SPYT vs. XPAY

Last updated Jun 24, 2026

SPYT (Defiance S&P 500 Income Target 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, SPYT returned 19.62% vs 23.36% for XPAY. Their correlation of 0.95 suggests significant overlap in exposure. SPYT charges 0.87%/yr vs 0.49%/yr for XPAY.

Performance

SPYT vs. XPAY - 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 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, SPYT achieves a 7.21% return, which is significantly lower than XPAY's 8.26% return.

SPYT

• 1D: -1.32%
• 1M: -1.62%
• YTD: 7.21%
• 6M: 6.55%
• 1Y: 19.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XPAY

• 1D: -1.33%
• 1M: -1.20%
• YTD: 8.26%
• 6M: 7.36%
• 1Y: 23.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYT vs. XPAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYT Defiance S&P 500 Income Target ETF	7.21%	12.41%	0.93%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	8.26%	16.78%	1.60%

Correlation

The correlation between SPYT and XPAY is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (All Time) Calculated using the full available price history since Oct 31, 2024	0.95

The correlation between SPYT and XPAY has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.

SPYT vs. XPAY - Sectors Allocation Comparison

Sectors	SPYT	XPAY
Technology	38.4%	39.0%
Financial Services	11.0%	11.1%
Communication Services	10.8%	10.6%
Consumer Cyclical	10.0%	9.9%
Healthcare	8.4%	8.3%
Industrials	7.9%	7.8%
Consumer Defensive	4.6%	4.5%
Energy	3.2%	3.1%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

SPYT vs. XPAY — Risk / Return Rank

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

SPYT

SPYT Risk / Return Rank: 55
SPYT Sharpe Ratio Rank: 52
SPYT Sortino Ratio Rank: 50
SPYT Omega Ratio Rank: 57
SPYT Calmar Ratio Rank: 52
SPYT Martin Ratio Rank: 63

XPAY

XPAY Risk / Return Rank: 58
XPAY Sharpe Ratio Rank: 59
XPAY Sortino Ratio Rank: 56
XPAY Omega Ratio Rank: 58
XPAY Calmar Ratio Rank: 53
XPAY Martin Ratio Rank: 64

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.

SPYT vs. XPAY - 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 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.

	SPYT	XPAY	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.90	-0.18
Sortino ratio: Return per unit of downside risk	2.36	2.57	-0.22
Omega ratio: Gain probability vs. loss probability	1.34	1.34	-0.01
Calmar ratio: Return relative to maximum drawdown	2.46	2.51	-0.05
Martin ratio: Return relative to average drawdown	10.95	11.18	-0.24

SPYT vs. XPAY - Sharpe Ratio Comparison

The current SPYT Sharpe Ratio is 1.72, which is comparable to the XPAY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of SPYT 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

SPYT vs. XPAY - Drawdown Comparison

The maximum SPYT drawdown since its inception was -18.25%, roughly equal to the maximum XPAY drawdown of -18.20%. Use the drawdown chart below to compare losses from any high point for SPYT and XPAY.

Drawdown Indicators

	SPYT	XPAY	Difference
Max Drawdown Largest peak-to-trough decline	-18.25%	-18.20%	-0.05%
Max Drawdown (1Y) Largest decline over 1 year	-8.00%	-9.34%	+1.34%
Current Drawdown Current decline from peak	-2.93%	-2.98%	+0.05%
Average Drawdown Average peak-to-trough decline	-2.00%	-2.37%	+0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	2.09%	-0.29%

Volatility

SPYT vs. XPAY - Volatility Comparison

Defiance S&P 500 Income Target ETF (SPYT) and Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) have volatilities of 4.54% and 4.76%, 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	XPAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.54%	4.76%	-0.22%
Volatility (6M) Calculated over the trailing 6-month period	9.24%	9.71%	-0.47%
Volatility (1Y) Calculated over the trailing 1-year period	11.51%	12.40%	-0.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.90%	16.83%	-1.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.90%	16.83%	-1.93%

SPYT vs. XPAY - Expense Ratio Comparison

SPYT has a 0.87% expense ratio, which is higher than XPAY's 0.49% expense ratio.

Dividends

SPYT vs. XPAY - Dividend Comparison

SPYT's dividend yield for the trailing twelve months is around 21.21%, which matches XPAY's 21.11% yield.

Position	TTM	2025	2024
SPYT Defiance S&P 500 Income Target ETF	21.21%	21.40%	17.37%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	21.11%	21.21%	3.40%

Frequently Asked Questions

Can I hold both SPYT and XPAY in my portfolio?

With a correlation of 0.95, SPYT 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, SPYT or XPAY?

XPAY has higher volatility (4.76%) compared to SPYT (4.54%). In terms of maximum drawdown, SPYT dropped -18.25% vs XPAY's -18.20%.

Which ETF is better, SPYT or XPAY?

On 1-year performance, XPAY leads with 23.36% vs 19.62% for SPYT. On fees, XPAY is cheaper at 0.49% per year. On volatility, SPYT has been the lower-risk option at 4.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYT or XPAY?

Over the 1-year period, XPAY has performed better with a 23.36% return vs 19.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYT or XPAY?

XPAY is cheaper with a 0.49% expense ratio, compared with 0.87% for SPYT.

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

SPYT has the higher dividend yield at 21.21%, compared with 21.11% for XPAY.

What is the main difference between SPYT and XPAY?

They also come from different issuers: Defiance and Roundhill. Their fees differ too: 0.87% for SPYT and 0.49% for XPAY.

Which has better risk-adjusted returns?

XPAY currently has the higher Sharpe Ratio (1.90 vs 1.72), 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.