WEEL vs. SPY

Last updated Jun 4, 2026

WEEL (Peerless Option Income Wheel ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - WEEL is a Derivative Income fund actively managed by Peerless ETFs, while SPY is a S&P 500 fund tracking the S&P 500 Index. WEEL is actively managed, while SPY is passively managed. Over the past year, WEEL returned 20.16% vs 27.98% for SPY. A 0.74 correlation means they provide meaningful diversification when combined. WEEL charges 0.99%/yr vs 0.09%/yr for SPY.

Performance

WEEL vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Peerless Option Income Wheel ETF (WEEL) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WEEL achieves a 5.22% return, which is significantly lower than SPY's 10.91% return.

WEEL

• 1D: -0.40%
• 1M: 0.96%
• YTD: 5.22%
• 6M: 5.75%
• 1Y: 20.16%
• 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)

WEEL vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
WEEL Peerless Option Income Wheel ETF	5.22%	17.73%	3.33%
SPY State Street SPDR S&P 500 ETF	10.91%	17.72%	11.93%

Correlation

The correlation between WEEL and SPY is 0.71, 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	0.71
Correlation (All Time) Calculated using the full available price history since May 17, 2024	0.74

The correlation between WEEL and SPY has been stable across timeframes, ranging from 0.71 to 0.74 - a consistent structural relationship.

WEEL vs. SPY - Sectors Allocation Comparison

Sectors	WEEL	SPY
Consumer Cyclical	20.3%	10.3%
Healthcare	16.8%	8.4%
Basic Materials	16.7%	1.8%
Technology	15.5%	35.9%
Communication Services	13.8%	11.3%
Energy	5.6%	3.6%
Financial Services	4.0%	11.8%
Industrials	3.7%	7.8%
Consumer Defensive	2.2%	4.8%
Real Estate	1.1%	1.9%
Utilities	0.2%	2.4%

Return for Risk

WEEL vs. SPY — Risk / Return Rank

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

WEEL

WEEL Risk / Return Rank: 84
WEEL Sharpe Ratio Rank: 78
WEEL Sortino Ratio Rank: 86
WEEL Omega Ratio Rank: 85
WEEL Calmar Ratio Rank: 82
WEEL Martin Ratio Rank: 91

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.

WEEL vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Peerless Option Income Wheel ETF (WEEL) 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.

	WEEL	SPY	Difference
Sharpe ratio Return per unit of total volatility	2.54	2.38	+0.16
Sortino ratio Return per unit of downside risk	3.93	3.24	+0.69
Omega ratio Gain probability vs. loss probability	1.52	1.43	+0.09
Calmar ratio Return relative to maximum drawdown	4.40	3.16	+1.24
Martin ratio Return relative to average drawdown	21.37	14.72	+6.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WEEL vs. SPY - Sharpe Ratio Comparison

The current WEEL Sharpe Ratio is 2.54, which is comparable to the SPY Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of WEEL 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

	WEEL	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	2.38	+0.16
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	1.01	0.59	+0.42

Drawdowns

WEEL vs. SPY - Drawdown Comparison

The maximum WEEL drawdown since its inception was -17.45%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for WEEL and SPY.

Drawdown Indicators

	WEEL	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-17.45%	-55.19%	+37.74%
Max Drawdown (1Y) Largest decline over 1 year	-4.60%	-8.88%	+4.28%
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	-0.40%	-0.70%	+0.30%
Average Drawdown Average peak-to-trough decline	-1.45%	-9.05%	+7.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.95%	1.91%	-0.96%

Volatility

WEEL vs. SPY - Volatility Comparison

The current volatility for Peerless Option Income Wheel ETF (WEEL) is 1.85%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.84%. This indicates that WEEL 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

	WEEL	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.85%	2.84%	-0.99%
Volatility (6M) Calculated over the trailing 6-month period	5.83%	8.90%	-3.07%
Volatility (1Y) Calculated over the trailing 1-year period	8.01%	11.83%	-3.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.84%	17.05%	-4.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.84%	17.94%	-5.10%

WEEL vs. SPY - Expense Ratio Comparison

WEEL has a 0.99% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

WEEL vs. SPY - Dividend Comparison

WEEL's dividend yield for the trailing twelve months is around 12.46%, 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%
WEEL Peerless Option Income Wheel ETF	12.46%	12.72%	6.88%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WEEL and SPY in my portfolio?

WEEL and SPY have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WEEL or SPY?

SPY has higher volatility (2.84%) compared to WEEL (1.85%). In terms of maximum drawdown, WEEL dropped -17.45% vs SPY's -55.19%.

Which ETF is better, WEEL or SPY?

On 1-year performance, SPY leads with 27.98% vs 20.16% for WEEL. On fees, SPY is cheaper at 0.09% per year. On volatility, WEEL has been the lower-risk option at 1.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WEEL or SPY?

Over the 1-year period, SPY has performed better with a 27.98% return vs 20.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WEEL or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.99% for WEEL.

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

WEEL has the higher dividend yield at 12.46%, compared with 0.98% for SPY.

What is the main difference between WEEL and SPY?

WEEL is categorized as Derivative Income, while SPY is S&P 500. They also come from different issuers: Peerless ETFs and State Street. Their fees differ too: 0.99% for WEEL and 0.09% for SPY.

Which has better risk-adjusted returns?

WEEL currently has the higher Sharpe Ratio (2.54 vs 2.38), 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.