YETH vs. SPY

Last updated Aug 2, 2026

YETH (Roundhill Ether Covered Call Strategy ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - YETH is a Derivative Income fund actively managed by Roundhill, while SPY is a S&P 500 fund tracking the S&P 500 Index. YETH is actively managed, while SPY is passively managed. Over the past year, YETH returned -35.08% vs 21.49% for SPY. Their 0.48 correlation means their historical movements had little consistent relationship. YETH charges 0.95%/yr vs 0.09%/yr for SPY.

Performance

YETH vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Ether Covered Call Strategy ETF (YETH) 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, YETH achieves a -29.48% return, which is significantly lower than SPY's 10.13% return.

YETH

• 1D: -2.65%
• 1M: 11.61%
• 6M: -21.42%
• YTD: -29.48%
• 1Y: -35.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -23.31%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B
YETH Roundhill Ether Covered Call Strategy ETF	$413.46K	$455.45K	$751.44K

YETH vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YETH Roundhill Ether Covered Call Strategy ETF	-29.48%	-32.10%	26.02%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	6.84%

Correlation

The correlation between YETH and SPY is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (All Time) Calculated using the full available price history since Sep 4, 2024	0.48

Return for Risk

YETH vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

YETH

YETH Risk / Return Rank: 4
YETH Sharpe Ratio Rank: 3
YETH Sortino Ratio Rank: 4
YETH Omega Ratio Rank: 4
YETH Calmar Ratio Rank: 4
YETH Martin Ratio Rank: 4

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

YETH vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Ether Covered Call Strategy ETF (YETH) 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.

	YETH	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-0.70	1.52	-2.21
Sortino ratio: Return per unit of downside risk	-0.79	2.11	-2.91
Omega ratio: Gain probability vs. loss probability	0.90	1.27	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.68	2.20	-2.88
Martin ratio: Return relative to average drawdown	-1.06	9.40	-10.46

YETH vs. SPY - Sharpe Ratio Comparison

The current YETH Sharpe Ratio is -0.70, which is lower than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of YETH 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

YETH vs. SPY - Drawdown Comparison

The maximum YETH drawdown since its inception was -64.41%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for YETH and SPY.

Drawdown Indicators

	YETH	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-64.41%	-55.19%	-9.22%
Max Drawdown (1Y) Largest decline over 1 year	-58.73%	-8.88%	-49.85%
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	-56.91%	-1.40%	-55.51%
Average Drawdown Average peak-to-trough decline	-33.27%	-9.01%	-24.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.51%	2.08%	+35.43%

Volatility

YETH vs. SPY - Volatility Comparison

Roundhill Ether Covered Call Strategy ETF (YETH) has a higher volatility of 8.65% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that YETH's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YETH	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.65%	3.58%	+5.07%
Volatility (6M) Calculated over the trailing 6-month period	39.12%	10.14%	+28.98%
Volatility (1Y) Calculated over the trailing 1-year period	57.48%	12.89%	+44.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.75%	17.18%	+37.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.75%	17.95%	+36.80%

YETH vs. SPY - Expense Ratio Comparison

YETH has a 0.95% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

YETH vs. SPY - Dividend Comparison

YETH's dividend yield for the trailing twelve months is around 121.07%, 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%
YETH Roundhill Ether Covered Call Strategy ETF	121.07%	109.12%	20.52%	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 YETH and SPY in my portfolio?

YETH and SPY have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YETH or SPY?

YETH has higher volatility (8.65%) compared to SPY (3.58%). In terms of maximum drawdown, YETH dropped -64.41% vs SPY's -55.19%.

Which ETF is better, YETH or SPY?

On 1-year performance, SPY leads with 21.49% vs -35.08% for YETH. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YETH or SPY?

Over the 1-year period, SPY has performed better with a 21.49% return vs -35.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YETH or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.95% for YETH.

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

YETH has the higher dividend yield at 121.07%, compared with 1.01% for SPY.

What is the main difference between YETH and SPY?

YETH is categorized as Derivative Income, while SPY is S&P 500. They also come from different issuers: Roundhill and State Street. Their fees differ too: 0.95% for YETH and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.52 vs -0.70), 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.