VOE vs. XDTE

Last updated Jun 9, 2026

VOE (Vanguard Mid-Cap Value ETF) and XDTE (Roundhill S&P 500 0DTE Covered Call Strategy ETF) are both exchange-traded funds - VOE is a Mid Cap Value Equities fund tracking the CRSP US Mid Cap Value Index, while XDTE is a Derivative Income fund actively managed by Roundhill. VOE is passively managed, while XDTE is actively managed. Over the past year, VOE returned 22.48% vs 22.20% for XDTE. A 0.63 correlation means they provide meaningful diversification when combined. VOE charges 0.05%/yr vs 0.97%/yr for XDTE.

Performance

VOE vs. XDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Mid-Cap Value ETF (VOE) 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, VOE achieves a 10.52% return, which is significantly higher than XDTE's 6.69% return.

VOE

• 1D: -0.22%
• 1M: 1.68%
• YTD: 10.52%
• 6M: 11.54%
• 1Y: 22.48%
• 3Y*: 15.80%
• 5Y*: 8.50%
• 10Y*: 10.54%

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)

VOE vs. XDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
VOE Vanguard Mid-Cap Value ETF	10.52%	12.08%	9.76%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	6.69%	12.60%	17.12%

Correlation

The correlation between VOE and XDTE is 0.60, 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	0.60
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.63

The correlation between VOE and XDTE has been stable across timeframes, ranging from 0.60 to 0.63 - a consistent structural relationship.

VOE vs. XDTE - Sectors Allocation Comparison

Sectors	VOE	XDTE
Financial Services	16.5%	11.8%
Industrials	14.0%	8.3%
Energy	12.8%	3.5%
Utilities	12.1%	2.4%
Technology	10.9%	35.6%
Consumer Defensive	7.9%	4.9%
Healthcare	6.3%	8.5%
Real Estate	6.0%	1.9%
Basic Materials	5.8%	1.8%
Consumer Cyclical	5.7%	10.1%
Communication Services	2.2%	11.2%

Return for Risk

VOE vs. XDTE — Risk / Return Rank

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

VOE

VOE Risk / Return Rank: 68
VOE Sharpe Ratio Rank: 66
VOE Sortino Ratio Rank: 70
VOE Omega Ratio Rank: 63
VOE Calmar Ratio Rank: 71
VOE Martin Ratio Rank: 73

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.

VOE vs. XDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Mid-Cap Value ETF (VOE) 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.

	VOE	XDTE	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.99	-0.02
Sortino ratio: Return per unit of downside risk	2.84	2.64	+0.20
Omega ratio: Gain probability vs. loss probability	1.34	1.37	-0.02
Calmar ratio: Return relative to maximum drawdown	3.26	2.90	+0.36
Martin ratio: Return relative to average drawdown	12.35	13.13	-0.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VOE vs. XDTE - Sharpe Ratio Comparison

The current VOE Sharpe Ratio is 1.97, which is comparable to the XDTE Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of VOE 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.

Sharpe Ratios by Period

	VOE	XDTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	1.99	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.56	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	1.16	-0.72

Drawdowns

VOE vs. XDTE - Drawdown Comparison

The maximum VOE drawdown since its inception was -61.50%, which is greater than XDTE's maximum drawdown of -19.09%. Use the drawdown chart below to compare losses from any high point for VOE and XDTE.

Drawdown Indicators

	VOE	XDTE	Difference
Max Drawdown Largest peak-to-trough decline	-61.50%	-19.09%	-42.41%
Max Drawdown (1Y) Largest decline over 1 year	-6.93%	-7.68%	+0.75%
Max Drawdown (3Y) Largest decline over 3 years	-18.45%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-19.70%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-43.18%	—	—
Current Drawdown Current decline from peak	-1.12%	-2.61%	+1.49%
Average Drawdown Average peak-to-trough decline	-8.35%	-2.31%	-6.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	1.69%	+0.13%

Volatility

VOE vs. XDTE - Volatility Comparison

The current volatility for Vanguard Mid-Cap Value ETF (VOE) is 2.55%, while Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE) has a volatility of 3.50%. This indicates that VOE experiences smaller price fluctuations and is considered to be less risky than XDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VOE	XDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.55%	3.50%	-0.95%
Volatility (6M) Calculated over the trailing 6-month period	8.20%	8.68%	-0.48%
Volatility (1Y) Calculated over the trailing 1-year period	11.51%	11.25%	+0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.04%	13.92%	+2.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.83%	13.92%	+4.91%

VOE vs. XDTE - Expense Ratio Comparison

VOE has a 0.05% expense ratio, which is lower than XDTE's 0.97% expense ratio.

Dividends

VOE vs. XDTE - Dividend Comparison

VOE's dividend yield for the trailing twelve months is around 1.88%, less than XDTE's 33.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VOE Vanguard Mid-Cap Value ETF	1.88%	2.10%	2.11%	2.27%	2.27%	1.78%	2.36%	2.05%	2.75%	1.86%	1.92%	2.05%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	33.68%	39.16%	20.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both VOE and XDTE in my portfolio?

VOE and XDTE have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VOE or XDTE?

XDTE has higher volatility (3.50%) compared to VOE (2.55%). In terms of maximum drawdown, VOE dropped -61.50% vs XDTE's -19.09%.

Which ETF is better, VOE or XDTE?

On 1-year performance, VOE leads with 22.48% vs 22.20% for XDTE. On fees, VOE is cheaper at 0.05% per year. On volatility, VOE has been the lower-risk option at 2.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VOE or XDTE?

Over the 1-year period, VOE has performed better with a 22.48% return vs 22.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOE or XDTE?

VOE is cheaper with a 0.05% expense ratio, compared with 0.97% for XDTE.

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

XDTE has the higher dividend yield at 33.68%, compared with 1.88% for VOE.

What is the main difference between VOE and XDTE?

VOE is categorized as Mid Cap Value Equities, while XDTE is Derivative Income. They also come from different issuers: Vanguard and Roundhill. Their fees differ too: 0.05% for VOE and 0.97% for XDTE.

Which has better risk-adjusted returns?

XDTE currently has the higher Sharpe Ratio (1.99 vs 1.97), 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.