ZVOL vs. XDTE

Last updated Apr 2, 2026

Compare and contrast key facts about Volatility Premium Plus ETF (ZVOL) and Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE).

ZVOL and XDTE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ZVOL is a passively managed fund by Volatility Shares that tracks the performance of the S&P 500 VIX Mid Term Futures Inverse Daily Index. It was launched on Apr 17, 2023. XDTE is an actively managed fund by Roundhill. It was launched on Mar 7, 2024.

Performance

ZVOL vs. XDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Volatility Premium Plus ETF (ZVOL) and Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE). The values are adjusted to include any dividend payments, if applicable.

ZVOL vs. XDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ZVOL Volatility Premium Plus ETF	-10.43%	-10.71%	4.68%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	-2.43%	12.60%	16.39%

Returns By Period

In the year-to-date period, ZVOL achieves a -10.43% return, which is significantly lower than XDTE's -2.43% return.

ZVOL

• 1D: 1.08%
• 1M: -7.40%
• YTD: -10.43%
• 6M: -7.20%
• 1Y: -11.39%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XDTE

• 1D: 1.03%
• 1M: -4.05%
• YTD: -2.43%
• 6M: 0.99%
• 1Y: 13.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZVOL vs. XDTE - Expense Ratio Comparison

ZVOL has a 1.35% expense ratio, which is higher than XDTE's 0.97% expense ratio.

ZVOL

Volatility Premium Plus ETF

XDTE

Roundhill S&P 500 0DTE Covered Call Strategy ETF

Return for Risk

ZVOL vs. XDTE — Risk / Return Rank

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

ZVOL

ZVOL Risk / Return Rank: 5
ZVOL Sharpe Ratio Rank: 5
ZVOL Sortino Ratio Rank: 6
ZVOL Omega Ratio Rank: 5
ZVOL Calmar Ratio Rank: 4
ZVOL Martin Ratio Rank: 3

XDTE

XDTE Risk / Return Rank: 45
XDTE Sharpe Ratio Rank: 48
XDTE Sortino Ratio Rank: 41
XDTE Omega Ratio Rank: 48
XDTE Calmar Ratio Rank: 41
XDTE Martin Ratio Rank: 46

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.

ZVOL vs. XDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Premium Plus ETF (ZVOL) 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.

	ZVOL	XDTE	Difference
Sharpe ratio Return per unit of total volatility	-0.39	0.90	-1.29
Sortino ratio Return per unit of downside risk	-0.35	1.21	-1.56
Omega ratio Gain probability vs. loss probability	0.95	1.19	-0.24
Calmar ratio Return relative to maximum drawdown	-0.49	1.12	-1.62
Martin ratio Return relative to average drawdown	-1.13	4.60	-5.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZVOL vs. XDTE - Sharpe Ratio Comparison

The current ZVOL Sharpe Ratio is -0.39, which is lower than the XDTE Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of ZVOL and XDTE, 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

	ZVOL	XDTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.39	0.90	-1.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.34	0.90	-0.57

Correlation

The correlation between ZVOL and XDTE is 0.70, 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

ZVOL vs. XDTE - Dividend Comparison

ZVOL's dividend yield for the trailing twelve months is around 69.20%, more than XDTE's 38.73% yield.

	TTM	2025	2024	2023
ZVOL Volatility Premium Plus ETF	69.20%	53.44%	30.68%	0.55%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	38.73%	39.16%	20.35%	0.00%

Drawdowns

ZVOL vs. XDTE - Drawdown Comparison

The maximum ZVOL drawdown since its inception was -37.25%, which is greater than XDTE's maximum drawdown of -19.09%. Use the drawdown chart below to compare losses from any high point for ZVOL and XDTE.

Drawdown Indicators

	ZVOL	XDTE	Difference
Max Drawdown Largest peak-to-trough decline	-37.25%	-19.09%	-18.16%
Max Drawdown (1Y) Largest decline over 1 year	-22.85%	-12.87%	-9.98%
Current Drawdown Current decline from peak	-28.65%	-4.87%	-23.78%
Average Drawdown Average peak-to-trough decline	-12.83%	-2.44%	-10.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.00%	3.14%	+6.86%

Volatility

ZVOL vs. XDTE - Volatility Comparison

Volatility Premium Plus ETF (ZVOL) has a higher volatility of 9.39% compared to Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE) at 4.77%. This indicates that ZVOL'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

	ZVOL	XDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.39%	4.77%	+4.62%
Volatility (6M) Calculated over the trailing 6-month period	14.82%	8.90%	+5.92%
Volatility (1Y) Calculated over the trailing 1-year period	29.53%	15.42%	+14.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.89%	14.07%	+15.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.89%	14.07%	+15.82%