JPO vs. QDTE

Last updated Jun 26, 2026

JPO (YieldMax JPM Option Income Strategy ETF) and QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) are both exchange-traded funds - JPO is a Options Trading fund actively managed by Tidal, while QDTE is a Derivative Income fund actively managed by Roundhill. Both are actively managed. Over the past year, JPO returned 15.53% vs 32.12% for QDTE. At a 0.35 correlation, their price movements are largely independent. JPO charges 1.19%/yr vs 0.97%/yr for QDTE.

Performance

JPO vs. QDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax JPM Option Income Strategy ETF (JPO) 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, JPO achieves a 3.73% return, which is significantly lower than QDTE's 13.50% return.

JPO

• 1D: 0.68%
• 1M: 6.99%
• YTD: 3.73%
• 6M: 2.22%
• 1Y: 15.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QDTE

• 1D: 1.15%
• 1M: -1.10%
• YTD: 13.50%
• 6M: 12.07%
• 1Y: 32.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

JPO vs. QDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
JPO YieldMax JPM Option Income Strategy ETF	3.73%	22.26%	3.68%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	13.50%	19.32%	17.13%

Correlation

The correlation between JPO and QDTE is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.35

Return for Risk

JPO vs. QDTE — Risk / Return Rank

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

JPO

JPO Risk / Return Rank: 23
JPO Sharpe Ratio Rank: 24
JPO Sortino Ratio Rank: 22
JPO Omega Ratio Rank: 23
JPO Calmar Ratio Rank: 24
JPO Martin Ratio Rank: 23

QDTE

QDTE Risk / Return Rank: 69
QDTE Sharpe Ratio Rank: 70
QDTE Sortino Ratio Rank: 61
QDTE Omega Ratio Rank: 68
QDTE Calmar Ratio Rank: 72
QDTE Martin Ratio Rank: 75

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.

JPO vs. QDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax JPM Option Income Strategy ETF (JPO) 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.

	JPO	QDTE	Difference
Sharpe ratio: Return per unit of total volatility	0.82	1.94	-1.12
Sortino ratio: Return per unit of downside risk	1.17	2.48	-1.32
Omega ratio: Gain probability vs. loss probability	1.15	1.35	-0.19
Calmar ratio: Return relative to maximum drawdown	1.10	3.16	-2.07
Martin ratio: Return relative to average drawdown	2.70	12.16	-9.45

JPO vs. QDTE - Sharpe Ratio Comparison

The current JPO Sharpe Ratio is 0.82, which is lower than the QDTE Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of JPO 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

JPO vs. QDTE - Drawdown Comparison

The maximum JPO drawdown since its inception was -24.80%, which is greater than QDTE's maximum drawdown of -22.86%. Use the drawdown chart below to compare losses from any high point for JPO and QDTE.

Drawdown Indicators

	JPO	QDTE	Difference
Max Drawdown Largest peak-to-trough decline	-24.80%	-22.86%	-1.94%
Max Drawdown (1Y) Largest decline over 1 year	-14.24%	-10.20%	-4.04%
Current Drawdown Current decline from peak	0.00%	-2.79%	+2.79%
Average Drawdown Average peak-to-trough decline	-4.55%	-3.13%	-1.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.76%	2.65%	+3.11%

Volatility

JPO vs. QDTE - Volatility Comparison

The current volatility for YieldMax JPM Option Income Strategy ETF (JPO) is 6.03%, while Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) has a volatility of 8.47%. This indicates that JPO 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

	JPO	QDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.03%	8.47%	-2.44%
Volatility (6M) Calculated over the trailing 6-month period	14.66%	13.30%	+1.36%
Volatility (1Y) Calculated over the trailing 1-year period	19.07%	16.63%	+2.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.08%	18.97%	+0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.08%	18.97%	+0.11%

JPO vs. QDTE - Expense Ratio Comparison

JPO has a 1.19% expense ratio, which is higher than QDTE's 0.97% expense ratio.

Dividends

JPO vs. QDTE - Dividend Comparison

JPO's dividend yield for the trailing twelve months is around 32.51%, less than QDTE's 45.00% yield.

Position	TTM	2025	2024	2023
JPO YieldMax JPM Option Income Strategy ETF	32.51%	34.13%	25.15%	4.84%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	45.00%	49.49%	32.09%	0.00%

Frequently Asked Questions

Can I hold both JPO and QDTE in my portfolio?

JPO and QDTE have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JPO or QDTE?

QDTE has higher volatility (8.47%) compared to JPO (6.03%). In terms of maximum drawdown, JPO dropped -24.80% vs QDTE's -22.86%.

Which ETF is better, JPO or QDTE?

On 1-year performance, QDTE leads with 32.12% vs 15.53% for JPO. On fees, QDTE is cheaper at 0.97% per year. On volatility, JPO has been the lower-risk option at 6.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JPO or QDTE?

Over the 1-year period, QDTE has performed better with a 32.12% return vs 15.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JPO or QDTE?

QDTE is cheaper with a 0.97% expense ratio, compared with 1.19% for JPO.

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

QDTE has the higher dividend yield at 45.00%, compared with 32.51% for JPO.

What is the main difference between JPO and QDTE?

JPO is categorized as Options Trading, while QDTE is Derivative Income. They also come from different issuers: Tidal and Roundhill. Their fees differ too: 1.19% for JPO and 0.97% for QDTE.

Which has better risk-adjusted returns?

QDTE currently has the higher Sharpe Ratio (1.94 vs 0.82), 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.