QDTE vs. TSMY

Last updated Jun 4, 2026

QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) and TSMY (YieldMax TSM Option Income Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, QDTE returned 40.36% vs 92.13% for TSMY. A 0.67 correlation means they provide meaningful diversification when combined. QDTE charges 0.97%/yr vs 0.99%/yr for TSMY.

Performance

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

Returns By Period

In the year-to-date period, QDTE achieves a 16.58% return, which is significantly lower than TSMY's 37.04% return.

QDTE

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

TSMY

• 1D: -1.37%
• 1M: 7.48%
• YTD: 37.04%
• 6M: 39.21%
• 1Y: 92.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QDTE vs. TSMY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	16.58%	19.32%	6.97%
TSMY YieldMax TSM Option Income Strategy ETF	37.04%	41.00%	8.15%

Correlation

The correlation between QDTE and TSMY is 0.64, 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	0.64
Correlation (All Time) Calculated using the full available price history since Aug 22, 2024	0.67

The correlation between QDTE and TSMY has been stable across timeframes, ranging from 0.64 to 0.67 - a consistent structural relationship.

Return for Risk

QDTE vs. TSMY — 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

TSMY

TSMY Risk / Return Rank: 88
TSMY Sharpe Ratio Rank: 90
TSMY Sortino Ratio Rank: 85
TSMY Omega Ratio Rank: 82
TSMY Calmar Ratio Rank: 91
TSMY Martin Ratio Rank: 91

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. TSMY - 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 TSM Option Income Strategy ETF (TSMY). 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	TSMY	Difference
Sharpe ratio: Return per unit of total volatility	2.74	3.21	-0.47
Sortino ratio: Return per unit of downside risk	3.49	3.86	-0.36
Omega ratio: Gain probability vs. loss probability	1.47	1.50	-0.03
Calmar ratio: Return relative to maximum drawdown	3.98	5.98	-2.00
Martin ratio: Return relative to average drawdown	16.08	22.18	-6.10
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. TSMY - Sharpe Ratio Comparison

The current QDTE Sharpe Ratio is 2.74, which is comparable to the TSMY Sharpe Ratio of 3.21. The chart below compares the historical Sharpe Ratios of QDTE and TSMY, 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	TSMY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.74	3.21	-0.47
Sharpe Ratio (All Time) Calculated using the full available price history	1.30	1.56	-0.25

Drawdowns

QDTE vs. TSMY - Drawdown Comparison

The maximum QDTE drawdown since its inception was -22.86%, smaller than the maximum TSMY drawdown of -31.15%. Use the drawdown chart below to compare losses from any high point for QDTE and TSMY.

Drawdown Indicators

	QDTE	TSMY	Difference
Max Drawdown Largest peak-to-trough decline	-22.86%	-31.15%	+8.29%
Max Drawdown (1Y) Largest decline over 1 year	-10.20%	-15.50%	+5.30%
Current Drawdown Current decline from peak	-0.16%	-1.37%	+1.21%
Average Drawdown Average peak-to-trough decline	-3.14%	-5.51%	+2.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	4.17%	-1.65%

Volatility

QDTE vs. TSMY - Volatility Comparison

The current volatility for Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) is 3.75%, while YieldMax TSM Option Income Strategy ETF (TSMY) has a volatility of 9.52%. This indicates that QDTE experiences smaller price fluctuations and is considered to be less risky than TSMY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QDTE	TSMY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.75%	9.52%	-5.77%
Volatility (6M) Calculated over the trailing 6-month period	11.01%	22.68%	-11.67%
Volatility (1Y) Calculated over the trailing 1-year period	14.81%	28.87%	-14.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.43%	33.22%	-14.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.43%	33.22%	-14.79%

QDTE vs. TSMY - Expense Ratio Comparison

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

Dividends

QDTE vs. TSMY - Dividend Comparison

QDTE's dividend yield for the trailing twelve months is around 42.16%, less than TSMY's 52.19% yield.

Position	TTM	2025	2024
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	42.16%	49.49%	32.09%
TSMY YieldMax TSM Option Income Strategy ETF	52.19%	56.76%	13.71%

Frequently Asked Questions

Can I hold both QDTE and TSMY in my portfolio?

QDTE and TSMY have a correlation of 0.64, 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 TSMY?

TSMY has higher volatility (9.52%) compared to QDTE (3.75%). In terms of maximum drawdown, QDTE dropped -22.86% vs TSMY's -31.15%.

Which ETF is better, QDTE or TSMY?

On 1-year performance, TSMY leads with 92.13% vs 40.36% for QDTE. On fees, QDTE is cheaper at 0.97% per year. On volatility, QDTE has been the lower-risk option at 3.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QDTE or TSMY?

Over the 1-year period, TSMY has performed better with a 92.13% return vs 40.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QDTE or TSMY?

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

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

TSMY has the higher dividend yield at 52.19%, compared with 42.16% for QDTE.

What is the main difference between QDTE and TSMY?

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

Which has better risk-adjusted returns?

TSMY currently has the higher Sharpe Ratio (3.21 vs 2.74), 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.