IWY vs. QDTE

Last updated Jun 28, 2026

IWY (iShares Russell Top 200 Growth ETF) and QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) are both exchange-traded funds - IWY is a Large Cap Growth Equities fund tracking the Russell Top 200 Growth Index, while QDTE is a Derivative Income fund actively managed by Roundhill. IWY is passively managed, while QDTE is actively managed. Over the past year, IWY returned 14.08% vs 28.86% for QDTE. Their correlation of 0.92 suggests significant overlap in exposure. IWY charges 0.20%/yr vs 0.97%/yr for QDTE.

Performance

IWY vs. QDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Top 200 Growth ETF (IWY) 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, IWY achieves a 0.62% return, which is significantly lower than QDTE's 12.12% return.

IWY

• 1D: 0.80%
• 1M: -7.16%
• YTD: 0.62%
• 6M: -0.84%
• 1Y: 14.08%
• 3Y*: 21.88%
• 5Y*: 13.99%
• 10Y*: 19.21%

QDTE

• 1D: -1.21%
• 1M: -3.22%
• YTD: 12.12%
• 6M: 10.78%
• 1Y: 28.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IWY vs. QDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IWY iShares Russell Top 200 Growth ETF	0.62%	18.19%	23.64%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	12.12%	19.32%	17.13%

Correlation

The correlation between IWY and QDTE is 0.88, 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	0.88
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.92

The correlation between IWY and QDTE has been stable across timeframes, ranging from 0.88 to 0.92 - a consistent structural relationship.

IWY vs. QDTE - Sectors Allocation Comparison

Sectors	IWY	QDTE
Technology	56.3%	-
Communication Services	12.3%	-
Consumer Cyclical	10.5%	-
Healthcare	7.1%	-
Financial Services	5.5%	5.6%
Industrials	3.4%	-
Consumer Defensive	2.9%	-
Utilities	1.1%	-
Real Estate	0.3%	-
Basic Materials	0.3%	-
Energy	0.0%	-

Return for Risk

IWY vs. QDTE — Risk / Return Rank

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

IWY

IWY Risk / Return Rank: 24
IWY Sharpe Ratio Rank: 26
IWY Sortino Ratio Rank: 25
IWY Omega Ratio Rank: 24
IWY Calmar Ratio Rank: 20
IWY Martin Ratio Rank: 23

QDTE

QDTE Risk / Return Rank: 61
QDTE Sharpe Ratio Rank: 60
QDTE Sortino Ratio Rank: 53
QDTE Omega Ratio Rank: 58
QDTE Calmar Ratio Rank: 66
QDTE Martin Ratio Rank: 69

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.

IWY vs. QDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Top 200 Growth ETF (IWY) 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.

	IWY	QDTE	Difference
Sharpe ratio: Return per unit of total volatility	0.91	1.77	-0.86
Sortino ratio: Return per unit of downside risk	1.32	2.30	-0.97
Omega ratio: Gain probability vs. loss probability	1.17	1.32	-0.15
Calmar ratio: Return relative to maximum drawdown	0.89	2.90	-2.00
Martin ratio: Return relative to average drawdown	2.80	11.08	-8.28

IWY vs. QDTE - Sharpe Ratio Comparison

The current IWY Sharpe Ratio is 0.91, which is lower than the QDTE Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of IWY 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

IWY vs. QDTE - Drawdown Comparison

The maximum IWY drawdown since its inception was -32.68%, which is greater than QDTE's maximum drawdown of -22.86%. Use the drawdown chart below to compare losses from any high point for IWY and QDTE.

Drawdown Indicators

	IWY	QDTE	Difference
Max Drawdown Largest peak-to-trough decline	-32.68%	-22.86%	-9.82%
Max Drawdown (1Y) Largest decline over 1 year	-16.63%	-10.20%	-6.43%
Max Drawdown (3Y) Largest decline over 3 years	-23.22%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.68%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.68%	—	—
Current Drawdown Current decline from peak	-7.85%	-3.97%	-3.88%
Average Drawdown Average peak-to-trough decline	-4.75%	-3.13%	-1.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.29%	2.66%	+2.63%

Volatility

IWY vs. QDTE - Volatility Comparison

The current volatility for iShares Russell Top 200 Growth ETF (IWY) is 6.21%, while Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) has a volatility of 8.55%. This indicates that IWY 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

	IWY	QDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.21%	8.55%	-2.34%
Volatility (6M) Calculated over the trailing 6-month period	12.61%	13.35%	-0.74%
Volatility (1Y) Calculated over the trailing 1-year period	16.29%	16.68%	-0.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.60%	18.97%	+2.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.02%	18.97%	+2.05%

IWY vs. QDTE - Expense Ratio Comparison

IWY has a 0.20% expense ratio, which is lower than QDTE's 0.97% expense ratio.

Dividends

IWY vs. QDTE - Dividend Comparison

IWY's dividend yield for the trailing twelve months is around 0.36%, less than QDTE's 44.73% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWY iShares Russell Top 200 Growth ETF	0.36%	0.36%	0.42%	0.68%	0.88%	0.50%	0.71%	1.06%	1.32%	1.26%	1.51%	1.58%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	44.73%	49.49%	32.09%	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 IWY and QDTE in my portfolio?

IWY and QDTE have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IWY or QDTE?

QDTE has higher volatility (8.55%) compared to IWY (6.21%). In terms of maximum drawdown, IWY dropped -32.68% vs QDTE's -22.86%.

Which ETF is better, IWY or QDTE?

On 1-year performance, QDTE leads with 28.86% vs 14.08% for IWY. On fees, IWY is cheaper at 0.20% per year. On volatility, IWY has been the lower-risk option at 6.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWY or QDTE?

Over the 1-year period, QDTE has performed better with a 28.86% return vs 14.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWY or QDTE?

IWY is cheaper with a 0.20% expense ratio, compared with 0.97% for QDTE.

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

QDTE has the higher dividend yield at 44.73%, compared with 0.36% for IWY.

What is the main difference between IWY and QDTE?

IWY is categorized as Large Cap Growth Equities, while QDTE is Derivative Income. They also come from different issuers: iShares and Roundhill. Their fees differ too: 0.20% for IWY and 0.97% for QDTE.

Which has better risk-adjusted returns?

QDTE currently has the higher Sharpe Ratio (1.77 vs 0.91), 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.