XDTE vs. SPY

Last updated Jun 23, 2026

XDTE (Roundhill S&P 500 0DTE Covered Call Strategy ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - XDTE is a Derivative Income fund actively managed by Roundhill, while SPY is a S&P 500 fund tracking the S&P 500 Index. XDTE is actively managed, while SPY is passively managed. Over the past year, XDTE returned 24.69% vs 26.65% for SPY. With a 0.96 correlation, they move nearly in lockstep. XDTE charges 0.97%/yr vs 0.09%/yr for SPY.

Performance

XDTE vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XDTE achieves a 8.25% return, which is significantly lower than SPY's 9.74% return.

XDTE

• 1D: -0.23%
• 1M: 0.62%
• YTD: 8.25%
• 6M: 7.82%
• 1Y: 24.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

XDTE vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	8.25%	12.60%	17.12%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	16.45%

Correlation

The correlation between XDTE 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 Mar 7, 2024	0.96

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

XDTE vs. SPY - Sectors Allocation Comparison

Sectors	XDTE	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

XDTE vs. SPY — Risk / Return Rank

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

XDTE

XDTE Risk / Return Rank: 69
XDTE Sharpe Ratio Rank: 69
XDTE Sortino Ratio Rank: 65
XDTE Omega Ratio Rank: 69
XDTE Calmar Ratio Rank: 67
XDTE Martin Ratio Rank: 76

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

XDTE vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE) 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.

	XDTE	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.16	2.16	0.00
Sortino ratio: Return per unit of downside risk	2.87	2.91	-0.04
Omega ratio: Gain probability vs. loss probability	1.40	1.39	0.00
Calmar ratio: Return relative to maximum drawdown	3.23	3.01	+0.21
Martin ratio: Return relative to average drawdown	14.19	13.54	+0.65

XDTE vs. SPY - Sharpe Ratio Comparison

The current XDTE Sharpe Ratio is 2.16, which is comparable to the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of XDTE 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

XDTE vs. SPY - Drawdown Comparison

The maximum XDTE drawdown since its inception was -19.09%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for XDTE and SPY.

Drawdown Indicators

	XDTE	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-19.09%	-55.19%	+36.10%
Max Drawdown (1Y) Largest decline over 1 year	-7.68%	-8.88%	+1.20%
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	-1.19%	-1.75%	+0.56%
Average Drawdown Average peak-to-trough decline	-2.31%	-9.04%	+6.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.74%	1.97%	-0.23%

Volatility

XDTE vs. SPY - Volatility Comparison

The current volatility for Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE) is 4.30%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 4.64%. This indicates that XDTE 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

	XDTE	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.30%	4.64%	-0.34%
Volatility (6M) Calculated over the trailing 6-month period	9.03%	9.75%	-0.72%
Volatility (1Y) Calculated over the trailing 1-year period	11.51%	12.43%	-0.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.95%	17.14%	-3.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.95%	17.99%	-4.04%

XDTE vs. SPY - Expense Ratio Comparison

XDTE has a 0.97% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

XDTE vs. SPY - Dividend Comparison

XDTE's dividend yield for the trailing twelve months is around 32.76%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	32.76%	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 XDTE and SPY in my portfolio?

With a correlation of 0.97, XDTE 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, XDTE or SPY?

SPY has higher volatility (4.64%) compared to XDTE (4.30%). In terms of maximum drawdown, XDTE dropped -19.09% vs SPY's -55.19%.

Which ETF is better, XDTE or SPY?

On 1-year performance, SPY leads with 26.65% vs 24.69% for XDTE. On fees, SPY is cheaper at 0.09% per year. On volatility, XDTE has been the lower-risk option at 4.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XDTE or SPY?

Over the 1-year period, SPY has performed better with a 26.65% return vs 24.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XDTE or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.97% for XDTE.

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

XDTE has the higher dividend yield at 32.76%, compared with 1.01% for SPY.

What is the main difference between XDTE and SPY?

XDTE is categorized as Derivative Income, while SPY is S&P 500. They also come from different issuers: Roundhill and State Street. Their fees differ too: 0.97% for XDTE and 0.09% for SPY.

Which has better risk-adjusted returns?

XDTE currently has the higher Sharpe Ratio (2.16 vs 2.16), 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.