SPXM vs. QDTE

Last updated Jul 14, 2026

SPXM (Azoria 500 Meritocracy ETF) and QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) are both exchange-traded funds - SPXM is a Large Cap Blend Equities fund actively managed by Azoria, while QDTE is a Derivative Income fund actively managed by Roundhill. Both are actively managed. Over the past year, SPXM returned 8.67% vs 28.50% for QDTE. At a 0.45 correlation, their price movements are largely independent. SPXM charges 0.47%/yr vs 0.97%/yr for QDTE.

Performance

SPXM vs. QDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Azoria 500 Meritocracy ETF (SPXM) and Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPXM

• 1D: 0.00%
• 1M: 0.00%
• 6M: 0.00%
• YTD: 0.00%
• 1Y: 8.67%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QDTE

• 1D: -1.69%
• 1M: 0.14%
• 6M: 11.04%
• YTD: 13.13%
• 1Y: 28.50%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPXM vs. QDTE - Yearly Performance Comparison

	2026 (YTD)	2025
SPXM Azoria 500 Meritocracy ETF	0.00%	9.27%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	13.13%	14.41%

Correlation

The correlation between SPXM and QDTE is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (All Time) Calculated using the full available price history since Jul 8, 2025	0.45

Return for Risk

SPXM vs. QDTE — Risk / Return Rank

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

SPXM

SPXM Risk / Return Rank: 60
SPXM Sharpe Ratio Rank: 51
SPXM Sortino Ratio Rank: 49
SPXM Omega Ratio Rank: 81
SPXM Calmar Ratio Rank: 53
SPXM Martin Ratio Rank: 68

QDTE

QDTE Risk / Return Rank: 64
QDTE Sharpe Ratio Rank: 63
QDTE Sortino Ratio Rank: 57
QDTE Omega Ratio Rank: 61
QDTE Calmar Ratio Rank: 70
QDTE Martin Ratio Rank: 72

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.

SPXM vs. QDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Azoria 500 Meritocracy ETF (SPXM) 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.

	SPXM	QDTE	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.66	-0.27
Sortino ratio: Return per unit of downside risk	1.97	2.17	-0.21
Omega ratio: Gain probability vs. loss probability	1.38	1.29	+0.08
Calmar ratio: Return relative to maximum drawdown	2.10	2.81	-0.71
Martin ratio: Return relative to average drawdown	9.84	10.52	-0.68

SPXM vs. QDTE - Sharpe Ratio Comparison

The current SPXM Sharpe Ratio is 1.39, which is comparable to the QDTE Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of SPXM 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

SPXM vs. QDTE - Drawdown Comparison

The maximum SPXM drawdown since its inception was -5.08%, smaller than the maximum QDTE drawdown of -22.86%. Use the drawdown chart below to compare losses from any high point for SPXM and QDTE.

Drawdown Indicators

	SPXM	QDTE	Difference
Max Drawdown Largest peak-to-trough decline	-5.08%	-22.86%	+17.78%
Max Drawdown (1Y) Largest decline over 1 year	-5.08%	-10.20%	+5.12%
Current Drawdown Current decline from peak	-0.75%	-3.11%	+2.36%
Average Drawdown Average peak-to-trough decline	-0.78%	-3.12%	+2.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.71%	—

Volatility

SPXM vs. QDTE - Volatility Comparison

The current volatility for Azoria 500 Meritocracy ETF (SPXM) is 0.00%, while Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) has a volatility of 7.81%. This indicates that SPXM experiences smaller price fluctuations and is considered to be less risky than QDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXM	QDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.00%	7.81%	-7.81%
Volatility (6M) Calculated over the trailing 6-month period	3.99%	14.07%	-10.08%
Volatility (1Y) Calculated over the trailing 1-year period	7.68%	17.26%	-9.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.64%	19.06%	-11.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.64%	19.06%	-11.42%

SPXM vs. QDTE - Expense Ratio Comparison

SPXM has a 0.47% expense ratio, which is lower than QDTE's 0.97% expense ratio.

Dividends

SPXM vs. QDTE - Dividend Comparison

SPXM's dividend yield for the trailing twelve months is around 0.24%, less than QDTE's 44.92% yield.

Position	TTM	2025	2024
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	44.92%	49.49%	32.09%
SPXM Azoria 500 Meritocracy ETF	0.24%	0.24%	0.00%

Frequently Asked Questions

Can I hold both SPXM and QDTE in my portfolio?

SPXM and QDTE have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXM or QDTE?

QDTE has higher volatility (7.81%) compared to SPXM (0.00%). In terms of maximum drawdown, SPXM dropped -5.08% vs QDTE's -22.86%.

Which ETF is better, SPXM or QDTE?

On 1-year performance, QDTE leads with 28.50% vs 8.67% for SPXM. On fees, SPXM is cheaper at 0.47% per year. On volatility, SPXM has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXM or QDTE?

Over the 1-year period, QDTE has performed better with a 28.50% return vs 8.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXM or QDTE?

SPXM is cheaper with a 0.47% expense ratio, compared with 0.97% for QDTE.

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

QDTE has the higher dividend yield at 44.92%, compared with 0.24% for SPXM.

What is the main difference between SPXM and QDTE?

SPXM is categorized as Large Cap Blend Equities, while QDTE is Derivative Income. They also come from different issuers: Azoria and Roundhill. Their fees differ too: 0.47% for SPXM and 0.97% for QDTE.

Which has better risk-adjusted returns?

QDTE currently has the higher Sharpe Ratio (1.66 vs 1.39), 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.