ODTE vs. SPY

Last updated Jul 3, 2026

ODTE (VegaShares SPX NDX RTY Premium Income ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - ODTE is a Derivative Income fund actively managed by VegaShares, while SPY is a S&P 500 fund tracking the S&P 500 Index. ODTE is actively managed, while SPY is passively managed. Their correlation of 0.88 suggests significant overlap in exposure. ODTE charges 0.76%/yr vs 0.09%/yr for SPY.

Performance

ODTE vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VegaShares SPX NDX RTY Premium Income ETF (ODTE) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ODTE

• 1D: -0.88%
• 1M: -2.97%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.13%
• 1M: -1.69%
• 6M: 9.80%
• YTD: 9.80%
• 1Y: 21.37%
• 3Y*: 20.32%
• 5Y*: 12.94%
• 10Y*: 15.34%

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

ODTE vs. SPY - Yearly Performance Comparison

	2026 (YTD)
ODTE VegaShares SPX NDX RTY Premium Income ETF	11.25%
SPY State Street SPDR S&P 500 ETF	13.96%

Correlation

The correlation between ODTE and SPY is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 2, 2026	0.88

Return for Risk

ODTE vs. SPY — Risk / Return Rank

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

ODTE

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SPY

SPY Risk / Return Rank: 61
SPY Sharpe Ratio Rank: 61
SPY Sortino Ratio Rank: 59
SPY Omega Ratio Rank: 60
SPY Calmar Ratio Rank: 58
SPY Martin Ratio Rank: 69

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.

ODTE vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VegaShares SPX NDX RTY Premium Income ETF (ODTE) and State Street SPDR S&P 500 ETF (SPY). 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.

	ODTE	SPY	Difference
Sharpe ratio: Return per unit of total volatility	—	1.71	—
Sortino ratio: Return per unit of downside risk	—	2.36	—
Omega ratio: Gain probability vs. loss probability	—	1.31	—
Calmar ratio: Return relative to maximum drawdown	—	2.42	—
Martin ratio: Return relative to average drawdown	—	10.55	—

Drawdowns

ODTE vs. SPY - Drawdown Comparison

The maximum ODTE drawdown since its inception was -4.67%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ODTE and SPY.

Drawdown Indicators

	ODTE	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-4.67%	-55.19%	+50.52%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.88%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-2.97%	-1.69%	-1.28%
Average Drawdown Average peak-to-trough decline	-1.06%	-9.03%	+7.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.03%	—

Volatility

Volatility by Period

	ODTE	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.15%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.96%	—
Volatility (1Y) Calculated over the trailing 1-year period	15.51%	12.55%	+2.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.51%	17.17%	-1.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.51%	17.93%	-2.42%

ODTE vs. SPY - Expense Ratio Comparison

ODTE has a 0.76% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

ODTE vs. SPY - Dividend Comparison

ODTE's dividend yield for the trailing twelve months is around 3.27%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ODTE VegaShares SPX NDX RTY Premium Income ETF	3.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both ODTE and SPY in my portfolio?

ODTE and SPY have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ODTE or SPY?

On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ODTE or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.76% for ODTE.

Which ETF pays a higher dividend yield, ODTE or SPY?

ODTE has the higher dividend yield at 3.27%, compared with 1.01% for SPY.

What is the main difference between ODTE and SPY?

ODTE is categorized as Derivative Income, while SPY is S&P 500. They also come from different issuers: VegaShares and State Street. Their fees differ too: 0.76% for ODTE and 0.09% for SPY.