PAYR vs. THTA

Last updated Jun 3, 2026

PAYR (Federated Hermes Enhanced Income ETF) and THTA (SoFi Enhanced Yield ETF) are both Derivative Income funds. Both are actively managed. At a 0.32 correlation, their price movements are largely independent. PAYR charges 0.40%/yr vs 0.49%/yr for THTA.

Performance

PAYR vs. THTA - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with PAYR having a 7.24% return and THTA slightly lower at 6.88%.

PAYR

• 1D: 0.19%
• 1M: -1.82%
• YTD: 7.24%
• 6M: 8.44%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

THTA

• 1D: 0.13%
• 1M: 0.64%
• YTD: 6.88%
• 6M: 8.17%
• 1Y: 16.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PAYR vs. THTA - Yearly Performance Comparison

	2026 (YTD)	2025
PAYR Federated Hermes Enhanced Income ETF	7.24%	3.73%
THTA SoFi Enhanced Yield ETF	6.88%	3.40%

Correlation

The correlation between PAYR and THTA is 0.32, 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 Oct 9, 2025	0.32

Return for Risk

PAYR vs. THTA — Risk / Return Rank

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

THTA

THTA Risk / Return Rank: 92
THTA Sharpe Ratio Rank: 86
THTA Sortino Ratio Rank: 90
THTA Omega Ratio Rank: 95
THTA Calmar Ratio Rank: 92
THTA Martin Ratio Rank: 97

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.

PAYR vs. THTA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Federated Hermes Enhanced Income ETF (PAYR) and SoFi Enhanced Yield ETF (THTA). 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	THTA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.88	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.85	0.08	+1.78

Drawdowns

PAYR vs. THTA - Drawdown Comparison

The maximum PAYR drawdown since its inception was -5.24%, smaller than the maximum THTA drawdown of -31.41%. Use the drawdown chart below to compare losses from any high point for PAYR and THTA.

Drawdown Indicators

	PAYR	THTA	Difference
Max Drawdown Largest peak-to-trough decline	-5.24%	-31.41%	+26.17%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.64%	—
Current Drawdown Current decline from peak	-4.74%	-6.77%	+2.03%
Average Drawdown Average peak-to-trough decline	-1.57%	-7.52%	+5.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.32%	—

Volatility

Volatility by Period

	PAYR	THTA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.75%	—
Volatility (6M) Calculated over the trailing 6-month period	—	4.00%	—
Volatility (1Y) Calculated over the trailing 1-year period	9.76%	5.80%	+3.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.76%	20.27%	-10.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.76%	20.27%	-10.51%

PAYR vs. THTA - Expense Ratio Comparison

PAYR has a 0.40% expense ratio, which is lower than THTA's 0.49% expense ratio.

Dividends

PAYR vs. THTA - Dividend Comparison

PAYR's dividend yield for the trailing twelve months is around 5.47%, less than THTA's 11.26% yield.

Position	TTM	2025	2024	2023
PAYR Federated Hermes Enhanced Income ETF	5.47%	1.99%	0.00%	0.00%
THTA SoFi Enhanced Yield ETF	11.26%	12.66%	12.44%	0.58%

Frequently Asked Questions

Can I hold both PAYR and THTA in my portfolio?

PAYR and THTA have a correlation of 0.32, 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 THTA?

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 THTA?

PAYR is cheaper with a 0.40% expense ratio, compared with 0.49% for THTA.

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

THTA has the higher dividend yield at 11.26%, compared with 5.47% for PAYR.

What is the main difference between PAYR and THTA?

They also come from different issuers: Federated Hermes and SoFi. Their fees differ too: 0.40% for PAYR and 0.49% for THTA.