SPXX vs. XPAY

Last updated Jun 13, 2026

SPXX (Nuveen S&P 500 Dynamic Overwrite Fund) and XPAY (Roundhill S&P 500 Target 20 Managed Distribution ETF) are both funds - SPXX is a S&P 500 fund actively managed by Nuveen, while XPAY is a Derivative Income fund actively managed by Roundhill. Both are actively managed. Over the past year, SPXX returned 12.87% vs 24.99% for XPAY. A 0.77 correlation means they provide meaningful diversification when combined. SPXX charges 0.89%/yr vs 0.49%/yr for XPAY.

Performance

SPXX vs. XPAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) 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, SPXX achieves a 2.91% return, which is significantly lower than XPAY's 8.67% return.

SPXX

• 1D: 0.11%
• 1M: 2.13%
• YTD: 2.91%
• 6M: 5.89%
• 1Y: 12.87%
• 3Y*: 13.08%
• 5Y*: 6.90%
• 10Y*: 10.24%

XPAY

• 1D: 0.27%
• 1M: 0.28%
• YTD: 8.67%
• 6M: 8.87%
• 1Y: 24.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPXX vs. XPAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPXX Nuveen S&P 500 Dynamic Overwrite Fund	2.91%	9.78%	7.32%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	8.67%	16.78%	1.60%

Correlation

The correlation between SPXX and XPAY is 0.76, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.76
Correlation (All Time) Calculated using the full available price history since Oct 31, 2024	0.77

The correlation between SPXX and XPAY has been stable across timeframes, ranging from 0.76 to 0.77 - a consistent structural relationship.

Return for Risk

SPXX vs. XPAY — Risk / Return Rank

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

SPXX

SPXX Risk / Return Rank: 17
SPXX Sharpe Ratio Rank: 18
SPXX Sortino Ratio Rank: 18
SPXX Omega Ratio Rank: 17
SPXX Calmar Ratio Rank: 14
SPXX Martin Ratio Rank: 16

XPAY

XPAY Risk / Return Rank: 65
XPAY Sharpe Ratio Rank: 68
XPAY Sortino Ratio Rank: 65
XPAY Omega Ratio Rank: 67
XPAY Calmar Ratio Rank: 57
XPAY Martin Ratio Rank: 70

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.

SPXX vs. XPAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) 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.

	SPXX	XPAY	Difference
Sharpe ratio: Return per unit of total volatility	0.95	1.91	-0.96
Sortino ratio: Return per unit of downside risk	1.40	2.59	-1.19
Omega ratio: Gain probability vs. loss probability	1.17	1.35	-0.18
Calmar ratio: Return relative to maximum drawdown	0.97	2.51	-1.54
Martin ratio: Return relative to average drawdown	3.30	11.28	-7.98

SPXX vs. XPAY - Sharpe Ratio Comparison

The current SPXX Sharpe Ratio is 0.95, which is lower than the XPAY Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of SPXX 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

SPXX vs. XPAY - Drawdown Comparison

The maximum SPXX drawdown since its inception was -52.39%, which is greater than XPAY's maximum drawdown of -18.20%. Use the drawdown chart below to compare losses from any high point for SPXX and XPAY.

Drawdown Indicators

	SPXX	XPAY	Difference
Max Drawdown Largest peak-to-trough decline	-52.39%	-18.20%	-34.19%
Max Drawdown (1Y) Largest decline over 1 year	-11.86%	-9.34%	-2.52%
Max Drawdown (3Y) Largest decline over 3 years	-17.65%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.09%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-43.99%	—	—
Current Drawdown Current decline from peak	-1.41%	-2.61%	+1.20%
Average Drawdown Average peak-to-trough decline	-7.46%	-2.38%	-5.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	2.08%	+1.41%

Volatility

SPXX vs. XPAY - Volatility Comparison

The current volatility for Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) is 3.42%, while Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) has a volatility of 4.24%. This indicates that SPXX 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

	SPXX	XPAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.42%	4.24%	-0.82%
Volatility (6M) Calculated over the trailing 6-month period	9.14%	9.46%	-0.32%
Volatility (1Y) Calculated over the trailing 1-year period	12.14%	12.25%	-0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.81%	16.81%	-1.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.41%	16.81%	+1.60%

SPXX vs. XPAY - Expense Ratio Comparison

SPXX has a 0.89% expense ratio, which is higher than XPAY's 0.49% expense ratio.

Dividends

SPXX vs. XPAY - Dividend Comparison

SPXX's dividend yield for the trailing twelve months is around 7.42%, less than XPAY's 21.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXX Nuveen S&P 500 Dynamic Overwrite Fund	5.56%	7.48%	6.87%	7.82%	7.30%	5.27%	6.56%	6.44%	7.98%	5.69%	5.14%	7.75%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	21.03%	21.21%	3.40%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SPXX and XPAY in my portfolio?

SPXX and XPAY have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXX or XPAY?

XPAY has higher volatility (4.24%) compared to SPXX (3.42%). In terms of maximum drawdown, SPXX dropped -52.39% vs XPAY's -18.20%.

Which has better risk-adjusted returns?

XPAY currently has the higher Sharpe Ratio (1.91 vs 0.95), 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.