ISPY vs. XRMI

Last updated Jun 24, 2026

ISPY (ProShares S&P 500 High Income ETF) and XRMI (Global X S&P 500 Risk Managed Income ETF) are both Derivative Income funds - ISPY tracks the S&P 500 Daily Covered Call Index while XRMI tracks the Cboe S&P 500 Risk Managed Income Index. Both are passively managed. Over the past year, ISPY returned 20.58% vs 9.03% for XRMI. A 0.66 correlation means they provide meaningful diversification when combined. ISPY charges 0.55%/yr vs 0.60%/yr for XRMI.

Performance

ISPY vs. XRMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 High Income ETF (ISPY) and Global X S&P 500 Risk Managed Income ETF (XRMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ISPY achieves a 6.70% return, which is significantly higher than XRMI's 1.66% return.

ISPY

• 1D: -1.35%
• 1M: -1.29%
• YTD: 6.70%
• 6M: 5.74%
• 1Y: 20.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XRMI

• 1D: -0.52%
• 1M: 0.39%
• YTD: 1.66%
• 6M: 1.20%
• 1Y: 9.03%
• 3Y*: 6.90%
• 5Y*: —
• 10Y*: —

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

ISPY vs. XRMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ISPY ProShares S&P 500 High Income ETF	6.70%	13.15%	21.31%	0.35%
XRMI Global X S&P 500 Risk Managed Income ETF	1.66%	4.60%	15.18%	-0.16%

Correlation

The correlation between ISPY and XRMI is 0.70, 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	0.70
Correlation (All Time) Calculated using the full available price history since Dec 20, 2023	0.66

The correlation between ISPY and XRMI has been stable across timeframes, ranging from 0.66 to 0.70 - a consistent structural relationship.

ISPY vs. XRMI - Sectors Allocation Comparison

Sectors	ISPY	XRMI
Technology	33.2%	39.5%
Financial Services	20.0%	11.6%
Communication Services	8.6%	10.3%
Consumer Cyclical	8.0%	9.5%
Healthcare	7.1%	8.5%
Industrials	6.7%	7.9%
Consumer Defensive	3.9%	4.6%
Energy	2.6%	3.1%
Utilities	2.2%	2.7%
Real Estate	1.5%	1.8%
Basic Materials	1.5%	1.7%

Return for Risk

ISPY vs. XRMI — Risk / Return Rank

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

ISPY

ISPY Risk / Return Rank: 52
ISPY Sharpe Ratio Rank: 52
ISPY Sortino Ratio Rank: 47
ISPY Omega Ratio Rank: 50
ISPY Calmar Ratio Rank: 51
ISPY Martin Ratio Rank: 59

XRMI

XRMI Risk / Return Rank: 48
XRMI Sharpe Ratio Rank: 51
XRMI Sortino Ratio Rank: 50
XRMI Omega Ratio Rank: 54
XRMI Calmar Ratio Rank: 38
XRMI Martin Ratio Rank: 46

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.

ISPY vs. XRMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 High Income ETF (ISPY) and Global X S&P 500 Risk Managed Income ETF (XRMI). 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.

	ISPY	XRMI	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.65	+0.07
Sortino ratio: Return per unit of downside risk	2.26	2.30	-0.04
Omega ratio: Gain probability vs. loss probability	1.30	1.32	-0.02
Calmar ratio: Return relative to maximum drawdown	2.45	1.81	+0.65
Martin ratio: Return relative to average drawdown	10.07	7.28	+2.79

ISPY vs. XRMI - Sharpe Ratio Comparison

The current ISPY Sharpe Ratio is 1.72, which is comparable to the XRMI Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of ISPY and XRMI, 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

ISPY vs. XRMI - Drawdown Comparison

The maximum ISPY drawdown since its inception was -16.88%, which is greater than XRMI's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for ISPY and XRMI.

Drawdown Indicators

	ISPY	XRMI	Difference
Max Drawdown Largest peak-to-trough decline	-16.88%	-15.31%	-1.57%
Max Drawdown (1Y) Largest decline over 1 year	-8.43%	-5.02%	-3.41%
Max Drawdown (3Y) Largest decline over 3 years	—	-8.34%	—
Current Drawdown Current decline from peak	-3.35%	-0.52%	-2.83%
Average Drawdown Average peak-to-trough decline	-2.09%	-5.87%	+3.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	1.24%	+0.81%

Volatility

ISPY vs. XRMI - Volatility Comparison

ProShares S&P 500 High Income ETF (ISPY) has a higher volatility of 4.70% compared to Global X S&P 500 Risk Managed Income ETF (XRMI) at 1.71%. This indicates that ISPY's price experiences larger fluctuations and is considered to be riskier than XRMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISPY	XRMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.70%	1.71%	+2.99%
Volatility (6M) Calculated over the trailing 6-month period	9.53%	4.44%	+5.09%
Volatility (1Y) Calculated over the trailing 1-year period	12.08%	5.52%	+6.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.73%	6.91%	+6.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.73%	6.91%	+6.82%

ISPY vs. XRMI - Expense Ratio Comparison

ISPY has a 0.55% expense ratio, which is lower than XRMI's 0.60% expense ratio.

Dividends

ISPY vs. XRMI - Dividend Comparison

ISPY's dividend yield for the trailing twelve months is around 4.53%, less than XRMI's 12.73% yield.

Position	TTM	2025	2024	2023	2022	2021
ISPY ProShares S&P 500 High Income ETF	4.53%	8.56%	9.84%	0.00%	0.00%	0.00%
XRMI Global X S&P 500 Risk Managed Income ETF	12.73%	12.35%	11.86%	12.62%	12.84%	2.93%

Frequently Asked Questions

Can I hold both ISPY and XRMI in my portfolio?

ISPY and XRMI have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ISPY or XRMI?

ISPY has higher volatility (4.70%) compared to XRMI (1.71%). In terms of maximum drawdown, ISPY dropped -16.88% vs XRMI's -15.31%.

Which ETF is better, ISPY or XRMI?

On 1-year performance, ISPY leads with 20.58% vs 9.03% for XRMI. On fees, ISPY is cheaper at 0.55% per year. On volatility, XRMI has been the lower-risk option at 1.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISPY or XRMI?

Over the 1-year period, ISPY has performed better with a 20.58% return vs 9.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISPY or XRMI?

ISPY is cheaper with a 0.55% expense ratio, compared with 0.60% for XRMI.

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

XRMI has the higher dividend yield at 12.73%, compared with 4.53% for ISPY.

What is the main difference between ISPY and XRMI?

ISPY tracks S&P 500 Daily Covered Call Index, while XRMI tracks Cboe S&P 500 Risk Managed Income Index. They also come from different issuers: ProShares and Global X. Their fees differ too: 0.55% for ISPY and 0.60% for XRMI.

Which has better risk-adjusted returns?

ISPY currently has the higher Sharpe Ratio (1.72 vs 1.65), 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.