TSPY vs. XRMI

Last updated Jun 24, 2026

TSPY (TappAlpha S&P 500 Growth & Daily Income ETF) and XRMI (Global X S&P 500 Risk Managed Income ETF) are both Derivative Income funds. TSPY is actively managed, while XRMI is passively managed. Over the past year, TSPY returned 22.21% vs 9.03% for XRMI. A 0.64 correlation means they provide meaningful diversification when combined. TSPY charges 0.68%/yr vs 0.60%/yr for XRMI.

Performance

TSPY vs. XRMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TappAlpha S&P 500 Growth & Daily Income ETF (TSPY) 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, TSPY achieves a 6.10% return, which is significantly higher than XRMI's 1.66% return.

TSPY

• 1D: -1.37%
• 1M: -1.28%
• YTD: 6.10%
• 6M: 5.11%
• 1Y: 22.21%
• 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)

TSPY vs. XRMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSPY TappAlpha S&P 500 Growth & Daily Income ETF	6.10%	17.29%	6.59%
XRMI Global X S&P 500 Risk Managed Income ETF	1.66%	4.60%	8.32%

Correlation

The correlation between TSPY and XRMI is 0.69, 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	0.69
Correlation (All Time) Calculated using the full available price history since Aug 15, 2024	0.64

The correlation between TSPY and XRMI has been stable across timeframes, ranging from 0.64 to 0.69 - a consistent structural relationship.

Return for Risk

TSPY vs. XRMI — Risk / Return Rank

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

TSPY

TSPY Risk / Return Rank: 54
TSPY Sharpe Ratio Rank: 55
TSPY Sortino Ratio Rank: 54
TSPY Omega Ratio Rank: 56
TSPY Calmar Ratio Rank: 48
TSPY Martin Ratio Rank: 58

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.

TSPY vs. XRMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TappAlpha S&P 500 Growth & Daily Income ETF (TSPY) 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.

	TSPY	XRMI	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.65	+0.16
Sortino ratio: Return per unit of downside risk	2.50	2.30	+0.20
Omega ratio: Gain probability vs. loss probability	1.33	1.32	+0.01
Calmar ratio: Return relative to maximum drawdown	2.32	1.81	+0.51
Martin ratio: Return relative to average drawdown	9.98	7.28	+2.70

TSPY vs. XRMI - Sharpe Ratio Comparison

The current TSPY Sharpe Ratio is 1.81, which is comparable to the XRMI Sharpe Ratio of 1.65. The chart below compares the historical Sharpe Ratios of TSPY 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

TSPY vs. XRMI - Drawdown Comparison

The maximum TSPY drawdown since its inception was -18.02%, which is greater than XRMI's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for TSPY and XRMI.

Drawdown Indicators

	TSPY	XRMI	Difference
Max Drawdown Largest peak-to-trough decline	-18.02%	-15.31%	-2.71%
Max Drawdown (1Y) Largest decline over 1 year	-9.63%	-5.02%	-4.61%
Max Drawdown (3Y) Largest decline over 3 years	—	-8.34%	—
Current Drawdown Current decline from peak	-2.97%	-0.52%	-2.45%
Average Drawdown Average peak-to-trough decline	-2.51%	-5.87%	+3.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	1.24%	+0.99%

Volatility

TSPY vs. XRMI - Volatility Comparison

TappAlpha S&P 500 Growth & Daily Income ETF (TSPY) has a higher volatility of 4.57% compared to Global X S&P 500 Risk Managed Income ETF (XRMI) at 1.71%. This indicates that TSPY'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

	TSPY	XRMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.57%	1.71%	+2.86%
Volatility (6M) Calculated over the trailing 6-month period	9.61%	4.44%	+5.17%
Volatility (1Y) Calculated over the trailing 1-year period	12.35%	5.52%	+6.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.13%	6.91%	+9.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.13%	6.91%	+9.22%

TSPY vs. XRMI - Expense Ratio Comparison

TSPY has a 0.68% expense ratio, which is higher than XRMI's 0.60% expense ratio.

Dividends

TSPY vs. XRMI - Dividend Comparison

TSPY's dividend yield for the trailing twelve months is around 14.08%, more than XRMI's 12.73% yield.

Position	TTM	2025	2024	2023	2022	2021
TSPY TappAlpha S&P 500 Growth & Daily Income ETF	14.08%	13.69%	3.45%	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 TSPY and XRMI in my portfolio?

TSPY and XRMI have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSPY or XRMI?

TSPY has higher volatility (4.57%) compared to XRMI (1.71%). In terms of maximum drawdown, TSPY dropped -18.02% vs XRMI's -15.31%.

Which ETF is better, TSPY or XRMI?

On 1-year performance, TSPY leads with 22.21% 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, TSPY or XRMI?

Over the 1-year period, TSPY has performed better with a 22.21% return vs 9.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSPY or XRMI?

XRMI is cheaper with a 0.60% expense ratio, compared with 0.68% for TSPY.

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

TSPY has the higher dividend yield at 14.08%, compared with 12.73% for XRMI.

What is the main difference between TSPY and XRMI?

They also come from different issuers: TappAlpha and Global X. Their fees differ too: 0.68% for TSPY and 0.60% for XRMI.

Which has better risk-adjusted returns?

TSPY currently has the higher Sharpe Ratio (1.81 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.