MSFO vs. QDTE

Last updated Jun 4, 2026

MSFO (YieldMax MSFT Option Income Strategy ETF ) and QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) are both exchange-traded funds - MSFO is a Options Trading fund actively managed by YieldMax, while QDTE is a Derivative Income fund actively managed by Roundhill. Both are actively managed. Over the past year, MSFO returned -4.82% vs 40.36% for QDTE. A 0.61 correlation means they provide meaningful diversification when combined. MSFO charges 0.99%/yr vs 0.97%/yr for QDTE.

Performance

MSFO vs. QDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax MSFT Option Income Strategy ETF (MSFO) 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, MSFO achieves a -9.19% return, which is significantly lower than QDTE's 16.58% return.

MSFO

• 1D: -2.81%
• 1M: 2.02%
• YTD: -9.19%
• 6M: -7.90%
• 1Y: -4.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QDTE

• 1D: -0.16%
• 1M: 8.99%
• YTD: 16.58%
• 6M: 16.20%
• 1Y: 40.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSFO vs. QDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSFO YieldMax MSFT Option Income Strategy ETF	-9.19%	15.69%	2.74%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	16.58%	19.32%	16.07%

Correlation

The correlation between MSFO and QDTE is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024	0.61

The correlation between MSFO and QDTE shifts across timeframes, from 0.46 (1 year) to 0.61 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MSFO vs. QDTE — Risk / Return Rank

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

MSFO

MSFO Risk / Return Rank: 7
MSFO Sharpe Ratio Rank: 6
MSFO Sortino Ratio Rank: 6
MSFO Omega Ratio Rank: 6
MSFO Calmar Ratio Rank: 7
MSFO Martin Ratio Rank: 7

QDTE

QDTE Risk / Return Rank: 78
QDTE Sharpe Ratio Rank: 82
QDTE Sortino Ratio Rank: 76
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.

MSFO vs. QDTE - Risk-Adjusted Trends Comparison

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

	MSFO	QDTE	Difference
Sharpe ratio: Return per unit of total volatility	-0.22	2.74	-2.97
Sortino ratio: Return per unit of downside risk	-0.16	3.49	-3.66
Omega ratio: Gain probability vs. loss probability	0.98	1.47	-0.50
Calmar ratio: Return relative to maximum drawdown	-0.17	3.98	-4.14
Martin ratio: Return relative to average drawdown	-0.37	16.08	-16.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSFO vs. QDTE - Sharpe Ratio Comparison

The current MSFO Sharpe Ratio is -0.22, which is lower than the QDTE Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of MSFO 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

	MSFO	QDTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.22	2.74	-2.97
Sharpe Ratio (All Time) Calculated using the full available price history	0.62	1.30	-0.69

Drawdowns

MSFO vs. QDTE - Drawdown Comparison

The maximum MSFO drawdown since its inception was -29.29%, which is greater than QDTE's maximum drawdown of -22.86%. Use the drawdown chart below to compare losses from any high point for MSFO and QDTE.

Drawdown Indicators

	MSFO	QDTE	Difference
Max Drawdown Largest peak-to-trough decline	-29.29%	-22.86%	-6.43%
Max Drawdown (1Y) Largest decline over 1 year	-29.29%	-10.20%	-19.09%
Current Drawdown Current decline from peak	-16.79%	-0.16%	-16.63%
Average Drawdown Average peak-to-trough decline	-6.56%	-3.14%	-3.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.16%	2.52%	+10.64%

Volatility

MSFO vs. QDTE - Volatility Comparison

YieldMax MSFT Option Income Strategy ETF (MSFO) has a higher volatility of 8.28% compared to Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) at 3.75%. This indicates that MSFO'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

	MSFO	QDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.28%	3.75%	+4.53%
Volatility (6M) Calculated over the trailing 6-month period	19.23%	11.01%	+8.22%
Volatility (1Y) Calculated over the trailing 1-year period	21.51%	14.81%	+6.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.78%	18.43%	+1.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.78%	18.43%	+1.35%

MSFO vs. QDTE - Expense Ratio Comparison

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

Dividends

MSFO vs. QDTE - Dividend Comparison

MSFO's dividend yield for the trailing twelve months is around 38.67%, less than QDTE's 42.16% yield.

Position	TTM	2025	2024	2023
MSFO YieldMax MSFT Option Income Strategy ETF	38.67%	33.91%	35.15%	6.44%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	42.16%	49.49%	32.09%	0.00%

Frequently Asked Questions

Can I hold both MSFO and QDTE in my portfolio?

MSFO and QDTE 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, MSFO or QDTE?

MSFO has higher volatility (8.28%) compared to QDTE (3.75%). In terms of maximum drawdown, MSFO dropped -29.29% vs QDTE's -22.86%.

Which ETF is better, MSFO or QDTE?

On 1-year performance, QDTE leads with 40.36% vs -4.82% for MSFO. On fees, QDTE is cheaper at 0.97% per year. On volatility, QDTE has been the lower-risk option at 3.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSFO or QDTE?

Over the 1-year period, QDTE has performed better with a 40.36% return vs -4.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSFO or QDTE?

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

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

QDTE has the higher dividend yield at 42.16%, compared with 38.67% for MSFO.

What is the main difference between MSFO and QDTE?

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

Which has better risk-adjusted returns?

QDTE currently has the higher Sharpe Ratio (2.74 vs -0.22), 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.