QDTE vs. XPAY

Last updated Jun 5, 2026

QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) and XPAY (Roundhill S&P 500 Target 20 Managed Distribution ETF) are both Derivative Income funds from Roundhill. Both are actively managed. Over the past year, QDTE returned 39.17% vs 27.57% for XPAY. Their correlation of 0.91 suggests significant overlap in exposure. QDTE charges 0.97%/yr vs 0.49%/yr for XPAY.

Performance

QDTE vs. XPAY - 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 Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QDTE achieves a 16.06% return, which is significantly higher than XPAY's 11.30% return.

QDTE

• 1D: -0.45%
• 1M: 7.12%
• YTD: 16.06%
• 6M: 15.73%
• 1Y: 39.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XPAY

• 1D: 0.42%
• 1M: 4.66%
• YTD: 11.30%
• 6M: 11.03%
• 1Y: 27.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QDTE vs. XPAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	16.06%	19.32%	3.99%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	11.30%	16.78%	3.17%

Correlation

The correlation between QDTE and XPAY is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since Nov 1, 2024	0.91

The correlation between QDTE and XPAY has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

Return for Risk

QDTE vs. XPAY — Risk / Return Rank

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

QDTE

QDTE Risk / Return Rank: 79
QDTE Sharpe Ratio Rank: 82
QDTE Sortino Ratio Rank: 77
QDTE Omega Ratio Rank: 78
QDTE Calmar Ratio Rank: 77
QDTE Martin Ratio Rank: 80

XPAY

XPAY Risk / Return Rank: 70
XPAY Sharpe Ratio Rank: 73
XPAY Sortino Ratio Rank: 71
XPAY Omega Ratio Rank: 72
XPAY Calmar Ratio Rank: 61
XPAY Martin Ratio Rank: 74

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. XPAY - 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 Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY). 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	XPAY	Difference
Sharpe ratio: Return per unit of total volatility	2.66	2.34	+0.32
Sortino ratio: Return per unit of downside risk	3.41	3.18	+0.22
Omega ratio: Gain probability vs. loss probability	1.46	1.42	+0.04
Calmar ratio: Return relative to maximum drawdown	3.86	2.97	+0.89
Martin ratio: Return relative to average drawdown	15.60	13.67	+1.93
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. XPAY - Sharpe Ratio Comparison

The current QDTE Sharpe Ratio is 2.66, which is comparable to the XPAY Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of QDTE and XPAY, 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	XPAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.66	2.34	+0.32
Sharpe Ratio (All Time) Calculated using the full available price history	1.29	1.23	+0.06

Drawdowns

QDTE vs. XPAY - Drawdown Comparison

The maximum QDTE drawdown since its inception was -22.86%, which is greater than XPAY's maximum drawdown of -18.20%. Use the drawdown chart below to compare losses from any high point for QDTE and XPAY.

Drawdown Indicators

	QDTE	XPAY	Difference
Max Drawdown Largest peak-to-trough decline	-22.86%	-18.20%	-4.66%
Max Drawdown (1Y) Largest decline over 1 year	-10.20%	-9.34%	-0.86%
Current Drawdown Current decline from peak	-0.60%	-0.26%	-0.34%
Average Drawdown Average peak-to-trough decline	-3.14%	-2.36%	-0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.52%	2.02%	+0.50%

Volatility

QDTE vs. XPAY - Volatility Comparison

Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) has a higher volatility of 3.72% compared to Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) at 2.70%. This indicates that QDTE's price experiences larger fluctuations and is considered to be riskier than XPAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QDTE	XPAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	2.70%	+1.02%
Volatility (6M) Calculated over the trailing 6-month period	11.01%	8.82%	+2.19%
Volatility (1Y) Calculated over the trailing 1-year period	14.81%	11.82%	+2.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.42%	16.68%	+1.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.42%	16.68%	+1.74%

QDTE vs. XPAY - Expense Ratio Comparison

QDTE has a 0.97% expense ratio, which is higher than XPAY's 0.49% expense ratio.

Dividends

QDTE vs. XPAY - Dividend Comparison

QDTE's dividend yield for the trailing twelve months is around 43.41%, more than XPAY's 20.28% yield.

Position	TTM	2025	2024
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	43.41%	49.49%	32.09%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	20.28%	21.21%	3.40%

Frequently Asked Questions

Can I hold both QDTE and XPAY in my portfolio?

With a correlation of 0.90, QDTE and XPAY 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 XPAY?

QDTE has higher volatility (3.72%) compared to XPAY (2.70%). In terms of maximum drawdown, QDTE dropped -22.86% vs XPAY's -18.20%.

Which ETF is better, QDTE or XPAY?

On 1-year performance, QDTE leads with 39.17% vs 27.57% for XPAY. On fees, XPAY is cheaper at 0.49% per year. On volatility, XPAY has been the lower-risk option at 2.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QDTE or XPAY?

Over the 1-year period, QDTE has performed better with a 39.17% return vs 27.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QDTE or XPAY?

XPAY is cheaper with a 0.49% expense ratio, compared with 0.97% for QDTE.

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

QDTE has the higher dividend yield at 43.41%, compared with 20.28% for XPAY.

What is the main difference between QDTE and XPAY?

Their fees differ too: 0.97% for QDTE and 0.49% for XPAY.

Which has better risk-adjusted returns?

QDTE currently has the higher Sharpe Ratio (2.66 vs 2.34), 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.