DIVP vs. SPIN

Last updated Jun 26, 2026

DIVP (Cullen Enhanced Equity Income ETF) and SPIN (State Street US Equity Premium Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, DIVP returned 14.17% vs 13.47% for SPIN. At a 0.39 correlation, their price movements are largely independent. DIVP charges 0.55%/yr vs 0.25%/yr for SPIN.

Performance

DIVP vs. SPIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cullen Enhanced Equity Income ETF (DIVP) and State Street US Equity Premium Income ETF (SPIN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DIVP achieves a 9.77% return, which is significantly higher than SPIN's 0.16% return.

DIVP

• 1D: 0.91%
• 1M: 1.31%
• YTD: 9.77%
• 6M: 9.02%
• 1Y: 14.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPIN

• 1D: -0.10%
• 1M: -1.97%
• YTD: 0.16%
• 6M: -0.54%
• 1Y: 13.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DIVP vs. SPIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DIVP Cullen Enhanced Equity Income ETF	9.77%	7.76%	-2.46%
SPIN State Street US Equity Premium Income ETF	0.16%	14.14%	6.47%

Correlation

The correlation between DIVP and SPIN is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.39

DIVP vs. SPIN - Sectors Allocation Comparison

Sectors	DIVP	SPIN
Healthcare	16.9%	8.3%
Financial Services	15.6%	11.3%
Consumer Defensive	12.2%	3.6%
Energy	10.6%	2.7%
Industrials	9.4%	8.1%
Technology	8.0%	39.6%
Communication Services	7.9%	11.9%
Real Estate	6.9%	1.5%
Utilities	5.9%	2.2%
Consumer Cyclical	4.3%	8.6%
Basic Materials	2.5%	2.3%

Return for Risk

DIVP vs. SPIN — Risk / Return Rank

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

DIVP

DIVP Risk / Return Rank: 44
DIVP Sharpe Ratio Rank: 43
DIVP Sortino Ratio Rank: 46
DIVP Omega Ratio Rank: 39
DIVP Calmar Ratio Rank: 52
DIVP Martin Ratio Rank: 39

SPIN

SPIN Risk / Return Rank: 36
SPIN Sharpe Ratio Rank: 38
SPIN Sortino Ratio Rank: 35
SPIN Omega Ratio Rank: 38
SPIN Calmar Ratio Rank: 30
SPIN Martin Ratio Rank: 39

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.

DIVP vs. SPIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cullen Enhanced Equity Income ETF (DIVP) and State Street US Equity Premium Income ETF (SPIN). 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.

	DIVP	SPIN	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.22	+0.18
Sortino ratio: Return per unit of downside risk	2.06	1.70	+0.36
Omega ratio: Gain probability vs. loss probability	1.24	1.23	+0.01
Calmar ratio: Return relative to maximum drawdown	2.27	1.38	+0.89
Martin ratio: Return relative to average drawdown	5.51	5.60	-0.09

DIVP vs. SPIN - Sharpe Ratio Comparison

The current DIVP Sharpe Ratio is 1.40, which is comparable to the SPIN Sharpe Ratio of 1.22. The chart below compares the historical Sharpe Ratios of DIVP and SPIN, 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

DIVP vs. SPIN - Drawdown Comparison

The maximum DIVP drawdown since its inception was -12.26%, smaller than the maximum SPIN drawdown of -16.85%. Use the drawdown chart below to compare losses from any high point for DIVP and SPIN.

Drawdown Indicators

	DIVP	SPIN	Difference
Max Drawdown Largest peak-to-trough decline	-12.26%	-16.85%	+4.59%
Max Drawdown (1Y) Largest decline over 1 year	-6.28%	-9.81%	+3.53%
Current Drawdown Current decline from peak	-0.09%	-3.06%	+2.97%
Average Drawdown Average peak-to-trough decline	-2.39%	-2.28%	-0.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	2.41%	+0.17%

Volatility

DIVP vs. SPIN - Volatility Comparison

The current volatility for Cullen Enhanced Equity Income ETF (DIVP) is 2.92%, while State Street US Equity Premium Income ETF (SPIN) has a volatility of 4.18%. This indicates that DIVP experiences smaller price fluctuations and is considered to be less risky than SPIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DIVP	SPIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.92%	4.18%	-1.26%
Volatility (6M) Calculated over the trailing 6-month period	7.12%	8.71%	-1.59%
Volatility (1Y) Calculated over the trailing 1-year period	10.21%	11.12%	-0.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.75%	14.39%	-2.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.75%	14.39%	-2.64%

DIVP vs. SPIN - Expense Ratio Comparison

DIVP has a 0.55% expense ratio, which is higher than SPIN's 0.25% expense ratio.

Dividends

DIVP vs. SPIN - Dividend Comparison

DIVP's dividend yield for the trailing twelve months is around 5.60%, less than SPIN's 5.80% yield.

Position	TTM	2025	2024
DIVP Cullen Enhanced Equity Income ETF	5.60%	6.06%	5.92%
SPIN State Street US Equity Premium Income ETF	5.80%	8.20%	2.36%

Frequently Asked Questions

Can I hold both DIVP and SPIN in my portfolio?

DIVP and SPIN have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIVP or SPIN?

SPIN has higher volatility (4.18%) compared to DIVP (2.92%). In terms of maximum drawdown, DIVP dropped -12.26% vs SPIN's -16.85%.

Which ETF is better, DIVP or SPIN?

On 1-year performance, DIVP leads with 14.17% vs 13.47% for SPIN. On fees, SPIN is cheaper at 0.25% per year. On volatility, DIVP has been the lower-risk option at 2.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIVP or SPIN?

Over the 1-year period, DIVP has performed better with a 14.17% return vs 13.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIVP or SPIN?

SPIN is cheaper with a 0.25% expense ratio, compared with 0.55% for DIVP.

Which ETF pays a higher dividend yield, DIVP or SPIN?

SPIN has the higher dividend yield at 5.80%, compared with 5.60% for DIVP.

What is the main difference between DIVP and SPIN?

They also come from different issuers: Cullen and State Street. Their fees differ too: 0.55% for DIVP and 0.25% for SPIN.

Which has better risk-adjusted returns?

DIVP currently has the higher Sharpe Ratio (1.40 vs 1.22), 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.