AMAX vs. QDTE

Last updated Jun 3, 2026

AMAX (RH Hedged Multi-Asset Income ETF) and QDTE (Roundhill ETF Trust - Roundhill N-100 0DTE Covered Call Strategy ETF) are both exchange-traded funds - AMAX is a Nontraditional Bonds fund actively managed by Adaptive, while QDTE is a Large Cap Blend Equities fund actively managed by Roundhill. Both are actively managed. Over the past year, AMAX returned 12.42% vs 41.61% for QDTE. A 0.55 correlation means they provide meaningful diversification when combined. AMAX charges 1.29%/yr vs 0.95%/yr for QDTE.

Performance

AMAX vs. QDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in RH Hedged Multi-Asset Income ETF (AMAX) and Roundhill ETF Trust - Roundhill N-100 0DTE Covered Call Strategy ETF (QDTE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMAX achieves a 4.98% return, which is significantly lower than QDTE's 16.76% return.

AMAX

• 1D: -0.13%
• 1M: 0.30%
• YTD: 4.98%
• 6M: 3.96%
• 1Y: 12.42%
• 3Y*: 9.23%
• 5Y*: —
• 10Y*: —

QDTE

• 1D: 0.28%
• 1M: 9.07%
• YTD: 16.76%
• 6M: 16.74%
• 1Y: 41.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

AMAX vs. QDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AMAX RH Hedged Multi-Asset Income ETF	4.98%	11.38%	3.94%
QDTE Roundhill ETF Trust - Roundhill N-100 0DTE Covered Call Strategy ETF	16.76%	19.32%	16.07%

Correlation

The correlation between AMAX and QDTE is 0.54, 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	0.54
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024	0.55

The correlation between AMAX and QDTE has been stable across timeframes, ranging from 0.54 to 0.55 - a consistent structural relationship.

AMAX vs. QDTE - Sectors Allocation Comparison

Sectors	AMAX	QDTE
Technology	48.2%	-
Basic Materials	16.4%	-
Communication Services	7.7%	-
Financial Services	6.8%	5.4%
Consumer Cyclical	5.8%	-
Healthcare	4.7%	-
Industrials	4.6%	-
Consumer Defensive	2.3%	-
Energy	1.6%	-
Utilities	1.1%	-
Real Estate	0.9%	-

Return for Risk

AMAX vs. QDTE — Risk / Return Rank

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

AMAX

AMAX Risk / Return Rank: 34
AMAX Sharpe Ratio Rank: 35
AMAX Sortino Ratio Rank: 33
AMAX Omega Ratio Rank: 33
AMAX Calmar Ratio Rank: 36
AMAX Martin Ratio Rank: 34

QDTE

QDTE Risk / Return Rank: 81
QDTE Sharpe Ratio Rank: 85
QDTE Sortino Ratio Rank: 79
QDTE Omega Ratio Rank: 80
QDTE Calmar Ratio Rank: 80
QDTE Martin Ratio Rank: 83

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.

AMAX vs. QDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for RH Hedged Multi-Asset Income ETF (AMAX) and Roundhill ETF Trust - Roundhill N-100 0DTE Covered Call Strategy ETF (QDTE). 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.

	AMAX	QDTE	Difference
Sharpe ratio Return per unit of total volatility	1.26	2.82	-1.57
Sortino ratio Return per unit of downside risk	1.76	3.58	-1.82
Omega ratio Gain probability vs. loss probability	1.22	1.49	-0.26
Calmar ratio Return relative to maximum drawdown	1.79	4.17	-2.38
Martin ratio Return relative to average drawdown	5.33	16.89	-11.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AMAX vs. QDTE - Sharpe Ratio Comparison

The current AMAX Sharpe Ratio is 1.26, which is lower than the QDTE Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of AMAX and QDTE, 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

	AMAX	QDTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.26	2.82	-1.57
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	1.31	-0.92

Drawdowns

AMAX vs. QDTE - Drawdown Comparison

The maximum AMAX drawdown since its inception was -16.28%, smaller than the maximum QDTE drawdown of -22.86%. Use the drawdown chart below to compare losses from any high point for AMAX and QDTE.

Drawdown Indicators

	AMAX	QDTE	Difference
Max Drawdown Largest peak-to-trough decline	-16.28%	-22.86%	+6.58%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	-10.20%	+2.67%
Max Drawdown (3Y) Largest decline over 3 years	-9.27%	—	—
Current Drawdown Current decline from peak	-1.80%	0.00%	-1.80%
Average Drawdown Average peak-to-trough decline	-5.32%	-3.15%	-2.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.53%	2.52%	+0.01%

Volatility

AMAX vs. QDTE - Volatility Comparison

The current volatility for RH Hedged Multi-Asset Income ETF (AMAX) is 2.32%, while Roundhill ETF Trust - Roundhill N-100 0DTE Covered Call Strategy ETF (QDTE) has a volatility of 3.74%. This indicates that AMAX experiences smaller price fluctuations and is considered to be less risky than QDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMAX	QDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.32%	3.74%	-1.42%
Volatility (6M) Calculated over the trailing 6-month period	8.02%	11.02%	-3.00%
Volatility (1Y) Calculated over the trailing 1-year period	9.95%	14.81%	-4.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.36%	18.45%	-8.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.36%	18.45%	-8.09%

AMAX vs. QDTE - Expense Ratio Comparison

AMAX has a 1.29% expense ratio, which is higher than QDTE's 0.95% expense ratio.

Dividends

AMAX vs. QDTE - Dividend Comparison

AMAX's dividend yield for the trailing twelve months is around 10.94%, less than QDTE's 42.10% yield.

Position	TTM	2025	2024	2023	2022	2021
AMAX RH Hedged Multi-Asset Income ETF	10.94%	9.18%	7.36%	6.99%	11.22%	1.00%
QDTE Roundhill ETF Trust - Roundhill N-100 0DTE Covered Call Strategy ETF	42.10%	49.49%	32.09%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AMAX and QDTE in my portfolio?

AMAX and QDTE have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMAX or QDTE?

QDTE has higher volatility (3.74%) compared to AMAX (2.32%). In terms of maximum drawdown, AMAX dropped -16.28% vs QDTE's -22.86%.

Which ETF is better, AMAX or QDTE?

On 1-year performance, QDTE leads with 41.61% vs 12.42% for AMAX. On fees, QDTE is cheaper at 0.95% per year. On volatility, AMAX has been the lower-risk option at 2.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMAX or QDTE?

Over the 1-year period, QDTE has performed better with a 41.61% return vs 12.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMAX or QDTE?

QDTE is cheaper with a 0.95% expense ratio, compared with 1.29% for AMAX.

Which ETF pays a higher dividend yield, AMAX or QDTE?

QDTE has the higher dividend yield at 42.10%, compared with 10.94% for AMAX.

What is the main difference between AMAX and QDTE?

AMAX is categorized as Nontraditional Bonds, while QDTE is Large Cap Blend Equities. They also come from different issuers: Adaptive and Roundhill. Their fees differ too: 1.29% for AMAX and 0.95% for QDTE.

Which has better risk-adjusted returns?

QDTE currently has the higher Sharpe Ratio (2.82 vs 1.26), 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.