XISE vs. SPY

Last updated Jun 23, 2026

XISE (FT Cboe Vest U.S. Equity Buffer & Premium Income ETF – September) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - XISE is a Options Trading fund actively managed by FT Vest, while SPY is a S&P 500 fund tracking the S&P 500 Index. XISE is actively managed, while SPY is passively managed. Over the past year, XISE returned 6.65% vs 26.65% for SPY. A 0.74 correlation means they provide meaningful diversification when combined. XISE charges 0.85%/yr vs 0.09%/yr for SPY.

Performance

XISE vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Buffer & Premium Income ETF – September (XISE) 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, XISE achieves a 3.22% return, which is significantly lower than SPY's 9.74% return.

XISE

• 1D: 0.02%
• 1M: 0.40%
• YTD: 3.22%
• 6M: 3.24%
• 1Y: 6.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

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

XISE vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XISE FT Cboe Vest U.S. Equity Buffer & Premium Income ETF – September	3.22%	6.42%	5.70%	2.93%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	7.64%

Correlation

The correlation between XISE and SPY is 0.80, 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	0.80
Correlation (All Time) Calculated using the full available price history since Sep 18, 2023	0.74

The correlation between XISE and SPY has been stable across timeframes, ranging from 0.74 to 0.80 - a consistent structural relationship.

Return for Risk

XISE vs. SPY — Risk / Return Rank

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

XISE

XISE Risk / Return Rank: 82
XISE Sharpe Ratio Rank: 74
XISE Sortino Ratio Rank: 84
XISE Omega Ratio Rank: 88
XISE Calmar Ratio Rank: 73
XISE Martin Ratio Rank: 90

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

XISE vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Buffer & Premium Income ETF – September (XISE) 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.

	XISE	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.28	2.16	+0.13
Sortino ratio: Return per unit of downside risk	3.56	2.91	+0.65
Omega ratio: Gain probability vs. loss probability	1.53	1.39	+0.14
Calmar ratio: Return relative to maximum drawdown	3.56	3.01	+0.54
Martin ratio: Return relative to average drawdown	19.87	13.54	+6.33

XISE vs. SPY - Sharpe Ratio Comparison

The current XISE Sharpe Ratio is 2.28, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of XISE 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.

Drawdowns

XISE vs. SPY - Drawdown Comparison

The maximum XISE drawdown since its inception was -6.17%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for XISE and SPY.

Drawdown Indicators

	XISE	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-6.17%	-55.19%	+49.02%
Max Drawdown (1Y) Largest decline over 1 year	-1.88%	-8.88%	+7.00%
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	0.00%	-1.75%	+1.75%
Average Drawdown Average peak-to-trough decline	-0.24%	-9.04%	+8.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.34%	1.97%	-1.63%

Volatility

XISE vs. SPY - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Buffer & Premium Income ETF – September (XISE) is 0.37%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that XISE 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

	XISE	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.37%	4.64%	-4.27%
Volatility (6M) Calculated over the trailing 6-month period	2.33%	9.75%	-7.42%
Volatility (1Y) Calculated over the trailing 1-year period	2.93%	12.43%	-9.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.88%	17.14%	-12.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.88%	17.99%	-13.11%

XISE vs. SPY - Expense Ratio Comparison

XISE has a 0.85% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

XISE vs. SPY - Dividend Comparison

XISE's dividend yield for the trailing twelve months is around 5.91%, 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%
XISE FT Cboe Vest U.S. Equity Buffer & Premium Income ETF – September	5.91%	5.81%	7.04%	1.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XISE and SPY in my portfolio?

XISE and SPY have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XISE or SPY?

SPY has higher volatility (4.64%) compared to XISE (0.37%). In terms of maximum drawdown, XISE dropped -6.17% vs SPY's -55.19%.

Which ETF is better, XISE or SPY?

On 1-year performance, SPY leads with 26.65% vs 6.65% for XISE. On fees, SPY is cheaper at 0.09% per year. On volatility, XISE has been the lower-risk option at 0.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XISE or SPY?

Over the 1-year period, SPY has performed better with a 26.65% return vs 6.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XISE or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.85% for XISE.

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

XISE has the higher dividend yield at 5.91%, compared with 1.01% for SPY.

What is the main difference between XISE and SPY?

XISE is categorized as Options Trading, while SPY is S&P 500. They also come from different issuers: FT Vest and State Street. Their fees differ too: 0.85% for XISE and 0.09% for SPY.

Which has better risk-adjusted returns?

XISE currently has the higher Sharpe Ratio (2.28 vs 2.16), 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.