SPYT vs. FYEE

Last updated Jun 24, 2026

SPYT (Defiance S&P 500 Income Target ETF) and FYEE (Fidelity Yield Enhanced Equity ETF) are both Derivative Income funds. Both are actively managed. Over the past year, SPYT returned 19.62% vs 21.06% for FYEE. Their correlation of 0.89 suggests significant overlap in exposure. SPYT charges 0.87%/yr vs 0.28%/yr for FYEE.

Performance

SPYT vs. FYEE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance S&P 500 Income Target ETF (SPYT) and Fidelity Yield Enhanced Equity ETF (FYEE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPYT achieves a 7.21% return, which is significantly higher than FYEE's 5.23% return.

SPYT

• 1D: -1.32%
• 1M: -1.62%
• YTD: 7.21%
• 6M: 6.55%
• 1Y: 19.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FYEE

• 1D: -1.18%
• 1M: -0.71%
• YTD: 5.23%
• 6M: 4.69%
• 1Y: 21.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYT vs. FYEE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYT Defiance S&P 500 Income Target ETF	7.21%	12.41%	12.60%
FYEE Fidelity Yield Enhanced Equity ETF	5.23%	15.76%	13.66%

Correlation

The correlation between SPYT and FYEE is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (All Time) Calculated using the full available price history since Apr 11, 2024	0.89

The correlation between SPYT and FYEE has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

Return for Risk

SPYT vs. FYEE — Risk / Return Rank

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

SPYT

SPYT Risk / Return Rank: 55
SPYT Sharpe Ratio Rank: 52
SPYT Sortino Ratio Rank: 50
SPYT Omega Ratio Rank: 57
SPYT Calmar Ratio Rank: 52
SPYT Martin Ratio Rank: 63

FYEE

FYEE Risk / Return Rank: 68
FYEE Sharpe Ratio Rank: 66
FYEE Sortino Ratio Rank: 62
FYEE Omega Ratio Rank: 74
FYEE Calmar Ratio Rank: 61
FYEE Martin Ratio Rank: 77

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.

SPYT vs. FYEE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance S&P 500 Income Target ETF (SPYT) and Fidelity Yield Enhanced Equity ETF (FYEE). 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.

	SPYT	FYEE	Difference
Sharpe ratio: Return per unit of total volatility	1.72	2.06	-0.34
Sortino ratio: Return per unit of downside risk	2.36	2.76	-0.40
Omega ratio: Gain probability vs. loss probability	1.34	1.41	-0.07
Calmar ratio: Return relative to maximum drawdown	2.46	2.86	-0.40
Martin ratio: Return relative to average drawdown	10.95	14.01	-3.07

SPYT vs. FYEE - Sharpe Ratio Comparison

The current SPYT Sharpe Ratio is 1.72, which is comparable to the FYEE Sharpe Ratio of 2.06. The chart below compares the historical Sharpe Ratios of SPYT and FYEE, 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

SPYT vs. FYEE - Drawdown Comparison

The maximum SPYT drawdown since its inception was -18.25%, roughly equal to the maximum FYEE drawdown of -18.79%. Use the drawdown chart below to compare losses from any high point for SPYT and FYEE.

Drawdown Indicators

	SPYT	FYEE	Difference
Max Drawdown Largest peak-to-trough decline	-18.25%	-18.79%	+0.54%
Max Drawdown (1Y) Largest decline over 1 year	-8.00%	-7.39%	-0.61%
Current Drawdown Current decline from peak	-2.93%	-1.97%	-0.96%
Average Drawdown Average peak-to-trough decline	-2.00%	-2.23%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	1.51%	+0.29%

Volatility

SPYT vs. FYEE - Volatility Comparison

Defiance S&P 500 Income Target ETF (SPYT) has a higher volatility of 4.54% compared to Fidelity Yield Enhanced Equity ETF (FYEE) at 4.15%. This indicates that SPYT's price experiences larger fluctuations and is considered to be riskier than FYEE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYT	FYEE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.54%	4.15%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	9.24%	8.14%	+1.10%
Volatility (1Y) Calculated over the trailing 1-year period	11.51%	10.30%	+1.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.90%	13.93%	+0.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.90%	13.93%	+0.97%

SPYT vs. FYEE - Expense Ratio Comparison

SPYT has a 0.87% expense ratio, which is higher than FYEE's 0.28% expense ratio.

Dividends

SPYT vs. FYEE - Dividend Comparison

SPYT's dividend yield for the trailing twelve months is around 21.21%, more than FYEE's 8.63% yield.

Position	TTM	2025	2024
FYEE Fidelity Yield Enhanced Equity ETF	8.63%	7.08%	5.45%
SPYT Defiance S&P 500 Income Target ETF	21.21%	21.40%	17.37%

Frequently Asked Questions

Can I hold both SPYT and FYEE in my portfolio?

SPYT and FYEE have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYT or FYEE?

SPYT has higher volatility (4.54%) compared to FYEE (4.15%). In terms of maximum drawdown, SPYT dropped -18.25% vs FYEE's -18.79%.

Which ETF is better, SPYT or FYEE?

On 1-year performance, FYEE leads with 21.06% vs 19.62% for SPYT. On fees, FYEE is cheaper at 0.28% per year. On volatility, FYEE has been the lower-risk option at 4.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYT or FYEE?

Over the 1-year period, FYEE has performed better with a 21.06% return vs 19.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYT or FYEE?

FYEE is cheaper with a 0.28% expense ratio, compared with 0.87% for SPYT.

Which ETF pays a higher dividend yield, SPYT or FYEE?

SPYT has the higher dividend yield at 21.21%, compared with 8.63% for FYEE.

What is the main difference between SPYT and FYEE?

They also come from different issuers: Defiance and Fidelity. Their fees differ too: 0.87% for SPYT and 0.28% for FYEE.

Which has better risk-adjusted returns?

FYEE currently has the higher Sharpe Ratio (2.06 vs 1.72), 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.