MSTW vs. SPY

Last updated Jun 3, 2026

MSTW (Roundhill MSTR WeeklyPay ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - MSTW is a Derivative Income fund actively managed by Roundhill, while SPY is a S&P 500 fund tracking the S&P 500 Index. MSTW is actively managed, while SPY is passively managed. At a 0.48 correlation, their price movements are largely independent. MSTW charges 0.99%/yr vs 0.09%/yr for SPY.

Performance

MSTW vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill MSTR WeeklyPay ETF (MSTW) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSTW achieves a -16.42% return, which is significantly lower than SPY's 11.69% return.

MSTW

• 1D: -10.09%
• 1M: -27.42%
• YTD: -16.42%
• 6M: -33.03%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: 0.14%
• 1M: 5.40%
• YTD: 11.69%
• 6M: 12.09%
• 1Y: 29.62%
• 3Y*: 22.64%
• 5Y*: 14.20%
• 10Y*: 15.57%

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

MSTW vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025
MSTW Roundhill MSTR WeeklyPay ETF	-16.42%	-71.42%
SPY State Street SPDR S&P 500 ETF	11.69%	8.10%

Correlation

The correlation between MSTW and SPY is 0.48, 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 Jul 25, 2025	0.48

Return for Risk

MSTW vs. SPY — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 75
SPY Sharpe Ratio Rank: 77
SPY Sortino Ratio Rank: 75
SPY Omega Ratio Rank: 76
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 80

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.

MSTW vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill MSTR WeeklyPay ETF (MSTW) and State Street SPDR S&P 500 ETF (SPY). 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.

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

Sharpe Ratios by Period

	MSTW	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.52	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.84	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.92	0.59	-1.51

Drawdowns

MSTW vs. SPY - Drawdown Comparison

The maximum MSTW drawdown since its inception was -81.85%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for MSTW and SPY.

Drawdown Indicators

	MSTW	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-81.85%	-55.19%	-26.66%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.88%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-76.11%	0.00%	-76.11%
Average Drawdown Average peak-to-trough decline	-54.38%	-9.05%	-45.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.91%	—

Volatility

Volatility by Period

	MSTW	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.75%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.89%	—
Volatility (1Y) Calculated over the trailing 1-year period	88.79%	11.81%	+76.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	88.79%	17.05%	+71.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	88.79%	17.94%	+70.85%

MSTW vs. SPY - Expense Ratio Comparison

MSTW has a 0.99% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

MSTW vs. SPY - Dividend Comparison

MSTW's dividend yield for the trailing twelve months is around 219.17%, more than SPY's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MSTW Roundhill MSTR WeeklyPay ETF	219.17%	106.94%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.97%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both MSTW and SPY in my portfolio?

MSTW and SPY have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MSTW or SPY?

On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MSTW or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.99% for MSTW.

Which ETF pays a higher dividend yield, MSTW or SPY?

MSTW has the higher dividend yield at 219.17%, compared with 0.97% for SPY.

What is the main difference between MSTW and SPY?

MSTW is categorized as Derivative Income, while SPY is S&P 500. They also come from different issuers: Roundhill and State Street. Their fees differ too: 0.99% for MSTW and 0.09% for SPY.