XPAY vs. SVOL
XPAY (Roundhill S&P 500 Target 20 Managed Distribution ETF) and SVOL (Simplify Volatility Premium ETF) are both exchange-traded funds - XPAY is a Derivative Income fund actively managed by Roundhill, while SVOL is a Volatility fund actively managed by Simplify. Both are actively managed. Over the past year, XPAY returned 22.25% vs 17.84% for SVOL. Their correlation of 0.84 means they have usually moved in the same direction. XPAY charges 0.49%/yr vs 0.50%/yr for SVOL.
Performance
XPAY vs. SVOL - Performance Comparison
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Returns By Period
In the year-to-date period, XPAY achieves a 11.32% return, which is significantly higher than SVOL's 1.56% return.
XPAY
- 1D
- 1.33%
- 1M
- 1.63%
- 6M
- 9.13%
- YTD
- 11.32%
- 1Y
- 22.25%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 17.18%
SVOL
- 1D
- -0.25%
- 1M
- 0.32%
- 6M
- -0.36%
- YTD
- 1.56%
- 1Y
- 17.84%
- 3Y*
- 5.96%
- 5Y*
- 6.86%
- 10Y*
- —
- ALL TIME*
- 7.89%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $4.51M | $3.79M | $4.39M | |
| $1.77M | $2.52M | $3.75M |
XPAY vs. SVOL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF | 11.32% | 16.78% | 1.60% |
SVOL Simplify Volatility Premium ETF | 1.56% | 2.41% | 0.68% |
Correlation
The correlation between XPAY and SVOL is 0.78, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.78 |
Correlation (All Time) Calculated using the full available price history since Oct 31, 2024 | 0.84 |
The correlation between XPAY and SVOL has been stable across timeframes, ranging from 0.78 to 0.84 - a consistent structural relationship.
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Return for Risk
XPAY vs. SVOL — Risk / Return Rank
XPAY
SVOL
XPAY vs. SVOL - 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 Simplify Volatility Premium ETF (SVOL). 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 | SVOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.72 | ||
| Sortino ratioReturn per unit of downside risk | +0.87 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.21 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.39 | 1.57 | +0.82 |
| Martin ratioReturn relative to average drawdown | 10.17 | 4.56 | +5.61 |
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Drawdowns
XPAY vs. SVOL - Drawdown Comparison
The maximum XPAY drawdown since its inception was -18.20%, smaller than the maximum SVOL drawdown of -33.50%. Use the drawdown chart below to compare losses from any high point for XPAY and SVOL.
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Drawdown Indicators
| XPAY | SVOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.20% | -33.50% | +15.30% |
Max Drawdown (1Y)Largest decline over 1 year | -9.34% | -11.42% | +2.08% |
Max Drawdown (3Y)Largest decline over 3 years | — | -33.50% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.50% | — |
Current DrawdownCurrent decline from peak | -0.24% | -1.58% | +1.34% |
Average DrawdownAverage peak-to-trough decline | -2.34% | -4.68% | +2.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.19% | 3.92% | -1.73% |
Volatility
XPAY vs. SVOL - Volatility Comparison
The current volatility for Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) is 3.67%, while Simplify Volatility Premium ETF (SVOL) has a volatility of 4.17%. This indicates that XPAY experiences smaller price fluctuations and is considered to be less risky than SVOL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XPAY | SVOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.67% | 4.17% | -0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 10.01% | 9.63% | +0.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.66% | 17.09% | -4.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.56% | 21.96% | -5.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.56% | 21.73% | -5.17% |
XPAY vs. SVOL - Expense Ratio Comparison
XPAY has a 0.49% expense ratio, which is lower than SVOL's 0.50% expense ratio.
Dividends
XPAY vs. SVOL - Dividend Comparison
XPAY's dividend yield for the trailing twelve months is around 20.78%, less than SVOL's 22.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
SVOL Simplify Volatility Premium ETF | 22.19% | 19.82% | 16.79% | 16.36% | 18.32% | 4.65% |
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF | 20.78% | 21.21% | 3.40% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
XPAY and SVOL have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SVOL has higher volatility (4.17%) compared to XPAY (3.67%). In terms of maximum drawdown, XPAY dropped -18.20% vs SVOL's -33.50%.
On 1-year performance, XPAY leads with 22.25% vs 17.84% for SVOL. On fees, XPAY is cheaper at 0.49% per year. On volatility, XPAY has been the lower-risk option at 3.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, XPAY has performed better with a 22.25% return vs 17.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XPAY is cheaper with a 0.49% expense ratio, compared with 0.50% for SVOL.
SVOL has the higher dividend yield at 22.19%, compared with 20.78% for XPAY.
XPAY is categorized as Derivative Income, while SVOL is Volatility. They also come from different issuers: Roundhill and Simplify. Their fees differ too: 0.49% for XPAY and 0.50% for SVOL.
XPAY currently has the higher Sharpe Ratio (1.77 vs 1.05), 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.
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