ISPY vs. XPAY

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares S&P 500 High Income ETF (ISPY) and Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY).

ISPY and XPAY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ISPY is a passively managed fund by ProShares that tracks the performance of the S&P 500 Daily Covered Call Index. It was launched on Dec 18, 2023. XPAY is an actively managed fund by Roundhill. It was launched on Oct 30, 2024.

Performance

ISPY vs. XPAY - 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 Target 20 Managed Distribution ETF (XPAY). The values are adjusted to include any dividend payments, if applicable.

ISPY vs. XPAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ISPY ProShares S&P 500 High Income ETF	-3.39%	13.15%	2.34%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	-3.96%	16.78%	3.17%

Returns By Period

In the year-to-date period, ISPY achieves a -3.39% return, which is significantly higher than XPAY's -3.96% return.

ISPY

• 1D: 0.73%
• 1M: -3.97%
• YTD: -3.39%
• 6M: -1.58%
• 1Y: 12.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XPAY

• 1D: 0.86%
• 1M: -4.45%
• YTD: -3.96%
• 6M: -2.20%
• 1Y: 17.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ISPY vs. XPAY - Expense Ratio Comparison

ISPY has a 0.55% expense ratio, which is higher than XPAY's 0.49% expense ratio.

ISPY

ProShares S&P 500 High Income ETF

XPAY

Roundhill S&P 500 Target 20 Managed Distribution ETF

Return for Risk

ISPY vs. XPAY — Risk / Return Rank

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

ISPY

ISPY Risk / Return Rank: 43
ISPY Sharpe Ratio Rank: 43
ISPY Sortino Ratio Rank: 38
ISPY Omega Ratio Rank: 42
ISPY Calmar Ratio Rank: 45
ISPY Martin Ratio Rank: 48

XPAY

XPAY Risk / Return Rank: 56
XPAY Sharpe Ratio Rank: 51
XPAY Sortino Ratio Rank: 53
XPAY Omega Ratio Rank: 57
XPAY Calmar Ratio Rank: 57
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.

ISPY vs. XPAY - 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 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.

	ISPY	XPAY	Difference
Sharpe ratio Return per unit of total volatility	0.84	0.96	-0.12
Sortino ratio Return per unit of downside risk	1.14	1.44	-0.30
Omega ratio Gain probability vs. loss probability	1.17	1.22	-0.05
Calmar ratio Return relative to maximum drawdown	1.23	1.53	-0.29
Martin ratio Return relative to average drawdown	4.73	6.71	-1.98
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. XPAY - Sharpe Ratio Comparison

The current ISPY Sharpe Ratio is 0.84, which is comparable to the XPAY Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of ISPY and XPAY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ISPY	XPAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.84	0.96	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	1.03	0.64	+0.39

Correlation

The correlation between ISPY and XPAY is 0.96, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ISPY vs. XPAY - Dividend Comparison

ISPY's dividend yield for the trailing twelve months is around 7.46%, less than XPAY's 22.92% yield.

	TTM	2025	2024
ISPY ProShares S&P 500 High Income ETF	7.46%	8.56%	9.84%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	22.92%	21.21%	3.40%

Drawdowns

ISPY vs. XPAY - Drawdown Comparison

The maximum ISPY drawdown since its inception was -16.88%, smaller than the maximum XPAY drawdown of -18.20%. Use the drawdown chart below to compare losses from any high point for ISPY and XPAY.

Drawdown Indicators

	ISPY	XPAY	Difference
Max Drawdown Largest peak-to-trough decline	-16.88%	-18.20%	+1.32%
Max Drawdown (1Y) Largest decline over 1 year	-11.17%	-11.55%	+0.38%
Current Drawdown Current decline from peak	-5.52%	-6.03%	+0.51%
Average Drawdown Average peak-to-trough decline	-2.17%	-2.56%	+0.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	2.63%	+0.28%

Volatility

ISPY vs. XPAY - Volatility Comparison

ProShares S&P 500 High Income ETF (ISPY) and Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) have volatilities of 5.14% and 5.30%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISPY	XPAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.14%	5.30%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	9.06%	9.42%	-0.36%
Volatility (1Y) Calculated over the trailing 1-year period	15.39%	18.05%	-2.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.71%	17.25%	-3.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.71%	17.25%	-3.54%