SPUT vs. XRMI

Last updated Jun 24, 2026

SPUT (Innovator Equity Premium Income Daily PutWrite ETF) and XRMI (Global X S&P 500 Risk Managed Income ETF) are both Derivative Income funds. SPUT is actively managed, while XRMI is passively managed. Over the past year, SPUT returned 14.58% vs 9.03% for XRMI. A 0.70 correlation means they provide meaningful diversification when combined. SPUT charges 0.79%/yr vs 0.60%/yr for XRMI.

Performance

SPUT vs. XRMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Premium Income Daily PutWrite ETF (SPUT) and Global X S&P 500 Risk Managed Income ETF (XRMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPUT achieves a 4.74% return, which is significantly higher than XRMI's 1.66% return.

SPUT

• 1D: -0.70%
• 1M: -1.61%
• YTD: 4.74%
• 6M: 4.48%
• 1Y: 14.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XRMI

• 1D: -0.52%
• 1M: 0.39%
• YTD: 1.66%
• 6M: 1.20%
• 1Y: 9.03%
• 3Y*: 6.90%
• 5Y*: —
• 10Y*: —

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

SPUT vs. XRMI - Yearly Performance Comparison

	2026 (YTD)	2025
SPUT Innovator Equity Premium Income Daily PutWrite ETF	4.74%	13.49%
XRMI Global X S&P 500 Risk Managed Income ETF	1.66%	6.63%

Correlation

The correlation between SPUT and XRMI is 0.72, 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	0.72
Correlation (All Time) Calculated using the full available price history since Mar 14, 2025	0.70

The correlation between SPUT and XRMI has been stable across timeframes, ranging from 0.70 to 0.72 - a consistent structural relationship.

SPUT vs. XRMI - Sectors Allocation Comparison

Sectors	SPUT	XRMI
Technology	39.0%	39.5%
Communication Services	10.9%	10.3%
Financial Services	10.3%	11.6%
Consumer Cyclical	10.1%	9.5%
Healthcare	8.4%	8.5%
Industrials	8.2%	7.9%
Consumer Defensive	4.4%	4.6%
Energy	3.2%	3.1%
Utilities	2.1%	2.7%
Basic Materials	1.8%	1.7%
Real Estate	1.7%	1.8%

Return for Risk

SPUT vs. XRMI — Risk / Return Rank

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

SPUT

SPUT Risk / Return Rank: 70
SPUT Sharpe Ratio Rank: 62
SPUT Sortino Ratio Rank: 59
SPUT Omega Ratio Rank: 69
SPUT Calmar Ratio Rank: 80
SPUT Martin Ratio Rank: 80

XRMI

XRMI Risk / Return Rank: 48
XRMI Sharpe Ratio Rank: 51
XRMI Sortino Ratio Rank: 50
XRMI Omega Ratio Rank: 54
XRMI Calmar Ratio Rank: 38
XRMI Martin Ratio Rank: 46

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. XRMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Premium Income Daily PutWrite ETF (SPUT) and Global X S&P 500 Risk Managed Income ETF (XRMI). 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	XRMI	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.65	+0.25
Sortino ratio: Return per unit of downside risk	2.57	2.30	+0.27
Omega ratio: Gain probability vs. loss probability	1.38	1.32	+0.06
Calmar ratio: Return relative to maximum drawdown	3.84	1.81	+2.04
Martin ratio: Return relative to average drawdown	14.69	7.28	+7.41

SPUT vs. XRMI - Sharpe Ratio Comparison

The current SPUT Sharpe Ratio is 1.90, which is comparable to the XRMI Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of SPUT and XRMI, 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. XRMI - Drawdown Comparison

The maximum SPUT drawdown since its inception was -10.55%, smaller than the maximum XRMI drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for SPUT and XRMI.

Drawdown Indicators

	SPUT	XRMI	Difference
Max Drawdown Largest peak-to-trough decline	-10.55%	-15.31%	+4.76%
Max Drawdown (1Y) Largest decline over 1 year	-3.81%	-5.02%	+1.21%
Max Drawdown (3Y) Largest decline over 3 years	—	-8.34%	—
Current Drawdown Current decline from peak	-2.68%	-0.52%	-2.16%
Average Drawdown Average peak-to-trough decline	-0.94%	-5.87%	+4.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	1.24%	-0.25%

Volatility

SPUT vs. XRMI - Volatility Comparison

Innovator Equity Premium Income Daily PutWrite ETF (SPUT) has a higher volatility of 3.19% compared to Global X S&P 500 Risk Managed Income ETF (XRMI) at 1.71%. This indicates that SPUT's price experiences larger fluctuations and is considered to be riskier than XRMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPUT	XRMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	1.71%	+1.48%
Volatility (6M) Calculated over the trailing 6-month period	6.18%	4.44%	+1.74%
Volatility (1Y) Calculated over the trailing 1-year period	7.76%	5.52%	+2.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.35%	6.91%	+4.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.35%	6.91%	+4.44%

SPUT vs. XRMI - Expense Ratio Comparison

SPUT has a 0.79% expense ratio, which is higher than XRMI's 0.60% expense ratio.

Dividends

SPUT vs. XRMI - Dividend Comparison

SPUT's dividend yield for the trailing twelve months is around 5.15%, less than XRMI's 12.73% yield.

Position	TTM	2025	2024	2023	2022	2021
SPUT Innovator Equity Premium Income Daily PutWrite ETF	5.15%	4.66%	0.00%	0.00%	0.00%	0.00%
XRMI Global X S&P 500 Risk Managed Income ETF	12.73%	12.35%	11.86%	12.62%	12.84%	2.93%

Frequently Asked Questions

Can I hold both SPUT and XRMI in my portfolio?

SPUT and XRMI have a correlation of 0.72, 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 XRMI?

SPUT has higher volatility (3.19%) compared to XRMI (1.71%). In terms of maximum drawdown, SPUT dropped -10.55% vs XRMI's -15.31%.

Which ETF is better, SPUT or XRMI?

On 1-year performance, SPUT leads with 14.58% vs 9.03% for XRMI. On fees, XRMI is cheaper at 0.60% per year. On volatility, XRMI has been the lower-risk option at 1.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPUT or XRMI?

Over the 1-year period, SPUT has performed better with a 14.58% return vs 9.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPUT or XRMI?

XRMI is cheaper with a 0.60% expense ratio, compared with 0.79% for SPUT.

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

XRMI has the higher dividend yield at 12.73%, compared with 5.15% for SPUT.

What is the main difference between SPUT and XRMI?

They also come from different issuers: Innovator and Global X. Their fees differ too: 0.79% for SPUT and 0.60% for XRMI.

Which has better risk-adjusted returns?

SPUT currently has the higher Sharpe Ratio (1.90 vs 1.65), 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.