XPAY vs. THTA

Last updated Jun 25, 2026

XPAY (Roundhill S&P 500 Target 20 Managed Distribution ETF) and THTA (SoFi Enhanced Yield ETF) are both Derivative Income funds. Both are actively managed. Over the past year, XPAY returned 21.40% vs 16.23% for THTA. At a 0.47 correlation, their price movements are largely independent. Both charge a 0.49% expense ratio.

Performance

XPAY vs. THTA - 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 SoFi Enhanced Yield ETF (THTA). 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 7.87% return and THTA slightly lower at 7.57%.

XPAY

• 1D: -0.36%
• 1M: -1.56%
• YTD: 7.87%
• 6M: 6.66%
• 1Y: 21.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

THTA

• 1D: 0.00%
• 1M: 0.77%
• YTD: 7.57%
• 6M: 7.94%
• 1Y: 16.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XPAY vs. THTA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	7.87%	16.78%	1.60%
THTA SoFi Enhanced Yield ETF	7.57%	-10.24%	2.95%

Correlation

The correlation between XPAY and THTA is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (All Time) Calculated using the full available price history since Oct 31, 2024	0.47

Return for Risk

XPAY vs. THTA — Risk / Return Rank

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

XPAY

XPAY Risk / Return Rank: 57
XPAY Sharpe Ratio Rank: 58
XPAY Sortino Ratio Rank: 55
XPAY Omega Ratio Rank: 57
XPAY Calmar Ratio Rank: 52
XPAY Martin Ratio Rank: 63

THTA

THTA Risk / Return Rank: 95
THTA Sharpe Ratio Rank: 92
THTA Sortino Ratio Rank: 94
THTA Omega Ratio Rank: 96
THTA Calmar Ratio Rank: 94
THTA Martin Ratio Rank: 98

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. THTA - 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 SoFi Enhanced Yield ETF (THTA). 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	THTA	Difference
Sharpe ratio: Return per unit of total volatility	1.74	2.85	-1.11
Sortino ratio: Return per unit of downside risk	2.38	4.22	-1.84
Omega ratio: Gain probability vs. loss probability	1.32	1.75	-0.44
Calmar ratio: Return relative to maximum drawdown	2.30	6.18	-3.88
Martin ratio: Return relative to average drawdown	10.19	51.39	-41.20

XPAY vs. THTA - Sharpe Ratio Comparison

The current XPAY Sharpe Ratio is 1.74, which is lower than the THTA Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of XPAY and THTA, 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. THTA - Drawdown Comparison

The maximum XPAY drawdown since its inception was -18.20%, smaller than the maximum THTA drawdown of -31.41%. Use the drawdown chart below to compare losses from any high point for XPAY and THTA.

Drawdown Indicators

	XPAY	THTA	Difference
Max Drawdown Largest peak-to-trough decline	-18.20%	-31.41%	+13.21%
Max Drawdown (1Y) Largest decline over 1 year	-9.34%	-2.64%	-6.70%
Current Drawdown Current decline from peak	-3.33%	-6.17%	+2.84%
Average Drawdown Average peak-to-trough decline	-2.37%	-7.48%	+5.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	0.32%	+1.78%

Volatility

XPAY vs. THTA - Volatility Comparison

Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) has a higher volatility of 4.75% compared to SoFi Enhanced Yield ETF (THTA) at 0.96%. This indicates that XPAY's price experiences larger fluctuations and is considered to be riskier than THTA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XPAY	THTA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.75%	0.96%	+3.79%
Volatility (6M) Calculated over the trailing 6-month period	9.67%	4.07%	+5.60%
Volatility (1Y) Calculated over the trailing 1-year period	12.37%	5.72%	+6.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.82%	20.02%	-3.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.82%	20.02%	-3.20%

XPAY vs. THTA - Expense Ratio Comparison

Both XPAY and THTA have an expense ratio of 0.49%.

Dividends

XPAY vs. THTA - Dividend Comparison

XPAY's dividend yield for the trailing twelve months is around 21.18%, more than THTA's 11.15% yield.

Position	TTM	2025	2024	2023
THTA SoFi Enhanced Yield ETF	11.15%	12.66%	12.44%	0.58%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	21.18%	21.21%	3.40%	0.00%

Frequently Asked Questions

Can I hold both XPAY and THTA in my portfolio?

XPAY and THTA have a correlation of 0.37, 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 THTA?

XPAY has higher volatility (4.75%) compared to THTA (0.96%). In terms of maximum drawdown, XPAY dropped -18.20% vs THTA's -31.41%.

Which ETF is better, XPAY or THTA?

On 1-year performance, XPAY leads with 21.40% vs 16.23% for THTA. Both ETFs have the same 0.49% expense ratio. On volatility, THTA has been the lower-risk option at 0.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XPAY or THTA?

Over the 1-year period, XPAY has performed better with a 21.40% return vs 16.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XPAY or THTA?

XPAY and THTA have the same expense ratio: 0.49% per year.

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

XPAY has the higher dividend yield at 21.18%, compared with 11.15% for THTA.

What is the main difference between XPAY and THTA?

They also come from different issuers: Roundhill and SoFi.

Which has better risk-adjusted returns?

THTA currently has the higher Sharpe Ratio (2.85 vs 1.74), 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.