TSLP vs. XPAY

Last updated Jun 23, 2026

TSLP (Kurv Yield Premium Strategy Tesla 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, TSLP returned 15.32% vs 26.22% for XPAY. A 0.59 correlation means they provide meaningful diversification when combined. TSLP charges 0.99%/yr vs 0.49%/yr for XPAY.

Performance

TSLP vs. XPAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Kurv Yield Premium Strategy Tesla ETF (TSLP) 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, TSLP achieves a -13.49% return, which is significantly lower than XPAY's 9.72% return.

TSLP

• 1D: 1.10%
• 1M: -5.53%
• YTD: -13.49%
• 6M: -20.09%
• 1Y: 15.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XPAY

• 1D: -0.19%
• 1M: 0.13%
• YTD: 9.72%
• 6M: 9.26%
• 1Y: 26.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSLP vs. XPAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSLP Kurv Yield Premium Strategy Tesla ETF	-13.49%	9.77%	32.73%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	9.72%	16.78%	1.60%

Correlation

The correlation between TSLP and XPAY is 0.55, 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	0.55
Correlation (All Time) Calculated using the full available price history since Oct 31, 2024	0.59

The correlation between TSLP and XPAY has been stable across timeframes, ranging from 0.55 to 0.59 - a consistent structural relationship.

Return for Risk

TSLP vs. XPAY — Risk / Return Rank

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

TSLP

TSLP Risk / Return Rank: 14
TSLP Sharpe Ratio Rank: 14
TSLP Sortino Ratio Rank: 15
TSLP Omega Ratio Rank: 15
TSLP Calmar Ratio Rank: 14
TSLP Martin Ratio Rank: 13

XPAY

XPAY Risk / Return Rank: 66
XPAY Sharpe Ratio Rank: 68
XPAY Sortino Ratio Rank: 65
XPAY Omega Ratio Rank: 68
XPAY Calmar Ratio Rank: 59
XPAY Martin Ratio Rank: 70

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.

TSLP vs. XPAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Kurv Yield Premium Strategy Tesla ETF (TSLP) 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.

	TSLP	XPAY	Difference
Sharpe ratio: Return per unit of total volatility	0.37	2.14	-1.77
Sortino ratio: Return per unit of downside risk	0.78	2.88	-2.10
Omega ratio: Gain probability vs. loss probability	1.09	1.39	-0.30
Calmar ratio: Return relative to maximum drawdown	0.48	2.82	-2.34
Martin ratio: Return relative to average drawdown	1.11	12.61	-11.50

TSLP vs. XPAY - Sharpe Ratio Comparison

The current TSLP Sharpe Ratio is 0.37, which is lower than the XPAY Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of TSLP 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

TSLP vs. XPAY - Drawdown Comparison

The maximum TSLP drawdown since its inception was -46.00%, which is greater than XPAY's maximum drawdown of -18.20%. Use the drawdown chart below to compare losses from any high point for TSLP and XPAY.

Drawdown Indicators

	TSLP	XPAY	Difference
Max Drawdown Largest peak-to-trough decline	-46.00%	-18.20%	-27.80%
Max Drawdown (1Y) Largest decline over 1 year	-32.00%	-9.34%	-22.66%
Current Drawdown Current decline from peak	-20.09%	-1.67%	-18.42%
Average Drawdown Average peak-to-trough decline	-15.80%	-2.37%	-13.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.81%	2.08%	+11.73%

Volatility

TSLP vs. XPAY - Volatility Comparison

Kurv Yield Premium Strategy Tesla ETF (TSLP) has a higher volatility of 14.61% compared to Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) at 4.57%. This indicates that TSLP's price experiences larger fluctuations and is considered to be riskier than XPAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLP	XPAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.61%	4.57%	+10.04%
Volatility (6M) Calculated over the trailing 6-month period	30.25%	9.63%	+20.62%
Volatility (1Y) Calculated over the trailing 1-year period	41.62%	12.34%	+29.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.73%	16.82%	+31.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.73%	16.82%	+31.91%

TSLP vs. XPAY - Expense Ratio Comparison

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

Dividends

TSLP vs. XPAY - Dividend Comparison

TSLP's dividend yield for the trailing twelve months is around 29.25%, more than XPAY's 20.82% yield.

Position	TTM	2025	2024	2023
TSLP Kurv Yield Premium Strategy Tesla ETF	29.25%	31.05%	21.82%	4.39%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	20.82%	21.21%	3.40%	0.00%

Frequently Asked Questions

Can I hold both TSLP and XPAY in my portfolio?

TSLP and XPAY have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSLP or XPAY?

TSLP has higher volatility (14.61%) compared to XPAY (4.57%). In terms of maximum drawdown, TSLP dropped -46.00% vs XPAY's -18.20%.

Which ETF is better, TSLP or XPAY?

On 1-year performance, XPAY leads with 26.22% vs 15.32% for TSLP. On fees, XPAY is cheaper at 0.49% per year. On volatility, XPAY has been the lower-risk option at 4.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLP or XPAY?

Over the 1-year period, XPAY has performed better with a 26.22% return vs 15.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLP or XPAY?

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

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

TSLP has the higher dividend yield at 29.25%, compared with 20.82% for XPAY.

What is the main difference between TSLP and XPAY?

They also come from different issuers: Kurv and Roundhill. Their fees differ too: 0.99% for TSLP and 0.49% for XPAY.

Which has better risk-adjusted returns?

XPAY currently has the higher Sharpe Ratio (2.14 vs 0.37), 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.