TPAY vs. XDTE

Last updated Jun 4, 2026

TPAY (Roundhill S&P 500 Target 10 Managed Distribution ETF) and XDTE (Roundhill S&P 500 0DTE Covered Call Strategy ETF) are both Derivative Income funds from Roundhill. Both are actively managed. With a 0.95 correlation, they move nearly in lockstep. TPAY charges 0.49%/yr vs 0.97%/yr for XDTE.

Performance

TPAY vs. XDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill S&P 500 Target 10 Managed Distribution ETF (TPAY) 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

TPAY

• 1D: -0.57%
• 1M: 5.18%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

XDTE

• 1D: 0.27%
• 1M: 3.52%
• YTD: 9.12%
• 6M: 9.07%
• 1Y: 25.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TPAY vs. XDTE - Yearly Performance Comparison

	2026 (YTD)
TPAY Roundhill S&P 500 Target 10 Managed Distribution ETF	10.10%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	7.57%

Correlation

The correlation between TPAY and XDTE 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 (All Time) Calculated using the full available price history since Feb 19, 2026	0.95

Return for Risk

TPAY 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: 73
XDTE Sharpe Ratio Rank: 73
XDTE Sortino Ratio Rank: 71
XDTE Omega Ratio Rank: 73
XDTE Calmar Ratio Rank: 69
XDTE Martin Ratio Rank: 79

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.

TPAY vs. XDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill S&P 500 Target 10 Managed Distribution ETF (TPAY) 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

	TPAY	XDTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.80	1.26	+1.54

Drawdowns

TPAY vs. XDTE - Drawdown Comparison

The maximum TPAY drawdown since its inception was -8.62%, smaller than the maximum XDTE drawdown of -19.09%. Use the drawdown chart below to compare losses from any high point for TPAY and XDTE.

Drawdown Indicators

	TPAY	XDTE	Difference
Max Drawdown Largest peak-to-trough decline	-8.62%	-19.09%	+10.47%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.68%	—
Current Drawdown Current decline from peak	-0.57%	-0.39%	-0.18%
Average Drawdown Average peak-to-trough decline	-1.82%	-2.31%	+0.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.68%	—

Volatility

Volatility by Period

	TPAY	XDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.43%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.28%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.17%	10.99%	+3.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.17%	13.84%	+0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.17%	13.84%	+0.33%

TPAY vs. XDTE - Expense Ratio Comparison

TPAY has a 0.49% expense ratio, which is lower than XDTE's 0.97% expense ratio.

Dividends

TPAY vs. XDTE - Dividend Comparison

TPAY's dividend yield for the trailing twelve months is around 2.32%, less than XDTE's 33.55% yield.

Position	TTM	2025	2024
TPAY Roundhill S&P 500 Target 10 Managed Distribution ETF	2.32%	0.00%	0.00%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	33.55%	39.16%	20.35%

Frequently Asked Questions

Can I hold both TPAY and XDTE in my portfolio?

With a correlation of 0.95, TPAY 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 ETF is better, TPAY or XDTE?

On fees, TPAY 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, TPAY or XDTE?

TPAY is cheaper with a 0.49% expense ratio, compared with 0.97% for XDTE.

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

XDTE has the higher dividend yield at 33.55%, compared with 2.32% for TPAY.

What is the main difference between TPAY and XDTE?

Their fees differ too: 0.49% for TPAY and 0.97% for XDTE.