XPAY vs. XDTE

Last updated Jun 24, 2026

XPAY (Roundhill S&P 500 Target 20 Managed Distribution ETF) and XDTE (Roundhill S&P 500 0DTE Covered Call Strategy ETF) are both Derivative Income funds from Roundhill. Both are actively managed. Over the past year, XPAY returned 23.36% vs 22.04% for XDTE. With a 0.95 correlation, they move nearly in lockstep. XPAY charges 0.49%/yr vs 0.97%/yr for XDTE.

Performance

XPAY vs. XDTE - 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 Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XPAY achieves a 8.26% return, which is significantly higher than XDTE's 6.79% return.

XPAY

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

XDTE

• 1D: -1.35%
• 1M: -0.74%
• YTD: 6.79%
• 6M: 5.92%
• 1Y: 22.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XPAY vs. XDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	8.26%	16.78%	1.60%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	6.79%	12.60%	0.92%

Correlation

The correlation between XPAY and XDTE is 0.96 - 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	0.96
Correlation (All Time) Calculated using the full available price history since Oct 31, 2024	0.95

The correlation between XPAY and XDTE has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.

XPAY vs. XDTE - Sectors Allocation Comparison

Sectors	XPAY	XDTE
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. XDTE — 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

XDTE

XDTE Risk / Return Rank: 61
XDTE Sharpe Ratio Rank: 59
XDTE Sortino Ratio Rank: 55
XDTE Omega Ratio Rank: 59
XDTE Calmar Ratio Rank: 61
XDTE Martin Ratio Rank: 70

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. XDTE - 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 Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE). 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	XDTE	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.92	-0.02
Sortino ratio: Return per unit of downside risk	2.57	2.56	+0.01
Omega ratio: Gain probability vs. loss probability	1.34	1.35	-0.01
Calmar ratio: Return relative to maximum drawdown	2.51	2.88	-0.37
Martin ratio: Return relative to average drawdown	11.18	12.61	-1.43

XPAY vs. XDTE - Sharpe Ratio Comparison

The current XPAY Sharpe Ratio is 1.90, which is comparable to the XDTE Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of XPAY and XDTE, 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. XDTE - Drawdown Comparison

The maximum XPAY drawdown since its inception was -18.20%, roughly equal to the maximum XDTE drawdown of -19.09%. Use the drawdown chart below to compare losses from any high point for XPAY and XDTE.

Drawdown Indicators

	XPAY	XDTE	Difference
Max Drawdown Largest peak-to-trough decline	-18.20%	-19.09%	+0.89%
Max Drawdown (1Y) Largest decline over 1 year	-9.34%	-7.68%	-1.66%
Current Drawdown Current decline from peak	-2.98%	-2.52%	-0.46%
Average Drawdown Average peak-to-trough decline	-2.37%	-2.31%	-0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	1.75%	+0.34%

Volatility

XPAY vs. XDTE - Volatility Comparison

Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) has a higher volatility of 4.76% compared to Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE) at 4.52%. This indicates that XPAY's price experiences larger fluctuations and is considered to be riskier than XDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XPAY	XDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.76%	4.52%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	9.71%	9.12%	+0.59%
Volatility (1Y) Calculated over the trailing 1-year period	12.40%	11.58%	+0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.83%	13.97%	+2.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.83%	13.97%	+2.86%

XPAY vs. XDTE - Expense Ratio Comparison

XPAY has a 0.49% expense ratio, which is lower than XDTE's 0.97% expense ratio.

Dividends

XPAY vs. XDTE - Dividend Comparison

XPAY's dividend yield for the trailing twelve months is around 21.11%, less than XDTE's 33.21% yield.

Position	TTM	2025	2024
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	33.21%	39.16%	20.35%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	21.11%	21.21%	3.40%

Frequently Asked Questions

Can I hold both XPAY and XDTE in my portfolio?

With a correlation of 0.96, XPAY and XDTE 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 XDTE?

XPAY has higher volatility (4.76%) compared to XDTE (4.52%). In terms of maximum drawdown, XPAY dropped -18.20% vs XDTE's -19.09%.

Which ETF is better, XPAY or XDTE?

On 1-year performance, XPAY leads with 23.36% vs 22.04% for XDTE. On fees, XPAY is cheaper at 0.49% per year. On volatility, XDTE has been the lower-risk option at 4.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XPAY or XDTE?

Over the 1-year period, XPAY has performed better with a 23.36% return vs 22.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XPAY or XDTE?

XPAY is cheaper with a 0.49% expense ratio, compared with 0.97% for XDTE.

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

XDTE has the higher dividend yield at 33.21%, compared with 21.11% for XPAY.

What is the main difference between XPAY and XDTE?

Their fees differ too: 0.49% for XPAY and 0.97% for XDTE.

Which has better risk-adjusted returns?

XDTE currently has the higher Sharpe Ratio (1.92 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.