NFLY vs. QDTE

Last updated Jul 14, 2026

NFLY (YieldMax NFLX Option Income Strategy ETF) and QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, NFLY returned -34.29% vs 28.50% for QDTE. At a 0.36 correlation, their price movements are largely independent. NFLY charges 0.99%/yr vs 0.97%/yr for QDTE.

Performance

NFLY vs. QDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax NFLX Option Income Strategy ETF (NFLY) 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, NFLY achieves a -17.03% return, which is significantly lower than QDTE's 13.13% return.

NFLY

• 1D: 1.15%
• 1M: -8.16%
• 6M: -13.66%
• YTD: -17.03%
• 1Y: -34.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QDTE

• 1D: -1.69%
• 1M: 0.14%
• 6M: 11.04%
• YTD: 13.13%
• 1Y: 28.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NFLY vs. QDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NFLY YieldMax NFLX Option Income Strategy ETF	-17.03%	1.66%	45.76%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	13.13%	19.32%	17.13%

Correlation

The correlation between NFLY and QDTE is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.36

Over the past year, the correlation between NFLY and QDTE has dropped to 0.11 - well below their long-term average of 0.36, suggesting their price drivers have been diverging.

Return for Risk

NFLY vs. QDTE — Risk / Return Rank

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

NFLY

NFLY Risk / Return Rank: 1
NFLY Sharpe Ratio Rank: 0
NFLY Sortino Ratio Rank: 1
NFLY Omega Ratio Rank: 1
NFLY Calmar Ratio Rank: 1
NFLY Martin Ratio Rank: 0

QDTE

QDTE Risk / Return Rank: 64
QDTE Sharpe Ratio Rank: 63
QDTE Sortino Ratio Rank: 57
QDTE Omega Ratio Rank: 61
QDTE Calmar Ratio Rank: 70
QDTE Martin Ratio Rank: 72

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.

NFLY vs. QDTE - Risk-Adjusted Trends Comparison

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

	NFLY	QDTE	Difference
Sharpe ratio: Return per unit of total volatility	-1.20	1.66	-2.86
Sortino ratio: Return per unit of downside risk	-1.76	2.17	-3.94
Omega ratio: Gain probability vs. loss probability	0.77	1.29	-0.52
Calmar ratio: Return relative to maximum drawdown	-0.92	2.81	-3.73
Martin ratio: Return relative to average drawdown	-1.64	10.52	-12.16

NFLY vs. QDTE - Sharpe Ratio Comparison

The current NFLY Sharpe Ratio is -1.20, which is lower than the QDTE Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of NFLY 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

NFLY vs. QDTE - Drawdown Comparison

The maximum NFLY drawdown since its inception was -39.68%, which is greater than QDTE's maximum drawdown of -22.86%. Use the drawdown chart below to compare losses from any high point for NFLY and QDTE.

Drawdown Indicators

	NFLY	QDTE	Difference
Max Drawdown Largest peak-to-trough decline	-39.68%	-22.86%	-16.82%
Max Drawdown (1Y) Largest decline over 1 year	-37.23%	-10.20%	-27.03%
Current Drawdown Current decline from peak	-38.39%	-3.11%	-35.28%
Average Drawdown Average peak-to-trough decline	-9.46%	-3.12%	-6.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.92%	2.71%	+18.21%

Volatility

NFLY vs. QDTE - Volatility Comparison

YieldMax NFLX Option Income Strategy ETF (NFLY) has a higher volatility of 9.46% compared to Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) at 7.81%. This indicates that NFLY'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

	NFLY	QDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.46%	7.81%	+1.65%
Volatility (6M) Calculated over the trailing 6-month period	22.09%	14.07%	+8.02%
Volatility (1Y) Calculated over the trailing 1-year period	28.68%	17.26%	+11.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.36%	19.06%	+9.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.36%	19.06%	+9.30%

NFLY vs. QDTE - Expense Ratio Comparison

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

Dividends

NFLY vs. QDTE - Dividend Comparison

NFLY's dividend yield for the trailing twelve months is around 64.97%, more than QDTE's 44.92% yield.

Position	TTM	2025	2024	2023
NFLY YieldMax NFLX Option Income Strategy ETF	64.97%	61.53%	49.91%	11.84%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	44.92%	49.49%	32.09%	0.00%

Frequently Asked Questions

Can I hold both NFLY and QDTE in my portfolio?

NFLY and QDTE have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NFLY or QDTE?

NFLY has higher volatility (9.46%) compared to QDTE (7.81%). In terms of maximum drawdown, NFLY dropped -39.68% vs QDTE's -22.86%.

Which ETF is better, NFLY or QDTE?

On 1-year performance, QDTE leads with 28.50% vs -34.29% for NFLY. On fees, QDTE is cheaper at 0.97% per year. On volatility, QDTE has been the lower-risk option at 7.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NFLY or QDTE?

Over the 1-year period, QDTE has performed better with a 28.50% return vs -34.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFLY or QDTE?

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

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

NFLY has the higher dividend yield at 64.97%, compared with 44.92% for QDTE.

What is the main difference between NFLY and QDTE?

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

Which has better risk-adjusted returns?

QDTE currently has the higher Sharpe Ratio (1.66 vs -1.20), 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.