SPIN vs. SPY

Last updated Jun 4, 2026

SPIN (State Street US Equity Premium Income ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - SPIN is a Derivative Income fund actively managed by State Street, while SPY is a S&P 500 fund tracking the S&P 500 Index. SPIN is actively managed, while SPY is passively managed. Over the past year, SPIN returned 19.71% vs 27.98% for SPY. Their correlation of 0.93 suggests significant overlap in exposure. SPIN charges 0.25%/yr vs 0.09%/yr for SPY.

Performance

SPIN vs. SPY - Performance Comparison

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

Returns By Period

In the year-to-date period, SPIN achieves a 2.91% return, which is significantly lower than SPY's 10.91% return.

SPIN

• 1D: -0.15%
• 1M: 2.52%
• YTD: 2.91%
• 6M: 3.47%
• 1Y: 19.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

SPIN vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPIN State Street US Equity Premium Income ETF	2.91%	14.14%	6.09%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	7.32%

Correlation

The correlation between SPIN and SPY is 0.92, 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	0.92
Correlation (All Time) Calculated using the full available price history since Sep 6, 2024	0.93

The correlation between SPIN and SPY has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

SPIN vs. SPY - Sectors Allocation Comparison

Sectors	SPIN	SPY
Technology	39.0%	35.9%
Communication Services	12.2%	11.3%
Financial Services	11.5%	11.8%
Consumer Cyclical	8.7%	10.3%
Healthcare	8.3%	8.4%
Industrials	8.0%	7.8%
Consumer Defensive	3.8%	4.8%
Energy	2.9%	3.6%
Utilities	2.3%	2.4%
Basic Materials	2.2%	1.8%
Real Estate	1.6%	1.9%

Return for Risk

SPIN vs. SPY — Risk / Return Rank

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

SPIN

SPIN Risk / Return Rank: 52
SPIN Sharpe Ratio Rank: 55
SPIN Sortino Ratio Rank: 54
SPIN Omega Ratio Rank: 58
SPIN Calmar Ratio Rank: 40
SPIN Martin Ratio Rank: 50

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street US Equity Premium Income ETF (SPIN) 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.

	SPIN	SPY	Difference
Sharpe ratio Return per unit of total volatility	1.89	2.38	-0.49
Sortino ratio Return per unit of downside risk	2.60	3.24	-0.64
Omega ratio Gain probability vs. loss probability	1.36	1.43	-0.07
Calmar ratio Return relative to maximum drawdown	2.02	3.16	-1.15
Martin ratio Return relative to average drawdown	8.42	14.72	-6.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPIN vs. SPY - Sharpe Ratio Comparison

The current SPIN Sharpe Ratio is 1.89, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of SPIN and SPY, 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

	SPIN	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	2.38	-0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.95	0.59	+0.36

Drawdowns

SPIN vs. SPY - Drawdown Comparison

The maximum SPIN drawdown since its inception was -16.85%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SPIN and SPY.

Drawdown Indicators

	SPIN	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-16.85%	-55.19%	+38.34%
Max Drawdown (1Y) Largest decline over 1 year	-9.81%	-8.88%	-0.93%
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	-0.40%	-0.70%	+0.30%
Average Drawdown Average peak-to-trough decline	-2.29%	-9.05%	+6.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	1.91%	+0.44%

Volatility

SPIN vs. SPY - Volatility Comparison

The current volatility for State Street US Equity Premium Income ETF (SPIN) is 1.82%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.84%. This indicates that SPIN experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPIN	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.82%	2.84%	-1.02%
Volatility (6M) Calculated over the trailing 6-month period	8.03%	8.90%	-0.87%
Volatility (1Y) Calculated over the trailing 1-year period	10.49%	11.83%	-1.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.33%	17.05%	-2.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.33%	17.94%	-3.61%

SPIN vs. SPY - Expense Ratio Comparison

SPIN has a 0.25% expense ratio, which is higher than SPY's 0.09% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

SPIN vs. SPY - Dividend Comparison

SPIN's dividend yield for the trailing twelve months is around 5.64%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPIN State Street US Equity Premium Income ETF	5.64%	8.20%	2.36%	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	0.98%	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 SPIN and SPY in my portfolio?

With a correlation of 0.92, SPIN and SPY 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 SPY?

SPY has higher volatility (2.84%) compared to SPIN (1.82%). In terms of maximum drawdown, SPIN dropped -16.85% vs SPY's -55.19%.

Which ETF is better, SPIN or SPY?

On 1-year performance, SPY leads with 27.98% vs 19.71% for SPIN. On fees, SPY is cheaper at 0.09% per year. On volatility, SPIN has been the lower-risk option at 1.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPIN or SPY?

Over the 1-year period, SPY has performed better with a 27.98% return vs 19.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPIN or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.25% for SPIN.

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

SPIN has the higher dividend yield at 5.64%, compared with 0.98% for SPY.

What is the main difference between SPIN and SPY?

SPIN is categorized as Derivative Income, while SPY is S&P 500. Their fees differ too: 0.25% for SPIN and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 1.89), 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.