METI.L vs. SPYO.L
METI.L (IncomeShares META Options ETP GBP) and SPYO.L (IncomeShares S&P500 Options (0DTE) ETP GBP) are both Derivative Income funds from Leverage Shares. Both are actively managed. Over the past year, METI.L returned -22.49% vs 8.65% for SPYO.L. At a 0.42 correlation, their price movements are largely independent. METI.L charges 0.55%/yr vs 0.45%/yr for SPYO.L.
Performance
METI.L vs. SPYO.L - Performance Comparison
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Returns By Period
In the year-to-date period, METI.L achieves a -17.17% return, which is significantly lower than SPYO.L's -3.87% return.
METI.L
- 1D
- 0.00%
- 1M
- 10.40%
- 6M
- -12.76%
- YTD
- -17.17%
- 1Y
- -22.49%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPYO.L
- 1D
- 0.00%
- 1M
- 0.28%
- 6M
- -5.12%
- YTD
- -3.87%
- 1Y
- 8.65%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
METI.L vs. SPYO.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
METI.L IncomeShares META Options ETP GBP | -17.17% | -0.90% | 3.56% |
SPYO.L IncomeShares S&P500 Options (0DTE) ETP GBP | -3.87% | 11.82% | 2.41% |
Correlation
The correlation between METI.L and SPYO.L is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Oct 14, 2024 | 0.42 |
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Return for Risk
METI.L vs. SPYO.L — Risk / Return Rank
METI.L
SPYO.L
METI.L vs. SPYO.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IncomeShares META Options ETP GBP (METI.L) and IncomeShares S&P500 Options (0DTE) ETP GBP (SPYO.L). 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.
| METI.L | SPYO.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.63 | ||
| Sortino ratioReturn per unit of downside risk | -1.01 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.21 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.43 | 0.26 | -0.68 |
| Martin ratioReturn relative to average drawdown | -0.61 | 0.38 | -0.99 |
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Drawdowns
METI.L vs. SPYO.L - Drawdown Comparison
The maximum METI.L drawdown since its inception was -52.76%, which is greater than SPYO.L's maximum drawdown of -33.74%. Use the drawdown chart below to compare losses from any high point for METI.L and SPYO.L.
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Drawdown Indicators
| METI.L | SPYO.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.76% | -33.74% | -19.02% |
Max Drawdown (1Y)Largest decline over 1 year | -52.76% | -33.74% | -19.02% |
Current DrawdownCurrent decline from peak | -45.92% | -26.77% | -19.15% |
Average DrawdownAverage peak-to-trough decline | -23.54% | -12.95% | -10.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.75% | 22.79% | +13.96% |
Volatility
METI.L vs. SPYO.L - Volatility Comparison
IncomeShares META Options ETP GBP (METI.L) has a higher volatility of 12.90% compared to IncomeShares S&P500 Options (0DTE) ETP GBP (SPYO.L) at 2.40%. This indicates that METI.L's price experiences larger fluctuations and is considered to be riskier than SPYO.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| METI.L | SPYO.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.90% | 2.40% | +10.50% |
Volatility (6M)Calculated over the trailing 6-month period | 26.50% | 9.18% | +17.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.55% | 43.20% | +9.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.42% | 5,455.86% | -5,411.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.42% | 5,455.86% | -5,411.44% |
METI.L vs. SPYO.L - Expense Ratio Comparison
METI.L has a 0.55% expense ratio, which is higher than SPYO.L's 0.45% expense ratio.
Dividends
METI.L vs. SPYO.L - Dividend Comparison
METI.L's dividend yield for the trailing twelve months is around 20.65%, less than SPYO.L's 37.61% yield.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
METI.L IncomeShares META Options ETP GBP | 20.65% | 20.59% | 3.05% |
SPYO.L IncomeShares S&P500 Options (0DTE) ETP GBP | 37.61% | 88.09% | 2.75% |
Frequently Asked Questions
METI.L and SPYO.L have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPYO.L is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPYO.L is cheaper with a 0.45% expense ratio, compared with 0.55% for METI.L.
Their fees differ too: 0.55% for METI.L and 0.45% for SPYO.L.
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