SPYO.L vs. AAPI.L

Last updated Apr 1, 2026

Compare and contrast key facts about IncomeShares S&P500 Options (0DTE) ETP GBP (SPYO.L) and IncomeShares Apple (AAPL) Options ETP GBP (AAPI.L).

SPYO.L and AAPI.L are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPYO.L is an actively managed fund by Leverage Shares. It was launched on Aug 27, 2024. AAPI.L is an actively managed fund by Leverage Shares. It was launched on Sep 26, 2024.

Performance

SPYO.L vs. AAPI.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in IncomeShares S&P500 Options (0DTE) ETP GBP (SPYO.L) and IncomeShares Apple (AAPL) Options ETP GBP (AAPI.L). The values are adjusted to include any dividend payments, if applicable.

SPYO.L vs. AAPI.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYO.L IncomeShares S&P500 Options (0DTE) ETP GBP	-9.00%	8.13%	-0.61%
AAPI.L IncomeShares Apple (AAPL) Options ETP GBP	-11.83%	-12.96%	20.45%

Returns By Period

In the year-to-date period, SPYO.L achieves a -9.00% return, which is significantly higher than AAPI.L's -11.83% return.

SPYO.L

• 1D: -0.66%
• 1M: -5.48%
• YTD: -9.00%
• 6M: -4.95%
• 1Y: 4.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAPI.L

• 1D: 0.69%
• 1M: -6.68%
• YTD: -11.83%
• 6M: -11.99%
• 1Y: -8.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYO.L vs. AAPI.L - Expense Ratio Comparison

SPYO.L has a 0.45% expense ratio, which is lower than AAPI.L's 0.55% expense ratio.

AAPI.L

IncomeShares Apple (AAPL) Options ETP GBP

SPYO.L

IncomeShares S&P500 Options (0DTE) ETP GBP

Return for Risk

SPYO.L vs. AAPI.L — Risk / Return Rank

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

SPYO.L

SPYO.L Risk / Return Rank: 19
SPYO.L Sharpe Ratio Rank: 21
SPYO.L Sortino Ratio Rank: 19
SPYO.L Omega Ratio Rank: 21
SPYO.L Calmar Ratio Rank: 18
SPYO.L Martin Ratio Rank: 17

AAPI.L

AAPI.L Risk / Return Rank: 5
AAPI.L Sharpe Ratio Rank: 6
AAPI.L Sortino Ratio Rank: 6
AAPI.L Omega Ratio Rank: 5
AAPI.L Calmar Ratio Rank: 4
AAPI.L Martin Ratio Rank: 4

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.

SPYO.L vs. AAPI.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IncomeShares S&P500 Options (0DTE) ETP GBP (SPYO.L) and IncomeShares Apple (AAPL) Options ETP GBP (AAPI.L). 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.

	SPYO.L	AAPI.L	Difference
Sharpe ratio Return per unit of total volatility	0.33	-0.34	+0.68
Sortino ratio Return per unit of downside risk	0.53	-0.29	+0.82
Omega ratio Gain probability vs. loss probability	1.08	0.96	+0.12
Calmar ratio Return relative to maximum drawdown	0.30	-0.50	+0.80
Martin ratio Return relative to average drawdown	0.76	-1.03	+1.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYO.L vs. AAPI.L - Sharpe Ratio Comparison

The current SPYO.L Sharpe Ratio is 0.33, which is higher than the AAPI.L Sharpe Ratio of -0.34. The chart below compares the historical Sharpe Ratios of SPYO.L and AAPI.L, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPYO.L	AAPI.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.33	-0.34	+0.68
Sharpe Ratio (All Time) Calculated using the full available price history	-0.06	-0.21	+0.15

Correlation

The correlation between SPYO.L and AAPI.L is 0.36, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

SPYO.L vs. AAPI.L - Dividend Comparison

SPYO.L's dividend yield for the trailing twelve months is around 72.19%, more than AAPI.L's 11.56% yield.

	TTM	2025	2024
SPYO.L IncomeShares S&P500 Options (0DTE) ETP GBP	72.19%	84.42%	2.75%
AAPI.L IncomeShares Apple (AAPL) Options ETP GBP	11.56%	11.04%	1.04%

Drawdowns

SPYO.L vs. AAPI.L - Drawdown Comparison

The maximum SPYO.L drawdown since its inception was -17.68%, smaller than the maximum AAPI.L drawdown of -31.31%. Use the drawdown chart below to compare losses from any high point for SPYO.L and AAPI.L.

Drawdown Indicators

	SPYO.L	AAPI.L	Difference
Max Drawdown Largest peak-to-trough decline	-17.68%	-31.31%	+13.63%
Max Drawdown (1Y) Largest decline over 1 year	-10.83%	-18.98%	+8.15%
Current Drawdown Current decline from peak	-10.20%	-23.86%	+13.66%
Average Drawdown Average peak-to-trough decline	-4.50%	-14.35%	+9.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.32%	9.26%	-4.94%

Volatility

SPYO.L vs. AAPI.L - Volatility Comparison

The current volatility for IncomeShares S&P500 Options (0DTE) ETP GBP (SPYO.L) is 3.40%, while IncomeShares Apple (AAPL) Options ETP GBP (AAPI.L) has a volatility of 3.90%. This indicates that SPYO.L experiences smaller price fluctuations and is considered to be less risky than AAPI.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYO.L	AAPI.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.40%	3.90%	-0.50%
Volatility (6M) Calculated over the trailing 6-month period	8.00%	14.12%	-6.12%
Volatility (1Y) Calculated over the trailing 1-year period	14.64%	25.14%	-10.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.25%	24.18%	-9.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.25%	24.18%	-9.93%