XPAY vs. SPY

Last updated Jun 24, 2026

XPAY (Roundhill S&P 500 Target 20 Managed Distribution ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - XPAY is a Derivative Income fund actively managed by Roundhill, while SPY is a S&P 500 fund tracking the S&P 500 Index. XPAY is actively managed, while SPY is passively managed. Over the past year, XPAY returned 23.36% vs 23.59% for SPY. With a 0.99 correlation, they move nearly in lockstep. XPAY charges 0.49%/yr vs 0.09%/yr for SPY.

Performance

XPAY vs. SPY - 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 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 stocks are quite close, with XPAY having a 8.26% return and SPY slightly lower at 8.15%.

XPAY

• 1D: -1.33%
• 1M: -1.20%
• YTD: 8.26%
• 6M: 7.36%
• 1Y: 23.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -1.45%
• 1M: -1.36%
• YTD: 8.15%
• 6M: 7.20%
• 1Y: 23.59%
• 3Y*: 20.68%
• 5Y*: 13.05%
• 10Y*: 15.53%

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

XPAY vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	8.26%	16.78%	1.60%
SPY State Street SPDR S&P 500 ETF	8.15%	17.72%	1.39%

Correlation

The correlation between XPAY and SPY is 0.99 - 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	0.99
Correlation (All Time) Calculated using the full available price history since Oct 31, 2024	0.99

The correlation between XPAY and SPY has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

XPAY vs. SPY - Sectors Allocation Comparison

Sectors	XPAY	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

XPAY vs. SPY — Risk / Return Rank

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

XPAY

XPAY Risk / Return Rank: 58
XPAY Sharpe Ratio Rank: 59
XPAY Sortino Ratio Rank: 56
XPAY Omega Ratio Rank: 58
XPAY Calmar Ratio Rank: 53
XPAY Martin Ratio Rank: 64

SPY

SPY Risk / Return Rank: 59
SPY Sharpe Ratio Rank: 58
SPY Sortino Ratio Rank: 56
SPY Omega Ratio Rank: 57
SPY Calmar Ratio Rank: 56
SPY Martin Ratio Rank: 67

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. SPY - 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 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.

	XPAY	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.90	0.00
Sortino ratio: Return per unit of downside risk	2.57	2.58	-0.01
Omega ratio: Gain probability vs. loss probability	1.34	1.34	0.00
Calmar ratio: Return relative to maximum drawdown	2.51	2.67	-0.15
Martin ratio: Return relative to average drawdown	11.18	11.92	-0.74

XPAY vs. SPY - Sharpe Ratio Comparison

The current XPAY Sharpe Ratio is 1.90, which is comparable to the SPY Sharpe Ratio of 1.90. The chart below compares the historical Sharpe Ratios of XPAY 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

XPAY vs. SPY - Drawdown Comparison

The maximum XPAY drawdown since its inception was -18.20%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for XPAY and SPY.

Drawdown Indicators

	XPAY	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-18.20%	-55.19%	+36.99%
Max Drawdown (1Y) Largest decline over 1 year	-9.34%	-8.88%	-0.46%
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	-2.98%	-3.17%	+0.19%
Average Drawdown Average peak-to-trough decline	-2.37%	-9.04%	+6.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	1.98%	+0.11%

Volatility

XPAY vs. SPY - Volatility Comparison

Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 4.76% and 4.87%, 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	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.76%	4.87%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	9.71%	9.85%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	12.40%	12.50%	-0.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.83%	17.15%	-0.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.83%	17.95%	-1.12%

XPAY vs. SPY - Expense Ratio Comparison

XPAY has a 0.49% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

XPAY vs. SPY - Dividend Comparison

XPAY's dividend yield for the trailing twelve months is around 21.11%, more than SPY's 1.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.03%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	21.11%	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 SPY in my portfolio?

With a correlation of 0.99, XPAY 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, XPAY or SPY?

SPY has higher volatility (4.87%) compared to XPAY (4.76%). In terms of maximum drawdown, XPAY dropped -18.20% vs SPY's -55.19%.

Which ETF is better, XPAY or SPY?

On 1-year performance, SPY leads with 23.59% vs 23.36% for XPAY. On fees, SPY is cheaper at 0.09% per year. On volatility, XPAY has been the lower-risk option at 4.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XPAY or SPY?

Over the 1-year period, SPY has performed better with a 23.59% return vs 23.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XPAY or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.49% for XPAY.

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

XPAY has the higher dividend yield at 21.11%, compared with 1.03% for SPY.

What is the main difference between XPAY and SPY?

XPAY 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: 0.49% for XPAY and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.90 vs 1.90), 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.