TOPW vs. XDTE

Last updated Jun 9, 2026

TOPW (Roundhill Top WeeklyPay ETF) and XDTE (Roundhill S&P 500 0DTE Covered Call Strategy ETF) are both Derivative Income funds. TOPW is passively managed, while XDTE is actively managed. A 0.79 correlation means they provide meaningful diversification when combined. TOPW charges 0.99%/yr vs 0.97%/yr for XDTE.

Performance

TOPW vs. XDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Top WeeklyPay ETF (TOPW) 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, TOPW achieves a 2.53% return, which is significantly lower than XDTE's 6.69% return.

TOPW

• 1D: 0.08%
• 1M: -5.06%
• YTD: 2.53%
• 6M: -5.80%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

XDTE

• 1D: 0.31%
• 1M: -0.27%
• YTD: 6.69%
• 6M: 6.52%
• 1Y: 22.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TOPW vs. XDTE - Yearly Performance Comparison

	2026 (YTD)	2025
TOPW Roundhill Top WeeklyPay ETF	2.53%	-2.47%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	6.69%	6.15%

Correlation

The correlation between TOPW and XDTE is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 5, 2025	0.79

Return for Risk

TOPW vs. XDTE — Risk / Return Rank

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

XDTE

XDTE Risk / Return Rank: 68
XDTE Sharpe Ratio Rank: 67
XDTE Sortino Ratio Rank: 63
XDTE Omega Ratio Rank: 68
XDTE Calmar Ratio Rank: 64
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.

TOPW vs. XDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Top WeeklyPay ETF (TOPW) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	TOPW	XDTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.99	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	1.16	-1.16

Drawdowns

TOPW vs. XDTE - Drawdown Comparison

The maximum TOPW drawdown since its inception was -29.87%, which is greater than XDTE's maximum drawdown of -19.09%. Use the drawdown chart below to compare losses from any high point for TOPW and XDTE.

Drawdown Indicators

	TOPW	XDTE	Difference
Max Drawdown Largest peak-to-trough decline	-29.87%	-19.09%	-10.78%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.68%	—
Current Drawdown Current decline from peak	-14.34%	-2.61%	-11.73%
Average Drawdown Average peak-to-trough decline	-12.88%	-2.31%	-10.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.69%	—

Volatility

Volatility by Period

	TOPW	XDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.50%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.68%	—
Volatility (1Y) Calculated over the trailing 1-year period	27.60%	11.25%	+16.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.60%	13.92%	+13.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.60%	13.92%	+13.68%

TOPW vs. XDTE - Expense Ratio Comparison

TOPW has a 0.99% expense ratio, which is higher than XDTE's 0.97% expense ratio.

Dividends

TOPW vs. XDTE - Dividend Comparison

TOPW's dividend yield for the trailing twelve months is around 42.36%, more than XDTE's 33.68% yield.

Position	TTM	2025	2024
TOPW Roundhill Top WeeklyPay ETF	42.36%	21.52%	0.00%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	33.68%	39.16%	20.35%

Frequently Asked Questions

Can I hold both TOPW and XDTE in my portfolio?

TOPW and XDTE have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TOPW or XDTE?

On fees, XDTE is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TOPW or XDTE?

XDTE is cheaper with a 0.97% expense ratio, compared with 0.99% for TOPW.

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

TOPW has the higher dividend yield at 42.36%, compared with 33.68% for XDTE.

What is the main difference between TOPW and XDTE?

They also come from different issuers: Roundhill Investments and Roundhill. Their fees differ too: 0.99% for TOPW and 0.97% for XDTE.