SPUT vs. FTQI

Last updated Jul 17, 2026

SPUT (Innovator Equity Premium Income Daily PutWrite ETF) and FTQI (First Trust Nasdaq BuyWrite Income ETF) are both exchange-traded funds - SPUT is a Derivative Income fund actively managed by Innovator, while FTQI is a Nasdaq-100 fund tracking the NASDAQ-100 Index. SPUT is actively managed, while FTQI is passively managed. Over the past year, SPUT returned 13.76% vs 26.34% for FTQI. Their correlation of 0.87 suggests significant overlap in exposure. SPUT charges 0.79%/yr vs 0.75%/yr for FTQI.

Performance

SPUT vs. FTQI - Performance Comparison

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

Returns By Period

In the year-to-date period, SPUT achieves a 6.14% return, which is significantly lower than FTQI's 12.76% return.

SPUT

• 1D: -0.27%
• 1M: 0.44%
• 6M: 5.40%
• YTD: 6.14%
• 1Y: 13.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FTQI

• 1D: -0.72%
• 1M: 1.28%
• 6M: 11.68%
• YTD: 12.76%
• 1Y: 26.34%
• 3Y*: 16.62%
• 5Y*: 12.26%
• 10Y*: 7.85%

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

SPUT vs. FTQI - Yearly Performance Comparison

	2026 (YTD)	2025
SPUT Innovator Equity Premium Income Daily PutWrite ETF	6.14%	13.49%
FTQI First Trust Nasdaq BuyWrite Income ETF	12.76%	22.89%

Correlation

The correlation between SPUT and FTQI is 0.85, 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	0.85
Correlation (All Time) Calculated using the full available price history since Mar 14, 2025	0.87

The correlation between SPUT and FTQI has been stable across timeframes, ranging from 0.85 to 0.87 - a consistent structural relationship.

SPUT vs. FTQI - Sectors Allocation Comparison

Sectors	SPUT	FTQI
Technology	39.0%	49.4%
Communication Services	10.9%	11.8%
Financial Services	10.3%	5.5%
Consumer Cyclical	10.1%	10.5%
Healthcare	8.4%	6.0%
Industrials	8.2%	4.1%
Consumer Defensive	4.4%	6.2%
Energy	3.2%	2.3%
Utilities	2.1%	1.5%
Basic Materials	1.8%	1.4%
Real Estate	1.7%	1.3%

Return for Risk

SPUT vs. FTQI — Risk / Return Rank

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

SPUT

SPUT Risk / Return Rank: 75
SPUT Sharpe Ratio Rank: 69
SPUT Sortino Ratio Rank: 66
SPUT Omega Ratio Rank: 75
SPUT Calmar Ratio Rank: 84
SPUT Martin Ratio Rank: 82

FTQI

FTQI Risk / Return Rank: 91
FTQI Sharpe Ratio Rank: 90
FTQI Sortino Ratio Rank: 89
FTQI Omega Ratio Rank: 90
FTQI Calmar Ratio Rank: 89
FTQI Martin Ratio Rank: 94

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. FTQI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Premium Income Daily PutWrite ETF (SPUT) and First Trust Nasdaq BuyWrite Income ETF (FTQI). 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	FTQI	Difference
Sharpe ratio: Return per unit of total volatility	1.78	2.43	-0.65
Sortino ratio: Return per unit of downside risk	2.43	3.37	-0.94
Omega ratio: Gain probability vs. loss probability	1.35	1.45	-0.10
Calmar ratio: Return relative to maximum drawdown	3.63	4.24	-0.61
Martin ratio: Return relative to average drawdown	12.60	20.07	-7.47

SPUT vs. FTQI - Sharpe Ratio Comparison

The current SPUT Sharpe Ratio is 1.78, which is comparable to the FTQI Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of SPUT and FTQI, 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

SPUT vs. FTQI - Drawdown Comparison

The maximum SPUT drawdown since its inception was -10.55%, smaller than the maximum FTQI drawdown of -19.42%. Use the drawdown chart below to compare losses from any high point for SPUT and FTQI.

Drawdown Indicators

	SPUT	FTQI	Difference
Max Drawdown Largest peak-to-trough decline	-10.55%	-19.42%	+8.87%
Max Drawdown (1Y) Largest decline over 1 year	-3.81%	-6.24%	+2.43%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.42%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-19.42%	—
Current Drawdown Current decline from peak	-1.39%	-0.85%	-0.54%
Average Drawdown Average peak-to-trough decline	-0.97%	-3.73%	+2.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.09%	1.32%	-0.23%

Volatility

SPUT vs. FTQI - Volatility Comparison

The current volatility for Innovator Equity Premium Income Daily PutWrite ETF (SPUT) is 1.82%, while First Trust Nasdaq BuyWrite Income ETF (FTQI) has a volatility of 2.92%. This indicates that SPUT experiences smaller price fluctuations and is considered to be less risky than FTQI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPUT	FTQI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.82%	2.92%	-1.10%
Volatility (6M) Calculated over the trailing 6-month period	6.20%	8.83%	-2.63%
Volatility (1Y) Calculated over the trailing 1-year period	7.75%	10.87%	-3.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.12%	14.82%	-3.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.12%	12.98%	-1.86%

SPUT vs. FTQI - Expense Ratio Comparison

SPUT has a 0.79% expense ratio, which is higher than FTQI's 0.75% expense ratio.

Dividends

SPUT vs. FTQI - Dividend Comparison

SPUT's dividend yield for the trailing twelve months is around 5.11%, less than FTQI's 10.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTQI First Trust Nasdaq BuyWrite Income ETF	10.92%	11.46%	11.66%	11.49%	9.85%	3.05%	3.27%	2.95%	3.27%	2.74%	3.02%	3.54%
SPUT Innovator Equity Premium Income Daily PutWrite ETF	5.11%	4.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPUT and FTQI in my portfolio?

SPUT and FTQI have a correlation of 0.85, 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 FTQI?

FTQI has higher volatility (2.92%) compared to SPUT (1.82%). In terms of maximum drawdown, SPUT dropped -10.55% vs FTQI's -19.42%.

Which ETF is better, SPUT or FTQI?

On 1-year performance, FTQI leads with 26.34% vs 13.76% for SPUT. On fees, FTQI is cheaper at 0.75% per year. On volatility, SPUT 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, SPUT or FTQI?

Over the 1-year period, FTQI has performed better with a 26.34% return vs 13.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPUT or FTQI?

FTQI is cheaper with a 0.75% expense ratio, compared with 0.79% for SPUT.

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

FTQI has the higher dividend yield at 10.92%, compared with 5.11% for SPUT.

What is the main difference between SPUT and FTQI?

SPUT is categorized as Derivative Income, while FTQI is Nasdaq-100. They also come from different issuers: Innovator and First Trust. Their fees differ too: 0.79% for SPUT and 0.75% for FTQI.

Which has better risk-adjusted returns?

FTQI currently has the higher Sharpe Ratio (2.43 vs 1.78), 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.