XPAY vs. PEPS

Last updated Jun 4, 2026

XPAY (Roundhill S&P 500 Target 20 Managed Distribution ETF) and PEPS (Parametric Equity Plus ETF) are both Derivative Income funds. Both are actively managed. Over the past year, XPAY returned 27.22% vs 31.83% for PEPS. With a 0.97 correlation, they move nearly in lockstep. XPAY charges 0.49%/yr vs 0.10%/yr for PEPS.

Performance

XPAY vs. PEPS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) and Parametric Equity Plus ETF (PEPS). 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 XPAY having a 10.83% return and PEPS slightly lower at 10.67%.

XPAY

• 1D: -0.68%
• 1M: 5.07%
• YTD: 10.83%
• 6M: 10.69%
• 1Y: 27.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PEPS

• 1D: -0.51%
• 1M: 6.44%
• YTD: 10.67%
• 6M: 10.79%
• 1Y: 31.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XPAY vs. PEPS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	10.83%	16.78%	-1.72%
PEPS Parametric Equity Plus ETF	10.67%	20.32%	-1.45%

Correlation

The correlation between XPAY and PEPS 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 Nov 11, 2024	0.97

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

Return for Risk

XPAY vs. PEPS — Risk / Return Rank

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

XPAY

XPAY Risk / Return Rank: 67
XPAY Sharpe Ratio Rank: 69
XPAY Sortino Ratio Rank: 67
XPAY Omega Ratio Rank: 68
XPAY Calmar Ratio Rank: 58
XPAY Martin Ratio Rank: 71

PEPS

PEPS Risk / Return Rank: 73
PEPS Sharpe Ratio Rank: 76
PEPS Sortino Ratio Rank: 71
PEPS Omega Ratio Rank: 75
PEPS Calmar Ratio Rank: 66
PEPS Martin Ratio Rank: 79

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.

XPAY vs. PEPS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) and Parametric Equity Plus ETF (PEPS). 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.

	XPAY	PEPS	Difference
Sharpe ratio: Return per unit of total volatility	2.31	2.45	-0.14
Sortino ratio: Return per unit of downside risk	3.15	3.22	-0.07
Omega ratio: Gain probability vs. loss probability	1.42	1.45	-0.03
Calmar ratio: Return relative to maximum drawdown	2.93	3.26	-0.34
Martin ratio: Return relative to average drawdown	13.50	15.28	-1.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XPAY vs. PEPS - Sharpe Ratio Comparison

The current XPAY Sharpe Ratio is 2.31, which is comparable to the PEPS Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of XPAY and PEPS, 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

	XPAY	PEPS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.31	2.45	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	1.21	1.05	+0.16

Drawdowns

XPAY vs. PEPS - Drawdown Comparison

The maximum XPAY drawdown since its inception was -18.20%, smaller than the maximum PEPS drawdown of -21.26%. Use the drawdown chart below to compare losses from any high point for XPAY and PEPS.

Drawdown Indicators

	XPAY	PEPS	Difference
Max Drawdown Largest peak-to-trough decline	-18.20%	-21.26%	+3.06%
Max Drawdown (1Y) Largest decline over 1 year	-9.34%	-9.80%	+0.46%
Current Drawdown Current decline from peak	-0.68%	-0.51%	-0.17%
Average Drawdown Average peak-to-trough decline	-2.37%	-2.77%	+0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	2.09%	-0.07%

Volatility

XPAY vs. PEPS - Volatility Comparison

Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) and Parametric Equity Plus ETF (PEPS) have volatilities of 2.76% and 2.77%, 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

	XPAY	PEPS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.76%	2.77%	-0.01%
Volatility (6M) Calculated over the trailing 6-month period	8.82%	9.83%	-1.01%
Volatility (1Y) Calculated over the trailing 1-year period	11.82%	13.06%	-1.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.70%	18.31%	-1.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.70%	18.31%	-1.61%

XPAY vs. PEPS - Expense Ratio Comparison

XPAY has a 0.49% expense ratio, which is higher than PEPS's 0.10% expense ratio.

Dividends

XPAY vs. PEPS - Dividend Comparison

XPAY's dividend yield for the trailing twelve months is around 20.37%, more than PEPS's 0.88% yield.

Position	TTM	2025	2024
PEPS Parametric Equity Plus ETF	0.88%	1.00%	0.17%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	20.37%	21.21%	3.40%

Frequently Asked Questions

Can I hold both XPAY and PEPS in my portfolio?

With a correlation of 0.97, XPAY and PEPS 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, XPAY or PEPS?

PEPS has higher volatility (2.77%) compared to XPAY (2.76%). In terms of maximum drawdown, XPAY dropped -18.20% vs PEPS's -21.26%.

Which ETF is better, XPAY or PEPS?

On 1-year performance, PEPS leads with 31.83% vs 27.22% for XPAY. On fees, PEPS is cheaper at 0.10% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XPAY or PEPS?

Over the 1-year period, PEPS has performed better with a 31.83% return vs 27.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XPAY or PEPS?

PEPS is cheaper with a 0.10% expense ratio, compared with 0.49% for XPAY.

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

XPAY has the higher dividend yield at 20.37%, compared with 0.88% for PEPS.

What is the main difference between XPAY and PEPS?

They also come from different issuers: Roundhill and Parametric. Their fees differ too: 0.49% for XPAY and 0.10% for PEPS.

Which has better risk-adjusted returns?

PEPS currently has the higher Sharpe Ratio (2.45 vs 2.31), 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.