XDIV vs. XPAY

Last updated Aug 2, 2026

XDIV (Roundhill S&P 500 No Dividend Target ETF) and XPAY (Roundhill S&P 500 Target 20 Managed Distribution ETF) are both exchange-traded funds - XDIV is a S&P 500 fund actively managed by Roundhill, while XPAY is a Derivative Income fund actively managed by Roundhill. Both are actively managed. Over the past year, XDIV returned 21.62% vs 20.64% for XPAY. Their 0.96 correlation means they have historically moved very closely together. XDIV charges 0.08%/yr vs 0.49%/yr for XPAY.

Performance

XDIV vs. XPAY - 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 Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with XDIV having a 9.87% return and XPAY slightly lower at 9.86%.

XDIV

• 1D: 0.84%
• 1M: 0.16%
• 6M: 8.62%
• YTD: 9.87%
• 1Y: 21.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.71%

XPAY

• 1D: 0.71%
• 1M: 0.30%
• 6M: 8.21%
• YTD: 9.86%
• 1Y: 20.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.38%

*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)
XDIV Roundhill S&P 500 No Dividend Target ETF	$776.99K	$488.30K	$530.83K
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	$1.68M	$2.65M	$3.83M

XDIV vs. XPAY - Yearly Performance Comparison

	2026 (YTD)	2025
XDIV Roundhill S&P 500 No Dividend Target ETF	9.87%	10.07%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	9.86%	9.48%

Correlation

The correlation between XDIV and XPAY is 0.97 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.97
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	0.96

The correlation between XDIV and XPAY has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.

XDIV vs. XPAY - Sectors Allocation Comparison

Sectors	XDIV	XPAY
Technology	38.5%	38.5%
Financial Services	11.6%	11.6%
Communication Services	9.9%	9.9%
Consumer Cyclical	9.5%	9.5%
Healthcare	8.9%	8.9%
Industrials	8.4%	8.4%
Consumer Defensive	4.5%	4.5%
Energy	3.0%	3.0%
Utilities	2.2%	2.2%
Real Estate	1.8%	1.8%
Basic Materials	1.7%	1.7%

Return for Risk

XDIV vs. XPAY — Risk / Return Rank

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

XDIV

XDIV Risk / Return Rank: 67
XDIV Sharpe Ratio Rank: 68
XDIV Sortino Ratio Rank: 66
XDIV Omega Ratio Rank: 66
XDIV Calmar Ratio Rank: 62
XDIV Martin Ratio Rank: 76

XPAY

XPAY Risk / Return Rank: 63
XPAY Sharpe Ratio Rank: 64
XPAY Sortino Ratio Rank: 61
XPAY Omega Ratio Rank: 62
XPAY Calmar Ratio Rank: 57
XPAY Martin Ratio Rank: 69

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.

XDIV vs. XPAY - 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 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.

	XDIV	XPAY	Difference
Sharpe ratio: Return per unit of total volatility	1.54	1.47	+0.07
Sortino ratio: Return per unit of downside risk	2.16	2.04	+0.12
Omega ratio: Gain probability vs. loss probability	1.28	1.26	+0.01
Calmar ratio: Return relative to maximum drawdown	2.18	2.00	+0.18
Martin ratio: Return relative to average drawdown	9.38	8.48	+0.89

XDIV vs. XPAY - Sharpe Ratio Comparison

The current XDIV Sharpe Ratio is 1.54, which is comparable to the XPAY Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of XDIV 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

XDIV vs. XPAY - Drawdown Comparison

The maximum XDIV drawdown since its inception was -9.16%, smaller than the maximum XPAY drawdown of -18.20%. Use the drawdown chart below to compare losses from any high point for XDIV and XPAY.

Drawdown Indicators

	XDIV	XPAY	Difference
Max Drawdown Largest peak-to-trough decline	-9.16%	-18.20%	+9.04%
Max Drawdown (1Y) Largest decline over 1 year	-9.16%	-9.34%	+0.18%
Current Drawdown Current decline from peak	-1.35%	-1.55%	+0.20%
Average Drawdown Average peak-to-trough decline	-1.31%	-2.34%	+1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	2.20%	-0.08%

Volatility

XDIV vs. XPAY - Volatility Comparison

Roundhill S&P 500 No Dividend Target ETF (XDIV) and Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) have volatilities of 3.29% and 3.44%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XDIV	XPAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.29%	3.44%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	10.24%	9.94%	+0.30%
Volatility (1Y) Calculated over the trailing 1-year period	12.97%	12.70%	+0.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.66%	16.55%	-3.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.66%	16.55%	-3.89%

XDIV vs. XPAY - Expense Ratio Comparison

XDIV has a 0.08% expense ratio, which is lower than XPAY's 0.49% expense ratio.

Dividends

XDIV vs. XPAY - Dividend Comparison

XDIV has not paid dividends to shareholders, while XPAY's dividend yield for the trailing twelve months is around 21.05%.

Position	TTM	2025	2024
XDIV Roundhill S&P 500 No Dividend Target ETF	0.00%	0.00%	0.00%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	21.05%	21.21%	3.40%

Frequently Asked Questions

Can I hold both XDIV and XPAY in my portfolio?

With a correlation of 0.97, XDIV and XPAY 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 XPAY?

XPAY has higher volatility (3.44%) compared to XDIV (3.29%). In terms of maximum drawdown, XDIV dropped -9.16% vs XPAY's -18.20%.

Which ETF is better, XDIV or XPAY?

On 1-year performance, XDIV leads with 21.62% vs 20.64% for XPAY. On fees, XDIV is cheaper at 0.08% per year. On volatility, XDIV has been the lower-risk option at 3.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XDIV or XPAY?

Over the 1-year period, XDIV has performed better with a 21.62% return vs 20.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XDIV or XPAY?

XDIV is cheaper with a 0.08% expense ratio, compared with 0.49% for XPAY.

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

XPAY has the higher dividend yield at 21.05%, compared with 0.00% for XDIV.

What is the main difference between XDIV and XPAY?

XDIV is categorized as S&P 500, while XPAY is Derivative Income. Their fees differ too: 0.08% for XDIV and 0.49% for XPAY.

Which has better risk-adjusted returns?

XDIV currently has the higher Sharpe Ratio (1.54 vs 1.47), 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.