SPYV vs. XDTE

Last updated Jun 13, 2026

SPYV (SPDR Portfolio S&P 500 Value ETF) and XDTE (Roundhill S&P 500 0DTE Covered Call Strategy ETF) are both exchange-traded funds - SPYV is a S&P 500 fund tracking the S&P 500 Value Index, while XDTE is a Derivative Income fund actively managed by Roundhill. SPYV is passively managed, while XDTE is actively managed. Over the past year, SPYV returned 20.65% vs 21.75% for XDTE. A 0.71 correlation means they provide meaningful diversification when combined. SPYV charges 0.04%/yr vs 0.97%/yr for XDTE.

Performance

SPYV vs. XDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio S&P 500 Value ETF (SPYV) 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, SPYV achieves a 8.25% return, which is significantly higher than XDTE's 6.97% return.

SPYV

• 1D: 0.69%
• 1M: 1.81%
• YTD: 8.25%
• 6M: 8.02%
• 1Y: 20.65%
• 3Y*: 15.13%
• 5Y*: 10.98%
• 10Y*: 12.08%

XDTE

• 1D: 0.65%
• 1M: -0.46%
• YTD: 6.97%
• 6M: 7.43%
• 1Y: 21.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYV vs. XDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYV SPDR Portfolio S&P 500 Value ETF	8.25%	13.18%	7.65%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	6.97%	12.60%	17.12%

Correlation

The correlation between SPYV and XDTE is 0.75, 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	0.75
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.71

The correlation between SPYV and XDTE has been stable across timeframes, ranging from 0.71 to 0.75 - a consistent structural relationship.

SPYV vs. XDTE - Sectors Allocation Comparison

Sectors	SPYV	XDTE
Technology	21.5%	35.6%
Financial Services	14.5%	11.8%
Healthcare	11.6%	8.5%
Consumer Cyclical	11.2%	10.1%
Industrials	10.8%	8.3%
Consumer Defensive	9.1%	4.9%
Energy	7.1%	3.5%
Utilities	4.3%	2.4%
Basic Materials	3.4%	1.8%
Real Estate	3.3%	1.9%
Communication Services	3.2%	11.2%

Return for Risk

SPYV vs. XDTE — Risk / Return Rank

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

SPYV

SPYV Risk / Return Rank: 75
SPYV Sharpe Ratio Rank: 75
SPYV Sortino Ratio Rank: 76
SPYV Omega Ratio Rank: 73
SPYV Calmar Ratio Rank: 75
SPYV Martin Ratio Rank: 77

XDTE

XDTE Risk / Return Rank: 68
XDTE Sharpe Ratio Rank: 68
XDTE Sortino Ratio Rank: 64
XDTE Omega Ratio Rank: 68
XDTE Calmar Ratio Rank: 65
XDTE Martin Ratio Rank: 76

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.

SPYV vs. XDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio S&P 500 Value ETF (SPYV) 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.

	SPYV	XDTE	Difference
Sharpe ratio: Return per unit of total volatility	2.08	1.92	+0.16
Sortino ratio: Return per unit of downside risk	2.92	2.55	+0.37
Omega ratio: Gain probability vs. loss probability	1.37	1.35	+0.02
Calmar ratio: Return relative to maximum drawdown	3.33	2.84	+0.49
Martin ratio: Return relative to average drawdown	12.73	12.55	+0.18

SPYV vs. XDTE - Sharpe Ratio Comparison

The current SPYV Sharpe Ratio is 2.08, which is comparable to the XDTE Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of SPYV 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

SPYV vs. XDTE - Drawdown Comparison

The maximum SPYV drawdown since its inception was -58.45%, which is greater than XDTE's maximum drawdown of -19.09%. Use the drawdown chart below to compare losses from any high point for SPYV and XDTE.

Drawdown Indicators

	SPYV	XDTE	Difference
Max Drawdown Largest peak-to-trough decline	-58.45%	-19.09%	-39.36%
Max Drawdown (1Y) Largest decline over 1 year	-6.22%	-7.68%	+1.46%
Max Drawdown (3Y) Largest decline over 3 years	-17.54%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-17.89%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.89%	—	—
Current Drawdown Current decline from peak	-0.18%	-2.36%	+2.18%
Average Drawdown Average peak-to-trough decline	-8.71%	-2.32%	-6.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.63%	1.74%	-0.11%

Volatility

SPYV vs. XDTE - Volatility Comparison

The current volatility for SPDR Portfolio S&P 500 Value ETF (SPYV) is 2.70%, while Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE) has a volatility of 3.93%. This indicates that SPYV experiences smaller price fluctuations and is considered to be less risky than XDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPYV	XDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.70%	3.93%	-1.23%
Volatility (6M) Calculated over the trailing 6-month period	7.26%	8.88%	-1.62%
Volatility (1Y) Calculated over the trailing 1-year period	9.97%	11.38%	-1.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.42%	13.92%	+0.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.94%	13.92%	+3.02%

SPYV vs. XDTE - Expense Ratio Comparison

SPYV has a 0.04% expense ratio, which is lower than XDTE's 0.97% expense ratio.

Dividends

SPYV vs. XDTE - Dividend Comparison

SPYV's dividend yield for the trailing twelve months is around 1.68%, less than XDTE's 33.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYV SPDR Portfolio S&P 500 Value ETF	1.68%	1.77%	2.29%	1.75%	2.22%	2.10%	2.38%	2.25%	2.97%	2.77%	2.39%	2.53%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	33.43%	39.16%	20.35%	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 SPYV and XDTE in my portfolio?

SPYV and XDTE have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPYV or XDTE?

XDTE has higher volatility (3.93%) compared to SPYV (2.70%). In terms of maximum drawdown, SPYV dropped -58.45% vs XDTE's -19.09%.

Which ETF is better, SPYV or XDTE?

On 1-year performance, XDTE leads with 21.75% vs 20.65% for SPYV. On fees, SPYV is cheaper at 0.04% per year. On volatility, SPYV has been the lower-risk option at 2.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYV or XDTE?

Over the 1-year period, XDTE has performed better with a 21.75% return vs 20.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYV or XDTE?

SPYV is cheaper with a 0.04% expense ratio, compared with 0.97% for XDTE.

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

XDTE has the higher dividend yield at 33.43%, compared with 1.68% for SPYV.

What is the main difference between SPYV and XDTE?

SPYV is categorized as S&P 500, while XDTE is Derivative Income. They also come from different issuers: State Street and Roundhill. Their fees differ too: 0.04% for SPYV and 0.97% for XDTE.

Which has better risk-adjusted returns?

SPYV currently has the higher Sharpe Ratio (2.08 vs 1.92), 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.