FRA vs. RDTE

Last updated Aug 4, 2026

FRA (BlackRock Floating Rate Income Strategies Fund Inc) and RDTE (Roundhill Russell 2000 0DTE Covered Call Strategy ETF) are both funds - FRA is a Bank Loan fund managed by BlackRock, while RDTE is a Derivative Income fund actively managed by Roundhill. Over the past year, FRA returned -6.80% vs 31.52% for RDTE. Their 0.36 correlation means their historical movements had little consistent relationship. FRA charges 2.17%/yr vs 0.97%/yr for RDTE.

Performance

FRA vs. RDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock Floating Rate Income Strategies Fund Inc (FRA) 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, FRA achieves a -0.58% return, which is significantly lower than RDTE's 19.71% return.

FRA

• 1D: 0.18%
• 1M: 0.41%
• 6M: -0.75%
• YTD: -0.58%
• 1Y: -6.80%
• 3Y*: 7.37%
• 5Y*: 6.05%
• 10Y*: 6.34%
• ALL TIME*: 5.13%

RDTE

• 1D: 1.29%
• 1M: 1.03%
• 6M: 14.10%
• YTD: 19.71%
• 1Y: 31.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.31%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FRA BlackRock Floating Rate Income Strategies Fund Inc	$1.48M	$1.59M	$1.48M
RDTE Roundhill Russell 2000 0DTE Covered Call Strategy ETF	$2.49M	$2.79M	$2.91M

FRA vs. RDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FRA BlackRock Floating Rate Income Strategies Fund Inc	-0.58%	-3.75%	9.48%
RDTE Roundhill Russell 2000 0DTE Covered Call Strategy ETF	19.71%	9.46%	8.32%

Correlation

The correlation between FRA and RDTE is 0.46, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.46
Correlation (All Time) Calculated using the full available price history since Sep 10, 2024	0.36

The correlation between FRA and RDTE shifts across timeframes, from 0.36 (all time) to 0.46 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FRA vs. RDTE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FRA

FRA Risk / Return Rank: 1
FRA Sharpe Ratio Rank: 1
FRA Sortino Ratio Rank: 1
FRA Omega Ratio Rank: 1
FRA Calmar Ratio Rank: 1
FRA Martin Ratio Rank: 1

RDTE

RDTE Risk / Return Rank: 81
RDTE Sharpe Ratio Rank: 80
RDTE Sortino Ratio Rank: 78
RDTE Omega Ratio Rank: 75
RDTE Calmar Ratio Rank: 86
RDTE Martin Ratio Rank: 85

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FRA vs. RDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock Floating Rate Income Strategies Fund Inc (FRA) 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.

	FRA	RDTE	Difference
Sharpe ratio: Return per unit of total volatility	-0.68	1.87	-2.55
Sortino ratio: Return per unit of downside risk	-0.92	2.56	-3.48
Omega ratio: Gain probability vs. loss probability	0.89	1.32	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.44	3.45	-3.90
Martin ratio: Return relative to average drawdown	-0.81	12.11	-12.91

FRA vs. RDTE - Sharpe Ratio Comparison

The current FRA Sharpe Ratio is -0.68, which is lower than the RDTE Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of FRA 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

FRA vs. RDTE - Drawdown Comparison

The maximum FRA drawdown since its inception was -51.43%, which is greater than RDTE's maximum drawdown of -24.32%. Use the drawdown chart below to compare losses from any high point for FRA and RDTE.

Drawdown Indicators

	FRA	RDTE	Difference
Max Drawdown Largest peak-to-trough decline	-51.43%	-24.32%	-27.11%
Max Drawdown (1Y) Largest decline over 1 year	-15.47%	-9.17%	-6.30%
Max Drawdown (3Y) Largest decline over 3 years	-18.77%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.77%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.80%	—	—
Current Drawdown Current decline from peak	-9.05%	0.00%	-9.05%
Average Drawdown Average peak-to-trough decline	-7.23%	-4.33%	-2.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.46%	2.61%	+5.85%

Volatility

FRA vs. RDTE - Volatility Comparison

The current volatility for BlackRock Floating Rate Income Strategies Fund Inc (FRA) is 1.89%, while Roundhill Russell 2000 0DTE Covered Call Strategy ETF (RDTE) has a volatility of 3.83%. This indicates that FRA experiences smaller price fluctuations and is considered to be less risky than RDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRA	RDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.89%	3.83%	-1.94%
Volatility (6M) Calculated over the trailing 6-month period	7.98%	12.94%	-4.96%
Volatility (1Y) Calculated over the trailing 1-year period	10.07%	16.97%	-6.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.85%	18.94%	-6.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.52%	18.94%	-3.42%

FRA vs. RDTE - Expense Ratio Comparison

FRA has a 2.17% expense ratio, which is higher than RDTE's 0.97% expense ratio.

Dividends

FRA vs. RDTE - Dividend Comparison

FRA's dividend yield for the trailing twelve months is around 13.71%, less than RDTE's 43.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRA BlackRock Floating Rate Income Strategies Fund Inc	13.71%	12.62%	10.81%	10.44%	6.88%	5.96%	7.61%	6.44%	6.90%	5.31%	5.65%	6.17%
RDTE Roundhill Russell 2000 0DTE Covered Call Strategy ETF	43.76%	50.16%	10.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FRA and RDTE in my portfolio?

FRA and RDTE have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FRA or RDTE?

RDTE has higher volatility (3.83%) compared to FRA (1.89%). In terms of maximum drawdown, FRA dropped -51.43% vs RDTE's -24.32%.

Which has better risk-adjusted returns?

RDTE currently has the higher Sharpe Ratio (1.87 vs -0.68), 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.