QDTE vs. SPXL

Last updated Jun 28, 2026

QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both exchange-traded funds - QDTE is a Derivative Income fund actively managed by Roundhill, while SPXL is a Leveraged Equities fund tracking the S&P 500. QDTE is actively managed, while SPXL is passively managed. Over the past year, QDTE returned 28.86% vs 48.17% for SPXL. Their correlation of 0.91 suggests significant overlap in exposure. QDTE charges 0.97%/yr vs 0.84%/yr for SPXL.

Performance

QDTE vs. SPXL - 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 Direxion Daily S&P 500 Bull 3X ETF (SPXL). 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 lower than SPXL's 14.56% return.

QDTE

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

SPXL

• 1D: -2.28%
• 1M: -11.42%
• YTD: 14.56%
• 6M: 10.31%
• 1Y: 48.17%
• 3Y*: 44.34%
• 5Y*: 19.91%
• 10Y*: 30.05%

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

QDTE vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	12.12%	19.32%	17.13%
SPXL Direxion Daily S&P 500 Bull 3X ETF	14.56%	31.94%	36.61%

Correlation

The correlation between QDTE and SPXL is 0.91, 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	0.91
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.91

The correlation between QDTE and SPXL has been stable across timeframes, ranging from 0.91 to 0.91 - a consistent structural relationship.

QDTE vs. SPXL - Sectors Allocation Comparison

Sectors	QDTE	SPXL
Financial Services	5.6%	11.1%
Basic Materials	-	1.7%
Communication Services	-	10.6%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.5%
Energy	-	3.1%
Healthcare	-	8.3%
Industrials	-	7.8%
Real Estate	-	1.8%
Technology	-	39.0%
Utilities	-	2.1%

Return for Risk

QDTE vs. SPXL — 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

SPXL

SPXL Risk / Return Rank: 42
SPXL Sharpe Ratio Rank: 42
SPXL Sortino Ratio Rank: 38
SPXL Omega Ratio Rank: 40
SPXL Calmar Ratio Rank: 41
SPXL Martin Ratio Rank: 49

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. SPXL - 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 Direxion Daily S&P 500 Bull 3X ETF (SPXL). 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	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	1.77	1.35	+0.42
Sortino ratio: Return per unit of downside risk	2.30	1.84	+0.46
Omega ratio: Gain probability vs. loss probability	1.32	1.24	+0.08
Calmar ratio: Return relative to maximum drawdown	2.90	1.88	+1.01
Martin ratio: Return relative to average drawdown	11.08	7.54	+3.54

QDTE vs. SPXL - Sharpe Ratio Comparison

The current QDTE Sharpe Ratio is 1.77, which is higher than the SPXL Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of QDTE and SPXL, 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. SPXL - Drawdown Comparison

The maximum QDTE drawdown since its inception was -22.86%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for QDTE and SPXL.

Drawdown Indicators

	QDTE	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-22.86%	-76.86%	+54.00%
Max Drawdown (1Y) Largest decline over 1 year	-10.20%	-26.77%	+16.57%
Max Drawdown (3Y) Largest decline over 3 years	—	-48.95%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-63.80%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-76.86%	—
Current Drawdown Current decline from peak	-3.97%	-12.46%	+8.49%
Average Drawdown Average peak-to-trough decline	-3.13%	-16.09%	+12.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	6.67%	-4.01%

Volatility

QDTE vs. SPXL - Volatility Comparison

The current volatility for Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) is 8.55%, while Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a volatility of 14.54%. This indicates that QDTE experiences smaller price fluctuations and is considered to be less risky than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QDTE	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.55%	14.54%	-5.99%
Volatility (6M) Calculated over the trailing 6-month period	13.35%	29.44%	-16.09%
Volatility (1Y) Calculated over the trailing 1-year period	16.68%	37.26%	-20.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.97%	50.52%	-31.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.97%	53.42%	-34.45%

QDTE vs. SPXL - Expense Ratio Comparison

QDTE has a 0.97% expense ratio, which is higher than SPXL's 0.84% expense ratio.

Dividends

QDTE vs. SPXL - Dividend Comparison

QDTE's dividend yield for the trailing twelve months is around 44.73%, more than SPXL's 0.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	44.73%	49.49%	32.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.57%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%

Frequently Asked Questions

Can I hold both QDTE and SPXL in my portfolio?

With a correlation of 0.91, QDTE and SPXL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, QDTE or SPXL?

SPXL has higher volatility (14.54%) compared to QDTE (8.55%). In terms of maximum drawdown, QDTE dropped -22.86% vs SPXL's -76.86%.

Which ETF is better, QDTE or SPXL?

On 1-year performance, SPXL leads with 48.17% vs 28.86% for QDTE. On fees, SPXL is cheaper at 0.84% per year. On volatility, QDTE has been the lower-risk option at 8.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QDTE or SPXL?

Over the 1-year period, SPXL has performed better with a 48.17% return vs 28.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QDTE or SPXL?

SPXL is cheaper with a 0.84% expense ratio, compared with 0.97% for QDTE.

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

QDTE has the higher dividend yield at 44.73%, compared with 0.57% for SPXL.

What is the main difference between QDTE and SPXL?

QDTE is categorized as Derivative Income, while SPXL is Leveraged Equities. They also come from different issuers: Roundhill and Direxion. Their fees differ too: 0.97% for QDTE and 0.84% for SPXL.

Which has better risk-adjusted returns?

QDTE currently has the higher Sharpe Ratio (1.77 vs 1.35), 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.