ISPY vs. RDTE

Last updated Jun 5, 2026

ISPY (ProShares S&P 500 High Income ETF) and RDTE (Roundhill Small Cap 0DTE Covered Call Strategy ETF) are both Derivative Income funds. ISPY is passively managed, while RDTE is actively managed. Over the past year, ISPY returned 25.92% vs 29.84% for RDTE. A 0.77 correlation means they provide meaningful diversification when combined. ISPY charges 0.55%/yr vs 0.95%/yr for RDTE.

Performance

ISPY vs. RDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 High Income ETF (ISPY) and Roundhill Small Cap 0DTE Covered Call Strategy ETF (RDTE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ISPY achieves a 10.14% return, which is significantly lower than RDTE's 13.89% return.

ISPY

• 1D: 0.49%
• 1M: 4.92%
• YTD: 10.14%
• 6M: 9.87%
• 1Y: 25.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

RDTE

• 1D: 1.07%
• 1M: 2.01%
• YTD: 13.89%
• 6M: 12.63%
• 1Y: 29.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ISPY vs. RDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ISPY ProShares S&P 500 High Income ETF	10.14%	13.15%	6.77%
RDTE Roundhill Small Cap 0DTE Covered Call Strategy ETF	13.89%	9.46%	8.81%

Correlation

The correlation between ISPY and RDTE is 0.75, 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	0.75
Correlation (All Time) Calculated using the full available price history since Sep 11, 2024	0.77

The correlation between ISPY and RDTE has been stable across timeframes, ranging from 0.75 to 0.77 - a consistent structural relationship.

ISPY vs. RDTE - Sectors Allocation Comparison

Sectors	ISPY	RDTE
Technology	32.3%	-
Financial Services	19.8%	6.4%
Communication Services	9.0%	-
Consumer Cyclical	8.4%	-
Healthcare	7.2%	-
Industrials	6.4%	-
Consumer Defensive	4.0%	-
Energy	2.9%	-
Utilities	2.2%	-
Real Estate	1.6%	-
Basic Materials	1.5%	-

Return for Risk

ISPY vs. RDTE — Risk / Return Rank

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

ISPY

ISPY Risk / Return Rank: 68
ISPY Sharpe Ratio Rank: 71
ISPY Sortino Ratio Rank: 66
ISPY Omega Ratio Rank: 68
ISPY Calmar Ratio Rank: 63
ISPY Martin Ratio Rank: 72

RDTE

RDTE Risk / Return Rank: 57
RDTE Sharpe Ratio Rank: 53
RDTE Sortino Ratio Rank: 51
RDTE Omega Ratio Rank: 48
RDTE Calmar Ratio Rank: 67
RDTE 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.

ISPY vs. RDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 High Income ETF (ISPY) and Roundhill Small Cap 0DTE Covered Call Strategy ETF (RDTE). 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.

	ISPY	RDTE	Difference
Sharpe ratio: Return per unit of total volatility	2.27	1.79	+0.48
Sortino ratio: Return per unit of downside risk	3.00	2.46	+0.54
Omega ratio: Gain probability vs. loss probability	1.40	1.30	+0.10
Calmar ratio: Return relative to maximum drawdown	3.09	3.27	-0.18
Martin ratio: Return relative to average drawdown	13.20	11.37	+1.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ISPY vs. RDTE - Sharpe Ratio Comparison

The current ISPY Sharpe Ratio is 2.27, which is comparable to the RDTE Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of ISPY and RDTE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ISPY	RDTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.27	1.79	+0.48
Sharpe Ratio (All Time) Calculated using the full available price history	1.42	1.01	+0.41

Drawdowns

ISPY vs. RDTE - Drawdown Comparison

The maximum ISPY drawdown since its inception was -16.88%, smaller than the maximum RDTE drawdown of -24.32%. Use the drawdown chart below to compare losses from any high point for ISPY and RDTE.

Drawdown Indicators

	ISPY	RDTE	Difference
Max Drawdown Largest peak-to-trough decline	-16.88%	-24.32%	+7.44%
Max Drawdown (1Y) Largest decline over 1 year	-8.43%	-9.17%	+0.74%
Current Drawdown Current decline from peak	-0.22%	-0.05%	-0.17%
Average Drawdown Average peak-to-trough decline	-2.08%	-4.66%	+2.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	2.63%	-0.66%

Volatility

ISPY vs. RDTE - Volatility Comparison

The current volatility for ProShares S&P 500 High Income ETF (ISPY) is 3.62%, while Roundhill Small Cap 0DTE Covered Call Strategy ETF (RDTE) has a volatility of 4.98%. This indicates that ISPY experiences smaller price fluctuations and is considered to be less risky than RDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISPY	RDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.62%	4.98%	-1.36%
Volatility (6M) Calculated over the trailing 6-month period	8.62%	12.37%	-3.75%
Volatility (1Y) Calculated over the trailing 1-year period	11.47%	16.73%	-5.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.55%	19.17%	-5.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.55%	19.17%	-5.62%

ISPY vs. RDTE - Expense Ratio Comparison

ISPY has a 0.55% expense ratio, which is lower than RDTE's 0.95% expense ratio.

Dividends

ISPY vs. RDTE - Dividend Comparison

ISPY's dividend yield for the trailing twelve months is around 4.39%, less than RDTE's 46.02% yield.

Position	TTM	2025	2024
ISPY ProShares S&P 500 High Income ETF	4.39%	8.56%	9.84%
RDTE Roundhill Small Cap 0DTE Covered Call Strategy ETF	46.02%	50.16%	10.70%

Frequently Asked Questions

Can I hold both ISPY and RDTE in my portfolio?

ISPY and RDTE have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ISPY or RDTE?

RDTE has higher volatility (4.98%) compared to ISPY (3.62%). In terms of maximum drawdown, ISPY dropped -16.88% vs RDTE's -24.32%.

Which ETF is better, ISPY or RDTE?

On 1-year performance, RDTE leads with 29.84% vs 25.92% for ISPY. On fees, ISPY is cheaper at 0.55% per year. On volatility, ISPY has been the lower-risk option at 3.62%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISPY or RDTE?

Over the 1-year period, RDTE has performed better with a 29.84% return vs 25.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISPY or RDTE?

ISPY is cheaper with a 0.55% expense ratio, compared with 0.95% for RDTE.

Which ETF pays a higher dividend yield, ISPY or RDTE?

RDTE has the higher dividend yield at 46.02%, compared with 4.39% for ISPY.

What is the main difference between ISPY and RDTE?

They also come from different issuers: ProShares and Roundhill. Their fees differ too: 0.55% for ISPY and 0.95% for RDTE.

Which has better risk-adjusted returns?

ISPY currently has the higher Sharpe Ratio (2.27 vs 1.79), 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.