SPIN vs. BALI

Last updated Jun 24, 2026

SPIN (State Street US Equity Premium Income ETF) and BALI (Blackrock Advantage Large Cap Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, SPIN returned 14.96% vs 22.98% for BALI. Their correlation of 0.91 suggests significant overlap in exposure. SPIN charges 0.25%/yr vs 0.35%/yr for BALI.

Performance

SPIN vs. BALI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street US Equity Premium Income ETF (SPIN) and Blackrock Advantage Large Cap Income ETF (BALI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPIN achieves a 0.41% return, which is significantly lower than BALI's 8.90% return.

SPIN

• 1D: -1.10%
• 1M: -1.32%
• YTD: 0.41%
• 6M: -0.02%
• 1Y: 14.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BALI

• 1D: -1.07%
• 1M: -1.38%
• YTD: 8.90%
• 6M: 8.29%
• 1Y: 22.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPIN vs. BALI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPIN State Street US Equity Premium Income ETF	0.41%	14.14%	6.47%
BALI Blackrock Advantage Large Cap Income ETF	8.90%	14.51%	5.86%

Correlation

The correlation between SPIN and BALI is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.91

The correlation between SPIN and BALI has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

SPIN vs. BALI - Sectors Allocation Comparison

Sectors	SPIN	BALI
Technology	39.6%	35.4%
Communication Services	11.9%	10.1%
Financial Services	11.3%	9.2%
Consumer Cyclical	8.6%	9.7%
Healthcare	8.3%	9.5%
Industrials	8.1%	7.0%
Consumer Defensive	3.6%	5.8%
Energy	2.7%	4.0%
Basic Materials	2.3%	1.4%
Utilities	2.2%	2.0%
Real Estate	1.5%	2.1%

Return for Risk

SPIN vs. BALI — Risk / Return Rank

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

SPIN

SPIN Risk / Return Rank: 39
SPIN Sharpe Ratio Rank: 41
SPIN Sortino Ratio Rank: 38
SPIN Omega Ratio Rank: 41
SPIN Calmar Ratio Rank: 32
SPIN Martin Ratio Rank: 41

BALI

BALI Risk / Return Rank: 74
BALI Sharpe Ratio Rank: 72
BALI Sortino Ratio Rank: 70
BALI Omega Ratio Rank: 73
BALI Calmar Ratio Rank: 71
BALI Martin Ratio Rank: 83

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.

SPIN vs. BALI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street US Equity Premium Income ETF (SPIN) and Blackrock Advantage Large Cap Income ETF (BALI). 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.

	SPIN	BALI	Difference
Sharpe ratio: Return per unit of total volatility	1.35	2.21	-0.86
Sortino ratio: Return per unit of downside risk	1.87	3.03	-1.16
Omega ratio: Gain probability vs. loss probability	1.25	1.41	-0.16
Calmar ratio: Return relative to maximum drawdown	1.53	3.44	-1.91
Martin ratio: Return relative to average drawdown	6.26	16.45	-10.19

SPIN vs. BALI - Sharpe Ratio Comparison

The current SPIN Sharpe Ratio is 1.35, which is lower than the BALI Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of SPIN and BALI, 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

SPIN vs. BALI - Drawdown Comparison

The maximum SPIN drawdown since its inception was -16.85%, roughly equal to the maximum BALI drawdown of -16.65%. Use the drawdown chart below to compare losses from any high point for SPIN and BALI.

Drawdown Indicators

	SPIN	BALI	Difference
Max Drawdown Largest peak-to-trough decline	-16.85%	-16.65%	-0.20%
Max Drawdown (1Y) Largest decline over 1 year	-9.81%	-6.71%	-3.10%
Current Drawdown Current decline from peak	-2.82%	-2.49%	-0.33%
Average Drawdown Average peak-to-trough decline	-2.27%	-1.63%	-0.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	1.40%	+1.00%

Volatility

SPIN vs. BALI - Volatility Comparison

State Street US Equity Premium Income ETF (SPIN) and Blackrock Advantage Large Cap Income ETF (BALI) have volatilities of 4.22% and 4.07%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPIN	BALI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.22%	4.07%	+0.15%
Volatility (6M) Calculated over the trailing 6-month period	8.77%	8.30%	+0.47%
Volatility (1Y) Calculated over the trailing 1-year period	11.16%	10.49%	+0.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.43%	13.02%	+1.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.43%	13.02%	+1.41%

SPIN vs. BALI - Expense Ratio Comparison

SPIN has a 0.25% expense ratio, which is lower than BALI's 0.35% expense ratio.

Dividends

SPIN vs. BALI - Dividend Comparison

SPIN's dividend yield for the trailing twelve months is around 5.78%, less than BALI's 7.83% yield.

Position	TTM	2025	2024	2023
BALI Blackrock Advantage Large Cap Income ETF	7.83%	8.51%	7.13%	2.13%
SPIN State Street US Equity Premium Income ETF	5.78%	8.20%	2.36%	0.00%

Frequently Asked Questions

Can I hold both SPIN and BALI in my portfolio?

With a correlation of 0.90, SPIN and BALI 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, SPIN or BALI?

SPIN has higher volatility (4.22%) compared to BALI (4.07%). In terms of maximum drawdown, SPIN dropped -16.85% vs BALI's -16.65%.

Which ETF is better, SPIN or BALI?

On 1-year performance, BALI leads with 22.98% vs 14.96% for SPIN. On fees, SPIN is cheaper at 0.25% per year. On volatility, BALI has been the lower-risk option at 4.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPIN or BALI?

Over the 1-year period, BALI has performed better with a 22.98% return vs 14.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPIN or BALI?

SPIN is cheaper with a 0.25% expense ratio, compared with 0.35% for BALI.

Which ETF pays a higher dividend yield, SPIN or BALI?

BALI has the higher dividend yield at 7.83%, compared with 5.78% for SPIN.

What is the main difference between SPIN and BALI?

They also come from different issuers: State Street and BlackRock. Their fees differ too: 0.25% for SPIN and 0.35% for BALI.

Which has better risk-adjusted returns?

BALI currently has the higher Sharpe Ratio (2.21 vs 1.35), 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.