ARMW vs. PAYR

Last updated Jul 17, 2026

ARMW (Roundhill ARM WeeklyPay ETF) and PAYR (Federated Hermes Enhanced Income ETF) are both Derivative Income funds. Both are actively managed. At a correlation of -0.20, they often move in opposite directions. 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 161.70% return, which is significantly higher than PAYR's 14.68% return.

ARMW

• 1D: -7.36%
• 1M: -40.52%
• 6M: 177.20%
• YTD: 161.70%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

PAYR

• 1D: 2.13%
• 1M: 3.45%
• 6M: 12.07%
• YTD: 14.68%
• 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	161.70%	-41.28%
PAYR Federated Hermes Enhanced Income ETF	14.68%	2.55%

Correlation

The correlation between ARMW and PAYR is -0.20, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 23, 2025	-0.20

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.

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.

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

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	-47.33%	0.00%	-47.33%
Average Drawdown Average peak-to-trough decline	-25.96%	-1.59%	-24.37%

Volatility

Volatility by Period

	ARMW	PAYR	Difference
Volatility (1Y) Calculated over the trailing 1-year period	95.20%	11.08%	+84.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	95.20%	11.08%	+84.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	95.20%	11.08%	+84.12%

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 50.52%, more than PAYR's 5.97% yield.

Position	TTM	2025
ARMW Roundhill ARM WeeklyPay ETF	50.52%	16.38%
PAYR Federated Hermes Enhanced Income ETF	5.97%	1.99%

Frequently Asked Questions

Can I hold both ARMW and PAYR in my portfolio?

ARMW and PAYR have a correlation of -0.20, 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 50.52%, compared with 5.97% 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.