SPXL vs. QDTE

Last updated Jun 28, 2026

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

Performance

SPXL vs. QDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bull 3X ETF (SPXL) and Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPXL achieves a 14.56% return, which is significantly higher than QDTE's 12.12% return.

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%

QDTE

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

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

SPXL vs. QDTE - Yearly Performance Comparison

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

Correlation

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

SPXL vs. QDTE - Sectors Allocation Comparison

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

Return for Risk

SPXL vs. QDTE — Risk / Return Rank

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

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

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

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.

SPXL vs. QDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bull 3X ETF (SPXL) and Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE). 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.

	SPXL	QDTE	Difference
Sharpe ratio: Return per unit of total volatility	1.35	1.77	-0.42
Sortino ratio: Return per unit of downside risk	1.84	2.30	-0.46
Omega ratio: Gain probability vs. loss probability	1.24	1.32	-0.08
Calmar ratio: Return relative to maximum drawdown	1.88	2.90	-1.01
Martin ratio: Return relative to average drawdown	7.54	11.08	-3.54

SPXL vs. QDTE - Sharpe Ratio Comparison

The current SPXL Sharpe Ratio is 1.35, which is comparable to the QDTE Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of SPXL and QDTE, 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

SPXL vs. QDTE - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

SPXL vs. QDTE - Volatility Comparison

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

Volatility by Period

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

SPXL vs. QDTE - Expense Ratio Comparison

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

Dividends

SPXL vs. QDTE - Dividend Comparison

SPXL's dividend yield for the trailing twelve months is around 0.57%, less than QDTE's 44.73% 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 SPXL and QDTE in my portfolio?

With a correlation of 0.91, SPXL and QDTE 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, SPXL or QDTE?

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

Which ETF is better, SPXL or QDTE?

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, SPXL or QDTE?

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, SPXL or QDTE?

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

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

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

What is the main difference between SPXL and QDTE?

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

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.