XPAY vs. SPXX

Last updated Jun 14, 2026

XPAY (Roundhill S&P 500 Target 20 Managed Distribution ETF) and SPXX (Nuveen S&P 500 Dynamic Overwrite Fund) are both funds - XPAY is a Derivative Income fund actively managed by Roundhill, while SPXX is a S&P 500 fund actively managed by Nuveen. Both are actively managed. Over the past year, XPAY returned 24.99% vs 12.87% for SPXX. A 0.77 correlation means they provide meaningful diversification when combined. XPAY charges 0.49%/yr vs 0.89%/yr for SPXX.

Performance

XPAY vs. SPXX - 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 Nuveen S&P 500 Dynamic Overwrite Fund (SPXX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XPAY achieves a 8.67% return, which is significantly higher than SPXX's 2.91% return.

XPAY

• 1D: 0.27%
• 1M: 0.28%
• YTD: 8.67%
• 6M: 8.87%
• 1Y: 24.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPXX

• 1D: 0.11%
• 1M: 2.13%
• YTD: 2.91%
• 6M: 5.89%
• 1Y: 12.87%
• 3Y*: 13.08%
• 5Y*: 6.90%
• 10Y*: 10.24%

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

XPAY vs. SPXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	8.67%	16.78%	1.60%
SPXX Nuveen S&P 500 Dynamic Overwrite Fund	2.91%	9.78%	7.32%

Correlation

The correlation between XPAY and SPXX is 0.76, 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	0.76
Correlation (All Time) Calculated using the full available price history since Oct 31, 2024	0.77

The correlation between XPAY and SPXX has been stable across timeframes, ranging from 0.76 to 0.77 - a consistent structural relationship.

Return for Risk

XPAY vs. SPXX — Risk / Return Rank

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

XPAY

XPAY Risk / Return Rank: 65
XPAY Sharpe Ratio Rank: 68
XPAY Sortino Ratio Rank: 65
XPAY Omega Ratio Rank: 67
XPAY Calmar Ratio Rank: 57
XPAY Martin Ratio Rank: 70

SPXX

SPXX Risk / Return Rank: 17
SPXX Sharpe Ratio Rank: 18
SPXX Sortino Ratio Rank: 18
SPXX Omega Ratio Rank: 17
SPXX Calmar Ratio Rank: 14
SPXX Martin Ratio Rank: 16

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. SPXX - 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 Nuveen S&P 500 Dynamic Overwrite Fund (SPXX). 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.

	XPAY	SPXX	Difference
Sharpe ratio: Return per unit of total volatility	1.91	0.95	+0.96
Sortino ratio: Return per unit of downside risk	2.59	1.40	+1.19
Omega ratio: Gain probability vs. loss probability	1.35	1.17	+0.18
Calmar ratio: Return relative to maximum drawdown	2.51	0.97	+1.54
Martin ratio: Return relative to average drawdown	11.28	3.30	+7.98

XPAY vs. SPXX - Sharpe Ratio Comparison

The current XPAY Sharpe Ratio is 1.91, which is higher than the SPXX Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of XPAY and SPXX, 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

XPAY vs. SPXX - Drawdown Comparison

The maximum XPAY drawdown since its inception was -18.20%, smaller than the maximum SPXX drawdown of -52.39%. Use the drawdown chart below to compare losses from any high point for XPAY and SPXX.

Drawdown Indicators

	XPAY	SPXX	Difference
Max Drawdown Largest peak-to-trough decline	-18.20%	-52.39%	+34.19%
Max Drawdown (1Y) Largest decline over 1 year	-9.34%	-11.86%	+2.52%
Max Drawdown (3Y) Largest decline over 3 years	—	-17.65%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-18.09%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-43.99%	—
Current Drawdown Current decline from peak	-2.61%	-1.41%	-1.20%
Average Drawdown Average peak-to-trough decline	-2.38%	-7.46%	+5.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	3.49%	-1.41%

Volatility

XPAY vs. SPXX - Volatility Comparison

Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) has a higher volatility of 4.24% compared to Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) at 3.42%. This indicates that XPAY's price experiences larger fluctuations and is considered to be riskier than SPXX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XPAY	SPXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.24%	3.42%	+0.82%
Volatility (6M) Calculated over the trailing 6-month period	9.46%	9.14%	+0.32%
Volatility (1Y) Calculated over the trailing 1-year period	12.25%	12.14%	+0.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.81%	15.81%	+1.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.81%	18.41%	-1.60%

XPAY vs. SPXX - Expense Ratio Comparison

XPAY has a 0.49% expense ratio, which is lower than SPXX's 0.89% expense ratio.

Dividends

XPAY vs. SPXX - Dividend Comparison

XPAY's dividend yield for the trailing twelve months is around 21.03%, more than SPXX's 7.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPXX Nuveen S&P 500 Dynamic Overwrite Fund	5.56%	7.48%	6.87%	7.82%	7.30%	5.27%	6.56%	6.44%	7.98%	5.69%	5.14%	7.75%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	21.03%	21.21%	3.40%	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 XPAY and SPXX in my portfolio?

XPAY and SPXX have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XPAY or SPXX?

XPAY has higher volatility (4.24%) compared to SPXX (3.42%). In terms of maximum drawdown, XPAY dropped -18.20% vs SPXX's -52.39%.

Which has better risk-adjusted returns?

XPAY currently has the higher Sharpe Ratio (1.91 vs 0.95), 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.