BSTP vs. QDTE

Last updated Jun 4, 2026

BSTP (Innovator Buffer Step-Up Strategy ETF) and QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) are both exchange-traded funds - BSTP is a Options Trading fund tracking the S&P 500, while QDTE is a Derivative Income fund actively managed by Roundhill. BSTP is passively managed, while QDTE is actively managed. Over the past year, BSTP returned 16.71% vs 40.36% for QDTE. Their correlation of 0.90 suggests significant overlap in exposure. BSTP charges 0.89%/yr vs 0.97%/yr for QDTE.

Performance

BSTP vs. QDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Buffer Step-Up Strategy ETF (BSTP) 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, BSTP achieves a 6.07% return, which is significantly lower than QDTE's 16.58% return.

BSTP

• 1D: -0.32%
• 1M: 3.05%
• YTD: 6.07%
• 6M: 6.56%
• 1Y: 16.71%
• 3Y*: 14.35%
• 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)

BSTP vs. QDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BSTP Innovator Buffer Step-Up Strategy ETF	6.07%	11.80%	11.05%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	16.58%	19.32%	16.07%

Correlation

The correlation between BSTP and QDTE is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024	0.90

The correlation between BSTP and QDTE has been stable across timeframes, ranging from 0.90 to 0.90 - a consistent structural relationship.

BSTP vs. QDTE - Sectors Allocation Comparison

Sectors	BSTP	QDTE
Technology	36.2%	-
Financial Services	11.9%	5.4%
Communication Services	10.9%	-
Consumer Cyclical	10.1%	-
Healthcare	8.4%	-
Industrials	8.1%	-
Consumer Defensive	4.9%	-
Energy	3.5%	-
Utilities	2.3%	-
Real Estate	1.9%	-
Basic Materials	1.8%	-

Return for Risk

BSTP vs. QDTE — Risk / Return Rank

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

BSTP

BSTP Risk / Return Rank: 65
BSTP Sharpe Ratio Rank: 63
BSTP Sortino Ratio Rank: 65
BSTP Omega Ratio Rank: 69
BSTP Calmar Ratio Rank: 55
BSTP Martin Ratio Rank: 71

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.

BSTP vs. QDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Buffer Step-Up Strategy ETF (BSTP) 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.

	BSTP	QDTE	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.74	-0.62
Sortino ratio: Return per unit of downside risk	3.01	3.49	-0.49
Omega ratio: Gain probability vs. loss probability	1.41	1.47	-0.06
Calmar ratio: Return relative to maximum drawdown	2.69	3.98	-1.28
Martin ratio: Return relative to average drawdown	13.18	16.08	-2.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BSTP vs. QDTE - Sharpe Ratio Comparison

The current BSTP Sharpe Ratio is 2.12, which is comparable to the QDTE Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of BSTP 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

	BSTP	QDTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	2.74	-0.62
Sharpe Ratio (All Time) Calculated using the full available price history	0.91	1.30	-0.39

Drawdowns

BSTP vs. QDTE - Drawdown Comparison

The maximum BSTP drawdown since its inception was -16.69%, smaller than the maximum QDTE drawdown of -22.86%. Use the drawdown chart below to compare losses from any high point for BSTP and QDTE.

Drawdown Indicators

	BSTP	QDTE	Difference
Max Drawdown Largest peak-to-trough decline	-16.69%	-22.86%	+6.17%
Max Drawdown (1Y) Largest decline over 1 year	-6.23%	-10.20%	+3.97%
Max Drawdown (3Y) Largest decline over 3 years	-13.69%	—	—
Current Drawdown Current decline from peak	-0.32%	-0.16%	-0.16%
Average Drawdown Average peak-to-trough decline	-3.52%	-3.14%	-0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.27%	2.52%	-1.25%

Volatility

BSTP vs. QDTE - Volatility Comparison

The current volatility for Innovator Buffer Step-Up Strategy ETF (BSTP) is 1.52%, while Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) has a volatility of 3.75%. This indicates that BSTP 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

	BSTP	QDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.52%	3.75%	-2.23%
Volatility (6M) Calculated over the trailing 6-month period	6.15%	11.01%	-4.86%
Volatility (1Y) Calculated over the trailing 1-year period	7.93%	14.81%	-6.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.11%	18.43%	-6.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.11%	18.43%	-6.32%

BSTP vs. QDTE - Expense Ratio Comparison

BSTP has a 0.89% expense ratio, which is lower than QDTE's 0.97% expense ratio.

Dividends

BSTP vs. QDTE - Dividend Comparison

BSTP has not paid dividends to shareholders, while QDTE's dividend yield for the trailing twelve months is around 42.16%.

Position	TTM	2025	2024
BSTP Innovator Buffer Step-Up Strategy ETF	0.00%	0.00%	0.00%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	42.16%	49.49%	32.09%

Frequently Asked Questions

Can I hold both BSTP and QDTE in my portfolio?

With a correlation of 0.90, BSTP and QDTE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BSTP or QDTE?

QDTE has higher volatility (3.75%) compared to BSTP (1.52%). In terms of maximum drawdown, BSTP dropped -16.69% vs QDTE's -22.86%.

Which ETF is better, BSTP or QDTE?

On 1-year performance, QDTE leads with 40.36% vs 16.71% for BSTP. On fees, BSTP is cheaper at 0.89% per year. On volatility, BSTP has been the lower-risk option at 1.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BSTP or QDTE?

Over the 1-year period, QDTE has performed better with a 40.36% return vs 16.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BSTP or QDTE?

BSTP is cheaper with a 0.89% expense ratio, compared with 0.97% for QDTE.

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

QDTE has the higher dividend yield at 42.16%, compared with 0.00% for BSTP.

What is the main difference between BSTP and QDTE?

BSTP is categorized as Options Trading, while QDTE is Derivative Income. They also come from different issuers: Innovator and Roundhill. Their fees differ too: 0.89% for BSTP and 0.97% for QDTE.

Which has better risk-adjusted returns?

QDTE currently has the higher Sharpe Ratio (2.74 vs 2.12), 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.