QDTE vs. FSMD

Last updated Jun 9, 2026

QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) and FSMD (Fidelity Small-Mid Multifactor ETF) are both exchange-traded funds - QDTE is a Derivative Income fund actively managed by Roundhill, while FSMD is a Small Cap Growth Equities fund tracking the Fidelity Small-Mid Multifactor Index. QDTE is actively managed, while FSMD is passively managed. Over the past year, QDTE returned 34.41% vs 23.49% for FSMD. A 0.60 correlation means they provide meaningful diversification when combined. QDTE charges 0.97%/yr vs 0.29%/yr for FSMD.

Performance

QDTE vs. FSMD - 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 Fidelity Small-Mid Multifactor ETF (FSMD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QDTE achieves a 12.44% return, which is significantly lower than FSMD's 13.60% return.

QDTE

• 1D: 1.85%
• 1M: 0.70%
• YTD: 12.44%
• 6M: 11.71%
• 1Y: 34.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FSMD

• 1D: 0.40%
• 1M: 0.04%
• YTD: 13.60%
• 6M: 13.89%
• 1Y: 23.49%
• 3Y*: 16.61%
• 5Y*: 9.34%
• 10Y*: —

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

QDTE vs. FSMD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	12.44%	19.32%	16.07%
FSMD Fidelity Small-Mid Multifactor ETF	13.60%	8.70%	10.02%

Correlation

The correlation between QDTE and FSMD is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024	0.60

The correlation between QDTE and FSMD has been stable across timeframes, ranging from 0.59 to 0.60 - a consistent structural relationship.

QDTE vs. FSMD - Sectors Allocation Comparison

Sectors	QDTE	FSMD
Financial Services	5.4%	15.4%
Basic Materials	-	3.9%
Communication Services	-	2.8%
Consumer Cyclical	-	11.1%
Consumer Defensive	-	3.3%
Energy	-	4.6%
Healthcare	-	11.6%
Industrials	-	20.7%
Real Estate	-	6.2%
Technology	-	18.2%
Utilities	-	2.2%

Return for Risk

QDTE vs. FSMD — Risk / Return Rank

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

QDTE

QDTE Risk / Return Rank: 74
QDTE Sharpe Ratio Rank: 76
QDTE Sortino Ratio Rank: 67
QDTE Omega Ratio Rank: 74
QDTE Calmar Ratio Rank: 74
QDTE Martin Ratio Rank: 78

FSMD

FSMD Risk / Return Rank: 54
FSMD Sharpe Ratio Rank: 50
FSMD Sortino Ratio Rank: 51
FSMD Omega Ratio Rank: 47
FSMD Calmar Ratio Rank: 62
FSMD Martin Ratio Rank: 61

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. FSMD - 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 Fidelity Small-Mid Multifactor ETF (FSMD). 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	FSMD	Difference
Sharpe ratio: Return per unit of total volatility	2.20	1.53	+0.67
Sortino ratio: Return per unit of downside risk	2.77	2.24	+0.53
Omega ratio: Gain probability vs. loss probability	1.39	1.27	+0.12
Calmar ratio: Return relative to maximum drawdown	3.39	2.80	+0.59
Martin ratio: Return relative to average drawdown	13.52	10.05	+3.47
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. FSMD - Sharpe Ratio Comparison

The current QDTE Sharpe Ratio is 2.20, which is higher than the FSMD Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of QDTE and FSMD, 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	FSMD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.20	1.53	+0.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.51	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	0.54	+0.63

Drawdowns

QDTE vs. FSMD - Drawdown Comparison

The maximum QDTE drawdown since its inception was -22.86%, smaller than the maximum FSMD drawdown of -40.67%. Use the drawdown chart below to compare losses from any high point for QDTE and FSMD.

Drawdown Indicators

	QDTE	FSMD	Difference
Max Drawdown Largest peak-to-trough decline	-22.86%	-40.67%	+17.81%
Max Drawdown (1Y) Largest decline over 1 year	-10.20%	-8.44%	-1.76%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.16%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.16%	—
Current Drawdown Current decline from peak	-3.70%	-1.60%	-2.10%
Average Drawdown Average peak-to-trough decline	-3.14%	-6.00%	+2.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.55%	2.34%	+0.21%

Volatility

QDTE vs. FSMD - Volatility Comparison

Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) has a higher volatility of 6.57% compared to Fidelity Small-Mid Multifactor ETF (FSMD) at 4.25%. This indicates that QDTE's price experiences larger fluctuations and is considered to be riskier than FSMD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QDTE	FSMD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.57%	4.25%	+2.32%
Volatility (6M) Calculated over the trailing 6-month period	12.26%	11.55%	+0.71%
Volatility (1Y) Calculated over the trailing 1-year period	15.71%	15.40%	+0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.72%	18.50%	+0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.72%	21.42%	-2.70%

QDTE vs. FSMD - Expense Ratio Comparison

QDTE has a 0.97% expense ratio, which is higher than FSMD's 0.29% expense ratio.

Dividends

QDTE vs. FSMD - Dividend Comparison

QDTE's dividend yield for the trailing twelve months is around 44.14%, more than FSMD's 1.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FSMD Fidelity Small-Mid Multifactor ETF	1.22%	1.33%	1.29%	1.37%	1.54%	1.18%	1.32%	1.37%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	44.14%	49.49%	32.09%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QDTE and FSMD in my portfolio?

QDTE and FSMD have a correlation of 0.59, 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 FSMD?

QDTE has higher volatility (6.57%) compared to FSMD (4.25%). In terms of maximum drawdown, QDTE dropped -22.86% vs FSMD's -40.67%.

Which ETF is better, QDTE or FSMD?

On 1-year performance, QDTE leads with 34.41% vs 23.49% for FSMD. On fees, FSMD is cheaper at 0.29% per year. On volatility, FSMD has been the lower-risk option at 4.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QDTE or FSMD?

Over the 1-year period, QDTE has performed better with a 34.41% return vs 23.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QDTE or FSMD?

FSMD is cheaper with a 0.29% expense ratio, compared with 0.97% for QDTE.

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

QDTE has the higher dividend yield at 44.14%, compared with 1.22% for FSMD.

What is the main difference between QDTE and FSMD?

QDTE is categorized as Derivative Income, while FSMD is Small Cap Growth Equities. They also come from different issuers: Roundhill and Fidelity. Their fees differ too: 0.97% for QDTE and 0.29% for FSMD.

Which has better risk-adjusted returns?

QDTE currently has the higher Sharpe Ratio (2.20 vs 1.53), 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.