QDTE vs. ULTY

Last updated Jul 21, 2026

QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) and ULTY (YieldMax Ultra Option Income Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, QDTE returned 24.69% vs -10.84% for ULTY. A 0.75 correlation means they provide meaningful diversification when combined. QDTE charges 0.97%/yr vs 1.14%/yr for ULTY.

Performance

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

Returns By Period

In the year-to-date period, QDTE achieves a 11.03% return, which is significantly higher than ULTY's 4.58% return.

QDTE

• 1D: 0.31%
• 1M: -4.51%
• 6M: 9.76%
• YTD: 11.03%
• 1Y: 24.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.39%

ULTY

• 1D: 0.48%
• 1M: -6.07%
• 6M: 1.30%
• YTD: 4.58%
• 1Y: -10.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -0.50%

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

QDTE vs. ULTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	11.03%	19.32%	17.13%
ULTY YieldMax Ultra Option Income Strategy ETF	4.58%	-0.84%	-1.80%

Correlation

The correlation between QDTE and ULTY is 0.79, 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	0.79
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.75

The correlation between QDTE and ULTY has been stable across timeframes, ranging from 0.75 to 0.79 - a consistent structural relationship.

QDTE vs. ULTY - Sectors Allocation Comparison

Sectors	QDTE	ULTY
Financial Services	5.1%	8.3%
Basic Materials	-	7.0%
Communication Services	-	6.6%
Consumer Cyclical	-	10.6%
Consumer Defensive	-	0.0%
Energy	-	-
Healthcare	-	1.9%
Industrials	-	13.3%
Real Estate	-	-
Technology	-	52.5%
Utilities	-	-

Return for Risk

QDTE vs. ULTY — Risk / Return Rank

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

QDTE

QDTE Risk / Return Rank: 59
QDTE Sharpe Ratio Rank: 56
QDTE Sortino Ratio Rank: 50
QDTE Omega Ratio Rank: 53
QDTE Calmar Ratio Rank: 66
QDTE Martin Ratio Rank: 68

ULTY

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

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. ULTY - 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 Ultra Option Income Strategy ETF (ULTY). 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	ULTY	Difference
Sharpe ratio: Return per unit of total volatility	1.42	-0.50	+1.92
Sortino ratio: Return per unit of downside risk	1.90	-0.55	+2.44
Omega ratio: Gain probability vs. loss probability	1.25	0.93	+0.32
Calmar ratio: Return relative to maximum drawdown	2.43	-0.45	+2.88
Martin ratio: Return relative to average drawdown	8.94	-0.84	+9.78

QDTE vs. ULTY - Sharpe Ratio Comparison

The current QDTE Sharpe Ratio is 1.42, which is higher than the ULTY Sharpe Ratio of -0.50. The chart below compares the historical Sharpe Ratios of QDTE and ULTY, 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. ULTY - Drawdown Comparison

The maximum QDTE drawdown since its inception was -22.86%, smaller than the maximum ULTY drawdown of -26.85%. Use the drawdown chart below to compare losses from any high point for QDTE and ULTY.

Drawdown Indicators

	QDTE	ULTY	Difference
Max Drawdown Largest peak-to-trough decline	-22.86%	-26.85%	+3.99%
Max Drawdown (1Y) Largest decline over 1 year	-10.20%	-24.16%	+13.96%
Current Drawdown Current decline from peak	-4.91%	-14.25%	+9.34%
Average Drawdown Average peak-to-trough decline	-3.13%	-9.95%	+6.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	12.95%	-10.18%

Volatility

QDTE vs. ULTY - Volatility Comparison

Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) has a higher volatility of 7.01% compared to YieldMax Ultra Option Income Strategy ETF (ULTY) at 6.15%. This indicates that QDTE's price experiences larger fluctuations and is considered to be riskier than ULTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QDTE	ULTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.01%	6.15%	+0.86%
Volatility (6M) Calculated over the trailing 6-month period	14.25%	16.65%	-2.40%
Volatility (1Y) Calculated over the trailing 1-year period	17.46%	21.80%	-4.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.06%	27.12%	-8.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.06%	27.12%	-8.06%

QDTE vs. ULTY - Expense Ratio Comparison

QDTE has a 0.97% expense ratio, which is lower than ULTY's 1.14% expense ratio.

Dividends

QDTE vs. ULTY - Dividend Comparison

QDTE's dividend yield for the trailing twelve months is around 45.99%, less than ULTY's 114.49% yield.

Position	TTM	2025	2024
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	45.99%	49.49%	32.09%
ULTY YieldMax Ultra Option Income Strategy ETF	114.49%	142.99%	111.70%

Frequently Asked Questions

Can I hold both QDTE and ULTY in my portfolio?

QDTE and ULTY have a correlation of 0.79, 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 ULTY?

QDTE has higher volatility (7.01%) compared to ULTY (6.15%). In terms of maximum drawdown, QDTE dropped -22.86% vs ULTY's -26.85%.

Which ETF is better, QDTE or ULTY?

On 1-year performance, QDTE leads with 24.69% vs -10.84% for ULTY. On fees, QDTE is cheaper at 0.97% per year. On volatility, ULTY has been the lower-risk option at 6.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QDTE or ULTY?

Over the 1-year period, QDTE has performed better with a 24.69% return vs -10.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QDTE or ULTY?

QDTE is cheaper with a 0.97% expense ratio, compared with 1.14% for ULTY.

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

ULTY has the higher dividend yield at 114.49%, compared with 45.99% for QDTE.

What is the main difference between QDTE and ULTY?

They also come from different issuers: Roundhill and YieldMax. Their fees differ too: 0.97% for QDTE and 1.14% for ULTY.

Which has better risk-adjusted returns?

QDTE currently has the higher Sharpe Ratio (1.42 vs -0.50), 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.