SPUT vs. TPRY

Last updated Jun 23, 2026

SPUT (Innovator Equity Premium Income Daily PutWrite ETF) and TPRY (VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF) are both Derivative Income funds. SPUT is actively managed, while TPRY is passively managed. Their correlation of 0.85 suggests significant overlap in exposure. SPUT charges 0.79%/yr vs 0.95%/yr for TPRY.

Performance

SPUT vs. TPRY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Premium Income Daily PutWrite ETF (SPUT) and VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF (TPRY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPUT

• 1D: -0.18%
• 1M: -0.92%
• YTD: 5.47%
• 6M: 5.45%
• 1Y: 16.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TPRY

• 1D: 0.01%
• 1M: 1.96%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPUT vs. TPRY - Yearly Performance Comparison

	2026 (YTD)
SPUT Innovator Equity Premium Income Daily PutWrite ETF	4.84%
TPRY VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF	7.94%

Correlation

The correlation between SPUT and TPRY 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 (All Time) Calculated using the full available price history since Feb 26, 2026	0.85

Return for Risk

SPUT vs. TPRY — 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: 68
SPUT Sortino Ratio Rank: 64
SPUT Omega Ratio Rank: 76
SPUT Calmar Ratio Rank: 84
SPUT Martin Ratio Rank: 84

TPRY

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

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. TPRY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Premium Income Daily PutWrite ETF (SPUT) and VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF (TPRY). 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	TPRY	Difference
Sharpe ratio: Return per unit of total volatility	2.13	—	—
Sortino ratio: Return per unit of downside risk	2.88	—	—
Omega ratio: Gain probability vs. loss probability	1.43	—	—
Calmar ratio: Return relative to maximum drawdown	4.32	—	—
Martin ratio: Return relative to average drawdown	16.78	—	—

Drawdowns

SPUT vs. TPRY - Drawdown Comparison

The maximum SPUT drawdown since its inception was -10.55%, smaller than the maximum TPRY drawdown of -11.32%. Use the drawdown chart below to compare losses from any high point for SPUT and TPRY.

Drawdown Indicators

	SPUT	TPRY	Difference
Max Drawdown Largest peak-to-trough decline	-10.55%	-11.32%	+0.77%
Max Drawdown (1Y) Largest decline over 1 year	-3.81%	—	—
Current Drawdown Current decline from peak	-2.00%	0.00%	-2.00%
Average Drawdown Average peak-to-trough decline	-0.93%	-3.26%	+2.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	—	—

Volatility

Volatility by Period

	SPUT	TPRY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.12%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.14%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	7.74%	26.77%	-19.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.34%	26.77%	-15.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.34%	26.77%	-15.43%

SPUT vs. TPRY - Expense Ratio Comparison

SPUT has a 0.79% expense ratio, which is lower than TPRY's 0.95% expense ratio.

Dividends

SPUT vs. TPRY - Dividend Comparison

SPUT's dividend yield for the trailing twelve months is around 5.11%, more than TPRY's 3.52% yield.

Position	TTM	2025
SPUT Innovator Equity Premium Income Daily PutWrite ETF	5.11%	4.66%
TPRY VistaShares Target 15 TEPRTantrum Contrarian Distribution ETF	3.52%	0.00%

Frequently Asked Questions

Can I hold both SPUT and TPRY in my portfolio?

SPUT and TPRY 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 ETF is better, SPUT or TPRY?

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 TPRY?

SPUT is cheaper with a 0.79% expense ratio, compared with 0.95% for TPRY.

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

SPUT has the higher dividend yield at 5.11%, compared with 3.52% for TPRY.

What is the main difference between SPUT and TPRY?

They also come from different issuers: Innovator and VistaShares. Their fees differ too: 0.79% for SPUT and 0.95% for TPRY.