ARMW vs. PAYR

Last updated Jun 4, 2026

ARMW (Roundhill ARM WeeklyPay ETF) and PAYR (Federated Hermes Enhanced Income ETF) are both Derivative Income funds. Both are actively managed. At a 0.01 correlation, their price movements are largely independent. ARMW charges 0.99%/yr vs 0.40%/yr for PAYR.

Performance

ARMW vs. PAYR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill ARM WeeklyPay ETF (ARMW) and Federated Hermes Enhanced Income ETF (PAYR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ARMW achieves a 363.23% return, which is significantly higher than PAYR's 7.22% return.

ARMW

• 1D: 3.44%
• 1M: 128.75%
• YTD: 363.23%
• 6M: 245.13%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAYR

• 1D: -0.02%
• 1M: -0.97%
• YTD: 7.22%
• 6M: 7.83%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ARMW vs. PAYR - Yearly Performance Comparison

	2026 (YTD)	2025
ARMW Roundhill ARM WeeklyPay ETF	363.23%	-40.49%
PAYR Federated Hermes Enhanced Income ETF	7.22%	2.59%

Correlation

The correlation between ARMW and PAYR is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 24, 2025	0.01

Return for Risk

ARMW vs. PAYR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill ARM WeeklyPay ETF (ARMW) and Federated Hermes Enhanced Income ETF (PAYR). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	ARMW	PAYR	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	4.96	1.84	+3.12

Drawdowns

ARMW vs. PAYR - Drawdown Comparison

The maximum ARMW drawdown since its inception was -48.47%, which is greater than PAYR's maximum drawdown of -5.24%. Use the drawdown chart below to compare losses from any high point for ARMW and PAYR.

Drawdown Indicators

	ARMW	PAYR	Difference
Max Drawdown Largest peak-to-trough decline	-48.47%	-5.24%	-43.23%
Current Drawdown Current decline from peak	0.00%	-4.76%	+4.76%
Average Drawdown Average peak-to-trough decline	-26.55%	-1.59%	-24.96%

Volatility

Volatility by Period

	ARMW	PAYR	Difference
Volatility (1Y) Calculated over the trailing 1-year period	88.46%	9.73%	+78.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	88.46%	9.73%	+78.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	88.46%	9.73%	+78.73%

ARMW vs. PAYR - Expense Ratio Comparison

ARMW has a 0.99% expense ratio, which is higher than PAYR's 0.40% expense ratio.

Dividends

ARMW vs. PAYR - Dividend Comparison

ARMW's dividend yield for the trailing twelve months is around 15.20%, more than PAYR's 5.47% yield.

Position	TTM	2025
ARMW Roundhill ARM WeeklyPay ETF	15.20%	16.38%
PAYR Federated Hermes Enhanced Income ETF	5.47%	1.99%

Frequently Asked Questions

Can I hold both ARMW and PAYR in my portfolio?

ARMW and PAYR have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ARMW or PAYR?

On fees, PAYR is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ARMW or PAYR?

PAYR is cheaper with a 0.40% expense ratio, compared with 0.99% for ARMW.

Which ETF pays a higher dividend yield, ARMW or PAYR?

ARMW has the higher dividend yield at 15.20%, compared with 5.47% for PAYR.

What is the main difference between ARMW and PAYR?

They also come from different issuers: Roundhill Investments and Federated Hermes. Their fees differ too: 0.99% for ARMW and 0.40% for PAYR.