QDTE vs. XPAY

Last updated Aug 4, 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 26.26% vs 22.25% for XPAY. Their correlation of 0.90 means they have usually moved in the same direction. QDTE charges 0.95%/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

The year-to-date returns for both stocks are quite close, with QDTE having a 11.57% return and XPAY slightly lower at 11.32%.

QDTE

• 1D: 0.94%
• 1M: -0.61%
• 6M: 9.13%
• YTD: 11.57%
• 1Y: 26.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.27%

XPAY

• 1D: 1.33%
• 1M: 1.63%
• 6M: 9.13%
• YTD: 11.32%
• 1Y: 22.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.18%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	$17.47M	$18.24M	$19.80M
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	$1.77M	$2.52M	$3.75M

QDTE vs. XPAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	11.57%	19.32%	1.55%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	11.32%	16.78%	1.60%

Correlation

The correlation between QDTE and XPAY is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (All Time) Calculated using the full available price history since Oct 31, 2024	0.90

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

QDTE vs. XPAY - Sectors Allocation Comparison

Sectors	QDTE	XPAY
Financial Services	5.3%	11.6%
Basic Materials	-	1.7%
Communication Services	-	9.9%
Consumer Cyclical	-	9.5%
Consumer Defensive	-	4.5%
Energy	-	3.0%
Healthcare	-	8.9%
Industrials	-	8.4%
Real Estate	-	1.8%
Technology	-	38.5%
Utilities	-	2.2%

Return for Risk

QDTE vs. XPAY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QDTE

QDTE Risk / Return Rank: 64
QDTE Sharpe Ratio Rank: 62
QDTE Sortino Ratio Rank: 56
QDTE Omega Ratio Rank: 58
QDTE Calmar Ratio Rank: 73
QDTE Martin Ratio Rank: 70

XPAY

XPAY Risk / Return Rank: 74
XPAY Sharpe Ratio Rank: 76
XPAY Sortino Ratio Rank: 74
XPAY Omega Ratio Rank: 74
XPAY Calmar Ratio Rank: 67
XPAY Martin Ratio Rank: 78

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

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	XPAY	Difference
Sharpe ratio: Return per unit of total volatility	1.47	1.77	-0.30
Sortino ratio: Return per unit of downside risk	1.98	2.44	-0.46
Omega ratio: Gain probability vs. loss probability	1.26	1.32	-0.06
Calmar ratio: Return relative to maximum drawdown	2.59	2.39	+0.19
Martin ratio: Return relative to average drawdown	8.76	10.17	-1.41

QDTE vs. XPAY - Sharpe Ratio Comparison

The current QDTE Sharpe Ratio is 1.47, which is comparable to the XPAY Sharpe Ratio of 1.77. 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.

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	-4.45%	-0.24%	-4.21%
Average Drawdown Average peak-to-trough decline	-3.17%	-2.34%	-0.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.00%	2.19%	+0.81%

Volatility

QDTE vs. XPAY - Volatility Comparison

Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) has a higher volatility of 6.69% compared to Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) at 3.67%. 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	6.69%	3.67%	+3.02%
Volatility (6M) Calculated over the trailing 6-month period	14.76%	10.01%	+4.75%
Volatility (1Y) Calculated over the trailing 1-year period	17.99%	12.66%	+5.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.17%	16.56%	+2.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.17%	16.56%	+2.61%

QDTE vs. XPAY - Expense Ratio Comparison

QDTE has a 0.95% 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 45.98%, more than XPAY's 20.78% yield.

Position	TTM	2025	2024
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	45.98%	49.49%	32.09%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	20.78%	21.21%	3.40%

Frequently Asked Questions

Can I hold both QDTE and XPAY in my portfolio?

With a correlation of 0.91, 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 (6.69%) compared to XPAY (3.67%). 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 26.26% vs 22.25% for XPAY. On fees, XPAY is cheaper at 0.49% per year. On volatility, XPAY has been the lower-risk option at 3.67%. 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 26.26% return vs 22.25%. 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 0.95% for QDTE.

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

QDTE has the higher dividend yield at 45.98%, compared with 20.78% for XPAY.

What is the main difference between QDTE and XPAY?

Their fees differ too: 0.95% for QDTE and 0.49% for XPAY.

Which has better risk-adjusted returns?

XPAY currently has the higher Sharpe Ratio (1.77 vs 1.47), 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.