IETH vs. SPUT
IETH (Bitwise Ethereum Option Income Strategy ETF) and SPUT (Innovator Equity Premium Income Daily PutWrite ETF) are both Derivative Income funds. Both are actively managed. At a 0.50 correlation, their price movements are largely independent. IETH charges 0.97%/yr vs 0.79%/yr for SPUT.
Performance
IETH vs. SPUT - Performance Comparison
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Returns By Period
In the year-to-date period, IETH achieves a -33.82% return, which is significantly lower than SPUT's 7.26% return.
IETH
- 1D
- -5.08%
- 1M
- -18.82%
- YTD
- -33.82%
- 6M
- -35.44%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPUT
- 1D
- -0.34%
- 1M
- 3.05%
- YTD
- 7.26%
- 6M
- 7.80%
- 1Y
- 18.82%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IETH vs. SPUT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IETH Bitwise Ethereum Option Income Strategy ETF | -33.82% | -28.43% |
SPUT Innovator Equity Premium Income Daily PutWrite ETF | 7.26% | 2.28% |
Correlation
The correlation between IETH and SPUT is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 3, 2025 | 0.50 |
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Return for Risk
IETH vs. SPUT — Risk / Return Rank
IETH
SPUT
IETH vs. SPUT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum Option Income Strategy ETF (IETH) 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| IETH | SPUT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 2.62 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.13 | 1.54 | -2.68 |
Drawdowns
IETH vs. SPUT - Drawdown Comparison
The maximum IETH drawdown since its inception was -55.94%, which is greater than SPUT's maximum drawdown of -10.55%. Use the drawdown chart below to compare losses from any high point for IETH and SPUT.
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Drawdown Indicators
| IETH | SPUT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.94% | -10.55% | -45.39% |
Max Drawdown (1Y)Largest decline over 1 year | — | -3.81% | — |
Current DrawdownCurrent decline from peak | -54.25% | -0.34% | -53.91% |
Average DrawdownAverage peak-to-trough decline | -37.10% | -0.88% | -36.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.83% | — |
Volatility
IETH vs. SPUT - Volatility Comparison
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Volatility by Period
| IETH | SPUT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.50% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 5.46% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 59.79% | 7.24% | +52.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.79% | 11.26% | +48.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.79% | 11.26% | +48.53% |
IETH vs. SPUT - Expense Ratio Comparison
IETH has a 0.97% expense ratio, which is higher than SPUT's 0.79% expense ratio.
Dividends
IETH vs. SPUT - Dividend Comparison
IETH's dividend yield for the trailing twelve months is around 46.99%, more than SPUT's 5.03% yield.
| Position | TTM | 2025 |
|---|---|---|
IETH Bitwise Ethereum Option Income Strategy ETF | 46.99% | 18.26% |
SPUT Innovator Equity Premium Income Daily PutWrite ETF | 5.03% | 4.66% |
Frequently Asked Questions
IETH and SPUT have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPUT is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPUT is cheaper with a 0.79% expense ratio, compared with 0.97% for IETH.
IETH has the higher dividend yield at 46.99%, compared with 5.03% for SPUT.
They also come from different issuers: Bitwise and Innovator. Their fees differ too: 0.97% for IETH and 0.79% for SPUT.
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