IWMY vs. QDTE

Last updated Jun 24, 2026

IWMY (Defiance R2000 Enhanced Options & 0DTE Income ETF) and QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) are both exchange-traded funds - IWMY is a Options Trading fund tracking the Russell 2000 Index, while QDTE is a Derivative Income fund actively managed by Roundhill. IWMY is passively managed, while QDTE is actively managed. Over the past year, IWMY returned 21.86% vs 33.64% for QDTE. A 0.65 correlation means they provide meaningful diversification when combined. IWMY charges 0.99%/yr vs 0.97%/yr for QDTE.

Performance

IWMY vs. QDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) 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, IWMY achieves a 14.94% return, which is significantly higher than QDTE's 12.61% return.

IWMY

• 1D: -0.81%
• 1M: 3.35%
• YTD: 14.94%
• 6M: 12.52%
• 1Y: 21.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QDTE

• 1D: -3.23%
• 1M: -0.17%
• YTD: 12.61%
• 6M: 11.52%
• 1Y: 33.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IWMY vs. QDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	14.94%	10.18%	5.71%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	12.61%	19.32%	17.13%

Correlation

The correlation between IWMY and QDTE is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.65

The correlation between IWMY and QDTE has been stable across timeframes, ranging from 0.65 to 0.66 - a consistent structural relationship.

Return for Risk

IWMY vs. QDTE — Risk / Return Rank

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

IWMY

IWMY Risk / Return Rank: 39
IWMY Sharpe Ratio Rank: 39
IWMY Sortino Ratio Rank: 37
IWMY Omega Ratio Rank: 36
IWMY Calmar Ratio Rank: 39
IWMY Martin Ratio Rank: 41

QDTE

QDTE Risk / Return Rank: 64
QDTE Sharpe Ratio Rank: 64
QDTE Sortino Ratio Rank: 56
QDTE Omega Ratio Rank: 62
QDTE Calmar Ratio Rank: 68
QDTE Martin Ratio Rank: 71

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.

IWMY vs. QDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) 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.

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.

	IWMY	QDTE	Difference
Sharpe ratio: Return per unit of total volatility	1.34	2.03	-0.69
Sortino ratio: Return per unit of downside risk	1.84	2.58	-0.74
Omega ratio: Gain probability vs. loss probability	1.23	1.36	-0.13
Calmar ratio: Return relative to maximum drawdown	1.90	3.31	-1.42
Martin ratio: Return relative to average drawdown	6.20	12.82	-6.62

IWMY vs. QDTE - Sharpe Ratio Comparison

The current IWMY Sharpe Ratio is 1.34, which is lower than the QDTE Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of IWMY 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.

Drawdowns

IWMY vs. QDTE - Drawdown Comparison

The maximum IWMY drawdown since its inception was -18.72%, smaller than the maximum QDTE drawdown of -22.86%. Use the drawdown chart below to compare losses from any high point for IWMY and QDTE.

Drawdown Indicators

	IWMY	QDTE	Difference
Max Drawdown Largest peak-to-trough decline	-18.72%	-22.86%	+4.14%
Max Drawdown (1Y) Largest decline over 1 year	-11.57%	-10.20%	-1.37%
Current Drawdown Current decline from peak	-0.81%	-3.55%	+2.74%
Average Drawdown Average peak-to-trough decline	-2.94%	-3.13%	+0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	2.63%	+0.91%

Volatility

IWMY vs. QDTE - Volatility Comparison

The current volatility for Defiance R2000 Enhanced Options & 0DTE Income ETF (IWMY) is 6.20%, while Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) has a volatility of 8.57%. This indicates that IWMY 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

	IWMY	QDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.20%	8.57%	-2.37%
Volatility (6M) Calculated over the trailing 6-month period	13.55%	13.32%	+0.23%
Volatility (1Y) Calculated over the trailing 1-year period	16.37%	16.68%	-0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.95%	18.99%	-3.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.95%	18.99%	-3.04%

IWMY vs. QDTE - Expense Ratio Comparison

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

Dividends

IWMY vs. QDTE - Dividend Comparison

IWMY's dividend yield for the trailing twelve months is around 43.75%, less than QDTE's 44.23% yield.

Position	TTM	2025	2024	2023
IWMY Defiance R2000 Enhanced Options & 0DTE Income ETF	43.75%	63.33%	107.92%	11.34%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	44.23%	49.49%	32.09%	0.00%

Frequently Asked Questions

Can I hold both IWMY and QDTE in my portfolio?

IWMY and QDTE have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWMY or QDTE?

QDTE has higher volatility (8.57%) compared to IWMY (6.20%). In terms of maximum drawdown, IWMY dropped -18.72% vs QDTE's -22.86%.

Which ETF is better, IWMY or QDTE?

On 1-year performance, QDTE leads with 33.64% vs 21.86% for IWMY. On fees, QDTE is cheaper at 0.97% per year. On volatility, IWMY has been the lower-risk option at 6.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWMY or QDTE?

Over the 1-year period, QDTE has performed better with a 33.64% return vs 21.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWMY or QDTE?

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

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

QDTE has the higher dividend yield at 44.23%, compared with 43.75% for IWMY.

What is the main difference between IWMY and QDTE?

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

Which has better risk-adjusted returns?

QDTE currently has the higher Sharpe Ratio (2.03 vs 1.34), 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.