XDIV vs. SPY

Last updated Jul 14, 2026

XDIV (Roundhill S&P 500 No Dividend Target ETF) and SPY (State Street SPDR S&P 500 ETF) are both S&P 500 funds. XDIV is actively managed, while SPY is passively managed. Over the past year, XDIV returned 21.49% vs 21.46% for SPY. With a 0.97 correlation, they move nearly in lockstep. XDIV charges 0.08%/yr vs 0.09%/yr for SPY.

Performance

XDIV vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill S&P 500 No Dividend Target ETF (XDIV) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with XDIV having a 10.16% return and SPY slightly higher at 10.45%.

XDIV

• 1D: -0.55%
• 1M: 1.16%
• 6M: 8.21%
• YTD: 10.16%
• 1Y: 21.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.77%
• 1M: 1.26%
• 6M: 8.34%
• YTD: 10.45%
• 1Y: 21.46%
• 3Y*: 20.07%
• 5Y*: 12.94%
• 10Y*: 15.08%

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

XDIV vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025
XDIV Roundhill S&P 500 No Dividend Target ETF	10.16%	10.07%
SPY State Street SPDR S&P 500 ETF	10.45%	9.90%

Correlation

The correlation between XDIV and SPY is 0.97 - 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 (1Y) Calculated over the trailing 1-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	0.97

The correlation between XDIV and SPY has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

XDIV vs. SPY - Sectors Allocation Comparison

Sectors	XDIV	SPY
Technology	39.0%	39.0%
Financial Services	11.1%	11.1%
Communication Services	10.6%	10.6%
Consumer Cyclical	9.9%	9.9%
Healthcare	8.3%	8.3%
Industrials	7.8%	7.8%
Consumer Defensive	4.5%	4.5%
Energy	3.1%	3.1%
Utilities	2.1%	2.1%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

XDIV vs. SPY — Risk / Return Rank

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

XDIV

XDIV Risk / Return Rank: 65
XDIV Sharpe Ratio Rank: 65
XDIV Sortino Ratio Rank: 65
XDIV Omega Ratio Rank: 65
XDIV Calmar Ratio Rank: 59
XDIV Martin Ratio Rank: 71

SPY

SPY Risk / Return Rank: 66
SPY Sharpe Ratio Rank: 66
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 61
SPY Martin Ratio Rank: 72

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.

XDIV vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill S&P 500 No Dividend Target ETF (XDIV) and State Street SPDR S&P 500 ETF (SPY). 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.

	XDIV	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.70	1.71	-0.01
Sortino ratio: Return per unit of downside risk	2.37	2.37	+0.01
Omega ratio: Gain probability vs. loss probability	1.31	1.31	0.00
Calmar ratio: Return relative to maximum drawdown	2.36	2.43	-0.07
Martin ratio: Return relative to average drawdown	10.37	10.57	-0.20

XDIV vs. SPY - Sharpe Ratio Comparison

The current XDIV Sharpe Ratio is 1.70, which is comparable to the SPY Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of XDIV and SPY, 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

XDIV vs. SPY - Drawdown Comparison

The maximum XDIV drawdown since its inception was -9.16%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for XDIV and SPY.

Drawdown Indicators

	XDIV	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-9.16%	-55.19%	+46.03%
Max Drawdown (1Y) Largest decline over 1 year	-9.16%	-8.88%	-0.28%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-1.09%	-1.12%	+0.03%
Average Drawdown Average peak-to-trough decline	-1.27%	-9.02%	+7.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	2.03%	+0.05%

Volatility

XDIV vs. SPY - Volatility Comparison

The current volatility for Roundhill S&P 500 No Dividend Target ETF (XDIV) is 3.99%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.26%. This indicates that XDIV experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XDIV	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	4.26%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	10.20%	10.01%	+0.19%
Volatility (1Y) Calculated over the trailing 1-year period	12.71%	12.60%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.67%	17.17%	-4.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.67%	17.93%	-5.26%

XDIV vs. SPY - Expense Ratio Comparison

XDIV has a 0.08% expense ratio, which is lower than SPY's 0.09% expense ratio. Despite the difference, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

XDIV vs. SPY - Dividend Comparison

XDIV has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.00%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
XDIV Roundhill S&P 500 No Dividend Target ETF	0.00%	0.00%	0.00%	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 XDIV and SPY in my portfolio?

With a correlation of 0.97, XDIV and SPY 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, XDIV or SPY?

SPY has higher volatility (4.26%) compared to XDIV (3.99%). In terms of maximum drawdown, XDIV dropped -9.16% vs SPY's -55.19%.

Which ETF is better, XDIV or SPY?

On 1-year performance, XDIV leads with 21.49% vs 21.46% for SPY. On fees, XDIV is cheaper at 0.08% per year. On volatility, XDIV has been the lower-risk option at 3.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XDIV or SPY?

Over the 1-year period, XDIV has performed better with a 21.49% return vs 21.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XDIV or SPY?

XDIV is cheaper with a 0.08% expense ratio, compared with 0.09% for SPY.

Which ETF pays a higher dividend yield, XDIV or SPY?

SPY has the higher dividend yield at 1.00%, compared with 0.00% for XDIV.

What is the main difference between XDIV and SPY?

They also come from different issuers: Roundhill and State Street. Their fees differ too: 0.08% for XDIV and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.71 vs 1.70), 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.