SDTY vs. XPAY

Last updated Jun 4, 2026

SDTY (YieldMax S&P 500 0DTE Covered Call Strategy ETF) and XPAY (Roundhill S&P 500 Target 20 Managed Distribution ETF) are both Derivative Income funds. Both are actively managed. Over the past year, SDTY returned 25.63% vs 27.22% for XPAY. Their correlation of 0.91 suggests significant overlap in exposure. SDTY charges 1.01%/yr vs 0.49%/yr for XPAY.

Performance

SDTY vs. XPAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax S&P 500 0DTE Covered Call Strategy ETF (SDTY) 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, SDTY achieves a 8.45% return, which is significantly lower than XPAY's 10.83% return.

SDTY

• 1D: -0.51%
• 1M: 4.38%
• YTD: 8.45%
• 6M: 8.89%
• 1Y: 25.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XPAY

• 1D: -0.68%
• 1M: 5.07%
• YTD: 10.83%
• 6M: 10.69%
• 1Y: 27.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SDTY vs. XPAY - Yearly Performance Comparison

	2026 (YTD)	2025
SDTY YieldMax S&P 500 0DTE Covered Call Strategy ETF	8.45%	9.83%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	10.83%	12.89%

Correlation

The correlation between SDTY and XPAY is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (All Time) Calculated using the full available price history since Feb 7, 2025	0.91

The correlation between SDTY and XPAY has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

Return for Risk

SDTY vs. XPAY — Risk / Return Rank

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

SDTY

SDTY Risk / Return Rank: 70
SDTY Sharpe Ratio Rank: 71
SDTY Sortino Ratio Rank: 70
SDTY Omega Ratio Rank: 72
SDTY Calmar Ratio Rank: 64
SDTY Martin Ratio Rank: 72

XPAY

XPAY Risk / Return Rank: 67
XPAY Sharpe Ratio Rank: 69
XPAY Sortino Ratio Rank: 67
XPAY Omega Ratio Rank: 68
XPAY Calmar Ratio Rank: 58
XPAY Martin Ratio Rank: 71

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.

SDTY vs. XPAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax S&P 500 0DTE Covered Call Strategy ETF (SDTY) 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.

	SDTY	XPAY	Difference
Sharpe ratio: Return per unit of total volatility	2.34	2.31	+0.03
Sortino ratio: Return per unit of downside risk	3.21	3.15	+0.07
Omega ratio: Gain probability vs. loss probability	1.43	1.42	+0.02
Calmar ratio: Return relative to maximum drawdown	3.21	2.93	+0.28
Martin ratio: Return relative to average drawdown	13.58	13.50	+0.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SDTY vs. XPAY - Sharpe Ratio Comparison

The current SDTY Sharpe Ratio is 2.34, which is comparable to the XPAY Sharpe Ratio of 2.31. The chart below compares the historical Sharpe Ratios of SDTY 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.

Sharpe Ratios by Period

	SDTY	XPAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	2.31	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	1.21	-0.36

Drawdowns

SDTY vs. XPAY - Drawdown Comparison

The maximum SDTY drawdown since its inception was -18.63%, roughly equal to the maximum XPAY drawdown of -18.20%. Use the drawdown chart below to compare losses from any high point for SDTY and XPAY.

Drawdown Indicators

	SDTY	XPAY	Difference
Max Drawdown Largest peak-to-trough decline	-18.63%	-18.20%	-0.43%
Max Drawdown (1Y) Largest decline over 1 year	-8.02%	-9.34%	+1.32%
Current Drawdown Current decline from peak	-0.62%	-0.68%	+0.06%
Average Drawdown Average peak-to-trough decline	-3.02%	-2.37%	-0.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.89%	2.02%	-0.13%

Volatility

SDTY vs. XPAY - Volatility Comparison

The current volatility for YieldMax S&P 500 0DTE Covered Call Strategy ETF (SDTY) is 2.58%, while Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) has a volatility of 2.76%. This indicates that SDTY experiences smaller price fluctuations and is considered to be less risky than XPAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDTY	XPAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.58%	2.76%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	8.39%	8.82%	-0.43%
Volatility (1Y) Calculated over the trailing 1-year period	11.00%	11.82%	-0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.79%	16.70%	+0.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.79%	16.70%	+0.09%

SDTY vs. XPAY - Expense Ratio Comparison

SDTY has a 1.01% expense ratio, which is higher than XPAY's 0.49% expense ratio.

Dividends

SDTY vs. XPAY - Dividend Comparison

SDTY's dividend yield for the trailing twelve months is around 25.97%, more than XPAY's 20.37% yield.

Position	TTM	2025	2024
SDTY YieldMax S&P 500 0DTE Covered Call Strategy ETF	25.97%	22.00%	0.00%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	20.37%	21.21%	3.40%

Frequently Asked Questions

Can I hold both SDTY and XPAY in my portfolio?

With a correlation of 0.92, SDTY and XPAY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SDTY or XPAY?

XPAY has higher volatility (2.76%) compared to SDTY (2.58%). In terms of maximum drawdown, SDTY dropped -18.63% vs XPAY's -18.20%.

Which ETF is better, SDTY or XPAY?

On 1-year performance, XPAY leads with 27.22% vs 25.63% for SDTY. On fees, XPAY is cheaper at 0.49% per year. On volatility, SDTY has been the lower-risk option at 2.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SDTY or XPAY?

Over the 1-year period, XPAY has performed better with a 27.22% return vs 25.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SDTY or XPAY?

XPAY is cheaper with a 0.49% expense ratio, compared with 1.01% for SDTY.

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

SDTY has the higher dividend yield at 25.97%, compared with 20.37% for XPAY.

What is the main difference between SDTY and XPAY?

They also come from different issuers: YieldMax and Roundhill. Their fees differ too: 1.01% for SDTY and 0.49% for XPAY.

Which has better risk-adjusted returns?

SDTY currently has the higher Sharpe Ratio (2.34 vs 2.31), 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.