SPUT vs. XYLD

Last updated Aug 1, 2026

SPUT (Innovator Equity Premium Income Daily PutWrite ETF) and XYLD (Global X S&P 500 Covered Call ETF) are both Derivative Income funds. SPUT is actively managed, while XYLD is passively managed. Over the past year, SPUT returned 14.10% vs 18.90% for XYLD. Their correlation of 0.83 means they have usually moved in the same direction. SPUT charges 0.79%/yr vs 0.60%/yr for XYLD.

Performance

SPUT vs. XYLD - 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 Covered Call ETF (XYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPUT achieves a 6.24% return, which is significantly lower than XYLD's 8.05% return.

SPUT

• 1D: 0.50%
• 1M: 0.26%
• 6M: 6.31%
• YTD: 6.24%
• 1Y: 14.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.52%

XYLD

• 1D: 0.49%
• 1M: 1.82%
• 6M: 6.81%
• YTD: 8.05%
• 1Y: 18.90%
• 3Y*: 11.51%
• 5Y*: 7.90%
• 10Y*: 8.34%
• ALL TIME*: 8.37%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPUT Innovator Equity Premium Income Daily PutWrite ETF	$131.17K	$79.02K	$95.99K
XYLD Global X S&P 500 Covered Call ETF	$36.93M	$37.58M	$32.35M

SPUT vs. XYLD - Yearly Performance Comparison

	2026 (YTD)	2025
SPUT Innovator Equity Premium Income Daily PutWrite ETF	6.24%	13.49%
XYLD Global X S&P 500 Covered Call ETF	8.05%	14.18%

Correlation

The correlation between SPUT and XYLD is 0.86, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.86
Correlation (All Time) Calculated using the full available price history since Mar 14, 2025	0.83

The correlation between SPUT and XYLD has been stable across timeframes, ranging from 0.83 to 0.86 - a consistent structural relationship.

SPUT vs. XYLD - Sectors Allocation Comparison

Sectors	SPUT	XYLD
Technology	38.5%	38.5%
Financial Services	10.8%	11.6%
Communication Services	10.2%	9.9%
Consumer Cyclical	9.8%	9.5%
Healthcare	9.0%	8.9%
Industrials	8.7%	8.4%
Consumer Defensive	4.4%	4.5%
Energy	3.1%	3.0%
Utilities	2.1%	2.2%
Basic Materials	1.8%	1.7%
Real Estate	1.7%	1.8%

Return for Risk

SPUT vs. XYLD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPUT

SPUT Risk / Return Rank: 76
SPUT Sharpe Ratio Rank: 71
SPUT Sortino Ratio Rank: 67
SPUT Omega Ratio Rank: 75
SPUT Calmar Ratio Rank: 86
SPUT Martin Ratio Rank: 82

XYLD

XYLD Risk / Return Rank: 93
XYLD Sharpe Ratio Rank: 93
XYLD Sortino Ratio Rank: 94
XYLD Omega Ratio Rank: 95
XYLD Calmar Ratio Rank: 87
XYLD Martin Ratio Rank: 94

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPUT vs. XYLD - 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 Covered Call ETF (XYLD). 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	XYLD	Difference
Sharpe ratio: Return per unit of total volatility	1.61	2.53	-0.91
Sortino ratio: Return per unit of downside risk	2.21	3.60	-1.39
Omega ratio: Gain probability vs. loss probability	1.31	1.56	-0.25
Calmar ratio: Return relative to maximum drawdown	3.39	3.40	-0.01
Martin ratio: Return relative to average drawdown	11.10	17.69	-6.59

SPUT vs. XYLD - Sharpe Ratio Comparison

The current SPUT Sharpe Ratio is 1.61, which is lower than the XYLD Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of SPUT and XYLD, 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. XYLD - Drawdown Comparison

The maximum SPUT drawdown since its inception was -10.55%, smaller than the maximum XYLD drawdown of -33.46%. Use the drawdown chart below to compare losses from any high point for SPUT and XYLD.

Drawdown Indicators

	SPUT	XYLD	Difference
Max Drawdown Largest peak-to-trough decline	-10.55%	-33.46%	+22.91%
Max Drawdown (1Y) Largest decline over 1 year	-3.81%	-5.29%	+1.48%
Max Drawdown (3Y) Largest decline over 3 years	—	-15.53%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.66%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.46%	—
Current Drawdown Current decline from peak	-1.29%	0.00%	-1.29%
Average Drawdown Average peak-to-trough decline	-1.00%	-3.68%	+2.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.17%	1.02%	+0.15%

Volatility

SPUT vs. XYLD - Volatility Comparison

Innovator Equity Premium Income Daily PutWrite ETF (SPUT) has a higher volatility of 2.32% compared to Global X S&P 500 Covered Call ETF (XYLD) at 1.92%. This indicates that SPUT's price experiences larger fluctuations and is considered to be riskier than XYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPUT	XYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.32%	1.92%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	6.20%	5.97%	+0.23%
Volatility (1Y) Calculated over the trailing 1-year period	8.01%	7.13%	+0.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.09%	11.27%	-0.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.09%	14.15%	-3.06%

SPUT vs. XYLD - Expense Ratio Comparison

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

Dividends

SPUT vs. XYLD - Dividend Comparison

SPUT's dividend yield for the trailing twelve months is around 4.94%, less than XYLD's 10.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPUT Innovator Equity Premium Income Daily PutWrite ETF	4.94%	4.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XYLD Global X S&P 500 Covered Call ETF	10.53%	10.51%	11.54%	10.51%	13.43%	9.07%	7.93%	5.76%	7.12%	5.18%	3.23%	4.65%

Frequently Asked Questions

Can I hold both SPUT and XYLD in my portfolio?

SPUT and XYLD have a correlation of 0.86, 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 XYLD?

SPUT has higher volatility (2.32%) compared to XYLD (1.92%). In terms of maximum drawdown, SPUT dropped -10.55% vs XYLD's -33.46%.

Which ETF is better, SPUT or XYLD?

On 1-year performance, XYLD leads with 18.90% vs 14.10% for SPUT. On fees, XYLD is cheaper at 0.60% per year. On volatility, XYLD has been the lower-risk option at 1.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPUT or XYLD?

Over the 1-year period, XYLD has performed better with a 18.90% return vs 14.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPUT or XYLD?

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

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

XYLD has the higher dividend yield at 10.53%, compared with 4.94% for SPUT.

What is the main difference between SPUT and XYLD?

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

Which has better risk-adjusted returns?

XYLD currently has the higher Sharpe Ratio (2.53 vs 1.61), 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.