SPY vs. XDTE

Last updated Apr 2, 2026

Compare and contrast key facts about State Street SPDR S&P 500 ETF (SPY) and Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE).

SPY and XDTE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993. XDTE is an actively managed fund by Roundhill. It was launched on Mar 7, 2024.

Performance

SPY vs. XDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR S&P 500 ETF (SPY) and Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE). The values are adjusted to include any dividend payments, if applicable.

SPY vs. XDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPY State Street SPDR S&P 500 ETF	-3.65%	17.72%	15.30%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	-2.43%	12.60%	16.39%

Returns By Period

In the year-to-date period, SPY achieves a -3.65% return, which is significantly lower than XDTE's -2.43% return.

SPY

• 1D: 0.75%
• 1M: -4.28%
• YTD: -3.65%
• 6M: -1.42%
• 1Y: 18.14%
• 3Y*: 18.48%
• 5Y*: 11.86%
• 10Y*: 14.06%

XDTE

• 1D: 1.03%
• 1M: -4.05%
• YTD: -2.43%
• 6M: 0.99%
• 1Y: 13.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPY vs. XDTE - Expense Ratio Comparison

SPY has a 0.09% expense ratio, which is lower than XDTE's 0.97% expense ratio.

XDTE

Roundhill S&P 500 0DTE Covered Call Strategy ETF

SPY

State Street SPDR S&P 500 ETF

Return for Risk

SPY vs. XDTE — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 51
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 60
SPY Calmar Ratio Rank: 58
SPY Martin Ratio Rank: 69

XDTE

XDTE Risk / Return Rank: 45
XDTE Sharpe Ratio Rank: 48
XDTE Sortino Ratio Rank: 41
XDTE Omega Ratio Rank: 48
XDTE Calmar Ratio Rank: 41
XDTE Martin Ratio Rank: 46

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.

SPY vs. XDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) and Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE). 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.

	SPY	XDTE	Difference
Sharpe ratio Return per unit of total volatility	0.96	0.90	+0.05
Sortino ratio Return per unit of downside risk	1.49	1.21	+0.28
Omega ratio Gain probability vs. loss probability	1.23	1.19	+0.04
Calmar ratio Return relative to maximum drawdown	1.53	1.12	+0.41
Martin ratio Return relative to average drawdown	7.27	4.60	+2.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPY vs. XDTE - Sharpe Ratio Comparison

The current SPY Sharpe Ratio is 0.96, which is comparable to the XDTE Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of SPY and XDTE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPY	XDTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.96	0.90	+0.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.56	0.90	-0.34

Correlation

The correlation between SPY and XDTE is 0.96, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

SPY vs. XDTE - Dividend Comparison

SPY's dividend yield for the trailing twelve months is around 1.13%, less than XDTE's 38.73% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.13%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	38.73%	39.16%	20.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

SPY vs. XDTE - Drawdown Comparison

The maximum SPY drawdown since its inception was -55.19%, which is greater than XDTE's maximum drawdown of -19.09%. Use the drawdown chart below to compare losses from any high point for SPY and XDTE.

Drawdown Indicators

	SPY	XDTE	Difference
Max Drawdown Largest peak-to-trough decline	-55.19%	-19.09%	-36.10%
Max Drawdown (1Y) Largest decline over 1 year	-12.05%	-12.87%	+0.82%
Max Drawdown (5Y) Largest decline over 5 years	-24.50%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-33.72%	—	—
Current Drawdown Current decline from peak	-5.53%	-4.87%	-0.66%
Average Drawdown Average peak-to-trough decline	-9.09%	-2.44%	-6.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.54%	3.14%	-0.60%

Volatility

SPY vs. XDTE - Volatility Comparison

State Street SPDR S&P 500 ETF (SPY) has a higher volatility of 5.35% compared to Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE) at 4.77%. This indicates that SPY's price experiences larger fluctuations and is considered to be riskier than XDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPY	XDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.35%	4.77%	+0.58%
Volatility (6M) Calculated over the trailing 6-month period	9.50%	8.90%	+0.60%
Volatility (1Y) Calculated over the trailing 1-year period	19.06%	15.42%	+3.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.06%	14.07%	+2.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.92%	14.07%	+3.85%