YBTC vs. XPAY

Last updated Jun 5, 2026

YBTC (Roundhill Bitcoin Covered Call Strategy ETF) and XPAY (Roundhill S&P 500 Target 20 Managed Distribution ETF) are both exchange-traded funds - YBTC is a Cryptocurrency fund actively managed by Roundhill, while XPAY is a Derivative Income fund actively managed by Roundhill. Both are actively managed. Over the past year, YBTC returned -36.84% vs 27.57% for XPAY. At a 0.45 correlation, their price movements are largely independent. YBTC charges 0.95%/yr vs 0.49%/yr for XPAY.

Performance

YBTC vs. XPAY - Performance Comparison

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

Returns By Period

In the year-to-date period, YBTC achieves a -25.51% return, which is significantly lower than XPAY's 11.30% return.

YBTC

• 1D: -2.77%
• 1M: -19.76%
• YTD: -25.51%
• 6M: -28.64%
• 1Y: -36.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XPAY

• 1D: 0.42%
• 1M: 4.66%
• YTD: 11.30%
• 6M: 11.03%
• 1Y: 27.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

YBTC vs. XPAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YBTC Roundhill Bitcoin Covered Call Strategy ETF	-25.51%	-4.23%	16.71%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	11.30%	16.78%	3.17%

Correlation

The correlation between YBTC and XPAY is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (All Time) Calculated using the full available price history since Nov 1, 2024	0.45

The correlation between YBTC and XPAY has been stable across timeframes, ranging from 0.45 to 0.50 - a consistent structural relationship.

Return for Risk

YBTC vs. XPAY — Risk / Return Rank

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

YBTC

YBTC Risk / Return Rank: 2
YBTC Sharpe Ratio Rank: 2
YBTC Sortino Ratio Rank: 2
YBTC Omega Ratio Rank: 2
YBTC Calmar Ratio Rank: 2
YBTC Martin Ratio Rank: 2

XPAY

XPAY Risk / Return Rank: 70
XPAY Sharpe Ratio Rank: 73
XPAY Sortino Ratio Rank: 71
XPAY Omega Ratio Rank: 72
XPAY Calmar Ratio Rank: 61
XPAY Martin Ratio Rank: 74

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.

YBTC vs. XPAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Bitcoin Covered Call Strategy ETF (YBTC) 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.

	YBTC	XPAY	Difference
Sharpe ratio: Return per unit of total volatility	-0.94	2.34	-3.28
Sortino ratio: Return per unit of downside risk	-1.27	3.18	-4.46
Omega ratio: Gain probability vs. loss probability	0.84	1.42	-0.58
Calmar ratio: Return relative to maximum drawdown	-0.78	2.97	-3.75
Martin ratio: Return relative to average drawdown	-1.43	13.67	-15.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

YBTC vs. XPAY - Sharpe Ratio Comparison

The current YBTC Sharpe Ratio is -0.94, which is lower than the XPAY Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of YBTC and XPAY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	YBTC	XPAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.94	2.34	-3.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	1.23	-1.10

Drawdowns

YBTC vs. XPAY - Drawdown Comparison

The maximum YBTC drawdown since its inception was -47.09%, which is greater than XPAY's maximum drawdown of -18.20%. Use the drawdown chart below to compare losses from any high point for YBTC and XPAY.

Drawdown Indicators

	YBTC	XPAY	Difference
Max Drawdown Largest peak-to-trough decline	-47.09%	-18.20%	-28.89%
Max Drawdown (1Y) Largest decline over 1 year	-47.09%	-9.34%	-37.75%
Current Drawdown Current decline from peak	-45.60%	-0.26%	-45.34%
Average Drawdown Average peak-to-trough decline	-12.94%	-2.36%	-10.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.85%	2.02%	+23.83%

Volatility

YBTC vs. XPAY - Volatility Comparison

Roundhill Bitcoin Covered Call Strategy ETF (YBTC) has a higher volatility of 8.73% compared to Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) at 2.70%. This indicates that YBTC's price experiences larger fluctuations and is considered to be riskier than XPAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YBTC	XPAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.73%	2.70%	+6.03%
Volatility (6M) Calculated over the trailing 6-month period	31.30%	8.82%	+22.48%
Volatility (1Y) Calculated over the trailing 1-year period	39.25%	11.82%	+27.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.82%	16.68%	+24.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.82%	16.68%	+24.14%

YBTC vs. XPAY - Expense Ratio Comparison

YBTC has a 0.95% expense ratio, which is higher than XPAY's 0.49% expense ratio.

Dividends

YBTC vs. XPAY - Dividend Comparison

YBTC's dividend yield for the trailing twelve months is around 90.64%, more than XPAY's 20.28% yield.

Position	TTM	2025	2024
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	20.28%	21.21%	3.40%
YBTC Roundhill Bitcoin Covered Call Strategy ETF	90.64%	76.04%	44.53%

Frequently Asked Questions

Can I hold both YBTC and XPAY in my portfolio?

YBTC and XPAY have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YBTC or XPAY?

YBTC has higher volatility (8.73%) compared to XPAY (2.70%). In terms of maximum drawdown, YBTC dropped -47.09% vs XPAY's -18.20%.

Which ETF is better, YBTC or XPAY?

On 1-year performance, XPAY leads with 27.57% vs -36.84% for YBTC. On fees, XPAY is cheaper at 0.49% per year. On volatility, XPAY has been the lower-risk option at 2.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YBTC or XPAY?

Over the 1-year period, XPAY has performed better with a 27.57% return vs -36.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YBTC or XPAY?

XPAY is cheaper with a 0.49% expense ratio, compared with 0.95% for YBTC.

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

YBTC has the higher dividend yield at 90.64%, compared with 20.28% for XPAY.

What is the main difference between YBTC and XPAY?

YBTC is categorized as Cryptocurrency, while XPAY is Derivative Income. Their fees differ too: 0.95% for YBTC and 0.49% for XPAY.

Which has better risk-adjusted returns?

XPAY currently has the higher Sharpe Ratio (2.34 vs -0.94), 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.