DIVP vs. SPY

Last updated Aug 2, 2026

DIVP (Cullen Enhanced Equity Income ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - DIVP is a Derivative Income fund actively managed by Cullen, while SPY is a S&P 500 fund tracking the S&P 500 Index. DIVP is actively managed, while SPY is passively managed. Over the past year, DIVP returned 16.90% vs 21.49% for SPY. Their 0.41 correlation means their historical movements had little consistent relationship. DIVP charges 0.55%/yr vs 0.09%/yr for SPY.

Performance

DIVP vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cullen Enhanced Equity Income ETF (DIVP) 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, DIVP achieves a 11.96% return, which is significantly higher than SPY's 10.13% return.

DIVP

• 1D: 0.00%
• 1M: 0.66%
• 6M: 7.47%
• YTD: 11.96%
• 1Y: 16.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.46%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

*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)
DIVP Cullen Enhanced Equity Income ETF	$154.54K	$147.79K	$276.47K
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

DIVP vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DIVP Cullen Enhanced Equity Income ETF	11.96%	7.76%	5.21%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	16.45%

Correlation

The correlation between DIVP and SPY is 0.31, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.31
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.41

The correlation between DIVP and SPY shifts across timeframes, from 0.31 (1 year) to 0.41 (all time), reflecting how their relationship changes across market environments.

DIVP vs. SPY - Sectors Allocation Comparison

Sectors	DIVP	SPY
Healthcare	16.8%	9.4%
Consumer Defensive	11.8%	4.8%
Financial Services	11.5%	12.5%
Industrials	11.2%	7.6%
Energy	11.0%	3.4%
Communication Services	8.1%	9.7%
Real Estate	6.4%	2.0%
Utilities	6.0%	2.6%
Technology	5.4%	36.9%
Basic Materials	2.3%	1.9%
Consumer Cyclical	2.0%	8.9%

Return for Risk

DIVP vs. SPY — Risk / Return Rank

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

DIVP

DIVP Risk / Return Rank: 67
DIVP Sharpe Ratio Rank: 69
DIVP Sortino Ratio Rank: 72
DIVP Omega Ratio Rank: 62
DIVP Calmar Ratio Rank: 74
DIVP Martin Ratio Rank: 57

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

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.

DIVP vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cullen Enhanced Equity Income ETF (DIVP) 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.

	DIVP	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.58	1.52	+0.06
Sortino ratio: Return per unit of downside risk	2.32	2.11	+0.21
Omega ratio: Gain probability vs. loss probability	1.27	1.27	0.00
Calmar ratio: Return relative to maximum drawdown	2.60	2.20	+0.40
Martin ratio: Return relative to average drawdown	6.87	9.40	-2.53

DIVP vs. SPY - Sharpe Ratio Comparison

The current DIVP Sharpe Ratio is 1.58, which is comparable to the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of DIVP 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

DIVP vs. SPY - Drawdown Comparison

The maximum DIVP drawdown since its inception was -12.26%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DIVP and SPY.

Drawdown Indicators

	DIVP	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-12.26%	-55.19%	+42.93%
Max Drawdown (1Y) Largest decline over 1 year	-6.28%	-8.88%	+2.60%
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	-1.64%	-1.40%	-0.24%
Average Drawdown Average peak-to-trough decline	-2.32%	-9.01%	+6.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.37%	2.08%	+0.29%

Volatility

DIVP vs. SPY - Volatility Comparison

Cullen Enhanced Equity Income ETF (DIVP) has a higher volatility of 4.13% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that DIVP'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

	DIVP	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.13%	3.58%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	7.71%	10.14%	-2.43%
Volatility (1Y) Calculated over the trailing 1-year period	10.52%	12.89%	-2.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.82%	17.18%	-5.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.82%	17.95%	-6.13%

DIVP vs. SPY - Expense Ratio Comparison

DIVP has a 0.55% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

DIVP vs. SPY - Dividend Comparison

DIVP's dividend yield for the trailing twelve months is around 5.83%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DIVP Cullen Enhanced Equity Income ETF	5.83%	6.06%	5.92%	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	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

Can I hold both DIVP and SPY in my portfolio?

DIVP and SPY have a correlation of 0.31, 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 SPY?

DIVP has higher volatility (4.13%) compared to SPY (3.58%). In terms of maximum drawdown, DIVP dropped -12.26% vs SPY's -55.19%.

Which ETF is better, DIVP or SPY?

On 1-year performance, SPY leads with 21.49% vs 16.90% for DIVP. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIVP or SPY?

Over the 1-year period, SPY has performed better with a 21.49% return vs 16.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIVP or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.55% for DIVP.

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

DIVP has the higher dividend yield at 5.83%, compared with 1.01% for SPY.

What is the main difference between DIVP and SPY?

DIVP is categorized as Derivative Income, while SPY is S&P 500. They also come from different issuers: Cullen and State Street. Their fees differ too: 0.55% for DIVP and 0.09% for SPY.

Which has better risk-adjusted returns?

DIVP currently has the higher Sharpe Ratio (1.58 vs 1.52), 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.