MSTW vs. XDTE

Last updated Aug 2, 2026

MSTW (Roundhill MSTR WeeklyPay™ ETF) and XDTE (Roundhill S&P 500 0DTE Covered Call Strategy ETF) are both Derivative Income funds from Roundhill. Both are actively managed. Over the past year, MSTW returned -83.12% vs 20.16% for XDTE. Their 0.50 correlation means their historical movements had little consistent relationship. MSTW charges 0.99%/yr vs 0.97%/yr for XDTE.

Performance

MSTW vs. XDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill MSTR WeeklyPay™ ETF (MSTW) 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, MSTW achieves a -49.11% return, which is significantly lower than XDTE's 9.12% return.

MSTW

• 1D: -5.03%
• 1M: -9.33%
• 6M: -47.69%
• YTD: -49.11%
• 1Y: -83.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -84.93%

XDTE

• 1D: 0.76%
• 1M: 0.82%
• 6M: 6.90%
• YTD: 9.12%
• 1Y: 20.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.39%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MSTW Roundhill MSTR WeeklyPay™ ETF	$1.36M	$1.35M	$3.08M
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	$6.56M	$7.73M	$7.48M

MSTW vs. XDTE - Yearly Performance Comparison

	2026 (YTD)	2025
MSTW Roundhill MSTR WeeklyPay™ ETF	-49.11%	-71.40%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	9.12%	8.43%

Correlation

The correlation between MSTW and XDTE is 0.50, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.50
Correlation (All Time) Calculated using the full available price history since Jul 24, 2025	0.50

The correlation between MSTW and XDTE has been stable across timeframes, ranging from 0.50 to 0.50 - a consistent structural relationship.

Return for Risk

MSTW vs. XDTE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MSTW

MSTW Risk / Return Rank: 1
MSTW Sharpe Ratio Rank: 2
MSTW Sortino Ratio Rank: 0
MSTW Omega Ratio Rank: 0
MSTW Calmar Ratio Rank: 0
MSTW Martin Ratio Rank: 1

XDTE

XDTE Risk / Return Rank: 69
XDTE Sharpe Ratio Rank: 68
XDTE Sortino Ratio Rank: 63
XDTE Omega Ratio Rank: 66
XDTE Calmar Ratio Rank: 69
XDTE Martin Ratio Rank: 79

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MSTW vs. XDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill MSTR WeeklyPay™ ETF (MSTW) 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.

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.

	MSTW	XDTE	Difference
Sharpe ratio: Return per unit of total volatility	-0.93	1.53	-2.47
Sortino ratio: Return per unit of downside risk	-2.27	2.09	-4.36
Omega ratio: Gain probability vs. loss probability	0.77	1.28	-0.51
Calmar ratio: Return relative to maximum drawdown	-0.98	2.39	-3.37
Martin ratio: Return relative to average drawdown	-1.35	10.12	-11.47

MSTW vs. XDTE - Sharpe Ratio Comparison

The current MSTW Sharpe Ratio is -0.93, which is lower than the XDTE Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of MSTW 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.

Drawdowns

MSTW vs. XDTE - Drawdown Comparison

The maximum MSTW drawdown since its inception was -87.29%, which is greater than XDTE's maximum drawdown of -19.09%. Use the drawdown chart below to compare losses from any high point for MSTW and XDTE.

Drawdown Indicators

	MSTW	XDTE	Difference
Max Drawdown Largest peak-to-trough decline	-87.29%	-19.09%	-68.20%
Max Drawdown (1Y) Largest decline over 1 year	-86.75%	-7.68%	-79.07%
Current Drawdown Current decline from peak	-85.46%	-0.60%	-84.86%
Average Drawdown Average peak-to-trough decline	-58.78%	-2.26%	-56.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	63.15%	1.81%	+61.34%

Volatility

MSTW vs. XDTE - Volatility Comparison

Roundhill MSTR WeeklyPay™ ETF (MSTW) has a higher volatility of 21.78% compared to Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE) at 3.48%. This indicates that MSTW'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

	MSTW	XDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.78%	3.48%	+18.30%
Volatility (6M) Calculated over the trailing 6-month period	73.44%	9.30%	+64.14%
Volatility (1Y) Calculated over the trailing 1-year period	91.22%	11.96%	+79.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.37%	13.86%	+76.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.37%	13.86%	+76.51%

MSTW vs. XDTE - Expense Ratio Comparison

MSTW has a 0.99% expense ratio, which is higher than XDTE's 0.97% expense ratio.

Dividends

MSTW vs. XDTE - Dividend Comparison

MSTW's dividend yield for the trailing twelve months is around 422.50%, more than XDTE's 32.04% yield.

Position	TTM	2025	2024
MSTW Roundhill MSTR WeeklyPay™ ETF	422.50%	106.94%	0.00%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	32.04%	39.16%	20.35%

Frequently Asked Questions

Can I hold both MSTW and XDTE in my portfolio?

MSTW and XDTE have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTW or XDTE?

MSTW has higher volatility (21.78%) compared to XDTE (3.48%). In terms of maximum drawdown, MSTW dropped -87.29% vs XDTE's -19.09%.

Which ETF is better, MSTW or XDTE?

On 1-year performance, XDTE leads with 20.16% vs -83.12% for MSTW. On fees, XDTE is cheaper at 0.97% per year. On volatility, XDTE has been the lower-risk option at 3.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTW or XDTE?

Over the 1-year period, XDTE has performed better with a 20.16% return vs -83.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTW or XDTE?

XDTE is cheaper with a 0.97% expense ratio, compared with 0.99% for MSTW.

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

MSTW has the higher dividend yield at 422.50%, compared with 32.04% for XDTE.

What is the main difference between MSTW and XDTE?

Their fees differ too: 0.99% for MSTW and 0.97% for XDTE.

Which has better risk-adjusted returns?

XDTE currently has the higher Sharpe Ratio (1.53 vs -0.93), 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.