SPUT vs. CHPY

Last updated Jun 4, 2026

SPUT (Innovator Equity Premium Income Daily PutWrite ETF) and CHPY (YieldMax Semiconductor Portfolio Option Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, SPUT returned 18.82% vs 149.72% for CHPY. A 0.71 correlation means they provide meaningful diversification when combined. SPUT charges 0.79%/yr vs 0.99%/yr for CHPY.

Performance

SPUT vs. CHPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Premium Income Daily PutWrite ETF (SPUT) and YieldMax Semiconductor Portfolio Option Income ETF (CHPY). 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 lower than CHPY's 85.77% return.

SPUT

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

CHPY

• 1D: 1.14%
• 1M: 29.53%
• YTD: 85.77%
• 6M: 85.49%
• 1Y: 149.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPUT vs. CHPY - Yearly Performance Comparison

	2026 (YTD)	2025
SPUT Innovator Equity Premium Income Daily PutWrite ETF	7.26%	16.73%
CHPY YieldMax Semiconductor Portfolio Option Income ETF	85.77%	62.91%

Correlation

The correlation between SPUT and CHPY is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	0.71

The correlation between SPUT and CHPY has been stable across timeframes, ranging from 0.69 to 0.71 - a consistent structural relationship.

Return for Risk

SPUT vs. CHPY — 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

CHPY

CHPY Risk / Return Rank: 97
CHPY Sharpe Ratio Rank: 98
CHPY Sortino Ratio Rank: 96
CHPY Omega Ratio Rank: 96
CHPY Calmar Ratio Rank: 97
CHPY Martin Ratio Rank: 97

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. CHPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Premium Income Daily PutWrite ETF (SPUT) and YieldMax Semiconductor Portfolio Option Income ETF (CHPY). 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	CHPY	Difference
Sharpe ratio: Return per unit of total volatility	2.62	5.47	-2.85
Sortino ratio: Return per unit of downside risk	3.67	5.76	-2.09
Omega ratio: Gain probability vs. loss probability	1.53	1.81	-0.28
Calmar ratio: Return relative to maximum drawdown	4.96	12.38	-7.42
Martin ratio: Return relative to average drawdown	22.62	47.28	-24.66
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. CHPY - Sharpe Ratio Comparison

The current SPUT Sharpe Ratio is 2.62, which is lower than the CHPY Sharpe Ratio of 5.47. The chart below compares the historical Sharpe Ratios of SPUT and CHPY, 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	CHPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.62	5.47	-2.85
Sharpe Ratio (All Time) Calculated using the full available price history	1.54	4.83	-3.29

Drawdowns

SPUT vs. CHPY - Drawdown Comparison

The maximum SPUT drawdown since its inception was -10.55%, smaller than the maximum CHPY drawdown of -12.17%. Use the drawdown chart below to compare losses from any high point for SPUT and CHPY.

Drawdown Indicators

	SPUT	CHPY	Difference
Max Drawdown Largest peak-to-trough decline	-10.55%	-12.17%	+1.62%
Max Drawdown (1Y) Largest decline over 1 year	-3.81%	-12.17%	+8.36%
Current Drawdown Current decline from peak	-0.34%	0.00%	-0.34%
Average Drawdown Average peak-to-trough decline	-0.88%	-1.98%	+1.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.83%	3.18%	-2.35%

Volatility

SPUT vs. CHPY - Volatility Comparison

The current volatility for Innovator Equity Premium Income Daily PutWrite ETF (SPUT) is 1.50%, while YieldMax Semiconductor Portfolio Option Income ETF (CHPY) has a volatility of 11.23%. This indicates that SPUT experiences smaller price fluctuations and is considered to be less risky than CHPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPUT	CHPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.50%	11.23%	-9.73%
Volatility (6M) Calculated over the trailing 6-month period	5.46%	22.33%	-16.87%
Volatility (1Y) Calculated over the trailing 1-year period	7.24%	27.59%	-20.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.26%	33.17%	-21.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.26%	33.17%	-21.91%

SPUT vs. CHPY - Expense Ratio Comparison

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

Dividends

SPUT vs. CHPY - Dividend Comparison

SPUT's dividend yield for the trailing twelve months is around 5.03%, less than CHPY's 28.40% yield.

Position	TTM	2025
CHPY YieldMax Semiconductor Portfolio Option Income ETF	28.40%	28.19%
SPUT Innovator Equity Premium Income Daily PutWrite ETF	5.03%	4.66%

Frequently Asked Questions

Can I hold both SPUT and CHPY in my portfolio?

SPUT and CHPY have a correlation of 0.69, 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 CHPY?

CHPY has higher volatility (11.23%) compared to SPUT (1.50%). In terms of maximum drawdown, SPUT dropped -10.55% vs CHPY's -12.17%.

Which ETF is better, SPUT or CHPY?

On 1-year performance, CHPY leads with 149.72% vs 18.82% for SPUT. On fees, SPUT is cheaper at 0.79% per year. On volatility, SPUT has been the lower-risk option at 1.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPUT or CHPY?

Over the 1-year period, CHPY has performed better with a 149.72% return vs 18.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPUT or CHPY?

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

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

CHPY has the higher dividend yield at 28.40%, compared with 5.03% for SPUT.

What is the main difference between SPUT and CHPY?

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

Which has better risk-adjusted returns?

CHPY currently has the higher Sharpe Ratio (5.47 vs 2.62), 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.