SPUT vs. ARMW

Last updated Aug 4, 2026

SPUT (Innovator Equity Premium Income Daily PutWrite ETF) and ARMW (Roundhill ARM WeeklyPay ETF) are both Derivative Income funds. Both are actively managed. Their 0.49 correlation means their historical movements had little consistent relationship. SPUT charges 0.79%/yr vs 0.99%/yr for ARMW.

Performance

SPUT vs. ARMW - Performance Comparison

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

Returns By Period

In the year-to-date period, SPUT achieves a 6.96% return, which is significantly lower than ARMW's 133.71% return.

SPUT

• 1D: 0.68%
• 1M: 0.94%
• 6M: 6.68%
• YTD: 6.96%
• 1Y: 14.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.99%

ARMW

• 1D: -0.53%
• 1M: -28.93%
• 6M: 143.26%
• YTD: 133.71%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ARMW Roundhill ARM WeeklyPay ETF	$3.40M	$4.54M	$4.17M
SPUT Innovator Equity Premium Income Daily PutWrite ETF	$137.03K	$80.65K	$91.06K

SPUT vs. ARMW - Yearly Performance Comparison

	2026 (YTD)	2025
SPUT Innovator Equity Premium Income Daily PutWrite ETF	6.96%	2.49%
ARMW Roundhill ARM WeeklyPay ETF	133.71%	-41.28%

Correlation

The correlation between SPUT and ARMW is 0.49, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 23, 2025	0.49

SPUT vs. ARMW - Sectors Allocation Comparison

Sectors	SPUT	ARMW
Technology	38.5%	18.0%
Financial Services	10.8%	-
Communication Services	10.2%	-
Consumer Cyclical	9.8%	-
Healthcare	9.0%	-
Industrials	8.7%	-
Consumer Defensive	4.4%	-
Energy	3.1%	-
Utilities	2.1%	-
Basic Materials	1.8%	-
Real Estate	1.7%	-

Return for Risk

SPUT vs. ARMW — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPUT

SPUT Risk / Return Rank: 81
SPUT Sharpe Ratio Rank: 77
SPUT Sortino Ratio Rank: 75
SPUT Omega Ratio Rank: 81
SPUT Calmar Ratio Rank: 89
SPUT Martin Ratio Rank: 85

ARMW

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPUT vs. ARMW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Premium Income Daily PutWrite ETF (SPUT) and Roundhill ARM WeeklyPay ETF (ARMW). 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.

	SPUT	ARMW	Difference
Sharpe ratio: Return per unit of total volatility	1.88	—	—
Sortino ratio: Return per unit of downside risk	2.57	—	—
Omega ratio: Gain probability vs. loss probability	1.36	—	—
Calmar ratio: Return relative to maximum drawdown	3.92	—	—
Martin ratio: Return relative to average drawdown	12.81	—	—

Drawdowns

SPUT vs. ARMW - Drawdown Comparison

The maximum SPUT drawdown since its inception was -10.55%, smaller than the maximum ARMW drawdown of -56.50%. Use the drawdown chart below to compare losses from any high point for SPUT and ARMW.

Drawdown Indicators

	SPUT	ARMW	Difference
Max Drawdown Largest peak-to-trough decline	-10.55%	-56.50%	+45.95%
Max Drawdown (1Y) Largest decline over 1 year	-3.81%	—	—
Current Drawdown Current decline from peak	-0.62%	-52.96%	+52.34%
Average Drawdown Average peak-to-trough decline	-1.00%	-27.31%	+26.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.16%	—	—

Volatility

Volatility by Period

	SPUT	ARMW	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.41%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.22%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.97%	95.78%	-87.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.09%	95.78%	-84.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.09%	95.78%	-84.69%

SPUT vs. ARMW - Expense Ratio Comparison

SPUT has a 0.79% expense ratio, which is lower than ARMW's 0.99% expense ratio.

Dividends

SPUT vs. ARMW - Dividend Comparison

SPUT's dividend yield for the trailing twelve months is around 4.91%, less than ARMW's 66.19% yield.

Position	TTM	2025
ARMW Roundhill ARM WeeklyPay ETF	66.19%	16.38%
SPUT Innovator Equity Premium Income Daily PutWrite ETF	4.91%	4.66%

Frequently Asked Questions

Can I hold both SPUT and ARMW in my portfolio?

SPUT and ARMW have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SPUT or ARMW?

On fees, SPUT is cheaper at 0.79% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPUT or ARMW?

SPUT is cheaper with a 0.79% expense ratio, compared with 0.99% for ARMW.

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

ARMW has the higher dividend yield at 66.19%, compared with 4.91% for SPUT.

What is the main difference between SPUT and ARMW?

They also come from different issuers: Innovator and Roundhill. Their fees differ too: 0.79% for SPUT and 0.99% for ARMW.