SPUT vs. BUCK

Last updated Jun 4, 2026

SPUT (Innovator Equity Premium Income Daily PutWrite ETF) and BUCK (Simplify Treasury Option Income ETF) are both exchange-traded funds - SPUT is a Derivative Income fund actively managed by Innovator, while BUCK is a Government Bonds fund actively managed by Simplify. Both are actively managed. Over the past year, SPUT returned 18.82% vs 7.95% for BUCK. At a 0.13 correlation, their price movements are largely independent. SPUT charges 0.79%/yr vs 0.35%/yr for BUCK.

Performance

SPUT vs. BUCK - Performance Comparison

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

Returns By Period

In the year-to-date period, SPUT achieves a 7.26% return, which is significantly higher than BUCK's 1.90% return.

SPUT

• 1D: -0.34%
• 1M: 3.05%
• YTD: 7.26%
• 6M: 7.80%
• 1Y: 18.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BUCK

• 1D: 0.02%
• 1M: 0.38%
• YTD: 1.90%
• 6M: 2.09%
• 1Y: 7.95%
• 3Y*: 5.27%
• 5Y*: —
• 10Y*: —

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

SPUT vs. BUCK - Yearly Performance Comparison

	2026 (YTD)	2025
SPUT Innovator Equity Premium Income Daily PutWrite ETF	7.26%	13.20%
BUCK Simplify Treasury Option Income ETF	1.90%	2.33%

Correlation

The correlation between SPUT and BUCK is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (All Time) Calculated using the full available price history since Mar 17, 2025	0.13

SPUT vs. BUCK - Sectors Allocation Comparison

Sectors	SPUT	BUCK
Technology	35.7%	-
Communication Services	11.7%	-
Financial Services	11.1%	100.0%
Consumer Cyclical	10.2%	-
Healthcare	8.7%	-
Industrials	8.4%	-
Consumer Defensive	4.8%	-
Energy	3.6%	-
Utilities	2.3%	-
Basic Materials	1.8%	-
Real Estate	1.8%	-

Return for Risk

SPUT vs. BUCK — Risk / Return Rank

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

SPUT

SPUT Risk / Return Rank: 85
SPUT Sharpe Ratio Rank: 81
SPUT Sortino Ratio Rank: 82
SPUT Omega Ratio Rank: 85
SPUT Calmar Ratio Rank: 87
SPUT Martin Ratio Rank: 92

BUCK

BUCK Risk / Return Rank: 87
BUCK Sharpe Ratio Rank: 77
BUCK Sortino Ratio Rank: 84
BUCK Omega Ratio Rank: 86
BUCK Calmar Ratio Rank: 92
BUCK Martin Ratio Rank: 95

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.

SPUT vs. BUCK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Premium Income Daily PutWrite ETF (SPUT) and Simplify Treasury Option Income ETF (BUCK). 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.

	SPUT	BUCK	Difference
Sharpe ratio Return per unit of total volatility	2.62	2.54	+0.07
Sortino ratio Return per unit of downside risk	3.67	3.83	-0.15
Omega ratio Gain probability vs. loss probability	1.53	1.54	-0.02
Calmar ratio Return relative to maximum drawdown	4.96	6.11	-1.15
Martin ratio Return relative to average drawdown	22.62	32.31	-9.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPUT vs. BUCK - Sharpe Ratio Comparison

The current SPUT Sharpe Ratio is 2.62, which is comparable to the BUCK Sharpe Ratio of 2.54. The chart below compares the historical Sharpe Ratios of SPUT and BUCK, 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

	SPUT	BUCK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.62	2.54	+0.07
Sharpe Ratio (All Time) Calculated using the full available price history	1.54	1.47	+0.07

Drawdowns

SPUT vs. BUCK - Drawdown Comparison

The maximum SPUT drawdown since its inception was -10.55%, which is greater than BUCK's maximum drawdown of -5.43%. Use the drawdown chart below to compare losses from any high point for SPUT and BUCK.

Drawdown Indicators

	SPUT	BUCK	Difference
Max Drawdown Largest peak-to-trough decline	-10.55%	-5.43%	-5.12%
Max Drawdown (1Y) Largest decline over 1 year	-3.81%	-1.31%	-2.50%
Max Drawdown (3Y) Largest decline over 3 years	—	-5.43%	—
Current Drawdown Current decline from peak	-0.34%	-0.04%	-0.30%
Average Drawdown Average peak-to-trough decline	-0.88%	-0.49%	-0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	0.25%	+0.58%

Volatility

SPUT vs. BUCK - Volatility Comparison

Innovator Equity Premium Income Daily PutWrite ETF (SPUT) has a higher volatility of 1.50% compared to Simplify Treasury Option Income ETF (BUCK) at 0.70%. This indicates that SPUT's price experiences larger fluctuations and is considered to be riskier than BUCK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPUT	BUCK	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.50%	0.70%	+0.80%
Volatility (6M) Calculated over the trailing 6-month period	5.46%	1.53%	+3.93%
Volatility (1Y) Calculated over the trailing 1-year period	7.24%	3.14%	+4.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.26%	3.49%	+7.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.26%	3.49%	+7.77%

SPUT vs. BUCK - Expense Ratio Comparison

SPUT has a 0.79% expense ratio, which is higher than BUCK's 0.35% expense ratio.

Dividends

SPUT vs. BUCK - Dividend Comparison

SPUT's dividend yield for the trailing twelve months is around 5.03%, less than BUCK's 7.42% yield.

Position	TTM	2025	2024	2023	2022
BUCK Simplify Treasury Option Income ETF	7.42%	7.59%	8.84%	4.84%	0.59%
SPUT Innovator Equity Premium Income Daily PutWrite ETF	5.03%	4.66%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPUT and BUCK in my portfolio?

SPUT and BUCK have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPUT or BUCK?

SPUT has higher volatility (1.50%) compared to BUCK (0.70%). In terms of maximum drawdown, SPUT dropped -10.55% vs BUCK's -5.43%.

Which ETF is better, SPUT or BUCK?

On 1-year performance, SPUT leads with 18.82% vs 7.95% for BUCK. On fees, BUCK is cheaper at 0.35% per year. On volatility, BUCK has been the lower-risk option at 0.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPUT or BUCK?

Over the 1-year period, SPUT has performed better with a 18.82% return vs 7.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPUT or BUCK?

BUCK is cheaper with a 0.35% expense ratio, compared with 0.79% for SPUT.

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

BUCK has the higher dividend yield at 7.42%, compared with 5.03% for SPUT.

What is the main difference between SPUT and BUCK?

SPUT is categorized as Derivative Income, while BUCK is Government Bonds. They also come from different issuers: Innovator and Simplify. Their fees differ too: 0.79% for SPUT and 0.35% for BUCK.

Which has better risk-adjusted returns?

SPUT currently has the higher Sharpe Ratio (2.62 vs 2.54), 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.