QDTE vs. SMCY

Last updated Jun 14, 2026

QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) and SMCY (YieldMax SMCI Option Income Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, QDTE returned 35.38% vs -30.54% for SMCY. A 0.51 correlation means they provide meaningful diversification when combined. QDTE charges 0.97%/yr vs 0.99%/yr for SMCY.

Performance

QDTE vs. SMCY - 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 YieldMax SMCI Option Income Strategy ETF (SMCY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QDTE achieves a 12.97% return, which is significantly higher than SMCY's -5.47% return.

QDTE

• 1D: 0.79%
• 1M: 1.25%
• YTD: 12.97%
• 6M: 13.97%
• 1Y: 35.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMCY

• 1D: -3.83%
• 1M: -6.58%
• YTD: -5.47%
• 6M: -12.25%
• 1Y: -30.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QDTE vs. SMCY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	12.97%	19.32%	9.47%
SMCY YieldMax SMCI Option Income Strategy ETF	-5.47%	-15.41%	-33.36%

Correlation

The correlation between QDTE and SMCY is 0.54, 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	0.54
Correlation (All Time) Calculated using the full available price history since Sep 12, 2024	0.51

The correlation between QDTE and SMCY has been stable across timeframes, ranging from 0.51 to 0.54 - a consistent structural relationship.

Return for Risk

QDTE vs. SMCY — Risk / Return Rank

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

QDTE

QDTE Risk / Return Rank: 75
QDTE Sharpe Ratio Rank: 77
QDTE Sortino Ratio Rank: 69
QDTE Omega Ratio Rank: 74
QDTE Calmar Ratio Rank: 75
QDTE Martin Ratio Rank: 78

SMCY

SMCY Risk / Return Rank: 6
SMCY Sharpe Ratio Rank: 5
SMCY Sortino Ratio Rank: 7
SMCY Omega Ratio Rank: 6
SMCY Calmar Ratio Rank: 5
SMCY Martin Ratio Rank: 5

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. SMCY - 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 YieldMax SMCI Option Income Strategy ETF (SMCY). 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	SMCY	Difference
Sharpe ratio: Return per unit of total volatility	2.12	-0.47	+2.59
Sortino ratio: Return per unit of downside risk	2.69	-0.23	+2.92
Omega ratio: Gain probability vs. loss probability	1.38	0.96	+0.41
Calmar ratio: Return relative to maximum drawdown	3.33	-0.55	+3.88
Martin ratio: Return relative to average drawdown	12.94	-0.94	+13.88

QDTE vs. SMCY - Sharpe Ratio Comparison

The current QDTE Sharpe Ratio is 2.12, which is higher than the SMCY Sharpe Ratio of -0.47. The chart below compares the historical Sharpe Ratios of QDTE and SMCY, 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. SMCY - Drawdown Comparison

The maximum QDTE drawdown since its inception was -22.86%, smaller than the maximum SMCY drawdown of -64.75%. Use the drawdown chart below to compare losses from any high point for QDTE and SMCY.

Drawdown Indicators

	QDTE	SMCY	Difference
Max Drawdown Largest peak-to-trough decline	-22.86%	-64.75%	+41.89%
Max Drawdown (1Y) Largest decline over 1 year	-10.20%	-60.43%	+50.23%
Current Drawdown Current decline from peak	-3.24%	-54.43%	+51.19%
Average Drawdown Average peak-to-trough decline	-3.15%	-37.05%	+33.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	35.47%	-32.85%

Volatility

QDTE vs. SMCY - Volatility Comparison

The current volatility for Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) is 7.09%, while YieldMax SMCI Option Income Strategy ETF (SMCY) has a volatility of 39.48%. This indicates that QDTE experiences smaller price fluctuations and is considered to be less risky than SMCY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QDTE	SMCY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.09%	39.48%	-32.39%
Volatility (6M) Calculated over the trailing 6-month period	12.66%	65.75%	-53.09%
Volatility (1Y) Calculated over the trailing 1-year period	15.99%	71.14%	-55.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.77%	80.26%	-61.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.77%	80.26%	-61.49%

QDTE vs. SMCY - Expense Ratio Comparison

QDTE has a 0.97% expense ratio, which is lower than SMCY's 0.99% expense ratio.

Dividends

QDTE vs. SMCY - Dividend Comparison

QDTE's dividend yield for the trailing twelve months is around 44.17%, less than SMCY's 210.02% yield.

Position	TTM	2025	2024
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	44.17%	49.49%	32.09%
SMCY YieldMax SMCI Option Income Strategy ETF	210.02%	231.43%	38.43%

Frequently Asked Questions

Can I hold both QDTE and SMCY in my portfolio?

QDTE and SMCY have a correlation of 0.54, 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 SMCY?

SMCY has higher volatility (39.48%) compared to QDTE (7.09%). In terms of maximum drawdown, QDTE dropped -22.86% vs SMCY's -64.75%.

Which ETF is better, QDTE or SMCY?

On 1-year performance, QDTE leads with 35.38% vs -30.54% for SMCY. On fees, QDTE is cheaper at 0.97% per year. On volatility, QDTE has been the lower-risk option at 7.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QDTE or SMCY?

Over the 1-year period, QDTE has performed better with a 35.38% return vs -30.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QDTE or SMCY?

QDTE is cheaper with a 0.97% expense ratio, compared with 0.99% for SMCY.

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

SMCY has the higher dividend yield at 210.02%, compared with 44.17% for QDTE.

What is the main difference between QDTE and SMCY?

They also come from different issuers: Roundhill and YieldMax. Their fees differ too: 0.97% for QDTE and 0.99% for SMCY.

Which has better risk-adjusted returns?

QDTE currently has the higher Sharpe Ratio (2.12 vs -0.47), 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.