PAYR vs. ARMW

Last updated Jun 4, 2026

PAYR (Federated Hermes Enhanced Income ETF) and ARMW (Roundhill ARM WeeklyPay ETF) are both Derivative Income funds. Both are actively managed. At a 0.01 correlation, their price movements are largely independent. PAYR charges 0.40%/yr vs 0.99%/yr for ARMW.

Performance

PAYR vs. ARMW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Federated Hermes Enhanced Income ETF (PAYR) and Roundhill ARM WeeklyPay ETF (ARMW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAYR achieves a 7.22% return, which is significantly lower than ARMW's 363.23% return.

PAYR

• 1D: -0.02%
• 1M: -0.97%
• YTD: 7.22%
• 6M: 7.83%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ARMW

• 1D: 3.44%
• 1M: 128.75%
• YTD: 363.23%
• 6M: 245.13%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PAYR vs. ARMW - Yearly Performance Comparison

	2026 (YTD)	2025
PAYR Federated Hermes Enhanced Income ETF	7.22%	2.59%
ARMW Roundhill ARM WeeklyPay ETF	363.23%	-40.49%

Correlation

The correlation between PAYR and ARMW is 0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 24, 2025	0.01

Return for Risk

PAYR vs. ARMW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Enhanced Income ETF (PAYR) and Roundhill ARM WeeklyPay ETF (ARMW). 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

	PAYR	ARMW	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.84	4.96	-3.12

Drawdowns

PAYR vs. ARMW - Drawdown Comparison

The maximum PAYR drawdown since its inception was -5.24%, smaller than the maximum ARMW drawdown of -48.47%. Use the drawdown chart below to compare losses from any high point for PAYR and ARMW.

Drawdown Indicators

	PAYR	ARMW	Difference
Max Drawdown Largest peak-to-trough decline	-5.24%	-48.47%	+43.23%
Current Drawdown Current decline from peak	-4.76%	0.00%	-4.76%
Average Drawdown Average peak-to-trough decline	-1.59%	-26.55%	+24.96%

Volatility

Volatility by Period

	PAYR	ARMW	Difference
Volatility (1Y) Calculated over the trailing 1-year period	9.73%	88.46%	-78.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.73%	88.46%	-78.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.73%	88.46%	-78.73%

PAYR vs. ARMW - Expense Ratio Comparison

PAYR has a 0.40% expense ratio, which is lower than ARMW's 0.99% expense ratio.

Dividends

PAYR vs. ARMW - Dividend Comparison

PAYR's dividend yield for the trailing twelve months is around 5.47%, less than ARMW's 15.20% yield.

Position	TTM	2025
ARMW Roundhill ARM WeeklyPay ETF	15.20%	16.38%
PAYR Federated Hermes Enhanced Income ETF	5.47%	1.99%

Frequently Asked Questions

Can I hold both PAYR and ARMW in my portfolio?

PAYR and ARMW have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PAYR or ARMW?

On fees, PAYR is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, PAYR or ARMW?

PAYR is cheaper with a 0.40% expense ratio, compared with 0.99% for ARMW.

Which ETF pays a higher dividend yield, PAYR or ARMW?

ARMW has the higher dividend yield at 15.20%, compared with 5.47% for PAYR.

What is the main difference between PAYR and ARMW?

They also come from different issuers: Federated Hermes and Roundhill Investments. Their fees differ too: 0.40% for PAYR and 0.99% for ARMW.