EIPI vs. SPUT

Last updated Jun 23, 2026

EIPI (FT Energy Income Partners Enhanced Income ETF) and SPUT (Innovator Equity Premium Income Daily PutWrite ETF) are both Derivative Income funds. Both are actively managed. Over the past year, EIPI returned 19.20% vs 16.41% for SPUT. At a 0.21 correlation, their price movements are largely independent. EIPI charges 1.11%/yr vs 0.79%/yr for SPUT.

Performance

EIPI vs. SPUT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Energy Income Partners Enhanced Income ETF (EIPI) and Innovator Equity Premium Income Daily PutWrite ETF (SPUT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EIPI achieves a 13.00% return, which is significantly higher than SPUT's 5.47% return.

EIPI

• 1D: 0.88%
• 1M: -3.92%
• YTD: 13.00%
• 6M: 14.24%
• 1Y: 19.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPUT

• 1D: -0.18%
• 1M: -0.92%
• YTD: 5.47%
• 6M: 5.45%
• 1Y: 16.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EIPI vs. SPUT - Yearly Performance Comparison

	2026 (YTD)	2025
EIPI FT Energy Income Partners Enhanced Income ETF	13.00%	8.30%
SPUT Innovator Equity Premium Income Daily PutWrite ETF	5.47%	13.49%

Correlation

The correlation between EIPI and SPUT is 0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (All Time) Calculated using the full available price history since Mar 14, 2025	0.21

The correlation between EIPI and SPUT shifts across timeframes, from 0.10 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.

EIPI vs. SPUT - Sectors Allocation Comparison

Sectors	EIPI	SPUT
Energy	63.2%	3.2%
Utilities	31.3%	2.1%
Industrials	4.9%	8.2%
Basic Materials	0.7%	1.8%
Communication Services	-	10.9%
Consumer Cyclical	-	10.1%
Consumer Defensive	-	4.4%
Financial Services	-	10.3%
Healthcare	-	8.4%
Real Estate	-	1.7%
Technology	-	39.0%

Return for Risk

EIPI vs. SPUT — Risk / Return Rank

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

EIPI

EIPI Risk / Return Rank: 67
EIPI Sharpe Ratio Rank: 63
EIPI Sortino Ratio Rank: 67
EIPI Omega Ratio Rank: 56
EIPI Calmar Ratio Rank: 80
EIPI Martin Ratio Rank: 72

SPUT

SPUT Risk / Return Rank: 75
SPUT Sharpe Ratio Rank: 68
SPUT Sortino Ratio Rank: 64
SPUT Omega Ratio Rank: 76
SPUT Calmar Ratio Rank: 84
SPUT Martin Ratio Rank: 84

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.

EIPI vs. SPUT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Energy Income Partners Enhanced Income ETF (EIPI) and Innovator Equity Premium Income Daily PutWrite ETF (SPUT). 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.

	EIPI	SPUT	Difference
Sharpe ratio: Return per unit of total volatility	2.01	2.13	-0.13
Sortino ratio: Return per unit of downside risk	2.95	2.88	+0.07
Omega ratio: Gain probability vs. loss probability	1.34	1.43	-0.09
Calmar ratio: Return relative to maximum drawdown	4.04	4.32	-0.28
Martin ratio: Return relative to average drawdown	12.86	16.78	-3.92

EIPI vs. SPUT - Sharpe Ratio Comparison

The current EIPI Sharpe Ratio is 2.01, which is comparable to the SPUT Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of EIPI and SPUT, 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

EIPI vs. SPUT - Drawdown Comparison

The maximum EIPI drawdown since its inception was -12.33%, which is greater than SPUT's maximum drawdown of -10.55%. Use the drawdown chart below to compare losses from any high point for EIPI and SPUT.

Drawdown Indicators

	EIPI	SPUT	Difference
Max Drawdown Largest peak-to-trough decline	-12.33%	-10.55%	-1.78%
Max Drawdown (1Y) Largest decline over 1 year	-4.77%	-3.81%	-0.96%
Current Drawdown Current decline from peak	-3.94%	-2.00%	-1.94%
Average Drawdown Average peak-to-trough decline	-1.70%	-0.93%	-0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.50%	0.98%	+0.52%

Volatility

EIPI vs. SPUT - Volatility Comparison

FT Energy Income Partners Enhanced Income ETF (EIPI) and Innovator Equity Premium Income Daily PutWrite ETF (SPUT) have volatilities of 3.22% and 3.12%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EIPI	SPUT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.22%	3.12%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	7.35%	6.14%	+1.21%
Volatility (1Y) Calculated over the trailing 1-year period	9.63%	7.74%	+1.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.01%	11.34%	+1.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.01%	11.34%	+1.67%

EIPI vs. SPUT - Expense Ratio Comparison

EIPI has a 1.11% expense ratio, which is higher than SPUT's 0.79% expense ratio.

Dividends

EIPI vs. SPUT - Dividend Comparison

EIPI's dividend yield for the trailing twelve months is around 6.87%, more than SPUT's 5.11% yield.

Position	TTM	2025	2024
EIPI FT Energy Income Partners Enhanced Income ETF	6.87%	9.71%	6.31%
SPUT Innovator Equity Premium Income Daily PutWrite ETF	5.11%	4.66%	0.00%

Frequently Asked Questions

Can I hold both EIPI and SPUT in my portfolio?

EIPI and SPUT have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EIPI or SPUT?

EIPI has higher volatility (3.22%) compared to SPUT (3.12%). In terms of maximum drawdown, EIPI dropped -12.33% vs SPUT's -10.55%.

Which ETF is better, EIPI or SPUT?

On 1-year performance, EIPI leads with 19.20% vs 16.41% for SPUT. On fees, SPUT is cheaper at 0.79% per year. On volatility, SPUT has been the lower-risk option at 3.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EIPI or SPUT?

Over the 1-year period, EIPI has performed better with a 19.20% return vs 16.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EIPI or SPUT?

SPUT is cheaper with a 0.79% expense ratio, compared with 1.11% for EIPI.

Which ETF pays a higher dividend yield, EIPI or SPUT?

EIPI has the higher dividend yield at 6.87%, compared with 5.11% for SPUT.

What is the main difference between EIPI and SPUT?

They also come from different issuers: First Trust and Innovator. Their fees differ too: 1.11% for EIPI and 0.79% for SPUT.

Which has better risk-adjusted returns?

SPUT currently has the higher Sharpe Ratio (2.13 vs 2.01), 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.