QDTE vs. AFOS

Last updated Jun 4, 2026

QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) and AFOS (ARS Focused Opportunities Strategy ETF) are both exchange-traded funds - QDTE is a Derivative Income fund actively managed by Roundhill, while AFOS is a Large Cap Blend Equities fund managed by ARS Investment Partners. A 0.80 correlation means they provide meaningful diversification when combined. QDTE charges 0.97%/yr vs 0.45%/yr for AFOS.

Performance

QDTE vs. AFOS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) and ARS Focused Opportunities Strategy ETF (AFOS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QDTE achieves a 16.58% return, which is significantly lower than AFOS's 32.04% return.

QDTE

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

AFOS

• 1D: -0.29%
• 1M: 8.94%
• YTD: 32.04%
• 6M: 37.37%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QDTE vs. AFOS - Yearly Performance Comparison

	2026 (YTD)	2025
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	16.58%	15.42%
AFOS ARS Focused Opportunities Strategy ETF	32.04%	36.15%

Correlation

The correlation between QDTE and AFOS is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 27, 2025	0.80

Return for Risk

QDTE vs. AFOS — Risk / Return Rank

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

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.

QDTE vs. AFOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) and ARS Focused Opportunities Strategy ETF (AFOS). 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.

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

Sharpe Ratios by Period

	QDTE	AFOS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.74	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.30	4.35	-3.04

Drawdowns

QDTE vs. AFOS - Drawdown Comparison

The maximum QDTE drawdown since its inception was -22.86%, which is greater than AFOS's maximum drawdown of -11.52%. Use the drawdown chart below to compare losses from any high point for QDTE and AFOS.

Drawdown Indicators

	QDTE	AFOS	Difference
Max Drawdown Largest peak-to-trough decline	-22.86%	-11.52%	-11.34%
Max Drawdown (1Y) Largest decline over 1 year	-10.20%	—	—
Current Drawdown Current decline from peak	-0.16%	-0.29%	+0.13%
Average Drawdown Average peak-to-trough decline	-3.14%	-1.37%	-1.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	—	—

Volatility

Volatility by Period

	QDTE	AFOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.75%	—	—
Volatility (6M) Calculated over the trailing 6-month period	11.01%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	14.81%	20.19%	-5.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.43%	20.19%	-1.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.43%	20.19%	-1.76%

QDTE vs. AFOS - Expense Ratio Comparison

QDTE has a 0.97% expense ratio, which is higher than AFOS's 0.45% expense ratio.

Dividends

QDTE vs. AFOS - Dividend Comparison

QDTE's dividend yield for the trailing twelve months is around 42.16%, more than AFOS's 0.22% yield.

Position	TTM	2025	2024
AFOS ARS Focused Opportunities Strategy ETF	0.22%	0.30%	0.00%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	42.16%	49.49%	32.09%

Frequently Asked Questions

Can I hold both QDTE and AFOS in my portfolio?

QDTE and AFOS have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QDTE or AFOS?

On fees, AFOS is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QDTE or AFOS?

AFOS is cheaper with a 0.45% expense ratio, compared with 0.97% for QDTE.

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

QDTE has the higher dividend yield at 42.16%, compared with 0.22% for AFOS.

What is the main difference between QDTE and AFOS?

QDTE is categorized as Derivative Income, while AFOS is Large Cap Blend Equities. They also come from different issuers: Roundhill and ARS Investment Partners. Their fees differ too: 0.97% for QDTE and 0.45% for AFOS.