XRMI vs. XPAY

Last updated Apr 2, 2026

Compare and contrast key facts about Global X S&P 500 Risk Managed Income ETF (XRMI) and Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY).

XRMI and XPAY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XRMI is a passively managed fund by Global X that tracks the performance of the Cboe S&P 500 Risk Managed Income Index. It was launched on Aug 25, 2021. XPAY is an actively managed fund by Roundhill. It was launched on Oct 30, 2024.

Performance

XRMI vs. XPAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X S&P 500 Risk Managed Income ETF (XRMI) and Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY). The values are adjusted to include any dividend payments, if applicable.

XRMI vs. XPAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XRMI Global X S&P 500 Risk Managed Income ETF	-2.13%	4.60%	4.71%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	-3.96%	16.78%	3.17%

Returns By Period

In the year-to-date period, XRMI achieves a -2.13% return, which is significantly higher than XPAY's -3.96% return.

XRMI

• 1D: 0.41%
• 1M: -3.63%
• YTD: -2.13%
• 6M: 1.59%
• 1Y: 4.23%
• 3Y*: 6.19%
• 5Y*: —
• 10Y*: —

XPAY

• 1D: 0.86%
• 1M: -4.45%
• YTD: -3.96%
• 6M: -2.20%
• 1Y: 17.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XRMI vs. XPAY - Expense Ratio Comparison

XRMI has a 0.60% expense ratio, which is higher than XPAY's 0.49% expense ratio.

XRMI

Global X S&P 500 Risk Managed Income ETF

XPAY

Roundhill S&P 500 Target 20 Managed Distribution ETF

Return for Risk

XRMI vs. XPAY — Risk / Return Rank

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

XRMI

XRMI Risk / Return Rank: 30
XRMI Sharpe Ratio Rank: 31
XRMI Sortino Ratio Rank: 29
XRMI Omega Ratio Rank: 29
XRMI Calmar Ratio Rank: 30
XRMI Martin Ratio Rank: 31

XPAY

XPAY Risk / Return Rank: 56
XPAY Sharpe Ratio Rank: 51
XPAY Sortino Ratio Rank: 53
XPAY Omega Ratio Rank: 57
XPAY Calmar Ratio Rank: 57
XPAY Martin Ratio Rank: 64

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.

XRMI vs. XPAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X S&P 500 Risk Managed Income ETF (XRMI) and Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY). 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.

	XRMI	XPAY	Difference
Sharpe ratio Return per unit of total volatility	0.62	0.96	-0.34
Sortino ratio Return per unit of downside risk	0.89	1.44	-0.55
Omega ratio Gain probability vs. loss probability	1.13	1.22	-0.09
Calmar ratio Return relative to maximum drawdown	0.80	1.53	-0.73
Martin ratio Return relative to average drawdown	2.72	6.71	-3.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XRMI vs. XPAY - Sharpe Ratio Comparison

The current XRMI Sharpe Ratio is 0.62, which is lower than the XPAY Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of XRMI and XPAY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XRMI	XPAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.62	0.96	-0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.64	-0.38

Correlation

The correlation between XRMI and XPAY is 0.71, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

XRMI vs. XPAY - Dividend Comparison

XRMI's dividend yield for the trailing twelve months is around 12.78%, less than XPAY's 22.92% yield.

	TTM	2025	2024	2023	2022	2021
XRMI Global X S&P 500 Risk Managed Income ETF	12.78%	12.35%	11.86%	12.62%	12.84%	2.93%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	22.92%	21.21%	3.40%	0.00%	0.00%	0.00%

Drawdowns

XRMI vs. XPAY - Drawdown Comparison

The maximum XRMI drawdown since its inception was -15.31%, smaller than the maximum XPAY drawdown of -18.20%. Use the drawdown chart below to compare losses from any high point for XRMI and XPAY.

Drawdown Indicators

	XRMI	XPAY	Difference
Max Drawdown Largest peak-to-trough decline	-15.31%	-18.20%	+2.89%
Max Drawdown (1Y) Largest decline over 1 year	-5.02%	-11.55%	+6.53%
Current Drawdown Current decline from peak	-3.86%	-6.03%	+2.17%
Average Drawdown Average peak-to-trough decline	-6.10%	-2.56%	-3.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.47%	2.63%	-1.16%

Volatility

XRMI vs. XPAY - Volatility Comparison

The current volatility for Global X S&P 500 Risk Managed Income ETF (XRMI) is 2.68%, while Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) has a volatility of 5.30%. This indicates that XRMI experiences smaller price fluctuations and is considered to be less risky than XPAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XRMI	XPAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.68%	5.30%	-2.62%
Volatility (6M) Calculated over the trailing 6-month period	4.51%	9.42%	-4.91%
Volatility (1Y) Calculated over the trailing 1-year period	6.88%	18.05%	-11.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.99%	17.25%	-10.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.99%	17.25%	-10.26%