PEPS vs. SPUT

Last updated Jun 3, 2026

PEPS (Parametric Equity Plus ETF) and SPUT (Innovator Equity Premium Income Daily PutWrite ETF) are both Derivative Income funds. Both are actively managed. Over the past year, PEPS returned 33.38% vs 19.73% for SPUT. Their correlation of 0.93 suggests significant overlap in exposure. PEPS charges 0.10%/yr vs 0.79%/yr for SPUT.

Performance

PEPS vs. SPUT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Parametric Equity Plus ETF (PEPS) and Innovator Equity Premium Income Daily PutWrite ETF (SPUT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PEPS achieves a 11.24% return, which is significantly higher than SPUT's 7.63% return.

PEPS

• 1D: 0.14%
• 1M: 6.48%
• YTD: 11.24%
• 6M: 11.73%
• 1Y: 33.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPUT

• 1D: 0.19%
• 1M: 3.18%
• YTD: 7.63%
• 6M: 8.42%
• 1Y: 19.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PEPS vs. SPUT - Yearly Performance Comparison

	2026 (YTD)	2025
PEPS Parametric Equity Plus ETF	11.24%	26.21%
SPUT Innovator Equity Premium Income Daily PutWrite ETF	7.63%	13.20%

Correlation

The correlation between PEPS and SPUT is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (All Time) Calculated using the full available price history since Mar 17, 2025	0.93

The correlation between PEPS and SPUT has been stable across timeframes, ranging from 0.93 to 0.93 - a consistent structural relationship.

Return for Risk

PEPS vs. SPUT — Risk / Return Rank

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

PEPS

PEPS Risk / Return Rank: 75
PEPS Sharpe Ratio Rank: 77
PEPS Sortino Ratio Rank: 73
PEPS Omega Ratio Rank: 77
PEPS Calmar Ratio Rank: 68
PEPS Martin Ratio Rank: 81

SPUT

SPUT Risk / Return Rank: 87
SPUT Sharpe Ratio Rank: 82
SPUT Sortino Ratio Rank: 84
SPUT Omega Ratio Rank: 88
SPUT Calmar Ratio Rank: 88
SPUT Martin Ratio Rank: 92

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.

PEPS vs. SPUT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Parametric Equity Plus ETF (PEPS) 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.

	PEPS	SPUT	Difference
Sharpe ratio Return per unit of total volatility	2.57	2.74	-0.17
Sortino ratio Return per unit of downside risk	3.36	3.84	-0.48
Omega ratio Gain probability vs. loss probability	1.47	1.55	-0.08
Calmar ratio Return relative to maximum drawdown	3.46	5.23	-1.77
Martin ratio Return relative to average drawdown	16.23	23.91	-7.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PEPS vs. SPUT - Sharpe Ratio Comparison

The current PEPS Sharpe Ratio is 2.57, which is comparable to the SPUT Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of PEPS and SPUT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PEPS	SPUT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.57	2.74	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	1.07	1.58	-0.50

Drawdowns

PEPS vs. SPUT - Drawdown Comparison

The maximum PEPS drawdown since its inception was -21.26%, which is greater than SPUT's maximum drawdown of -10.55%. Use the drawdown chart below to compare losses from any high point for PEPS and SPUT.

Drawdown Indicators

	PEPS	SPUT	Difference
Max Drawdown Largest peak-to-trough decline	-21.26%	-10.55%	-10.71%
Max Drawdown (1Y) Largest decline over 1 year	-9.80%	-3.81%	-5.99%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-2.78%	-0.88%	-1.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	0.83%	+1.26%

Volatility

PEPS vs. SPUT - Volatility Comparison

Parametric Equity Plus ETF (PEPS) has a higher volatility of 2.75% compared to Innovator Equity Premium Income Daily PutWrite ETF (SPUT) at 1.46%. This indicates that PEPS's price experiences larger fluctuations and is considered to be riskier than SPUT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PEPS	SPUT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.75%	1.46%	+1.29%
Volatility (6M) Calculated over the trailing 6-month period	9.82%	5.46%	+4.36%
Volatility (1Y) Calculated over the trailing 1-year period	13.05%	7.22%	+5.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.32%	11.27%	+7.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.32%	11.27%	+7.05%

PEPS vs. SPUT - Expense Ratio Comparison

PEPS has a 0.10% expense ratio, which is lower than SPUT's 0.79% expense ratio.

Dividends

PEPS vs. SPUT - Dividend Comparison

PEPS's dividend yield for the trailing twelve months is around 0.88%, less than SPUT's 5.01% yield.

Position	TTM	2025	2024
PEPS Parametric Equity Plus ETF	0.88%	1.00%	0.17%
SPUT Innovator Equity Premium Income Daily PutWrite ETF	5.01%	4.66%	0.00%

Frequently Asked Questions

Can I hold both PEPS and SPUT in my portfolio?

With a correlation of 0.93, PEPS and SPUT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, PEPS or SPUT?

PEPS has higher volatility (2.75%) compared to SPUT (1.46%). In terms of maximum drawdown, PEPS dropped -21.26% vs SPUT's -10.55%.

Which ETF is better, PEPS or SPUT?

On 1-year performance, PEPS leads with 33.38% vs 19.73% for SPUT. On fees, PEPS is cheaper at 0.10% per year. On volatility, SPUT has been the lower-risk option at 1.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PEPS or SPUT?

Over the 1-year period, PEPS has performed better with a 33.38% return vs 19.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PEPS or SPUT?

PEPS is cheaper with a 0.10% expense ratio, compared with 0.79% for SPUT.

Which ETF pays a higher dividend yield, PEPS or SPUT?

SPUT has the higher dividend yield at 5.01%, compared with 0.88% for PEPS.

What is the main difference between PEPS and SPUT?

They also come from different issuers: Parametric and Innovator. Their fees differ too: 0.10% for PEPS and 0.79% for SPUT.

Which has better risk-adjusted returns?

SPUT currently has the higher Sharpe Ratio (2.74 vs 2.57), 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.