OZEM vs. XPAY

Last updated Jul 17, 2026

OZEM (Roundhill Glp-1 & Weight Loss ETF) and XPAY (Roundhill S&P 500 Target 20 Managed Distribution ETF) are both exchange-traded funds - OZEM is a Health & Biotech Equities fund actively managed by Roundhill, while XPAY is a Derivative Income fund actively managed by Roundhill. Both are actively managed. Over the past year, OZEM returned 27.40% vs 20.70% for XPAY. At a 0.44 correlation, their price movements are largely independent. OZEM charges 0.59%/yr vs 0.49%/yr for XPAY.

Performance

OZEM vs. XPAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Glp-1 & Weight Loss ETF (OZEM) and Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OZEM achieves a -3.86% return, which is significantly lower than XPAY's 10.36% return.

OZEM

• 1D: -0.20%
• 1M: 7.73%
• 6M: -7.18%
• YTD: -3.86%
• 1Y: 27.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XPAY

• 1D: -0.42%
• 1M: 0.23%
• 6M: 8.76%
• YTD: 10.36%
• 1Y: 20.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OZEM vs. XPAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OZEM Roundhill Glp-1 & Weight Loss ETF	-3.86%	41.87%	-11.68%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	10.36%	16.78%	1.60%

Correlation

The correlation between OZEM and XPAY is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (All Time) Calculated using the full available price history since Oct 31, 2024	0.44

OZEM vs. XPAY - Sectors Allocation Comparison

Sectors	OZEM	XPAY
Healthcare	100.0%	8.3%
Financial Services	0.1%	11.1%
Basic Materials	-	1.7%
Communication Services	-	10.6%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.5%
Energy	-	3.1%
Industrials	-	7.8%
Real Estate	-	1.8%
Technology	-	39.0%
Utilities	-	2.1%

Return for Risk

OZEM vs. XPAY — Risk / Return Rank

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

OZEM

OZEM Risk / Return Rank: 35
OZEM Sharpe Ratio Rank: 39
OZEM Sortino Ratio Rank: 39
OZEM Omega Ratio Rank: 37
OZEM Calmar Ratio Rank: 34
OZEM Martin Ratio Rank: 26

XPAY

XPAY Risk / Return Rank: 62
XPAY Sharpe Ratio Rank: 63
XPAY Sortino Ratio Rank: 61
XPAY Omega Ratio Rank: 63
XPAY Calmar Ratio Rank: 55
XPAY Martin Ratio Rank: 68

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.

OZEM vs. XPAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Glp-1 & Weight Loss ETF (OZEM) 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.

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.

	OZEM	XPAY	Difference
Sharpe ratio: Return per unit of total volatility	1.13	1.68	-0.54
Sortino ratio: Return per unit of downside risk	1.69	2.31	-0.62
Omega ratio: Gain probability vs. loss probability	1.21	1.30	-0.10
Calmar ratio: Return relative to maximum drawdown	1.41	2.23	-0.82
Martin ratio: Return relative to average drawdown	2.77	9.67	-6.90

OZEM vs. XPAY - Sharpe Ratio Comparison

The current OZEM Sharpe Ratio is 1.13, which is lower than the XPAY Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of OZEM and XPAY, 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

OZEM vs. XPAY - Drawdown Comparison

The maximum OZEM drawdown since its inception was -28.65%, which is greater than XPAY's maximum drawdown of -18.20%. Use the drawdown chart below to compare losses from any high point for OZEM and XPAY.

Drawdown Indicators

	OZEM	XPAY	Difference
Max Drawdown Largest peak-to-trough decline	-28.65%	-18.20%	-10.45%
Max Drawdown (1Y) Largest decline over 1 year	-19.50%	-9.34%	-10.16%
Current Drawdown Current decline from peak	-11.27%	-1.10%	-10.17%
Average Drawdown Average peak-to-trough decline	-9.17%	-2.35%	-6.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.92%	2.15%	+7.77%

Volatility

OZEM vs. XPAY - Volatility Comparison

Roundhill Glp-1 & Weight Loss ETF (OZEM) has a higher volatility of 6.34% compared to Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) at 3.34%. This indicates that OZEM's price experiences larger fluctuations and is considered to be riskier than XPAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OZEM	XPAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.34%	3.34%	+3.00%
Volatility (6M) Calculated over the trailing 6-month period	17.20%	9.82%	+7.38%
Volatility (1Y) Calculated over the trailing 1-year period	24.28%	12.40%	+11.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.97%	16.61%	+8.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.97%	16.61%	+8.36%

OZEM vs. XPAY - Expense Ratio Comparison

OZEM has a 0.59% expense ratio, which is higher than XPAY's 0.49% expense ratio.

Dividends

OZEM vs. XPAY - Dividend Comparison

OZEM's dividend yield for the trailing twelve months is around 1.25%, less than XPAY's 20.96% yield.

Position	TTM	2025	2024
OZEM Roundhill Glp-1 & Weight Loss ETF	1.25%	1.20%	0.22%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	20.96%	21.21%	3.40%

Frequently Asked Questions

Can I hold both OZEM and XPAY in my portfolio?

OZEM and XPAY have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OZEM or XPAY?

OZEM has higher volatility (6.34%) compared to XPAY (3.34%). In terms of maximum drawdown, OZEM dropped -28.65% vs XPAY's -18.20%.

Which ETF is better, OZEM or XPAY?

On 1-year performance, OZEM leads with 27.40% vs 20.70% for XPAY. On fees, XPAY is cheaper at 0.49% per year. On volatility, XPAY has been the lower-risk option at 3.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OZEM or XPAY?

Over the 1-year period, OZEM has performed better with a 27.40% return vs 20.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OZEM or XPAY?

XPAY is cheaper with a 0.49% expense ratio, compared with 0.59% for OZEM.

Which ETF pays a higher dividend yield, OZEM or XPAY?

XPAY has the higher dividend yield at 20.96%, compared with 1.25% for OZEM.

What is the main difference between OZEM and XPAY?

OZEM is categorized as Health & Biotech Equities, while XPAY is Derivative Income. Their fees differ too: 0.59% for OZEM and 0.49% for XPAY.

Which has better risk-adjusted returns?

XPAY currently has the higher Sharpe Ratio (1.68 vs 1.13), 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.