APLY vs. QDTE

Last updated Jun 4, 2026

APLY (YieldMax AAPL Option Income Strategy ETF) and QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) are both exchange-traded funds - APLY is a Options Trading fund actively managed by YieldMax, while QDTE is a Derivative Income fund actively managed by Roundhill. Both are actively managed. Over the past year, APLY returned 36.14% vs 40.36% for QDTE. At a 0.45 correlation, their price movements are largely independent. APLY charges 0.99%/yr vs 0.97%/yr for QDTE.

Performance

APLY vs. QDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax AAPL Option Income Strategy ETF (APLY) and Roundhill Innovation-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, APLY achieves a 9.41% return, which is significantly lower than QDTE's 16.58% return.

APLY

• 1D: -0.93%
• 1M: 9.06%
• YTD: 9.41%
• 6M: 5.60%
• 1Y: 36.14%
• 3Y*: 11.75%
• 5Y*: —
• 10Y*: —

QDTE

• 1D: -0.16%
• 1M: 8.99%
• YTD: 16.58%
• 6M: 16.20%
• 1Y: 40.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

APLY vs. QDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
APLY YieldMax AAPL Option Income Strategy ETF	9.41%	4.69%	30.79%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	16.58%	19.32%	16.07%

Correlation

The correlation between APLY and QDTE is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024	0.45

Return for Risk

APLY vs. QDTE — Risk / Return Rank

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

APLY

APLY Risk / Return Rank: 57
APLY Sharpe Ratio Rank: 59
APLY Sortino Ratio Rank: 58
APLY Omega Ratio Rank: 60
APLY Calmar Ratio Rank: 62
APLY Martin Ratio Rank: 47

QDTE

QDTE Risk / Return Rank: 78
QDTE Sharpe Ratio Rank: 82
QDTE Sortino Ratio Rank: 76
QDTE Omega Ratio Rank: 78
QDTE Calmar Ratio Rank: 77
QDTE Martin Ratio Rank: 80

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.

APLY vs. QDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax AAPL Option Income Strategy ETF (APLY) and Roundhill Innovation-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.

	APLY	QDTE	Difference
Sharpe ratio: Return per unit of total volatility	2.02	2.74	-0.72
Sortino ratio: Return per unit of downside risk	2.79	3.49	-0.71
Omega ratio: Gain probability vs. loss probability	1.37	1.47	-0.10
Calmar ratio: Return relative to maximum drawdown	3.09	3.98	-0.89
Martin ratio: Return relative to average drawdown	7.87	16.08	-8.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APLY vs. QDTE - Sharpe Ratio Comparison

The current APLY Sharpe Ratio is 2.02, which is comparable to the QDTE Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of APLY 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

	APLY	QDTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	2.74	-0.72
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	1.30	-0.62

Drawdowns

APLY vs. QDTE - Drawdown Comparison

The maximum APLY drawdown since its inception was -30.41%, which is greater than QDTE's maximum drawdown of -22.86%. Use the drawdown chart below to compare losses from any high point for APLY and QDTE.

Drawdown Indicators

	APLY	QDTE	Difference
Max Drawdown Largest peak-to-trough decline	-30.41%	-22.86%	-7.55%
Max Drawdown (1Y) Largest decline over 1 year	-11.76%	-10.20%	-1.56%
Max Drawdown (3Y) Largest decline over 3 years	-30.41%	—	—
Current Drawdown Current decline from peak	-0.93%	-0.16%	-0.77%
Average Drawdown Average peak-to-trough decline	-6.93%	-3.14%	-3.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.60%	2.52%	+2.08%

Volatility

APLY vs. QDTE - Volatility Comparison

YieldMax AAPL Option Income Strategy ETF (APLY) has a higher volatility of 4.12% compared to Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) at 3.75%. This indicates that APLY's price experiences larger fluctuations and is considered to be riskier than QDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APLY	QDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.12%	3.75%	+0.37%
Volatility (6M) Calculated over the trailing 6-month period	13.03%	11.01%	+2.02%
Volatility (1Y) Calculated over the trailing 1-year period	17.99%	14.81%	+3.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.97%	18.43%	+2.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.97%	18.43%	+2.54%

APLY vs. QDTE - Expense Ratio Comparison

APLY has a 0.99% expense ratio, which is higher than QDTE's 0.97% expense ratio.

Dividends

APLY vs. QDTE - Dividend Comparison

APLY's dividend yield for the trailing twelve months is around 34.76%, less than QDTE's 42.16% yield.

Position	TTM	2025	2024	2023
APLY YieldMax AAPL Option Income Strategy ETF	34.76%	36.38%	24.95%	14.36%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	42.16%	49.49%	32.09%	0.00%

Frequently Asked Questions

Can I hold both APLY and QDTE in my portfolio?

APLY and QDTE have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APLY or QDTE?

APLY has higher volatility (4.12%) compared to QDTE (3.75%). In terms of maximum drawdown, APLY dropped -30.41% vs QDTE's -22.86%.

Which ETF is better, APLY or QDTE?

On 1-year performance, QDTE leads with 40.36% vs 36.14% for APLY. On fees, QDTE is cheaper at 0.97% per year. On volatility, QDTE has been the lower-risk option at 3.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APLY or QDTE?

Over the 1-year period, QDTE has performed better with a 40.36% return vs 36.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APLY or QDTE?

QDTE is cheaper with a 0.97% expense ratio, compared with 0.99% for APLY.

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

QDTE has the higher dividend yield at 42.16%, compared with 34.76% for APLY.

What is the main difference between APLY and QDTE?

APLY is categorized as Options Trading, while QDTE is Derivative Income. They also come from different issuers: YieldMax and Roundhill. Their fees differ too: 0.99% for APLY and 0.97% for QDTE.

Which has better risk-adjusted returns?

QDTE currently has the higher Sharpe Ratio (2.74 vs 2.02), 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.