Data as of Oct 28, 2026.
AIPI vs SPY: Differences, Returns & Fees
Over the year to Oct 28, 2026, AIPI returned +15.5% to SPY's +13.6%, and SPY charges 0.09% to AIPI's 0.65%.
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Net assets on Oct 27, 2026: $490m for REX AI EQUITY PREMIUM INCOME ETF and $814.8bn for SPDR S&P 500 ETF Trust.
Pair scorecard
SPY costs 0.56 points a year less; their one-year returns differ by 1.9 points; SPY is far larger, $814.8bn against $490m.
| Measure | AIPI | SPY |
|---|---|---|
| Return | ||
| Total return, 1 year | +15.5% | +13.6% |
| Price change, 1 year | fell 19.4% | rose 12.4% |
| Latest payout, annualized | 34.3% | |
| Return of capital, issuer estimate | 100% of the Oct 8, 2026 payment | |
| Benchmark | ||
| What it tracks | Benchmark: S&P 500, measured through SPY | S&P 500 Index |
| Cost and size | ||
| Expense ratio | 0.65% | 0.09% |
| Net assets, as of Oct 27, 2026 | $490m | $814.8bn |
| Holdings | ||
| Holdings in common | 31% | |
| In the S&P 500, by weight | 100% | |
| Top ten holdings, share of the fund | 38.1% | |
Holdings in common uses holdings dated May 31, 2026 and Oct 27, 2026. Method
Risk and return
Jun 14, 2024 to Oct 23, 2026 · 123 weekly returnsEach against its own benchmark: AIPI against SPY, Jun 14, 2024 to Oct 23, 2026; SPY against VOO, Sep 17, 2010 to Oct 23, 2026.
AIPI and SPY returned about the same: +44.7% and +44.1%. SPY swung less: 14.8% to 21.3%. SPY fell less at its worst: −16.9% to −24.9%.
Full scorecard
19 measures, with how each is measured Open ↓
| Measure | AIPI | SPY | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +44.7% | +44.1% | Tie | Price change plus distributions, reinvested. |
| Annualized | +16.9% | +16.7% | Tie | Total return as a yearly rate. |
| Price return | −34.5% | +40.0% | SPY | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 21.3% | 14.8% | SPY | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 15.0% | 9.7% | SPY | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −24.9% | −16.9% | SPY | Deepest fall from a high to the low after it. |
| Upside capture | 130.1% | 99.8% | Share of its benchmark's rise caught in the weeks it rose. | |
| Downside capture | 116.5% | 100.0% | Share of its benchmark's fall taken in the weeks it fell. Lower is better. | |
| Beta | 1.22 | 1.00 | Not an edge | How far it moves for each 1% its benchmark moves. |
| R squared | 0.72 | 1.00 | Not an edge | Share of its weekly moves its benchmark explains. |
| Risk-adjusted | ||||
| Sharpe | 0.64 | 0.83 | SPY | Return above Treasury bills per unit of volatility. |
| Sortino | 0.92 | 1.27 | SPY | Return above Treasury bills per unit of downside deviation. |
| Treynor | 0.112 | 0.133 | Return above Treasury bills per unit of beta. | |
| Calmar | 0.68 | 0.99 | SPY | Annualized return divided by the max drawdown. |
| Against the benchmark | ||||
| Benchmark | SPY | VOO | The ETF each fund is measured against. | |
| Alpha | −1.4% a year | −0.1% a year | Not significant | Yearly return beyond what its beta to the benchmark predicts. |
| Alpha t-stat | −0.19 | −0.51 | Not an edge | How sure the alpha is. Below 2, it could be chance. |
| Alpha range | −16.0% to +13.2% | −0.3% to +0.1% | Includes zero | The 95% range for the yearly alpha. |
| Information ratio | 0.12 | −0.15 | Return against its benchmark per unit of tracking error. | |
| Tracking error | 11.7% | 0.4% | Not an edge | How far weekly returns stray from the benchmark, annualized. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 123 weekly returns. Cash rate: the 13-week Treasury bill.
What they share
By the books each fund has filed, AIPI and SPY hold 31% of their money in the same securities at the same weight. Holdings dated May 31, 2026 and Oct 27, 2026.
half
31% in common
Only in one fund ↓
Side by side
AIPI and SPY on the fields both publish, as of Oct 28, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price.
No client brief for this pair: the two funds' holdings are dated 149 days apart.
AIPI
Over the year to Oct 28, 2026, AIPI paid 30.4% of its starting value in cash distributions while its price fell 19.4%. With every distribution reinvested, the fund returned +15.5%. S&P 500 (SPY) returned +13.6% over the same days, so a holder was ahead by 1.9 pts. At its price on Oct 28, 2026 the latest distribution annualizes to 34.3%, paid weekly. REX estimates that 100% of the distribution paid Oct 8, 2026 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.
SPY
SPY tracks the S&P 500. Over the year to Oct 28, 2026 it returned +13.6% with distributions reinvested, against +13.7% for its benchmark, the S&P 500 Index. The prospectus expense ratio is 0.09% a year. By its holdings published by its issuer for Oct 27, 2026, 100% of the fund by weight is stocks the S&P 500 also holds, across 504 positions, with the top ten at 38.1%.
Questions people ask
- Are AIPI and SPY in the same category?
- AIPI is an option-income ETF and SPY is a stock ETF, so they do different jobs. The table compares what both publish: return, cost and holdings.
- Which returned more over the last year, AIPI or SPY?
- In the year to Oct 28, 2026, with distributions reinvested, AIPI returned +15.5% and SPY +13.6%.
- Which is cheaper, AIPI or SPY?
- SPY is cheaper, by 0.56 percentage points a year. That is about $56 on $10,000 held for a year. Fees come from each fund's prospectus.
Links are sources, not endorsements. A comparison is not a recommendation.
How this is computed
Overlap adds up the smaller of the two weights for each security both funds hold.
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ETFIQ, AIPI against SPY, data as of Oct 28, 2026. https://etfiq.com/compare/any/aipi-vs-spy
ETFIQ. (Oct 28, 2026). AIPI against SPY. Retrieved from https://etfiq.com/compare/any/aipi-vs-spy
[AIPI against SPY (ETFIQ, Oct 28, 2026)](https://etfiq.com/compare/any/aipi-vs-spy)
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