ISPY vs. XDTE

Last updated Jun 5, 2026

ISPY (ProShares S&P 500 High Income ETF) and XDTE (Roundhill S&P 500 0DTE Covered Call Strategy ETF) are both Derivative Income funds. ISPY is passively managed, while XDTE is actively managed. Over the past year, ISPY returned 25.92% vs 25.78% for XDTE. Their correlation of 0.94 suggests significant overlap in exposure. ISPY charges 0.55%/yr vs 0.97%/yr for XDTE.

Performance

ISPY vs. XDTE - 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 S&P 500 0DTE Covered Call Strategy ETF (XDTE). 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 higher than XDTE's 9.12% return.

ISPY

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

XDTE

• 1D: 0.27%
• 1M: 3.52%
• YTD: 9.12%
• 6M: 9.07%
• 1Y: 25.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ISPY vs. XDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ISPY ProShares S&P 500 High Income ETF	10.14%	13.15%	14.88%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	9.12%	12.60%	16.39%

Correlation

The correlation between ISPY and XDTE is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024	0.94

The correlation between ISPY and XDTE has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

ISPY vs. XDTE - Sectors Allocation Comparison

Sectors	ISPY	XDTE
Technology	32.3%	35.6%
Financial Services	19.8%	11.8%
Communication Services	9.0%	11.2%
Consumer Cyclical	8.4%	10.1%
Healthcare	7.2%	8.5%
Industrials	6.4%	8.3%
Consumer Defensive	4.0%	4.9%
Energy	2.9%	3.5%
Utilities	2.2%	2.4%
Real Estate	1.6%	1.9%
Basic Materials	1.5%	1.8%

Return for Risk

ISPY vs. XDTE — 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

XDTE

XDTE Risk / Return Rank: 73
XDTE Sharpe Ratio Rank: 73
XDTE Sortino Ratio Rank: 71
XDTE Omega Ratio Rank: 73
XDTE Calmar Ratio Rank: 69
XDTE Martin Ratio Rank: 79

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. XDTE - 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 S&P 500 0DTE Covered Call Strategy ETF (XDTE). 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	XDTE	Difference
Sharpe ratio: Return per unit of total volatility	2.27	2.36	-0.09
Sortino ratio: Return per unit of downside risk	3.00	3.16	-0.16
Omega ratio: Gain probability vs. loss probability	1.40	1.43	-0.03
Calmar ratio: Return relative to maximum drawdown	3.09	3.37	-0.28
Martin ratio: Return relative to average drawdown	13.20	15.42	-2.22
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. XDTE - Sharpe Ratio Comparison

The current ISPY Sharpe Ratio is 2.27, which is comparable to the XDTE Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of ISPY and XDTE, 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	XDTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.27	2.36	-0.09
Sharpe Ratio (All Time) Calculated using the full available price history	1.42	1.26	+0.17

Drawdowns

ISPY vs. XDTE - Drawdown Comparison

The maximum ISPY drawdown since its inception was -16.88%, smaller than the maximum XDTE drawdown of -19.09%. Use the drawdown chart below to compare losses from any high point for ISPY and XDTE.

Drawdown Indicators

	ISPY	XDTE	Difference
Max Drawdown Largest peak-to-trough decline	-16.88%	-19.09%	+2.21%
Max Drawdown (1Y) Largest decline over 1 year	-8.43%	-7.68%	-0.75%
Current Drawdown Current decline from peak	-0.22%	-0.39%	+0.17%
Average Drawdown Average peak-to-trough decline	-2.08%	-2.31%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	1.68%	+0.29%

Volatility

ISPY vs. XDTE - Volatility Comparison

ProShares S&P 500 High Income ETF (ISPY) has a higher volatility of 3.62% compared to Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE) at 2.43%. This indicates that ISPY's price experiences larger fluctuations and is considered to be riskier than XDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISPY	XDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.62%	2.43%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	8.62%	8.28%	+0.34%
Volatility (1Y) Calculated over the trailing 1-year period	11.47%	10.99%	+0.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.55%	13.84%	-0.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.55%	13.84%	-0.29%

ISPY vs. XDTE - Expense Ratio Comparison

ISPY has a 0.55% expense ratio, which is lower than XDTE's 0.97% expense ratio.

Dividends

ISPY vs. XDTE - Dividend Comparison

ISPY's dividend yield for the trailing twelve months is around 4.39%, less than XDTE's 33.55% yield.

Position	TTM	2025	2024
ISPY ProShares S&P 500 High Income ETF	4.39%	8.56%	9.84%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	33.55%	39.16%	20.35%

Frequently Asked Questions

Can I hold both ISPY and XDTE in my portfolio?

With a correlation of 0.93, ISPY and XDTE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ISPY or XDTE?

ISPY has higher volatility (3.62%) compared to XDTE (2.43%). In terms of maximum drawdown, ISPY dropped -16.88% vs XDTE's -19.09%.

Which ETF is better, ISPY or XDTE?

On 1-year performance, ISPY leads with 25.92% vs 25.78% for XDTE. On fees, ISPY is cheaper at 0.55% per year. On volatility, XDTE has been the lower-risk option at 2.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISPY or XDTE?

Over the 1-year period, ISPY has performed better with a 25.92% return vs 25.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISPY or XDTE?

ISPY is cheaper with a 0.55% expense ratio, compared with 0.97% for XDTE.

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

XDTE has the higher dividend yield at 33.55%, compared with 4.39% for ISPY.

What is the main difference between ISPY and XDTE?

They also come from different issuers: ProShares and Roundhill. Their fees differ too: 0.55% for ISPY and 0.97% for XDTE.

Which has better risk-adjusted returns?

XDTE currently has the higher Sharpe Ratio (2.36 vs 2.27), 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.