SPUT vs. TOPW
SPUT (Innovator Equity Premium Income Daily PutWrite ETF) and TOPW (Roundhill Top WeeklyPay ETF) are both Derivative Income funds. SPUT is actively managed, while TOPW is passively managed. A 0.78 correlation means they provide meaningful diversification when combined. SPUT charges 0.79%/yr vs 0.99%/yr for TOPW.
Performance
SPUT vs. TOPW - Performance Comparison
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Returns By Period
In the year-to-date period, SPUT achieves a 7.26% return, which is significantly lower than TOPW's 7.71% return.
SPUT
- 1D
- -0.34%
- 1M
- 3.05%
- YTD
- 7.26%
- 6M
- 7.80%
- 1Y
- 18.82%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TOPW
- 1D
- -1.52%
- 1M
- 3.60%
- YTD
- 7.71%
- 6M
- -0.67%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPUT vs. TOPW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
SPUT Innovator Equity Premium Income Daily PutWrite ETF | 7.26% | 4.57% |
TOPW Roundhill Top WeeklyPay ETF | 7.71% | -2.47% |
Correlation
The correlation between SPUT and TOPW is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 5, 2025 | 0.78 |
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Return for Risk
SPUT vs. TOPW — Risk / Return Rank
SPUT
TOPW
SPUT vs. TOPW - 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 Top WeeklyPay ETF (TOPW). 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 | TOPW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.53 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 4.96 | — | — |
| Martin ratioReturn relative to average drawdown | 22.62 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SPUT | TOPW | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.62 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.54 | 0.25 | +1.29 |
Drawdowns
SPUT vs. TOPW - Drawdown Comparison
The maximum SPUT drawdown since its inception was -10.55%, smaller than the maximum TOPW drawdown of -29.87%. Use the drawdown chart below to compare losses from any high point for SPUT and TOPW.
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Drawdown Indicators
| SPUT | TOPW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -10.55% | -29.87% | +19.32% |
Max Drawdown (1Y)Largest decline over 1 year | -3.81% | — | — |
Current DrawdownCurrent decline from peak | -0.34% | -10.02% | +9.68% |
Average DrawdownAverage peak-to-trough decline | -0.88% | -12.88% | +12.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.83% | — | — |
Volatility
SPUT vs. TOPW - Volatility Comparison
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Volatility by Period
| SPUT | TOPW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.50% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 5.46% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 7.24% | 27.36% | -20.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.26% | 27.36% | -16.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.26% | 27.36% | -16.10% |
SPUT vs. TOPW - Expense Ratio Comparison
SPUT has a 0.79% expense ratio, which is lower than TOPW's 0.99% expense ratio.
Dividends
SPUT vs. TOPW - Dividend Comparison
SPUT's dividend yield for the trailing twelve months is around 5.03%, less than TOPW's 40.33% yield.
| Position | TTM | 2025 |
|---|---|---|
SPUT Innovator Equity Premium Income Daily PutWrite ETF | 5.03% | 4.66% |
TOPW Roundhill Top WeeklyPay ETF | 40.33% | 21.52% |
Frequently Asked Questions
SPUT and TOPW have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
SPUT is cheaper with a 0.79% expense ratio, compared with 0.99% for TOPW.
TOPW has the higher dividend yield at 40.33%, compared with 5.03% for SPUT.
They also come from different issuers: Innovator and Roundhill Investments. Their fees differ too: 0.79% for SPUT and 0.99% for TOPW.
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