WTPI vs. SPY
WTPI (WisdomTree Equity Premium Income Fund) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - WTPI is a Derivative Income fund tracking the Volos U.S. Large Cap Target 2.5% PutWrite Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, WTPI returned 8.33%/yr vs 15.70%/yr for SPY. A 0.80 correlation means they provide meaningful diversification when combined. WTPI charges 0.44%/yr vs 0.09%/yr for SPY.
Performance
WTPI vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, WTPI achieves a 4.36% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, WTPI has underperformed SPY with an annualized return of 8.33%, while SPY has yielded a comparatively higher 15.70% annualized 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%
SPY
- 1D
- -0.31%
- 1M
- 0.09%
- YTD
- 9.74%
- 6M
- 9.27%
- 1Y
- 26.65%
- 3Y*
- 21.27%
- 5Y*
- 13.51%
- 10Y*
- 15.70%
WTPI vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
WTPI WisdomTree Equity Premium Income Fund | 4.36% | 14.45% | 17.18% | 15.53% | -10.11% | 20.94% | 1.65% | 13.55% | -7.16% | 10.09% |
SPY State Street SPDR S&P 500 ETF | 9.74% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between WTPI and SPY is 0.86, 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 | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2016 | 0.80 |
The correlation between WTPI and SPY has been stable across timeframes, ranging from 0.80 to 0.87 - a consistent structural relationship.
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Return for Risk
WTPI vs. SPY — Risk / Return Rank
WTPI
SPY
WTPI vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Equity Premium Income Fund (WTPI) 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.
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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | -0.13 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.39 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.58 | 3.01 | -0.43 |
| Martin ratioReturn relative to average drawdown | 12.19 | 13.54 | -1.35 |
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Drawdowns
WTPI vs. SPY - Drawdown Comparison
The maximum WTPI drawdown since its inception was -28.40%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for WTPI and SPY.
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Drawdown Indicators
| WTPI | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.40% | -55.19% | +26.79% |
Max Drawdown (1Y)Largest decline over 1 year | -7.15% | -8.88% | +1.73% |
Max Drawdown (3Y)Largest decline over 3 years | -15.26% | -18.76% | +3.50% |
Max Drawdown (5Y)Largest decline over 5 years | -16.56% | -24.50% | +7.94% |
Max Drawdown (10Y)Largest decline over 10 years | -28.40% | -33.72% | +5.32% |
Current DrawdownCurrent decline from peak | -0.39% | -1.75% | +1.36% |
Average DrawdownAverage peak-to-trough decline | -3.43% | -9.04% | +5.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.51% | 1.97% | -0.46% |
Volatility
WTPI vs. SPY - Volatility Comparison
The current volatility for WisdomTree Equity Premium Income Fund (WTPI) is 3.19%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that WTPI 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.
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Volatility by Period
| WTPI | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.19% | 4.64% | -1.45% |
Volatility (6M)Calculated over the trailing 6-month period | 7.55% | 9.75% | -2.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.27% | 12.43% | -3.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.21% | 17.14% | -4.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.26% | 17.99% | -4.73% |
WTPI vs. SPY - Expense Ratio Comparison
WTPI has a 0.44% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
WTPI vs. SPY - Dividend Comparison
WTPI's dividend yield for the trailing twelve months is around 12.05%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
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% | 0.00% |
Frequently Asked Questions
WTPI and SPY have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPY has higher volatility (4.64%) compared to WTPI (3.19%). In terms of maximum drawdown, WTPI dropped -28.40% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.70% vs 8.33% for WTPI. On fees, SPY is cheaper at 0.09% per year. On volatility, WTPI has been the lower-risk option at 3.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.70% return vs 8.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.44% for WTPI.
WTPI has the higher dividend yield at 12.05%, compared with 1.01% for SPY.
WTPI is categorized as Derivative Income, while SPY is S&P 500. WTPI tracks Volos U.S. Large Cap Target 2.5% PutWrite Index, while SPY tracks S&P 500 Index. They also come from different issuers: WisdomTree and State Street. Their fees differ too: 0.44% for WTPI and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.16 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.
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