FBY vs. RDTE

Last updated Jun 24, 2026

FBY (YieldMax META Option Income ETF) and RDTE (Roundhill Russell 2000 0DTE Covered Call Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, FBY returned -17.63% vs 30.49% for RDTE. At a 0.38 correlation, their price movements are largely independent. FBY charges 0.99%/yr vs 0.97%/yr for RDTE.

Performance

FBY vs. RDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax META Option Income ETF (FBY) and Roundhill Russell 2000 0DTE Covered Call Strategy ETF (RDTE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBY achieves a -13.50% return, which is significantly lower than RDTE's 16.99% return.

FBY

• 1D: -0.06%
• 1M: -7.14%
• YTD: -13.50%
• 6M: -13.67%
• 1Y: -17.63%
• 3Y*: —
• 5Y*: —
• 10Y*: —

RDTE

• 1D: -0.88%
• 1M: 5.32%
• YTD: 16.99%
• 6M: 14.85%
• 1Y: 30.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FBY vs. RDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FBY YieldMax META Option Income ETF	-13.50%	1.98%	18.12%
RDTE Roundhill Russell 2000 0DTE Covered Call Strategy ETF	16.99%	9.46%	8.32%

Correlation

The correlation between FBY and RDTE is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (All Time) Calculated using the full available price history since Sep 10, 2024	0.38

Return for Risk

FBY vs. RDTE — Risk / Return Rank

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

FBY

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

RDTE

RDTE Risk / Return Rank: 58
RDTE Sharpe Ratio Rank: 54
RDTE Sortino Ratio Rank: 52
RDTE Omega Ratio Rank: 49
RDTE Calmar Ratio Rank: 70
RDTE Martin Ratio Rank: 66

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.

FBY vs. RDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax META Option Income ETF (FBY) and Roundhill Russell 2000 0DTE Covered Call Strategy ETF (RDTE). 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.

	FBY	RDTE	Difference
Sharpe ratio: Return per unit of total volatility	-0.60	1.78	-2.38
Sortino ratio: Return per unit of downside risk	-0.68	2.42	-3.11
Omega ratio: Gain probability vs. loss probability	0.91	1.30	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.60	3.34	-3.94
Martin ratio: Return relative to average drawdown	-1.22	11.57	-12.79

FBY vs. RDTE - Sharpe Ratio Comparison

The current FBY Sharpe Ratio is -0.60, which is lower than the RDTE Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of FBY and RDTE, 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

FBY vs. RDTE - Drawdown Comparison

The maximum FBY drawdown since its inception was -31.53%, which is greater than RDTE's maximum drawdown of -24.32%. Use the drawdown chart below to compare losses from any high point for FBY and RDTE.

Drawdown Indicators

	FBY	RDTE	Difference
Max Drawdown Largest peak-to-trough decline	-31.53%	-24.32%	-7.21%
Max Drawdown (1Y) Largest decline over 1 year	-29.50%	-9.17%	-20.33%
Current Drawdown Current decline from peak	-25.66%	-0.88%	-24.78%
Average Drawdown Average peak-to-trough decline	-8.09%	-4.55%	-3.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.46%	2.64%	+11.82%

Volatility

FBY vs. RDTE - Volatility Comparison

YieldMax META Option Income ETF (FBY) has a higher volatility of 10.24% compared to Roundhill Russell 2000 0DTE Covered Call Strategy ETF (RDTE) at 6.08%. This indicates that FBY's price experiences larger fluctuations and is considered to be riskier than RDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FBY	RDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.24%	6.08%	+4.16%
Volatility (6M) Calculated over the trailing 6-month period	23.30%	13.07%	+10.23%
Volatility (1Y) Calculated over the trailing 1-year period	29.60%	17.25%	+12.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.65%	19.30%	+9.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.65%	19.30%	+9.35%

FBY vs. RDTE - Expense Ratio Comparison

FBY has a 0.99% expense ratio, which is higher than RDTE's 0.97% expense ratio.

Dividends

FBY vs. RDTE - Dividend Comparison

FBY's dividend yield for the trailing twelve months is around 57.98%, more than RDTE's 44.14% yield.

Position	TTM	2025	2024	2023
FBY YieldMax META Option Income ETF	57.98%	55.43%	53.89%	8.31%
RDTE Roundhill Russell 2000 0DTE Covered Call Strategy ETF	44.14%	50.16%	10.70%	0.00%

Frequently Asked Questions

Can I hold both FBY and RDTE in my portfolio?

FBY and RDTE have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FBY or RDTE?

FBY has higher volatility (10.24%) compared to RDTE (6.08%). In terms of maximum drawdown, FBY dropped -31.53% vs RDTE's -24.32%.

Which ETF is better, FBY or RDTE?

On 1-year performance, RDTE leads with 30.49% vs -17.63% for FBY. On fees, RDTE is cheaper at 0.97% per year. On volatility, RDTE has been the lower-risk option at 6.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FBY or RDTE?

Over the 1-year period, RDTE has performed better with a 30.49% return vs -17.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBY or RDTE?

RDTE is cheaper with a 0.97% expense ratio, compared with 0.99% for FBY.

Which ETF pays a higher dividend yield, FBY or RDTE?

FBY has the higher dividend yield at 57.98%, compared with 44.14% for RDTE.

What is the main difference between FBY and RDTE?

They also come from different issuers: YieldMax and Roundhill. Their fees differ too: 0.99% for FBY and 0.97% for RDTE.

Which has better risk-adjusted returns?

RDTE currently has the higher Sharpe Ratio (1.78 vs -0.60), 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.