TSPY vs. XDTE

Last updated Aug 2, 2026

TSPY (TappAlpha S&P 500 Growth & Daily Income ETF) and XDTE (Roundhill S&P 500 0DTE Covered Call Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, TSPY returned 20.20% vs 20.16% for XDTE. Their correlation of 0.89 means they have usually moved in the same direction. TSPY charges 0.68%/yr vs 0.97%/yr for XDTE.

Performance

TSPY vs. XDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TappAlpha S&P 500 Growth & Daily Income ETF (TSPY) 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, TSPY achieves a 8.08% return, which is significantly lower than XDTE's 9.12% return.

TSPY

• 1D: 0.53%
• 1M: 0.29%
• 6M: 6.27%
• YTD: 8.08%
• 1Y: 20.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.62%

XDTE

• 1D: 0.76%
• 1M: 0.82%
• 6M: 6.90%
• YTD: 9.12%
• 1Y: 20.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.39%

*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)
TSPY TappAlpha S&P 500 Growth & Daily Income ETF	$5.19M	$4.92M	$5.63M
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	$6.56M	$7.73M	$7.48M

TSPY vs. XDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSPY TappAlpha S&P 500 Growth & Daily Income ETF	8.08%	17.29%	6.59%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	9.12%	12.60%	8.11%

Correlation

The correlation between TSPY and XDTE is 0.94, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.94
Correlation (All Time) Calculated using the full available price history since Aug 15, 2024	0.89

The correlation between TSPY and XDTE has been stable across timeframes, ranging from 0.89 to 0.94 - a consistent structural relationship.

Return for Risk

TSPY vs. XDTE — Risk / Return Rank

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

TSPY

TSPY Risk / Return Rank: 59
TSPY Sharpe Ratio Rank: 60
TSPY Sortino Ratio Rank: 59
TSPY Omega Ratio Rank: 60
TSPY Calmar Ratio Rank: 53
TSPY Martin Ratio Rank: 65

XDTE

XDTE Risk / Return Rank: 69
XDTE Sharpe Ratio Rank: 68
XDTE Sortino Ratio Rank: 63
XDTE Omega Ratio Rank: 66
XDTE Calmar Ratio Rank: 69
XDTE Martin Ratio Rank: 79

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.

TSPY vs. XDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TappAlpha S&P 500 Growth & Daily Income ETF (TSPY) 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.

	TSPY	XDTE	Difference
Sharpe ratio: Return per unit of total volatility	1.41	1.53	-0.12
Sortino ratio: Return per unit of downside risk	1.98	2.09	-0.11
Omega ratio: Gain probability vs. loss probability	1.26	1.28	-0.02
Calmar ratio: Return relative to maximum drawdown	1.86	2.39	-0.52
Martin ratio: Return relative to average drawdown	7.80	10.12	-2.32

TSPY vs. XDTE - Sharpe Ratio Comparison

The current TSPY Sharpe Ratio is 1.41, which is comparable to the XDTE Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of TSPY 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

TSPY vs. XDTE - Drawdown Comparison

The maximum TSPY drawdown since its inception was -18.02%, smaller than the maximum XDTE drawdown of -19.09%. Use the drawdown chart below to compare losses from any high point for TSPY and XDTE.

Drawdown Indicators

	TSPY	XDTE	Difference
Max Drawdown Largest peak-to-trough decline	-18.02%	-19.09%	+1.07%
Max Drawdown (1Y) Largest decline over 1 year	-9.63%	-7.68%	-1.95%
Current Drawdown Current decline from peak	-1.16%	-0.60%	-0.56%
Average Drawdown Average peak-to-trough decline	-2.46%	-2.26%	-0.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.30%	1.81%	+0.49%

Volatility

TSPY vs. XDTE - Volatility Comparison

TappAlpha S&P 500 Growth & Daily Income ETF (TSPY) has a higher volatility of 3.92% compared to Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE) at 3.48%. This indicates that TSPY's price experiences larger fluctuations and is considered to be riskier than XDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSPY	XDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.92%	3.48%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	9.88%	9.30%	+0.58%
Volatility (1Y) Calculated over the trailing 1-year period	12.74%	11.96%	+0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.95%	13.86%	+2.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.95%	13.86%	+2.09%

TSPY vs. XDTE - Expense Ratio Comparison

TSPY has a 0.68% expense ratio, which is lower than XDTE's 0.97% expense ratio.

Dividends

TSPY vs. XDTE - Dividend Comparison

TSPY's dividend yield for the trailing twelve months is around 14.02%, less than XDTE's 32.04% yield.

Position	TTM	2025	2024
TSPY TappAlpha S&P 500 Growth & Daily Income ETF	14.02%	13.69%	3.45%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	32.04%	39.16%	20.35%

Frequently Asked Questions

Can I hold both TSPY and XDTE in my portfolio?

With a correlation of 0.94, TSPY 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 is riskier, TSPY or XDTE?

TSPY has higher volatility (3.92%) compared to XDTE (3.48%). In terms of maximum drawdown, TSPY dropped -18.02% vs XDTE's -19.09%.

Which ETF is better, TSPY or XDTE?

On 1-year performance, TSPY leads with 20.20% vs 20.16% for XDTE. On fees, TSPY is cheaper at 0.68% per year. On volatility, XDTE has been the lower-risk option at 3.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSPY or XDTE?

Over the 1-year period, TSPY has performed better with a 20.20% return vs 20.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSPY or XDTE?

TSPY is cheaper with a 0.68% expense ratio, compared with 0.97% for XDTE.

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

XDTE has the higher dividend yield at 32.04%, compared with 14.02% for TSPY.

What is the main difference between TSPY and XDTE?

They also come from different issuers: TappAlpha and Roundhill. Their fees differ too: 0.68% for TSPY and 0.97% for XDTE.

Which has better risk-adjusted returns?

XDTE currently has the higher Sharpe Ratio (1.53 vs 1.41), 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.