OVL vs. QDTE

Last updated Jun 4, 2026

OVL (Overlay Shares Large Cap Equity ETF) and QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) are both exchange-traded funds - OVL is a Large Cap Growth Equities fund actively managed by Liquid Strategies, while QDTE is a Derivative Income fund actively managed by Roundhill. Both are actively managed. Over the past year, OVL returned 33.24% vs 40.36% for QDTE. Their correlation of 0.89 suggests significant overlap in exposure. OVL charges 0.79%/yr vs 0.97%/yr for QDTE.

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 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, OVL achieves a 13.20% return, which is significantly lower than QDTE's 16.58% return.

OVL

• 1D: -0.94%
• 1M: 5.25%
• YTD: 13.20%
• 6M: 13.15%
• 1Y: 33.24%
• 3Y*: 24.25%
• 5Y*: 14.26%
• 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)

OVL vs. QDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
OVL Overlay Shares Large Cap Equity ETF	13.20%	17.81%	16.00%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	16.58%	19.32%	16.07%

Correlation

The correlation between OVL and QDTE is 0.90, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.90
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024	0.89

The correlation between OVL and QDTE has been stable across timeframes, ranging from 0.89 to 0.90 - a consistent structural relationship.

OVL vs. QDTE - Sectors Allocation Comparison

Sectors	OVL	QDTE
Technology	35.7%	-
Financial Services	11.6%	5.4%
Communication Services	11.3%	-
Consumer Cyclical	10.2%	-
Healthcare	8.5%	-
Industrials	8.3%	-
Consumer Defensive	4.9%	-
Energy	3.5%	-
Utilities	2.4%	-
Real Estate	1.9%	-
Basic Materials	1.8%	-

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: 74
OVL Sharpe Ratio Rank: 72
OVL Sortino Ratio Rank: 69
OVL Omega Ratio Rank: 70
OVL Calmar Ratio Rank: 75
OVL Martin Ratio Rank: 83

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.

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 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.

	OVL	QDTE	Difference
Sharpe ratio: Return per unit of total volatility	2.39	2.74	-0.35
Sortino ratio: Return per unit of downside risk	3.19	3.49	-0.31
Omega ratio: Gain probability vs. loss probability	1.43	1.47	-0.05
Calmar ratio: Return relative to maximum drawdown	3.82	3.98	-0.15
Martin ratio: Return relative to average drawdown	17.04	16.08	+0.96
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 2.39, which is comparable to the QDTE Sharpe Ratio of 2.74. The chart below compares the historical Sharpe Ratios of OVL 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

	OVL	QDTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	2.74	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	1.30	-0.51

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	-8.73%	-10.20%	+1.47%
Max Drawdown (3Y) Largest decline over 3 years	-21.73%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-29.23%	—	—
Current Drawdown Current decline from peak	-0.94%	-0.16%	-0.78%
Average Drawdown Average peak-to-trough decline	-6.71%	-3.14%	-3.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.96%	2.52%	-0.56%

Volatility

OVL vs. QDTE - Volatility Comparison

The current volatility for Overlay Shares Large Cap Equity ETF (OVL) is 3.06%, while Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) has a volatility of 3.75%. This indicates that OVL 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

	OVL	QDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.06%	3.75%	-0.69%
Volatility (6M) Calculated over the trailing 6-month period	10.47%	11.01%	-0.54%
Volatility (1Y) Calculated over the trailing 1-year period	13.99%	14.81%	-0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.79%	18.43%	+1.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.54%	18.43%	+4.11%

OVL vs. QDTE - Expense Ratio Comparison

OVL has a 0.79% expense ratio, which is lower than QDTE's 0.97% expense ratio.

Dividends

OVL vs. QDTE - Dividend Comparison

OVL's dividend yield for the trailing twelve months is around 6.18%, less than QDTE's 42.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
OVL Overlay Shares Large Cap Equity ETF	6.18%	2.99%	3.10%	3.33%	3.85%	3.63%	2.43%	0.50%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	42.16%	49.49%	32.09%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OVL and QDTE in my portfolio?

With a correlation of 0.90, OVL and QDTE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, OVL or QDTE?

QDTE has higher volatility (3.75%) compared to OVL (3.06%). In terms of maximum drawdown, OVL dropped -35.49% vs QDTE's -22.86%.

Which ETF is better, OVL or QDTE?

On 1-year performance, QDTE leads with 40.36% vs 33.24% for OVL. On fees, OVL is cheaper at 0.79% per year. On volatility, OVL has been the lower-risk option at 3.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OVL or QDTE?

Over the 1-year period, QDTE has performed better with a 40.36% return vs 33.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OVL or QDTE?

OVL is cheaper with a 0.79% expense ratio, compared with 0.97% for QDTE.

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

QDTE has the higher dividend yield at 42.16%, compared with 6.18% for OVL.

What is the main difference between OVL and QDTE?

OVL is categorized as Large Cap Growth Equities, while QDTE is Derivative Income. They also come from different issuers: Liquid Strategies and Roundhill. Their fees differ too: 0.79% for OVL and 0.97% for QDTE.

Which has better risk-adjusted returns?

QDTE currently has the higher Sharpe Ratio (2.74 vs 2.39), 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.