.
| ACIO | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.43 | ||
| Sortino ratioReturn per unit of downside risk | -0.51 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.39 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.10 | 3.01 | -0.92 |
| Martin ratioReturn relative to average drawdown | 8.17 | 13.54 | -5.36 |
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Drawdowns
ACIO vs. SPY - Drawdown Comparison
The maximum ACIO drawdown since its inception was -14.19%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ACIO and SPY.
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Drawdown Indicators
| ACIO | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.19% | -55.19% | +41.00% |
Max Drawdown (1Y)Largest decline over 1 year | -7.22% | -8.88% | +1.66% |
Max Drawdown (3Y)Largest decline over 3 years | -12.12% | -18.76% | +6.64% |
Max Drawdown (5Y)Largest decline over 5 years | -14.00% | -24.50% | +10.50% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -1.72% | -1.75% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -3.18% | -9.04% | +5.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.85% | 1.97% | -0.12% |
Volatility
ACIO vs. SPY - Volatility Comparison
The current volatility for Aptus Collared Income Opportunity ETF (ACIO) is 3.46%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that ACIO experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ACIO | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.46% | 4.64% | -1.18% |
Volatility (6M)Calculated over the trailing 6-month period | 6.77% | 9.75% | -2.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.79% | 12.43% | -3.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.12% | 17.14% | -6.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.67% | 17.99% | -6.32% |
ACIO vs. SPY - Expense Ratio Comparison
ACIO has a 0.79% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
ACIO vs. SPY - Dividend Comparison
ACIO's dividend yield for the trailing twelve months is around 0.38%, less than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ACIO Aptus Collared Income Opportunity ETF | 0.38% | 0.37% | 0.44% | 0.72% | 1.51% | 0.61% | 1.02% | 1.32% | 0.00% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.01% | 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
With a correlation of 0.97, ACIO and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
SPY has higher volatility (4.64%) compared to ACIO (3.46%). In terms of maximum drawdown, ACIO dropped -14.19% vs SPY's -55.19%.
On 5-year performance, SPY leads with 13.51% vs 9.91% for ACIO. On fees, SPY is cheaper at 0.09% per year. On volatility, ACIO has been the lower-risk option at 3.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPY has performed better with a 13.51% return vs 9.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.79% for ACIO.
SPY has the higher dividend yield at 1.01%, compared with 0.38% for ACIO.
ACIO is categorized as Diversified Portfolio, while SPY is S&P 500. They also come from different issuers: Aptus Capital Advisors and State Street. Their fees differ too: 0.79% for ACIO and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.16 vs 1.73), 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.
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