GIAX vs. XPAY

Last updated Jun 24, 2026

GIAX (Nicholas Global Equity and Income ETF) and XPAY (Roundhill S&P 500 Target 20 Managed Distribution ETF) are both Derivative Income funds. Both are actively managed. Over the past year, GIAX returned 26.16% vs 23.36% for XPAY. Their correlation of 0.82 suggests significant overlap in exposure. GIAX charges 0.97%/yr vs 0.49%/yr for XPAY.

Performance

GIAX vs. XPAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Global Equity and Income ETF (GIAX) 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

In the year-to-date period, GIAX achieves a 18.01% return, which is significantly higher than XPAY's 8.26% return.

GIAX

• 1D: -2.97%
• 1M: 3.34%
• YTD: 18.01%
• 6M: 15.43%
• 1Y: 26.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XPAY

• 1D: -1.33%
• 1M: -1.20%
• YTD: 8.26%
• 6M: 7.36%
• 1Y: 23.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GIAX vs. XPAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GIAX Nicholas Global Equity and Income ETF	18.01%	11.73%	-0.20%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	8.26%	16.78%	1.60%

Correlation

The correlation between GIAX and XPAY is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (All Time) Calculated using the full available price history since Oct 31, 2024	0.82

The correlation between GIAX and XPAY has been stable across timeframes, ranging from 0.79 to 0.82 - a consistent structural relationship.

GIAX vs. XPAY - Sectors Allocation Comparison

Sectors	GIAX	XPAY
Technology	43.4%	39.0%
Communication Services	15.0%	10.6%
Financial Services	12.3%	11.1%
Consumer Cyclical	10.8%	9.9%
Industrials	5.1%	7.8%
Utilities	3.3%	2.1%
Basic Materials	3.0%	1.7%
Healthcare	2.5%	8.3%
Real Estate	2.4%	1.8%
Consumer Defensive	1.1%	4.5%
Energy	1.1%	3.1%

Return for Risk

GIAX vs. XPAY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GIAX

GIAX Risk / Return Rank: 34
GIAX Sharpe Ratio Rank: 33
GIAX Sortino Ratio Rank: 31
GIAX Omega Ratio Rank: 33
GIAX Calmar Ratio Rank: 31
GIAX Martin Ratio Rank: 40

XPAY

XPAY Risk / Return Rank: 58
XPAY Sharpe Ratio Rank: 59
XPAY Sortino Ratio Rank: 56
XPAY Omega Ratio Rank: 58
XPAY Calmar Ratio Rank: 53
XPAY Martin Ratio Rank: 64

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GIAX vs. XPAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Global Equity and Income ETF (GIAX) 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.

	GIAX	XPAY	Difference
Sharpe ratio: Return per unit of total volatility	1.13	1.90	-0.77
Sortino ratio: Return per unit of downside risk	1.61	2.57	-0.96
Omega ratio: Gain probability vs. loss probability	1.21	1.34	-0.13
Calmar ratio: Return relative to maximum drawdown	1.49	2.51	-1.02
Martin ratio: Return relative to average drawdown	6.10	11.18	-5.08

GIAX vs. XPAY - Sharpe Ratio Comparison

The current GIAX Sharpe Ratio is 1.13, which is lower than the XPAY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of GIAX and XPAY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

GIAX vs. XPAY - Drawdown Comparison

The maximum GIAX drawdown since its inception was -20.38%, which is greater than XPAY's maximum drawdown of -18.20%. Use the drawdown chart below to compare losses from any high point for GIAX and XPAY.

Drawdown Indicators

	GIAX	XPAY	Difference
Max Drawdown Largest peak-to-trough decline	-20.38%	-18.20%	-2.18%
Max Drawdown (1Y) Largest decline over 1 year	-17.62%	-9.34%	-8.28%
Current Drawdown Current decline from peak	-6.15%	-2.98%	-3.17%
Average Drawdown Average peak-to-trough decline	-3.06%	-2.37%	-0.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.30%	2.09%	+2.21%

Volatility

GIAX vs. XPAY - Volatility Comparison

Nicholas Global Equity and Income ETF (GIAX) has a higher volatility of 10.26% compared to Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) at 4.76%. This indicates that GIAX's price experiences larger fluctuations and is considered to be riskier than XPAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GIAX	XPAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.26%	4.76%	+5.50%
Volatility (6M) Calculated over the trailing 6-month period	20.98%	9.71%	+11.27%
Volatility (1Y) Calculated over the trailing 1-year period	23.27%	12.40%	+10.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.04%	16.83%	+5.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.04%	16.83%	+5.21%

GIAX vs. XPAY - Expense Ratio Comparison

GIAX has a 0.97% expense ratio, which is higher than XPAY's 0.49% expense ratio.

Dividends

GIAX vs. XPAY - Dividend Comparison

GIAX's dividend yield for the trailing twelve months is around 24.84%, more than XPAY's 21.11% yield.

Position	TTM	2025	2024
GIAX Nicholas Global Equity and Income ETF	24.84%	25.62%	10.58%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	21.11%	21.21%	3.40%

Frequently Asked Questions

Can I hold both GIAX and XPAY in my portfolio?

GIAX and XPAY have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GIAX or XPAY?

GIAX has higher volatility (10.26%) compared to XPAY (4.76%). In terms of maximum drawdown, GIAX dropped -20.38% vs XPAY's -18.20%.

Which ETF is better, GIAX or XPAY?

On 1-year performance, GIAX leads with 26.16% vs 23.36% for XPAY. On fees, XPAY is cheaper at 0.49% per year. On volatility, XPAY has been the lower-risk option at 4.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GIAX or XPAY?

Over the 1-year period, GIAX has performed better with a 26.16% return vs 23.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GIAX or XPAY?

XPAY is cheaper with a 0.49% expense ratio, compared with 0.97% for GIAX.

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

GIAX has the higher dividend yield at 24.84%, compared with 21.11% for XPAY.

What is the main difference between GIAX and XPAY?

They also come from different issuers: Nicholas and Roundhill. Their fees differ too: 0.97% for GIAX and 0.49% for XPAY.

Which has better risk-adjusted returns?

XPAY currently has the higher Sharpe Ratio (1.90 vs 1.13), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.