SPYG vs. RDTE

Last updated Jun 14, 2026

SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) and RDTE (Roundhill Small Cap 0DTE Covered Call Strategy ETF) are both exchange-traded funds - SPYG is a S&P 500 fund tracking the S&P 500 Growth Index, while RDTE is a Derivative Income fund actively managed by Roundhill. SPYG is passively managed, while RDTE is actively managed. Over the past year, SPYG returned 29.17% vs 29.53% for RDTE. A 0.67 correlation means they provide meaningful diversification when combined. SPYG charges 0.04%/yr vs 0.95%/yr for RDTE.

Performance

SPYG vs. RDTE - Performance Comparison

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

Returns By Period

In the year-to-date period, SPYG achieves a 9.70% return, which is significantly lower than RDTE's 14.54% return.

SPYG

• 1D: 0.41%
• 1M: -1.24%
• YTD: 9.70%
• 6M: 10.60%
• 1Y: 29.17%
• 3Y*: 25.85%
• 5Y*: 14.92%
• 10Y*: 17.91%

RDTE

• 1D: 0.98%
• 1M: 3.69%
• YTD: 14.54%
• 6M: 12.22%
• 1Y: 29.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYG vs. RDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	9.70%	22.09%	14.16%
RDTE Roundhill Small Cap 0DTE Covered Call Strategy ETF	14.54%	9.46%	8.32%

Correlation

The correlation between SPYG and RDTE is 0.66, 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	0.66
Correlation (All Time) Calculated using the full available price history since Sep 10, 2024	0.67

The correlation between SPYG and RDTE has been stable across timeframes, ranging from 0.66 to 0.67 - a consistent structural relationship.

Return for Risk

SPYG vs. RDTE — Risk / Return Rank

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

SPYG

SPYG Risk / Return Rank: 52
SPYG Sharpe Ratio Rank: 56
SPYG Sortino Ratio Rank: 53
SPYG Omega Ratio Rank: 53
SPYG Calmar Ratio Rank: 45
SPYG Martin Ratio Rank: 53

RDTE

RDTE Risk / Return Rank: 57
RDTE Sharpe Ratio Rank: 53
RDTE Sortino Ratio Rank: 50
RDTE Omega Ratio Rank: 48
RDTE Calmar Ratio Rank: 68
RDTE Martin Ratio Rank: 65

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.

SPYG vs. RDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) and Roundhill Small Cap 0DTE Covered Call Strategy ETF (RDTE). 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.

	SPYG	RDTE	Difference
Sharpe ratio: Return per unit of total volatility	1.65	1.59	+0.06
Sortino ratio: Return per unit of downside risk	2.26	2.18	+0.07
Omega ratio: Gain probability vs. loss probability	1.29	1.27	+0.02
Calmar ratio: Return relative to maximum drawdown	2.01	2.98	-0.97
Martin ratio: Return relative to average drawdown	8.08	10.33	-2.25

SPYG vs. RDTE - Sharpe Ratio Comparison

The current SPYG Sharpe Ratio is 1.65, which is comparable to the RDTE Sharpe Ratio of 1.59. The chart below compares the historical Sharpe Ratios of SPYG and RDTE, 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

SPYG vs. RDTE - Drawdown Comparison

The maximum SPYG drawdown since its inception was -67.63%, which is greater than RDTE's maximum drawdown of -24.32%. Use the drawdown chart below to compare losses from any high point for SPYG and RDTE.

Drawdown Indicators

	SPYG	RDTE	Difference
Max Drawdown Largest peak-to-trough decline	-67.63%	-24.32%	-43.31%
Max Drawdown (1Y) Largest decline over 1 year	-13.76%	-9.17%	-4.59%
Max Drawdown (3Y) Largest decline over 3 years	-22.14%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.67%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.67%	—	—
Current Drawdown Current decline from peak	-4.65%	0.00%	-4.65%
Average Drawdown Average peak-to-trough decline	-24.30%	-4.61%	-19.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	2.65%	+0.77%

Volatility

SPYG vs. RDTE - Volatility Comparison

State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) and Roundhill Small Cap 0DTE Covered Call Strategy ETF (RDTE) have volatilities of 6.33% and 6.32%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYG	RDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.33%	6.32%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	13.48%	13.06%	+0.42%
Volatility (1Y) Calculated over the trailing 1-year period	16.81%	17.22%	-0.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.27%	19.32%	+1.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.70%	19.32%	+1.38%

SPYG vs. RDTE - Expense Ratio Comparison

SPYG has a 0.04% expense ratio, which is lower than RDTE's 0.95% expense ratio.

Dividends

SPYG vs. RDTE - Dividend Comparison

SPYG's dividend yield for the trailing twelve months is around 0.48%, less than RDTE's 45.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RDTE Roundhill Small Cap 0DTE Covered Call Strategy ETF	45.06%	50.16%	10.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.48%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%

Frequently Asked Questions

Can I hold both SPYG and RDTE in my portfolio?

SPYG and RDTE have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYG or RDTE?

SPYG has higher volatility (6.33%) compared to RDTE (6.32%). In terms of maximum drawdown, SPYG dropped -67.63% vs RDTE's -24.32%.

Which ETF is better, SPYG or RDTE?

On 1-year performance, RDTE leads with 29.53% vs 29.17% for SPYG. On fees, SPYG is cheaper at 0.04% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYG or RDTE?

Over the 1-year period, RDTE has performed better with a 29.53% return vs 29.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYG or RDTE?

SPYG is cheaper with a 0.04% expense ratio, compared with 0.95% for RDTE.

Which ETF pays a higher dividend yield, SPYG or RDTE?

RDTE has the higher dividend yield at 45.06%, compared with 0.48% for SPYG.

What is the main difference between SPYG and RDTE?

SPYG is categorized as S&P 500, while RDTE is Derivative Income. They also come from different issuers: State Street and Roundhill. Their fees differ too: 0.04% for SPYG and 0.95% for RDTE.

Which has better risk-adjusted returns?

SPYG currently has the higher Sharpe Ratio (1.65 vs 1.59), 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.