TOPW vs. XPAY

Last updated Aug 2, 2026

TOPW (Roundhill Top WeeklyPay ETF) and XPAY (Roundhill S&P 500 Target 20 Managed Distribution ETF) are both Derivative Income funds from Roundhill. TOPW is passively managed, while XPAY is actively managed. Their correlation of 0.81 means they have usually moved in the same direction. TOPW charges 0.99%/yr vs 0.49%/yr for XPAY.

Performance

TOPW vs. XPAY - 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 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, TOPW achieves a 0.61% return, which is significantly lower than XPAY's 9.86% return.

TOPW

• 1D: 2.78%
• 1M: 2.62%
• 6M: 3.61%
• YTD: 0.61%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

XPAY

• 1D: 0.71%
• 1M: 0.30%
• 6M: 8.21%
• YTD: 9.86%
• 1Y: 20.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.38%

*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)
TOPW Roundhill Top WeeklyPay ETF	$2.24M	$2.19M	$2.72M
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	$1.68M	$2.65M	$3.83M

TOPW vs. XPAY - Yearly Performance Comparison

	2026 (YTD)	2025
TOPW Roundhill Top WeeklyPay ETF	0.61%	-1.33%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	9.86%	6.16%

Correlation

The correlation between TOPW and XPAY is 0.81, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 4, 2025	0.81

Return for Risk

TOPW vs. XPAY — Risk / Return Rank

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

TOPW

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

XPAY

XPAY Risk / Return Rank: 63
XPAY Sharpe Ratio Rank: 64
XPAY Sortino Ratio Rank: 61
XPAY Omega Ratio Rank: 62
XPAY Calmar Ratio Rank: 57
XPAY Martin Ratio Rank: 69

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.

TOPW vs. XPAY - 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 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.

	TOPW	XPAY	Difference
Sharpe ratio: Return per unit of total volatility	—	1.47	—
Sortino ratio: Return per unit of downside risk	—	2.04	—
Omega ratio: Gain probability vs. loss probability	—	1.26	—
Calmar ratio: Return relative to maximum drawdown	—	2.00	—
Martin ratio: Return relative to average drawdown	—	8.48	—

Drawdowns

TOPW vs. XPAY - Drawdown Comparison

The maximum TOPW drawdown since its inception was -29.87%, which is greater than XPAY's maximum drawdown of -18.20%. Use the drawdown chart below to compare losses from any high point for TOPW and XPAY.

Drawdown Indicators

	TOPW	XPAY	Difference
Max Drawdown Largest peak-to-trough decline	-29.87%	-18.20%	-11.67%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.34%	—
Current Drawdown Current decline from peak	-15.94%	-1.55%	-14.39%
Average Drawdown Average peak-to-trough decline	-13.53%	-2.34%	-11.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.20%	—

Volatility

Volatility by Period

	TOPW	XPAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.44%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.94%	—
Volatility (1Y) Calculated over the trailing 1-year period	27.68%	12.70%	+14.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.68%	16.55%	+11.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.68%	16.55%	+11.13%

TOPW vs. XPAY - Expense Ratio Comparison

TOPW has a 0.99% expense ratio, which is higher than XPAY's 0.49% expense ratio.

Dividends

TOPW vs. XPAY - Dividend Comparison

TOPW's dividend yield for the trailing twelve months is around 51.46%, more than XPAY's 21.05% yield.

Position	TTM	2025	2024
TOPW Roundhill Top WeeklyPay ETF	51.46%	21.52%	0.00%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	21.05%	21.21%	3.40%

Frequently Asked Questions

Can I hold both TOPW and XPAY in my portfolio?

TOPW and XPAY have a correlation of 0.81, 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 XPAY?

On fees, XPAY is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TOPW or XPAY?

XPAY is cheaper with a 0.49% expense ratio, compared with 0.99% for TOPW.

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

TOPW has the higher dividend yield at 51.46%, compared with 21.05% for XPAY.

What is the main difference between TOPW and XPAY?

Their fees differ too: 0.99% for TOPW and 0.49% for XPAY.