SPUT vs SPY
Innovator Equity Premium Income - Daily PutWrite ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPUT offers more diversification with 506 holdings.
Side-by-Side Comparison
| Metric | SPUT | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.79% | 0.09% | |
| AUM | $17M | $821.1B | |
| Dividend Yield | 4.96% | 1.01% | |
| Holdings | 506 | 505 | |
| YTD Return | +8.09% | +12.71% | |
| 1Y Return | +13.61% | +20.53% | |
| 3Y Return (annualized) | - | +21.60% | |
| 5Y Return (annualized) | - | +12.79% | |
| Volatility (annualized) | 7.0% | 15.3% | |
| Max Drawdown | -10.6% | -56.5% | |
| Fund Family | Innovator ETFs Trust | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Mar 14, 2025 | Jan 22, 1993 |
SPUT vs SPY Performance
Innovator Equity Premium Income - Daily PutWrite ETF (SPUT) is a ETF from Innovator ETFs Trust and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year SPUT returned +13.61% while SPY returned +20.53%. Year to date, SPUT is up 8.09% versus a gain of 12.71% for SPY.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 7.0% for SPUT. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -10.6% for SPUT and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.95. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
SPUT charges 0.79% per year while SPY charges 0.09%. On a $10,000 position that is $79 vs $9 annually, a gap of $70 per year that compounds over a long holding period. On income, SPUT currently yields 4.96% against 1.01% for SPY.
Holdings Overlap
SPUT and SPY share 422 holdings out of 578 unique holdings combined, representing a 49.4% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, SPUT or SPY?
SPUT has an expense ratio of 0.79% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $70 per year of difference.
Which performed better, SPUT or SPY?
Over the past year SPUT returned +13.61% vs +20.53% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (1 years), SPUT annualized +14.86% vs +8.80% for SPY. Past performance does not guarantee future results.
Which is riskier, SPUT or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 7.0% for SPUT. Worst drawdown: SPUT -10.6% vs SPY -56.5%.
Should I hold both SPUT and SPY?
SPUT and SPY have a monthly-return correlation of 0.95, so they move almost identically. Holding both adds little diversification - most investors pick one, usually on fees or the specific index tracked.
What is the holdings overlap between SPUT and SPY?
SPUT and SPY share 422 common holdings with a 49.4% weight overlap. Combined, they hold 578 unique securities.
Which pays a higher dividend, SPUT or SPY?
SPUT yields 4.96% while SPY yields 1.01%, so SPUT currently pays the higher dividend yield.
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