DRAM vs. XPAY

Last updated Aug 1, 2026

DRAM (Roundhill Memory ETF) and XPAY (Roundhill S&P 500 Target 20 Managed Distribution ETF) are both exchange-traded funds - DRAM is a Technology Equities fund actively managed by Roundhill, while XPAY is a Derivative Income fund actively managed by Roundhill. Both are actively managed. Their 0.61 correlation means they have sometimes moved together and sometimes differently. DRAM charges 0.65%/yr vs 0.49%/yr for XPAY.

Performance

DRAM vs. XPAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Memory ETF (DRAM) and Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

DRAM

• 1D: -3.76%
• 1M: -16.92%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

XPAY

• 1D: 0.71%
• 1M: 0.30%
• 6M: 8.21%
• YTD: 9.86%
• 1Y: 20.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.38%

*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)
DRAM Roundhill Memory ETF	$4.23B	$4.59B	$3.52B
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	$1.68M	$2.65M	$3.83M

DRAM vs. XPAY - Yearly Performance Comparison

	2026 (YTD)
DRAM Roundhill Memory ETF	86.56%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	14.39%

Correlation

The correlation between DRAM and XPAY is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 2, 2026	0.61

DRAM vs. XPAY - Sectors Allocation Comparison

Sectors	DRAM	XPAY
Technology	100.0%	38.5%
Basic Materials	-	1.7%
Communication Services	-	9.9%
Consumer Cyclical	-	9.5%
Consumer Defensive	-	4.5%
Energy	-	3.0%
Healthcare	-	8.9%
Industrials	-	8.4%
Real Estate	-	1.8%
Utilities	-	2.2%
Financial Services	-2.3%	11.6%

Return for Risk

DRAM vs. XPAY — Risk / Return Rank

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

DRAM

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

XPAY

XPAY Risk / Return Rank: 63
XPAY Sharpe Ratio Rank: 64
XPAY Sortino Ratio Rank: 61
XPAY Omega Ratio Rank: 62
XPAY Calmar Ratio Rank: 57
XPAY Martin Ratio Rank: 69

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.

DRAM vs. XPAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Memory ETF (DRAM) and Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY). 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.

	DRAM	XPAY	Difference
Sharpe ratio: Return per unit of total volatility	—	1.47	—
Sortino ratio: Return per unit of downside risk	—	2.04	—
Omega ratio: Gain probability vs. loss probability	—	1.26	—
Calmar ratio: Return relative to maximum drawdown	—	2.00	—
Martin ratio: Return relative to average drawdown	—	8.48	—

Drawdowns

DRAM vs. XPAY - Drawdown Comparison

The maximum DRAM drawdown since its inception was -44.44%, which is greater than XPAY's maximum drawdown of -18.20%. Use the drawdown chart below to compare losses from any high point for DRAM and XPAY.

Drawdown Indicators

	DRAM	XPAY	Difference
Max Drawdown Largest peak-to-trough decline	-44.44%	-18.20%	-26.24%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.34%	—
Current Drawdown Current decline from peak	-37.60%	-1.55%	-36.05%
Average Drawdown Average peak-to-trough decline	-10.50%	-2.34%	-8.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.20%	—

Volatility

Volatility by Period

	DRAM	XPAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.44%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.94%	—
Volatility (1Y) Calculated over the trailing 1-year period	100.96%	12.70%	+88.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	100.96%	16.55%	+84.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	100.96%	16.55%	+84.41%

DRAM vs. XPAY - Expense Ratio Comparison

DRAM has a 0.65% expense ratio, which is higher than XPAY's 0.49% expense ratio.

Dividends

DRAM vs. XPAY - Dividend Comparison

DRAM has not paid dividends to shareholders, while XPAY's dividend yield for the trailing twelve months is around 21.05%.

Position	TTM	2025	2024
DRAM Roundhill Memory ETF	0.00%	0.00%	0.00%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	21.05%	21.21%	3.40%

Frequently Asked Questions

Can I hold both DRAM and XPAY in my portfolio?

DRAM and XPAY have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DRAM or XPAY?

On fees, XPAY is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, DRAM or XPAY?

XPAY is cheaper with a 0.49% expense ratio, compared with 0.65% for DRAM.

Which ETF pays a higher dividend yield, DRAM or XPAY?

XPAY has the higher dividend yield at 21.05%, compared with 0.00% for DRAM.

What is the main difference between DRAM and XPAY?

DRAM is categorized as Technology Equities, while XPAY is Derivative Income. Their fees differ too: 0.65% for DRAM and 0.49% for XPAY.