MSTY vs. XDTE

Last updated Jun 9, 2026

MSTY (YieldMax™ MSTR Option Income Strategy ETF) and XDTE (Roundhill S&P 500 0DTE Covered Call Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, MSTY returned -60.53% vs 22.20% for XDTE. At a 0.44 correlation, their price movements are largely independent. MSTY charges 0.99%/yr vs 0.97%/yr for XDTE.

Performance

MSTY vs. XDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax™ MSTR Option Income Strategy ETF (MSTY) and Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSTY achieves a -14.65% return, which is significantly lower than XDTE's 6.69% return.

MSTY

• 1D: 4.76%
• 1M: -29.07%
• YTD: -14.65%
• 6M: -26.17%
• 1Y: -60.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XDTE

• 1D: 0.31%
• 1M: -0.27%
• YTD: 6.69%
• 6M: 6.52%
• 1Y: 22.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSTY vs. XDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSTY YieldMax™ MSTR Option Income Strategy ETF	-14.65%	-42.71%	100.94%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	6.69%	12.60%	16.39%

Correlation

The correlation between MSTY and XDTE is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024	0.44

Return for Risk

MSTY vs. XDTE — Risk / Return Rank

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

MSTY

MSTY Risk / Return Rank: 2
MSTY Sharpe Ratio Rank: 1
MSTY Sortino Ratio Rank: 1
MSTY Omega Ratio Rank: 1
MSTY Calmar Ratio Rank: 2
MSTY Martin Ratio Rank: 3

XDTE

XDTE Risk / Return Rank: 68
XDTE Sharpe Ratio Rank: 67
XDTE Sortino Ratio Rank: 63
XDTE Omega Ratio Rank: 68
XDTE Calmar Ratio Rank: 64
XDTE Martin Ratio Rank: 76

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.

MSTY vs. XDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax™ MSTR Option Income Strategy ETF (MSTY) and Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE). 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.

	MSTY	XDTE	Difference
Sharpe ratio: Return per unit of total volatility	-1.00	1.99	-2.98
Sortino ratio: Return per unit of downside risk	-1.67	2.64	-4.30
Omega ratio: Gain probability vs. loss probability	0.81	1.37	-0.55
Calmar ratio: Return relative to maximum drawdown	-0.85	2.90	-3.75
Martin ratio: Return relative to average drawdown	-1.28	13.13	-14.41
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSTY vs. XDTE - Sharpe Ratio Comparison

The current MSTY Sharpe Ratio is -1.00, which is lower than the XDTE Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of MSTY and XDTE, 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

	MSTY	XDTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.00	1.99	-2.98
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	1.16	-0.91

Drawdowns

MSTY vs. XDTE - Drawdown Comparison

The maximum MSTY drawdown since its inception was -71.79%, which is greater than XDTE's maximum drawdown of -19.09%. Use the drawdown chart below to compare losses from any high point for MSTY and XDTE.

Drawdown Indicators

	MSTY	XDTE	Difference
Max Drawdown Largest peak-to-trough decline	-71.79%	-19.09%	-52.70%
Max Drawdown (1Y) Largest decline over 1 year	-71.79%	-7.68%	-64.11%
Current Drawdown Current decline from peak	-66.45%	-2.61%	-63.84%
Average Drawdown Average peak-to-trough decline	-26.30%	-2.31%	-23.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	47.43%	1.69%	+45.74%

Volatility

MSTY vs. XDTE - Volatility Comparison

YieldMax™ MSTR Option Income Strategy ETF (MSTY) has a higher volatility of 18.89% compared to Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE) at 3.50%. This indicates that MSTY's price experiences larger fluctuations and is considered to be riskier than XDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSTY	XDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.89%	3.50%	+15.39%
Volatility (6M) Calculated over the trailing 6-month period	49.13%	8.68%	+40.45%
Volatility (1Y) Calculated over the trailing 1-year period	60.99%	11.25%	+49.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.94%	13.92%	+58.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.94%	13.92%	+58.02%

MSTY vs. XDTE - Expense Ratio Comparison

MSTY has a 0.99% expense ratio, which is higher than XDTE's 0.97% expense ratio.

Dividends

MSTY vs. XDTE - Dividend Comparison

MSTY's dividend yield for the trailing twelve months is around 233.09%, more than XDTE's 33.68% yield.

Position	TTM	2025	2024
MSTY YieldMax™ MSTR Option Income Strategy ETF	233.09%	294.61%	104.56%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	33.68%	39.16%	20.35%

Frequently Asked Questions

Can I hold both MSTY and XDTE in my portfolio?

MSTY and XDTE have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSTY or XDTE?

MSTY has higher volatility (18.89%) compared to XDTE (3.50%). In terms of maximum drawdown, MSTY dropped -71.79% vs XDTE's -19.09%.

Which ETF is better, MSTY or XDTE?

On 1-year performance, XDTE leads with 22.20% vs -60.53% for MSTY. On fees, XDTE is cheaper at 0.97% per year. On volatility, XDTE has been the lower-risk option at 3.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSTY or XDTE?

Over the 1-year period, XDTE has performed better with a 22.20% return vs -60.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSTY or XDTE?

XDTE is cheaper with a 0.97% expense ratio, compared with 0.99% for MSTY.

Which ETF pays a higher dividend yield, MSTY or XDTE?

MSTY has the higher dividend yield at 233.09%, compared with 33.68% for XDTE.

What is the main difference between MSTY and XDTE?

They also come from different issuers: YieldMax and Roundhill. Their fees differ too: 0.99% for MSTY and 0.97% for XDTE.

Which has better risk-adjusted returns?

XDTE currently has the higher Sharpe Ratio (1.99 vs -1.00), 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.