OVL vs. QDTE

Last updated Apr 1, 2026

Compare and contrast key facts about Overlay Shares Large Cap Equity ETF (OVL) and Roundhill ETF Trust - Roundhill N-100 0DTE Covered Call Strategy ETF (QDTE).

OVL and QDTE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. OVL is an actively managed fund by Liquid Strategies. It was launched on Sep 30, 2019. QDTE is an actively managed fund by Roundhill. It was launched on Mar 6, 2024.

Performance

OVL vs. QDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Overlay Shares Large Cap Equity ETF (OVL) and Roundhill ETF Trust - Roundhill N-100 0DTE Covered Call Strategy ETF (QDTE). The values are adjusted to include any dividend payments, if applicable.

OVL vs. QDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OVL Overlay Shares Large Cap Equity ETF	-2.96%	17.81%	16.00%
QDTE Roundhill ETF Trust - Roundhill N-100 0DTE Covered Call Strategy ETF	-5.34%	19.32%	16.07%

Returns By Period

In the year-to-date period, OVL achieves a -2.96% return, which is significantly higher than QDTE's -5.34% return.

OVL

• 1D: 3.35%
• 1M: -4.70%
• YTD: -2.96%
• 6M: 0.25%
• 1Y: 21.77%
• 3Y*: 20.09%
• 5Y*: 12.24%
• 10Y*: —

QDTE

• 1D: 2.12%
• 1M: -5.56%
• YTD: -5.34%
• 6M: -1.02%
• 1Y: 20.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

OVL vs. QDTE - Expense Ratio Comparison

OVL has a 0.79% expense ratio, which is lower than QDTE's 0.95% expense ratio.

QDTE

Roundhill ETF Trust - Roundhill N-100 0DTE Covered Call Strategy ETF

OVL

Overlay Shares Large Cap Equity ETF

Return for Risk

OVL vs. QDTE — Risk / Return Rank

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

OVL

OVL Risk / Return Rank: 68
OVL Sharpe Ratio Rank: 63
OVL Sortino Ratio Rank: 64
OVL Omega Ratio Rank: 66
OVL Calmar Ratio Rank: 69
OVL Martin Ratio Rank: 78

QDTE

QDTE Risk / Return Rank: 60
QDTE Sharpe Ratio Rank: 63
QDTE Sortino Ratio Rank: 58
QDTE Omega Ratio Rank: 61
QDTE Calmar Ratio Rank: 60
QDTE Martin Ratio Rank: 59

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.

OVL vs. QDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Overlay Shares Large Cap Equity ETF (OVL) and Roundhill ETF Trust - Roundhill N-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.

	OVL	QDTE	Difference
Sharpe ratio Return per unit of total volatility	1.07	1.05	+0.02
Sortino ratio Return per unit of downside risk	1.61	1.42	+0.19
Omega ratio Gain probability vs. loss probability	1.24	1.21	+0.03
Calmar ratio Return relative to maximum drawdown	1.71	1.39	+0.32
Martin ratio Return relative to average drawdown	8.22	5.36	+2.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OVL vs. QDTE - Sharpe Ratio Comparison

The current OVL Sharpe Ratio is 1.07, which is comparable to the QDTE Sharpe Ratio of 1.05. The chart below compares the historical Sharpe Ratios of OVL and QDTE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	OVL	QDTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.07	1.05	+0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.76	-0.07

Correlation

The correlation between OVL and QDTE is 0.90, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

OVL vs. QDTE - Dividend Comparison

OVL's dividend yield for the trailing twelve months is around 5.90%, less than QDTE's 51.06% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019
OVL Overlay Shares Large Cap Equity ETF	5.90%	2.99%	3.10%	3.33%	3.85%	3.63%	2.43%	0.50%
QDTE Roundhill ETF Trust - Roundhill N-100 0DTE Covered Call Strategy ETF	51.06%	49.49%	32.09%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

OVL vs. QDTE - Drawdown Comparison

The maximum OVL drawdown since its inception was -35.49%, which is greater than QDTE's maximum drawdown of -22.86%. Use the drawdown chart below to compare losses from any high point for OVL and QDTE.

Drawdown Indicators

	OVL	QDTE	Difference
Max Drawdown Largest peak-to-trough decline	-35.49%	-22.86%	-12.63%
Max Drawdown (1Y) Largest decline over 1 year	-13.27%	-14.08%	+0.81%
Max Drawdown (5Y) Largest decline over 5 years	-29.23%	—	—
Current Drawdown Current decline from peak	-5.68%	-8.29%	+2.61%
Average Drawdown Average peak-to-trough decline	-6.87%	-3.30%	-3.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	3.65%	-0.88%

Volatility

OVL vs. QDTE - Volatility Comparison

Overlay Shares Large Cap Equity ETF (OVL) has a higher volatility of 6.06% compared to Roundhill ETF Trust - Roundhill N-100 0DTE Covered Call Strategy ETF (QDTE) at 5.64%. This indicates that OVL'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

	OVL	QDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.06%	5.64%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	11.61%	12.02%	-0.41%
Volatility (1Y) Calculated over the trailing 1-year period	20.37%	19.33%	+1.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.82%	18.70%	+1.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.76%	18.70%	+4.06%