WTPI vs. SPUT

Last updated Jun 23, 2026

WTPI (WisdomTree Equity Premium Income Fund) and SPUT (Innovator Equity Premium Income Daily PutWrite ETF) are both Derivative Income funds. WTPI is passively managed, while SPUT is actively managed. Over the past year, WTPI returned 18.38% vs 16.41% for SPUT. A 0.79 correlation means they provide meaningful diversification when combined. WTPI charges 0.44%/yr vs 0.79%/yr for SPUT.

Performance

WTPI vs. SPUT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WisdomTree Equity Premium Income Fund (WTPI) and Innovator Equity Premium Income Daily PutWrite ETF (SPUT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WTPI achieves a 4.36% return, which is significantly lower than SPUT's 5.47% return.

WTPI

• 1D: -0.18%
• 1M: 0.45%
• YTD: 4.36%
• 6M: 3.64%
• 1Y: 18.38%
• 3Y*: 13.18%
• 5Y*: 9.62%
• 10Y*: 8.33%

SPUT

• 1D: -0.18%
• 1M: -0.92%
• YTD: 5.47%
• 6M: 5.45%
• 1Y: 16.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

WTPI vs. SPUT - Yearly Performance Comparison

	2026 (YTD)	2025
WTPI WisdomTree Equity Premium Income Fund	4.36%	20.27%
SPUT Innovator Equity Premium Income Daily PutWrite ETF	5.47%	13.49%

Correlation

The correlation between WTPI and SPUT is 0.81, 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	0.81
Correlation (All Time) Calculated using the full available price history since Mar 14, 2025	0.79

The correlation between WTPI and SPUT has been stable across timeframes, ranging from 0.79 to 0.81 - a consistent structural relationship.

Return for Risk

WTPI vs. SPUT — Risk / Return Rank

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

WTPI

WTPI Risk / Return Rank: 63
WTPI Sharpe Ratio Rank: 62
WTPI Sortino Ratio Rank: 62
WTPI Omega Ratio Rank: 70
WTPI Calmar Ratio Rank: 54
WTPI Martin Ratio Rank: 68

SPUT

SPUT Risk / Return Rank: 75
SPUT Sharpe Ratio Rank: 68
SPUT Sortino Ratio Rank: 64
SPUT Omega Ratio Rank: 76
SPUT Calmar Ratio Rank: 84
SPUT Martin Ratio Rank: 84

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.

WTPI vs. SPUT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Equity Premium Income Fund (WTPI) 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.

	WTPI	SPUT	Difference
Sharpe ratio: Return per unit of total volatility	2.00	2.13	-0.14
Sortino ratio: Return per unit of downside risk	2.79	2.88	-0.10
Omega ratio: Gain probability vs. loss probability	1.40	1.43	-0.03
Calmar ratio: Return relative to maximum drawdown	2.58	4.32	-1.74
Martin ratio: Return relative to average drawdown	12.19	16.78	-4.59

WTPI vs. SPUT - Sharpe Ratio Comparison

The current WTPI Sharpe Ratio is 2.00, which is comparable to the SPUT Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of WTPI and SPUT, 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

WTPI vs. SPUT - Drawdown Comparison

The maximum WTPI drawdown since its inception was -28.40%, which is greater than SPUT's maximum drawdown of -10.55%. Use the drawdown chart below to compare losses from any high point for WTPI and SPUT.

Drawdown Indicators

	WTPI	SPUT	Difference
Max Drawdown Largest peak-to-trough decline	-28.40%	-10.55%	-17.85%
Max Drawdown (1Y) Largest decline over 1 year	-7.15%	-3.81%	-3.34%
Max Drawdown (3Y) Largest decline over 3 years	-15.26%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-16.56%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-28.40%	—	—
Current Drawdown Current decline from peak	-0.39%	-2.00%	+1.61%
Average Drawdown Average peak-to-trough decline	-3.43%	-0.93%	-2.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.51%	0.98%	+0.53%

Volatility

WTPI vs. SPUT - Volatility Comparison

WisdomTree Equity Premium Income Fund (WTPI) and Innovator Equity Premium Income Daily PutWrite ETF (SPUT) have volatilities of 3.19% and 3.12%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WTPI	SPUT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	3.12%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	7.55%	6.14%	+1.41%
Volatility (1Y) Calculated over the trailing 1-year period	9.27%	7.74%	+1.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.21%	11.34%	+0.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.26%	11.34%	+1.92%

WTPI vs. SPUT - Expense Ratio Comparison

WTPI has a 0.44% expense ratio, which is lower than SPUT's 0.79% expense ratio.

Dividends

WTPI vs. SPUT - Dividend Comparison

WTPI's dividend yield for the trailing twelve months is around 12.05%, more than SPUT's 5.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
SPUT Innovator Equity Premium Income Daily PutWrite ETF	5.11%	4.66%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
WTPI WisdomTree Equity Premium Income Fund	12.05%	13.18%	11.99%	8.94%	3.27%	0.00%	1.43%	1.47%	6.46%	3.52%	2.27%

Frequently Asked Questions

Can I hold both WTPI and SPUT in my portfolio?

WTPI and SPUT have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WTPI or SPUT?

WTPI has higher volatility (3.19%) compared to SPUT (3.12%). In terms of maximum drawdown, WTPI dropped -28.40% vs SPUT's -10.55%.

Which ETF is better, WTPI or SPUT?

On 1-year performance, WTPI leads with 18.38% vs 16.41% for SPUT. On fees, WTPI is cheaper at 0.44% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WTPI or SPUT?

Over the 1-year period, WTPI has performed better with a 18.38% return vs 16.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WTPI or SPUT?

WTPI is cheaper with a 0.44% expense ratio, compared with 0.79% for SPUT.

Which ETF pays a higher dividend yield, WTPI or SPUT?

WTPI has the higher dividend yield at 12.05%, compared with 5.11% for SPUT.

What is the main difference between WTPI and SPUT?

They also come from different issuers: WisdomTree and Innovator. Their fees differ too: 0.44% for WTPI and 0.79% for SPUT.

Which has better risk-adjusted returns?

SPUT currently has the higher Sharpe Ratio (2.13 vs 2.00), 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.