GLDY vs. TOPW

Last updated Jun 14, 2026

GLDY (Defiance Gold Enhanced Options Income ETF) and TOPW (Roundhill Top WeeklyPay ETF) are both Derivative Income funds. GLDY is actively managed, while TOPW is passively managed. At a 0.26 correlation, their price movements are largely independent. Both charge a 0.99% expense ratio.

Performance

GLDY vs. TOPW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Gold Enhanced Options Income ETF (GLDY) and Roundhill Top WeeklyPay ETF (TOPW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GLDY achieves a -7.57% return, which is significantly lower than TOPW's -0.72% return.

GLDY

• 1D: 10.92%
• 1M: -7.14%
• YTD: -7.57%
• 6M: -7.59%
• 1Y: 5.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

TOPW

• 1D: -0.23%
• 1M: -8.87%
• YTD: -0.72%
• 6M: -5.10%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GLDY vs. TOPW - Yearly Performance Comparison

	2026 (YTD)	2025
GLDY Defiance Gold Enhanced Options Income ETF	-7.57%	11.47%
TOPW Roundhill Top WeeklyPay ETF	-0.72%	-1.33%

Correlation

The correlation between GLDY and TOPW is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 4, 2025	0.26

Return for Risk

GLDY vs. TOPW — Risk / Return Rank

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

GLDY

GLDY Risk / Return Rank: 14
GLDY Sharpe Ratio Rank: 14
GLDY Sortino Ratio Rank: 13
GLDY Omega Ratio Rank: 15
GLDY Calmar Ratio Rank: 13
GLDY Martin Ratio Rank: 15

TOPW

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

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.

GLDY vs. TOPW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Gold Enhanced Options Income ETF (GLDY) and Roundhill Top WeeklyPay ETF (TOPW). 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.

	GLDY	TOPW	Difference
Sharpe ratio: Return per unit of total volatility	0.26	—	—
Sortino ratio: Return per unit of downside risk	0.49	—	—
Omega ratio: Gain probability vs. loss probability	1.08	—	—
Calmar ratio: Return relative to maximum drawdown	0.25	—	—
Martin ratio: Return relative to average drawdown	1.01	—	—

Drawdowns

GLDY vs. TOPW - Drawdown Comparison

The maximum GLDY drawdown since its inception was -25.90%, smaller than the maximum TOPW drawdown of -29.87%. Use the drawdown chart below to compare losses from any high point for GLDY and TOPW.

Drawdown Indicators

	GLDY	TOPW	Difference
Max Drawdown Largest peak-to-trough decline	-25.90%	-29.87%	+3.97%
Max Drawdown (1Y) Largest decline over 1 year	-25.90%	—	—
Current Drawdown Current decline from peak	-17.80%	-17.05%	-0.75%
Average Drawdown Average peak-to-trough decline	-4.22%	-12.90%	+8.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.37%	—	—

Volatility

Volatility by Period

	GLDY	TOPW	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.74%	—	—
Volatility (6M) Calculated over the trailing 6-month period	23.06%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	24.44%	27.52%	-3.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.33%	27.52%	-4.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.33%	27.52%	-4.19%

GLDY vs. TOPW - Expense Ratio Comparison

Both GLDY and TOPW have an expense ratio of 0.99%.

Dividends

GLDY vs. TOPW - Dividend Comparison

GLDY's dividend yield for the trailing twelve months is around 50.86%, more than TOPW's 44.93% yield.

Position	TTM	2025
GLDY Defiance Gold Enhanced Options Income ETF	50.86%	37.38%
TOPW Roundhill Top WeeklyPay ETF	44.93%	21.52%

Frequently Asked Questions

Can I hold both GLDY and TOPW in my portfolio?

GLDY and TOPW have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GLDY or TOPW?

Both ETFs have the same 0.99% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GLDY or TOPW?

GLDY and TOPW have the same expense ratio: 0.99% per year.

Which ETF pays a higher dividend yield, GLDY or TOPW?

GLDY has the higher dividend yield at 50.86%, compared with 44.93% for TOPW.

What is the main difference between GLDY and TOPW?

They also come from different issuers: Defiance and Roundhill Investments.