WDTE vs. SPY

Last updated Jun 4, 2026

WDTE (Defiance S&P 500 Enhanced Options & 0DTE Income ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - WDTE is a Derivative Income fund actively managed by Defiance, while SPY is a S&P 500 fund tracking the S&P 500 Index. WDTE is actively managed, while SPY is passively managed. Over the past year, WDTE returned 24.07% vs 27.98% for SPY. Their correlation of 0.88 suggests significant overlap in exposure. WDTE charges 1.01%/yr vs 0.09%/yr for SPY.

Performance

WDTE vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance S&P 500 Enhanced Options & 0DTE Income ETF (WDTE) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with WDTE having a 10.59% return and SPY slightly higher at 10.91%.

WDTE

• 1D: -0.53%
• 1M: 4.43%
• YTD: 10.59%
• 6M: 11.04%
• 1Y: 24.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

WDTE vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
WDTE Defiance S&P 500 Enhanced Options & 0DTE Income ETF	10.59%	13.60%	9.85%	5.84%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	24.89%	7.80%

Correlation

The correlation between WDTE and SPY is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Sep 20, 2023	0.88

The correlation between WDTE and SPY has been stable across timeframes, ranging from 0.88 to 0.89 - a consistent structural relationship.

WDTE vs. SPY - Sectors Allocation Comparison

Sectors	WDTE	SPY
Technology	35.6%	35.9%
Financial Services	11.8%	11.8%
Communication Services	11.2%	11.3%
Consumer Cyclical	10.1%	10.3%
Healthcare	8.5%	8.4%
Industrials	8.3%	7.8%
Consumer Defensive	4.9%	4.8%
Energy	3.5%	3.6%
Utilities	2.4%	2.4%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

WDTE vs. SPY — Risk / Return Rank

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

WDTE

WDTE Risk / Return Rank: 71
WDTE Sharpe Ratio Rank: 71
WDTE Sortino Ratio Rank: 65
WDTE Omega Ratio Rank: 76
WDTE Calmar Ratio Rank: 63
WDTE Martin Ratio Rank: 79

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

WDTE vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance S&P 500 Enhanced Options & 0DTE Income ETF (WDTE) and State Street SPDR S&P 500 ETF (SPY). 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.

	WDTE	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.35	2.38	-0.02
Sortino ratio: Return per unit of downside risk	3.06	3.24	-0.18
Omega ratio: Gain probability vs. loss probability	1.46	1.43	+0.03
Calmar ratio: Return relative to maximum drawdown	3.16	3.16	0.00
Martin ratio: Return relative to average drawdown	15.52	14.72	+0.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WDTE vs. SPY - Sharpe Ratio Comparison

The current WDTE Sharpe Ratio is 2.35, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of WDTE and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	WDTE	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.35	2.38	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.33	0.59	+0.75

Drawdowns

WDTE vs. SPY - Drawdown Comparison

The maximum WDTE drawdown since its inception was -15.85%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for WDTE and SPY.

Drawdown Indicators

	WDTE	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-15.85%	-55.19%	+39.34%
Max Drawdown (1Y) Largest decline over 1 year	-7.65%	-8.88%	+1.23%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-0.53%	-0.70%	+0.17%
Average Drawdown Average peak-to-trough decline	-1.82%	-9.05%	+7.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.55%	1.91%	-0.36%

Volatility

WDTE vs. SPY - Volatility Comparison

The current volatility for Defiance S&P 500 Enhanced Options & 0DTE Income ETF (WDTE) is 2.37%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.84%. This indicates that WDTE experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WDTE	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.37%	2.84%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	8.50%	8.90%	-0.40%
Volatility (1Y) Calculated over the trailing 1-year period	10.28%	11.83%	-1.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.34%	17.05%	-5.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.34%	17.94%	-6.60%

WDTE vs. SPY - Expense Ratio Comparison

WDTE has a 1.01% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

WDTE vs. SPY - Dividend Comparison

WDTE's dividend yield for the trailing twelve months is around 31.86%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
WDTE Defiance S&P 500 Enhanced Options & 0DTE Income ETF	31.86%	35.78%	51.80%	16.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WDTE and SPY in my portfolio?

WDTE and SPY have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WDTE or SPY?

SPY has higher volatility (2.84%) compared to WDTE (2.37%). In terms of maximum drawdown, WDTE dropped -15.85% vs SPY's -55.19%.

Which ETF is better, WDTE or SPY?

On 1-year performance, SPY leads with 27.98% vs 24.07% for WDTE. On fees, SPY is cheaper at 0.09% per year. On volatility, WDTE has been the lower-risk option at 2.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WDTE or SPY?

Over the 1-year period, SPY has performed better with a 27.98% return vs 24.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WDTE or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 1.01% for WDTE.

Which ETF pays a higher dividend yield, WDTE or SPY?

WDTE has the higher dividend yield at 31.86%, compared with 0.98% for SPY.

What is the main difference between WDTE and SPY?

WDTE is categorized as Derivative Income, while SPY is S&P 500. They also come from different issuers: Defiance and State Street. Their fees differ too: 1.01% for WDTE and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.38 vs 2.35), 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.