QDTE vs. ISPY

Last updated Jun 28, 2026

QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) and ISPY (ProShares S&P 500 High Income ETF) are both Derivative Income funds. QDTE is actively managed, while ISPY is passively managed. Over the past year, QDTE returned 28.86% vs 16.35% for ISPY. Their correlation of 0.90 suggests significant overlap in exposure. QDTE charges 0.97%/yr vs 0.55%/yr for ISPY.

Performance

QDTE vs. ISPY - 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 ProShares S&P 500 High Income ETF (ISPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QDTE achieves a 12.12% return, which is significantly higher than ISPY's 5.30% return.

QDTE

• 1D: -1.21%
• 1M: -3.22%
• YTD: 12.12%
• 6M: 10.78%
• 1Y: 28.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ISPY

• 1D: -1.41%
• 1M: -4.20%
• YTD: 5.30%
• 6M: 3.91%
• 1Y: 16.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QDTE vs. ISPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	12.12%	19.32%	17.13%
ISPY ProShares S&P 500 High Income ETF	5.30%	13.15%	15.84%

Correlation

The correlation between QDTE and ISPY is 0.89, 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	0.89
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.90

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

QDTE vs. ISPY - Sectors Allocation Comparison

Sectors	QDTE	ISPY
Financial Services	5.6%	20.5%
Basic Materials	-	1.5%
Communication Services	-	8.2%
Consumer Cyclical	-	7.8%
Consumer Defensive	-	4.0%
Energy	-	2.7%
Healthcare	-	7.5%
Industrials	-	7.0%
Real Estate	-	1.6%
Technology	-	32.3%
Utilities	-	2.3%

Return for Risk

QDTE vs. ISPY — Risk / Return Rank

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

QDTE

QDTE Risk / Return Rank: 61
QDTE Sharpe Ratio Rank: 60
QDTE Sortino Ratio Rank: 53
QDTE Omega Ratio Rank: 58
QDTE Calmar Ratio Rank: 66
QDTE Martin Ratio Rank: 69

ISPY

ISPY Risk / Return Rank: 44
ISPY Sharpe Ratio Rank: 43
ISPY Sortino Ratio Rank: 39
ISPY Omega Ratio Rank: 41
ISPY Calmar Ratio Rank: 44
ISPY Martin Ratio Rank: 52

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. ISPY - 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 ProShares S&P 500 High Income ETF (ISPY). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	QDTE	ISPY	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.39	+0.38
Sortino ratio: Return per unit of downside risk	2.30	1.86	+0.44
Omega ratio: Gain probability vs. loss probability	1.32	1.25	+0.07
Calmar ratio: Return relative to maximum drawdown	2.90	1.99	+0.91
Martin ratio: Return relative to average drawdown	11.08	8.01	+3.07

QDTE vs. ISPY - Sharpe Ratio Comparison

The current QDTE Sharpe Ratio is 1.77, which is comparable to the ISPY Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of QDTE and ISPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

QDTE vs. ISPY - Drawdown Comparison

The maximum QDTE drawdown since its inception was -22.86%, which is greater than ISPY's maximum drawdown of -16.88%. Use the drawdown chart below to compare losses from any high point for QDTE and ISPY.

Drawdown Indicators

	QDTE	ISPY	Difference
Max Drawdown Largest peak-to-trough decline	-22.86%	-16.88%	-5.98%
Max Drawdown (1Y) Largest decline over 1 year	-10.20%	-8.43%	-1.77%
Current Drawdown Current decline from peak	-3.97%	-4.61%	+0.64%
Average Drawdown Average peak-to-trough decline	-3.13%	-2.10%	-1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	2.09%	+0.57%

Volatility

QDTE vs. ISPY - Volatility Comparison

Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) has a higher volatility of 8.55% compared to ProShares S&P 500 High Income ETF (ISPY) at 4.81%. This indicates that QDTE's price experiences larger fluctuations and is considered to be riskier than ISPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QDTE	ISPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.55%	4.81%	+3.74%
Volatility (6M) Calculated over the trailing 6-month period	13.35%	9.57%	+3.78%
Volatility (1Y) Calculated over the trailing 1-year period	16.68%	12.08%	+4.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.97%	13.73%	+5.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.97%	13.73%	+5.24%

QDTE vs. ISPY - Expense Ratio Comparison

QDTE has a 0.97% expense ratio, which is higher than ISPY's 0.55% expense ratio.

Dividends

QDTE vs. ISPY - Dividend Comparison

QDTE's dividend yield for the trailing twelve months is around 44.73%, more than ISPY's 4.59% yield.

Position	TTM	2025	2024
ISPY ProShares S&P 500 High Income ETF	4.59%	8.56%	9.84%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	44.73%	49.49%	32.09%

Frequently Asked Questions

Can I hold both QDTE and ISPY in my portfolio?

QDTE and ISPY have a correlation of 0.89, 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 ISPY?

QDTE has higher volatility (8.55%) compared to ISPY (4.81%). In terms of maximum drawdown, QDTE dropped -22.86% vs ISPY's -16.88%.

Which ETF is better, QDTE or ISPY?

On 1-year performance, QDTE leads with 28.86% vs 16.35% for ISPY. On fees, ISPY is cheaper at 0.55% per year. On volatility, ISPY has been the lower-risk option at 4.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QDTE or ISPY?

Over the 1-year period, QDTE has performed better with a 28.86% return vs 16.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QDTE or ISPY?

ISPY is cheaper with a 0.55% expense ratio, compared with 0.97% for QDTE.

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

QDTE has the higher dividend yield at 44.73%, compared with 4.59% for ISPY.

What is the main difference between QDTE and ISPY?

They also come from different issuers: Roundhill and ProShares. Their fees differ too: 0.97% for QDTE and 0.55% for ISPY.

Which has better risk-adjusted returns?

QDTE currently has the higher Sharpe Ratio (1.77 vs 1.39), 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.