SPYT vs. XDTE

Last updated Aug 4, 2026

SPYT (Defiance S&P 500 Income Target ETF) and XDTE (Roundhill S&P 500 0DTE Covered Call Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, SPYT returned 19.79% vs 21.36% for XDTE. Their correlation of 0.92 means they have usually moved in the same direction. SPYT charges 0.87%/yr vs 0.97%/yr for XDTE.

Performance

SPYT vs. XDTE - Performance Comparison

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

Returns By Period

In the year-to-date period, SPYT achieves a 10.78% return, which is significantly higher than XDTE's 10.21% return.

SPYT

• 1D: 1.33%
• 1M: 1.74%
• 6M: 8.87%
• YTD: 10.78%
• 1Y: 19.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.38%

XDTE

• 1D: 1.00%
• 1M: 1.83%
• 6M: 7.46%
• YTD: 10.21%
• 1Y: 21.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.81%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SPYT Defiance S&P 500 Income Target ETF	$1.79M	$1.76M	$2.31M
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	$6.67M	$7.77M	$7.49M

SPYT vs. XDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYT Defiance S&P 500 Income Target ETF	10.78%	12.41%	13.30%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	10.21%	12.60%	17.12%

Correlation

The correlation between SPYT and XDTE is 0.94, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.95
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.92

The correlation between SPYT and XDTE has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

SPYT vs. XDTE - Sectors Allocation Comparison

Sectors	SPYT	XDTE
Technology	38.5%	39.0%
Financial Services	11.6%	11.1%
Communication Services	9.9%	10.6%
Consumer Cyclical	9.5%	9.9%
Healthcare	8.9%	8.3%
Industrials	8.4%	7.8%
Consumer Defensive	4.5%	4.5%
Energy	3.0%	3.1%
Utilities	2.2%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

SPYT vs. XDTE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SPYT

SPYT Risk / Return Rank: 74
SPYT Sharpe Ratio Rank: 72
SPYT Sortino Ratio Rank: 70
SPYT Omega Ratio Rank: 76
SPYT Calmar Ratio Rank: 69
SPYT Martin Ratio Rank: 79

XDTE

XDTE Risk / Return Rank: 78
XDTE Sharpe Ratio Rank: 78
XDTE Sortino Ratio Rank: 75
XDTE Omega Ratio Rank: 77
XDTE Calmar Ratio Rank: 77
XDTE Martin Ratio Rank: 84

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SPYT vs. XDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance S&P 500 Income Target ETF (SPYT) 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.

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.

	SPYT	XDTE	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.81	-0.11
Sortino ratio: Return per unit of downside risk	2.35	2.44	-0.09
Omega ratio: Gain probability vs. loss probability	1.33	1.32	0.00
Calmar ratio: Return relative to maximum drawdown	2.48	2.79	-0.31
Martin ratio: Return relative to average drawdown	10.61	11.85	-1.24

SPYT vs. XDTE - Sharpe Ratio Comparison

The current SPYT Sharpe Ratio is 1.70, which is comparable to the XDTE Sharpe Ratio of 1.81. The chart below compares the historical Sharpe Ratios of SPYT and XDTE, 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

SPYT vs. XDTE - Drawdown Comparison

The maximum SPYT drawdown since its inception was -18.25%, roughly equal to the maximum XDTE drawdown of -19.09%. Use the drawdown chart below to compare losses from any high point for SPYT and XDTE.

Drawdown Indicators

	SPYT	XDTE	Difference
Max Drawdown Largest peak-to-trough decline	-18.25%	-19.09%	+0.84%
Max Drawdown (1Y) Largest decline over 1 year	-8.00%	-7.68%	-0.32%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.97%	-2.25%	+0.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.87%	1.81%	+0.06%

Volatility

SPYT vs. XDTE - Volatility Comparison

Defiance S&P 500 Income Target ETF (SPYT) and Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE) have volatilities of 3.43% and 3.61%, 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

	SPYT	XDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.43%	3.61%	-0.18%
Volatility (6M) Calculated over the trailing 6-month period	9.48%	9.34%	+0.14%
Volatility (1Y) Calculated over the trailing 1-year period	11.74%	11.90%	-0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.74%	13.86%	+0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.74%	13.86%	+0.88%

SPYT vs. XDTE - Expense Ratio Comparison

SPYT has a 0.87% expense ratio, which is lower than XDTE's 0.97% expense ratio.

Dividends

SPYT vs. XDTE - Dividend Comparison

SPYT's dividend yield for the trailing twelve months is around 20.92%, less than XDTE's 31.73% yield.

Position	TTM	2025	2024
SPYT Defiance S&P 500 Income Target ETF	20.92%	21.40%	17.37%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	31.73%	39.16%	20.35%

Frequently Asked Questions

Can I hold both SPYT and XDTE in my portfolio?

With a correlation of 0.94, SPYT and XDTE 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, SPYT or XDTE?

XDTE has higher volatility (3.61%) compared to SPYT (3.43%). In terms of maximum drawdown, SPYT dropped -18.25% vs XDTE's -19.09%.

Which ETF is better, SPYT or XDTE?

On 1-year performance, XDTE leads with 21.36% vs 19.79% for SPYT. On fees, SPYT is cheaper at 0.87% per year. On volatility, SPYT has been the lower-risk option at 3.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYT or XDTE?

Over the 1-year period, XDTE has performed better with a 21.36% return vs 19.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYT or XDTE?

SPYT is cheaper with a 0.87% expense ratio, compared with 0.97% for XDTE.

Which ETF pays a higher dividend yield, SPYT or XDTE?

XDTE has the higher dividend yield at 31.73%, compared with 20.92% for SPYT.

What is the main difference between SPYT and XDTE?

They also come from different issuers: Defiance and Roundhill. Their fees differ too: 0.87% for SPYT and 0.97% for XDTE.

Which has better risk-adjusted returns?

XDTE currently has the higher Sharpe Ratio (1.81 vs 1.70), 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.