GIAX vs. QDTE

Last updated Jun 5, 2026

GIAX (Nicholas Global Equity and Income ETF) and QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, GIAX returned 31.31% vs 39.17% for QDTE. Their correlation of 0.84 suggests significant overlap in exposure. Both charge a 0.97% expense ratio.

Performance

GIAX vs. QDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Global Equity and Income ETF (GIAX) 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, GIAX achieves a 21.71% return, which is significantly higher than QDTE's 16.06% return.

GIAX

• 1D: -0.33%
• 1M: 11.10%
• YTD: 21.71%
• 6M: 17.83%
• 1Y: 31.31%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QDTE

• 1D: -0.45%
• 1M: 7.12%
• YTD: 16.06%
• 6M: 15.73%
• 1Y: 39.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GIAX vs. QDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GIAX Nicholas Global Equity and Income ETF	21.71%	11.73%	3.74%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	16.06%	19.32%	13.05%

Correlation

The correlation between GIAX and QDTE is 0.80, 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	0.80
Correlation (All Time) Calculated using the full available price history since Jul 31, 2024	0.84

The correlation between GIAX and QDTE has been stable across timeframes, ranging from 0.80 to 0.84 - a consistent structural relationship.

GIAX vs. QDTE - Sectors Allocation Comparison

Sectors	GIAX	QDTE
Technology	36.5%	-
Communication Services	14.8%	-
Financial Services	14.0%	5.4%
Consumer Cyclical	11.8%	-
Industrials	5.8%	-
Basic Materials	4.4%	-
Utilities	4.0%	-
Healthcare	3.1%	-
Real Estate	2.9%	-
Consumer Defensive	1.4%	-
Energy	1.3%	-

Return for Risk

GIAX vs. QDTE — Risk / Return Rank

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

GIAX

GIAX Risk / Return Rank: 42
GIAX Sharpe Ratio Rank: 42
GIAX Sortino Ratio Rank: 40
GIAX Omega Ratio Rank: 42
GIAX Calmar Ratio Rank: 37
GIAX Martin Ratio Rank: 47

QDTE

QDTE Risk / Return Rank: 79
QDTE Sharpe Ratio Rank: 82
QDTE Sortino Ratio Rank: 77
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.

GIAX vs. QDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Global Equity and Income ETF (GIAX) 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.

	GIAX	QDTE	Difference
Sharpe ratio: Return per unit of total volatility	1.44	2.66	-1.21
Sortino ratio: Return per unit of downside risk	2.02	3.41	-1.39
Omega ratio: Gain probability vs. loss probability	1.27	1.46	-0.19
Calmar ratio: Return relative to maximum drawdown	1.79	3.86	-2.07
Martin ratio: Return relative to average drawdown	7.71	15.60	-7.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GIAX vs. QDTE - Sharpe Ratio Comparison

The current GIAX Sharpe Ratio is 1.44, which is lower than the QDTE Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of GIAX 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

	GIAX	QDTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.44	2.66	-1.21
Sharpe Ratio (All Time) Calculated using the full available price history	0.96	1.29	-0.33

Drawdowns

GIAX vs. QDTE - Drawdown Comparison

The maximum GIAX drawdown since its inception was -20.38%, smaller than the maximum QDTE drawdown of -22.86%. Use the drawdown chart below to compare losses from any high point for GIAX and QDTE.

Drawdown Indicators

	GIAX	QDTE	Difference
Max Drawdown Largest peak-to-trough decline	-20.38%	-22.86%	+2.48%
Max Drawdown (1Y) Largest decline over 1 year	-17.62%	-10.20%	-7.42%
Current Drawdown Current decline from peak	-3.21%	-0.60%	-2.61%
Average Drawdown Average peak-to-trough decline	-2.99%	-3.14%	+0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.07%	2.52%	+1.55%

Volatility

GIAX vs. QDTE - Volatility Comparison

Nicholas Global Equity and Income ETF (GIAX) has a higher volatility of 8.08% compared to Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) at 3.72%. This indicates that GIAX'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

	GIAX	QDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.08%	3.72%	+4.36%
Volatility (6M) Calculated over the trailing 6-month period	19.81%	11.01%	+8.80%
Volatility (1Y) Calculated over the trailing 1-year period	21.77%	14.81%	+6.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.44%	18.42%	+3.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.44%	18.42%	+3.02%

GIAX vs. QDTE - Expense Ratio Comparison

Both GIAX and QDTE have an expense ratio of 0.97%.

Dividends

GIAX vs. QDTE - Dividend Comparison

GIAX's dividend yield for the trailing twelve months is around 22.41%, less than QDTE's 43.41% yield.

Position	TTM	2025	2024
GIAX Nicholas Global Equity and Income ETF	22.41%	25.62%	10.58%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	43.41%	49.49%	32.09%

Frequently Asked Questions

Can I hold both GIAX and QDTE in my portfolio?

GIAX and QDTE have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GIAX or QDTE?

GIAX has higher volatility (8.08%) compared to QDTE (3.72%). In terms of maximum drawdown, GIAX dropped -20.38% vs QDTE's -22.86%.

Which ETF is better, GIAX or QDTE?

On 1-year performance, QDTE leads with 39.17% vs 31.31% for GIAX. Both ETFs have the same 0.97% expense ratio. On volatility, QDTE has been the lower-risk option at 3.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GIAX or QDTE?

Over the 1-year period, QDTE has performed better with a 39.17% return vs 31.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GIAX or QDTE?

GIAX and QDTE have the same expense ratio: 0.97% per year.

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

QDTE has the higher dividend yield at 43.41%, compared with 22.41% for GIAX.

What is the main difference between GIAX and QDTE?

They also come from different issuers: Nicholas and Roundhill.

Which has better risk-adjusted returns?

QDTE currently has the higher Sharpe Ratio (2.66 vs 1.44), 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.