YETH vs. XPAY

Last updated Aug 2, 2026

YETH (Roundhill Ether Covered Call Strategy ETF) and XPAY (Roundhill S&P 500 Target 20 Managed Distribution ETF) are both Derivative Income funds from Roundhill. Both are actively managed. Over the past year, YETH returned -35.08% vs 20.64% for XPAY. Their 0.48 correlation means their historical movements had little consistent relationship. YETH charges 0.95%/yr vs 0.49%/yr for XPAY.

Performance

YETH vs. XPAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Ether Covered Call Strategy ETF (YETH) 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, YETH achieves a -29.48% return, which is significantly lower than XPAY's 9.86% return.

YETH

• 1D: -2.65%
• 1M: 11.61%
• 6M: -21.42%
• YTD: -29.48%
• 1Y: -35.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -23.31%

XPAY

• 1D: 0.71%
• 1M: 0.30%
• 6M: 8.21%
• YTD: 9.86%
• 1Y: 20.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.38%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	$1.68M	$2.65M	$3.83M
YETH Roundhill Ether Covered Call Strategy ETF	$413.46K	$455.45K	$751.44K

YETH vs. XPAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YETH Roundhill Ether Covered Call Strategy ETF	-29.48%	-32.10%	11.50%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	9.86%	16.78%	1.60%

Correlation

The correlation between YETH and XPAY is 0.49, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.49
Correlation (All Time) Calculated using the full available price history since Oct 31, 2024	0.48

Return for Risk

YETH vs. XPAY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

YETH

YETH Risk / Return Rank: 4
YETH Sharpe Ratio Rank: 3
YETH Sortino Ratio Rank: 4
YETH Omega Ratio Rank: 4
YETH Calmar Ratio Rank: 4
YETH Martin Ratio Rank: 4

XPAY

XPAY Risk / Return Rank: 63
XPAY Sharpe Ratio Rank: 64
XPAY Sortino Ratio Rank: 61
XPAY Omega Ratio Rank: 62
XPAY Calmar Ratio Rank: 57
XPAY Martin Ratio Rank: 69

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

YETH vs. XPAY - Risk-Adjusted Trends Comparison

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

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.

	YETH	XPAY	Difference
Sharpe ratio: Return per unit of total volatility	-0.70	1.47	-2.16
Sortino ratio: Return per unit of downside risk	-0.79	2.04	-2.83
Omega ratio: Gain probability vs. loss probability	0.90	1.26	-0.36
Calmar ratio: Return relative to maximum drawdown	-0.68	2.00	-2.68
Martin ratio: Return relative to average drawdown	-1.06	8.48	-9.54

YETH vs. XPAY - Sharpe Ratio Comparison

The current YETH Sharpe Ratio is -0.70, which is lower than the XPAY Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of YETH 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.

Drawdowns

YETH vs. XPAY - Drawdown Comparison

The maximum YETH drawdown since its inception was -64.41%, which is greater than XPAY's maximum drawdown of -18.20%. Use the drawdown chart below to compare losses from any high point for YETH and XPAY.

Drawdown Indicators

	YETH	XPAY	Difference
Max Drawdown Largest peak-to-trough decline	-64.41%	-18.20%	-46.21%
Max Drawdown (1Y) Largest decline over 1 year	-58.73%	-9.34%	-49.39%
Current Drawdown Current decline from peak	-56.91%	-1.55%	-55.36%
Average Drawdown Average peak-to-trough decline	-33.27%	-2.34%	-30.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.51%	2.20%	+35.31%

Volatility

YETH vs. XPAY - Volatility Comparison

Roundhill Ether Covered Call Strategy ETF (YETH) has a higher volatility of 8.65% compared to Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) at 3.44%. This indicates that YETH'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

	YETH	XPAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.65%	3.44%	+5.21%
Volatility (6M) Calculated over the trailing 6-month period	39.12%	9.94%	+29.18%
Volatility (1Y) Calculated over the trailing 1-year period	57.48%	12.70%	+44.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.75%	16.55%	+38.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.75%	16.55%	+38.20%

YETH vs. XPAY - Expense Ratio Comparison

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

Dividends

YETH vs. XPAY - Dividend Comparison

YETH's dividend yield for the trailing twelve months is around 121.07%, more than XPAY's 21.05% yield.

Position	TTM	2025	2024
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	21.05%	21.21%	3.40%
YETH Roundhill Ether Covered Call Strategy ETF	121.07%	109.12%	20.52%

Frequently Asked Questions

Can I hold both YETH and XPAY in my portfolio?

YETH and XPAY have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YETH or XPAY?

YETH has higher volatility (8.65%) compared to XPAY (3.44%). In terms of maximum drawdown, YETH dropped -64.41% vs XPAY's -18.20%.

Which ETF is better, YETH or XPAY?

On 1-year performance, XPAY leads with 20.64% vs -35.08% for YETH. On fees, XPAY is cheaper at 0.49% per year. On volatility, XPAY has been the lower-risk option at 3.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YETH or XPAY?

Over the 1-year period, XPAY has performed better with a 20.64% return vs -35.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YETH or XPAY?

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

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

YETH has the higher dividend yield at 121.07%, compared with 21.05% for XPAY.

What is the main difference between YETH and XPAY?

Their fees differ too: 0.95% for YETH and 0.49% for XPAY.

Which has better risk-adjusted returns?

XPAY currently has the higher Sharpe Ratio (1.47 vs -0.70), 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.