FEPI vs. ISPY

Last updated Jun 28, 2026

FEPI (REX FANG & Innovation Equity Premium Income ETF) and ISPY (ProShares S&P 500 High Income ETF) are both Derivative Income funds. FEPI is actively managed, while ISPY is passively managed. Over the past year, FEPI returned 16.30% vs 16.35% for ISPY. Their correlation of 0.84 suggests significant overlap in exposure. FEPI charges 0.65%/yr vs 0.55%/yr for ISPY.

Performance

FEPI vs. ISPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in REX FANG & Innovation Equity Premium Income ETF (FEPI) and ProShares S&P 500 High Income ETF (ISPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEPI achieves a 1.96% return, which is significantly lower than ISPY's 5.30% return.

FEPI

• 1D: -0.50%
• 1M: -9.01%
• YTD: 1.96%
• 6M: 1.18%
• 1Y: 16.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ISPY

• 1D: -1.41%
• 1M: -4.20%
• YTD: 5.30%
• 6M: 3.91%
• 1Y: 16.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FEPI vs. ISPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FEPI REX FANG & Innovation Equity Premium Income ETF	1.96%	18.33%	15.69%	0.70%
ISPY ProShares S&P 500 High Income ETF	5.30%	13.15%	21.31%	0.35%

Correlation

The correlation between FEPI and ISPY is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (All Time) Calculated using the full available price history since Dec 20, 2023	0.84

The correlation between FEPI and ISPY has been stable across timeframes, ranging from 0.80 to 0.84 - a consistent structural relationship.

FEPI vs. ISPY - Sectors Allocation Comparison

Sectors	FEPI	ISPY
Technology	65.5%	32.3%
Communication Services	19.6%	8.2%
Consumer Cyclical	12.4%	7.8%
Basic Materials	-	1.5%
Consumer Defensive	-	4.0%
Energy	-	2.7%
Financial Services	-	20.5%
Healthcare	-	7.5%
Industrials	-	7.0%
Real Estate	-	1.6%
Utilities	-	2.3%

Return for Risk

FEPI vs. ISPY — Risk / Return Rank

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

FEPI

FEPI Risk / Return Rank: 26
FEPI Sharpe Ratio Rank: 26
FEPI Sortino Ratio Rank: 25
FEPI Omega Ratio Rank: 26
FEPI Calmar Ratio Rank: 27
FEPI Martin Ratio Rank: 29

ISPY

ISPY Risk / Return Rank: 44
ISPY Sharpe Ratio Rank: 43
ISPY Sortino Ratio Rank: 39
ISPY Omega Ratio Rank: 41
ISPY Calmar Ratio Rank: 44
ISPY Martin Ratio Rank: 52

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.

FEPI vs. ISPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for REX FANG & Innovation Equity Premium Income ETF (FEPI) and ProShares S&P 500 High Income ETF (ISPY). 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.

	FEPI	ISPY	Difference
Sharpe ratio: Return per unit of total volatility	0.91	1.39	-0.48
Sortino ratio: Return per unit of downside risk	1.31	1.86	-0.55
Omega ratio: Gain probability vs. loss probability	1.17	1.25	-0.07
Calmar ratio: Return relative to maximum drawdown	1.26	1.99	-0.73
Martin ratio: Return relative to average drawdown	3.92	8.01	-4.09

FEPI vs. ISPY - Sharpe Ratio Comparison

The current FEPI Sharpe Ratio is 0.91, which is lower than the ISPY Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of FEPI and ISPY, 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

FEPI vs. ISPY - Drawdown Comparison

The maximum FEPI drawdown since its inception was -23.56%, which is greater than ISPY's maximum drawdown of -16.88%. Use the drawdown chart below to compare losses from any high point for FEPI and ISPY.

Drawdown Indicators

	FEPI	ISPY	Difference
Max Drawdown Largest peak-to-trough decline	-23.56%	-16.88%	-6.68%
Max Drawdown (1Y) Largest decline over 1 year	-12.91%	-8.43%	-4.48%
Current Drawdown Current decline from peak	-9.01%	-4.61%	-4.40%
Average Drawdown Average peak-to-trough decline	-3.55%	-2.10%	-1.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.14%	2.09%	+2.05%

Volatility

FEPI vs. ISPY - Volatility Comparison

REX FANG & Innovation Equity Premium Income ETF (FEPI) has a higher volatility of 7.43% compared to ProShares S&P 500 High Income ETF (ISPY) at 4.81%. This indicates that FEPI's price experiences larger fluctuations and is considered to be riskier than ISPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEPI	ISPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.43%	4.81%	+2.62%
Volatility (6M) Calculated over the trailing 6-month period	13.93%	9.57%	+4.36%
Volatility (1Y) Calculated over the trailing 1-year period	17.78%	12.08%	+5.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.30%	13.73%	+5.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.30%	13.73%	+5.57%

FEPI vs. ISPY - Expense Ratio Comparison

FEPI has a 0.65% expense ratio, which is higher than ISPY's 0.55% expense ratio.

Dividends

FEPI vs. ISPY - Dividend Comparison

FEPI's dividend yield for the trailing twelve months is around 25.49%, more than ISPY's 4.59% yield.

Position	TTM	2025	2024	2023
FEPI REX FANG & Innovation Equity Premium Income ETF	25.49%	25.48%	27.18%	4.21%
ISPY ProShares S&P 500 High Income ETF	4.59%	8.56%	9.84%	0.00%

Frequently Asked Questions

Can I hold both FEPI and ISPY in my portfolio?

FEPI and ISPY 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 is riskier, FEPI or ISPY?

FEPI has higher volatility (7.43%) compared to ISPY (4.81%). In terms of maximum drawdown, FEPI dropped -23.56% vs ISPY's -16.88%.

Which ETF is better, FEPI or ISPY?

On 1-year performance, ISPY leads with 16.35% vs 16.30% for FEPI. On fees, ISPY is cheaper at 0.55% per year. On volatility, ISPY has been the lower-risk option at 4.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEPI or ISPY?

Over the 1-year period, ISPY has performed better with a 16.35% return vs 16.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEPI or ISPY?

ISPY is cheaper with a 0.55% expense ratio, compared with 0.65% for FEPI.

Which ETF pays a higher dividend yield, FEPI or ISPY?

FEPI has the higher dividend yield at 25.49%, compared with 4.59% for ISPY.

What is the main difference between FEPI and ISPY?

They also come from different issuers: REX and ProShares. Their fees differ too: 0.65% for FEPI and 0.55% for ISPY.

Which has better risk-adjusted returns?

ISPY currently has the higher Sharpe Ratio (1.39 vs 0.91), 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.