QDTE vs. DFND

Last updated Jun 4, 2026

QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) and DFND (Siren DIVCON Dividend Defender ETF) are both exchange-traded funds - QDTE is a Derivative Income fund actively managed by Roundhill, while DFND is a Large Cap Blend Equities fund tracking the Siren DIVCON Dividend Defender Index. QDTE is actively managed, while DFND is passively managed. Over the past year, QDTE returned 40.36% vs 0.20% for DFND. At a 0.08 correlation, their price movements are largely independent. QDTE charges 0.97%/yr vs 1.50%/yr for DFND.

Performance

QDTE vs. DFND - 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 Siren DIVCON Dividend Defender ETF (DFND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

QDTE

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

DFND

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: -1.09%
• 1Y: 0.20%
• 3Y*: 7.91%
• 5Y*: 4.54%
• 10Y*: 7.16%

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

QDTE vs. DFND - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	16.58%	19.32%	16.07%
DFND Siren DIVCON Dividend Defender ETF	0.00%	10.37%	4.26%

Correlation

The correlation between QDTE and DFND is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024	0.08

QDTE vs. DFND - Sectors Allocation Comparison

Sectors	QDTE	DFND
Financial Services	5.4%	18.2%
Basic Materials	-	4.3%
Communication Services	-	0.8%
Consumer Cyclical	-	3.5%
Consumer Defensive	-	4.2%
Energy	-	1.7%
Healthcare	-	10.7%
Industrials	-	17.1%
Real Estate	-	2.0%
Technology	-	24.8%
Utilities	-	-

Return for Risk

QDTE vs. DFND — 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

DFND

DFND Risk / Return Rank: 9
DFND Sharpe Ratio Rank: 9
DFND Sortino Ratio Rank: 8
DFND Omega Ratio Rank: 8
DFND Calmar Ratio Rank: 9
DFND Martin Ratio Rank: 9

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. DFND - 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 Siren DIVCON Dividend Defender ETF (DFND). 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	DFND	Difference
Sharpe ratio: Return per unit of total volatility	2.74	0.02	+2.72
Sortino ratio: Return per unit of downside risk	3.49	0.11	+3.38
Omega ratio: Gain probability vs. loss probability	1.47	1.02	+0.46
Calmar ratio: Return relative to maximum drawdown	3.98	0.07	+3.91
Martin ratio: Return relative to average drawdown	16.08	0.13	+15.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QDTE vs. DFND - Sharpe Ratio Comparison

The current QDTE Sharpe Ratio is 2.74, which is higher than the DFND Sharpe Ratio of 0.02. The chart below compares the historical Sharpe Ratios of QDTE and DFND, 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

	QDTE	DFND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.74	0.02	+2.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.21	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.38	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.30	0.36	+0.95

Drawdowns

QDTE vs. DFND - Drawdown Comparison

The maximum QDTE drawdown since its inception was -22.86%, roughly equal to the maximum DFND drawdown of -22.65%. Use the drawdown chart below to compare losses from any high point for QDTE and DFND.

Drawdown Indicators

	QDTE	DFND	Difference
Max Drawdown Largest peak-to-trough decline	-22.86%	-22.65%	-0.21%
Max Drawdown (1Y) Largest decline over 1 year	-10.20%	-3.44%	-6.76%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.56%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.65%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-22.65%	—
Current Drawdown Current decline from peak	-0.16%	-3.69%	+3.53%
Average Drawdown Average peak-to-trough decline	-3.14%	-5.70%	+2.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	3.70%	-1.18%

Volatility

QDTE vs. DFND - Volatility Comparison

Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) has a higher volatility of 3.75% compared to Siren DIVCON Dividend Defender ETF (DFND) at 0.00%. This indicates that QDTE's price experiences larger fluctuations and is considered to be riskier than DFND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QDTE	DFND	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.75%	0.00%	+3.75%
Volatility (6M) Calculated over the trailing 6-month period	11.01%	6.16%	+4.85%
Volatility (1Y) Calculated over the trailing 1-year period	14.81%	10.92%	+3.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.43%	22.46%	-4.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.43%	19.09%	-0.66%

QDTE vs. DFND - Expense Ratio Comparison

QDTE has a 0.97% expense ratio, which is lower than DFND's 1.50% expense ratio.

Dividends

QDTE vs. DFND - Dividend Comparison

QDTE's dividend yield for the trailing twelve months is around 42.16%, more than DFND's 0.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFND Siren DIVCON Dividend Defender ETF	0.62%	1.10%	1.64%	1.84%	0.29%	0.00%	0.00%	0.77%	0.53%	0.02%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QDTE and DFND in my portfolio?

QDTE and DFND have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QDTE or DFND?

QDTE has higher volatility (3.75%) compared to DFND (0.00%). In terms of maximum drawdown, QDTE dropped -22.86% vs DFND's -22.65%.

Which ETF is better, QDTE or DFND?

On 1-year performance, QDTE leads with 40.36% vs 0.20% for DFND. On fees, QDTE is cheaper at 0.97% per year. On volatility, DFND has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QDTE or DFND?

Over the 1-year period, QDTE has performed better with a 40.36% return vs 0.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QDTE or DFND?

QDTE is cheaper with a 0.97% expense ratio, compared with 1.50% for DFND.

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

QDTE has the higher dividend yield at 42.16%, compared with 0.62% for DFND.

What is the main difference between QDTE and DFND?

QDTE is categorized as Derivative Income, while DFND is Large Cap Blend Equities. They also come from different issuers: Roundhill and SRN Advisors. Their fees differ too: 0.97% for QDTE and 1.50% for DFND.

Which has better risk-adjusted returns?

QDTE currently has the higher Sharpe Ratio (2.74 vs 0.02), 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.