TOPW vs. SPUT
TOPW (Roundhill Top WeeklyPay ETF) and SPUT (Innovator Equity Premium Income Daily PutWrite ETF) are both Derivative Income funds. TOPW is passively managed, while SPUT is actively managed. A 0.79 correlation means they provide meaningful diversification when combined. TOPW charges 0.99%/yr vs 0.79%/yr for SPUT.
Performance
TOPW vs. SPUT - Performance Comparison
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Returns By Period
In the year-to-date period, TOPW achieves a -1.90% return, which is significantly lower than SPUT's 5.47% return.
TOPW
- 1D
- -2.84%
- 1M
- -8.90%
- YTD
- -1.90%
- 6M
- -4.48%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPUT
- 1D
- -0.18%
- 1M
- -0.92%
- YTD
- 5.47%
- 6M
- 5.45%
- 1Y
- 16.41%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TOPW vs. SPUT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
TOPW Roundhill Top WeeklyPay ETF | -1.90% | -1.33% |
SPUT Innovator Equity Premium Income Daily PutWrite ETF | 5.47% | 4.99% |
Correlation
The correlation between TOPW and SPUT is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 4, 2025 | 0.79 |
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Return for Risk
TOPW vs. SPUT — Risk / Return Rank
TOPW
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SPUT
TOPW vs. SPUT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Roundhill Top WeeklyPay ETF (TOPW) and Innovator Equity Premium Income Daily PutWrite ETF (SPUT). 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.
| TOPW | SPUT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.43 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 4.32 | — |
| Martin ratioReturn relative to average drawdown | — | 16.78 | — |
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Drawdowns
TOPW vs. SPUT - Drawdown Comparison
The maximum TOPW drawdown since its inception was -29.87%, which is greater than SPUT's maximum drawdown of -10.55%. Use the drawdown chart below to compare losses from any high point for TOPW and SPUT.
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Drawdown Indicators
| TOPW | SPUT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.87% | -10.55% | -19.32% |
Max Drawdown (1Y)Largest decline over 1 year | — | -3.81% | — |
Current DrawdownCurrent decline from peak | -18.04% | -2.00% | -16.04% |
Average DrawdownAverage peak-to-trough decline | -12.98% | -0.93% | -12.05% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.98% | — |
Volatility
TOPW vs. SPUT - Volatility Comparison
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Volatility by Period
| TOPW | SPUT | 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 | 27.79% | 7.74% | +20.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.79% | 11.34% | +16.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.79% | 11.34% | +16.45% |
TOPW vs. SPUT - Expense Ratio Comparison
TOPW has a 0.99% expense ratio, which is higher than SPUT's 0.79% expense ratio.
Dividends
TOPW vs. SPUT - Dividend Comparison
TOPW's dividend yield for the trailing twelve months is around 46.15%, more than SPUT's 5.11% yield.
| Position | TTM | 2025 |
|---|---|---|
SPUT Innovator Equity Premium Income Daily PutWrite ETF | 5.11% | 4.66% |
TOPW Roundhill Top WeeklyPay ETF | 46.15% | 21.52% |
Frequently Asked Questions
TOPW and SPUT have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
SPUT is cheaper with a 0.79% expense ratio, compared with 0.99% for TOPW.
TOPW has the higher dividend yield at 46.15%, compared with 5.11% for SPUT.
They also come from different issuers: Roundhill Investments and Innovator. Their fees differ too: 0.99% for TOPW and 0.79% for SPUT.
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