SPIAX vs. PUTW

Last updated Jul 17, 2026

SPIAX (Invesco S&P 500 Index A) and PUTW (WisdomTree Equity Premium Income Fund) are both mutual funds - SPIAX is a S&P 500 fund tracking the S&P 500, while PUTW is a Derivative Income fund tracking the Volos U.S. Large Cap Target 2.5% PutWrite Index. Both are passively managed. A 0.73 correlation means they provide meaningful diversification when combined. SPIAX charges 0.54%/yr vs 0.44%/yr for PUTW.

Performance

SPIAX vs. PUTW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Index A (SPIAX) and WisdomTree Equity Premium Income Fund (PUTW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPIAX

• 1D: 0.38%
• 1M: 0.82%
• 6M: 9.39%
• YTD: 11.00%
• 1Y: 21.73%
• 3Y*: 19.85%
• 5Y*: 12.85%
• 10Y*: 14.64%

PUTW

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPIAX vs. PUTW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPIAX Invesco S&P 500 Index A	11.00%	17.23%	24.34%	25.63%	-18.56%	27.99%	17.84%	30.78%	-4.97%	21.13%
PUTW WisdomTree Equity Premium Income Fund	0.00%	-2.80%	17.19%	14.01%	-11.11%	20.92%	1.67%	13.55%	-8.07%	9.88%

Correlation

The correlation between SPIAX and PUTW is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.72
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Feb 24, 2016	0.73

The correlation between SPIAX and PUTW has been stable across timeframes, ranging from 0.65 to 0.73 - a consistent structural relationship.

Return for Risk

SPIAX vs. PUTW — Risk / Return Rank

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

SPIAX

SPIAX Risk / Return Rank: 63
SPIAX Sharpe Ratio Rank: 61
SPIAX Sortino Ratio Rank: 58
SPIAX Omega Ratio Rank: 58
SPIAX Calmar Ratio Rank: 64
SPIAX Martin Ratio Rank: 74

PUTW

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

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.

SPIAX vs. PUTW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Index A (SPIAX) and WisdomTree Equity Premium Income Fund (PUTW). 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.

	SPIAX	PUTW	Difference
Sharpe ratio: Return per unit of total volatility	1.77	—	—
Sortino ratio: Return per unit of downside risk	2.43	—	—
Omega ratio: Gain probability vs. loss probability	1.32	—	—
Calmar ratio: Return relative to maximum drawdown	2.49	—	—
Martin ratio: Return relative to average drawdown	10.85	—	—

Drawdowns

Drawdown Indicators

	SPIAX	PUTW	Difference
Max Drawdown Largest peak-to-trough decline	-55.47%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-8.97%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-18.84%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.81%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.84%	—	—
Current Drawdown Current decline from peak	-0.42%	—	—
Average Drawdown Average peak-to-trough decline	-10.74%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	2.05%	—	—

Volatility

Volatility by Period

	SPIAX	PUTW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.61%	—	—
Volatility (6M) Calculated over the trailing 6-month period	9.99%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	12.59%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.02%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.07%	—	—

SPIAX vs. PUTW - Expense Ratio Comparison

SPIAX has a 0.54% expense ratio, which is higher than PUTW's 0.44% expense ratio.

Dividends

SPIAX vs. PUTW - Dividend Comparison

SPIAX's dividend yield for the trailing twelve months is around 0.91%, while PUTW has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PUTW WisdomTree Equity Premium Income Fund	0.00%	4.16%	11.99%	7.63%	2.16%	0.00%	1.43%	1.47%	5.49%	3.33%	2.27%	0.00%
SPIAX Invesco S&P 500 Index A	0.91%	1.01%	1.08%	1.04%	1.07%	1.90%	1.26%	1.93%	2.59%	1.28%	1.28%	1.53%

Frequently Asked Questions

Can I hold both SPIAX and PUTW in my portfolio?

SPIAX and PUTW have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.