SPYG vs. QDTE

Last updated Jun 14, 2026

SPYG (State Street SPDR Portfolio S&P 500 Growth ETF) and QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) are both exchange-traded funds - SPYG is a S&P 500 fund tracking the S&P 500 Growth Index, while QDTE is a Derivative Income fund actively managed by Roundhill. SPYG is passively managed, while QDTE is actively managed. Over the past year, SPYG returned 29.17% vs 35.38% for QDTE. Their correlation of 0.94 suggests significant overlap in exposure. SPYG charges 0.04%/yr vs 0.97%/yr for QDTE.

Performance

SPYG vs. QDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) 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, SPYG achieves a 9.70% return, which is significantly lower than QDTE's 12.97% return.

SPYG

• 1D: 0.41%
• 1M: -1.24%
• YTD: 9.70%
• 6M: 10.60%
• 1Y: 29.17%
• 3Y*: 25.85%
• 5Y*: 14.92%
• 10Y*: 17.91%

QDTE

• 1D: 0.79%
• 1M: 1.25%
• YTD: 12.97%
• 6M: 13.97%
• 1Y: 35.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYG vs. QDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	9.70%	22.09%	23.74%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	12.97%	19.32%	17.13%

Correlation

The correlation between SPYG and QDTE is 0.93, 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	0.93
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.94

The correlation between SPYG and QDTE has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

SPYG vs. QDTE - Sectors Allocation Comparison

Sectors	SPYG	QDTE
Technology	53.2%	-
Communication Services	16.1%	-
Consumer Cyclical	8.5%	-
Financial Services	8.4%	5.7%
Healthcare	5.8%	-
Industrials	5.1%	-
Utilities	1.1%	-
Consumer Defensive	0.9%	-
Real Estate	0.5%	-
Basic Materials	0.3%	-
Energy	0.1%	-

Return for Risk

SPYG vs. QDTE — Risk / Return Rank

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

SPYG

SPYG Risk / Return Rank: 52
SPYG Sharpe Ratio Rank: 56
SPYG Sortino Ratio Rank: 53
SPYG Omega Ratio Rank: 53
SPYG Calmar Ratio Rank: 45
SPYG Martin Ratio Rank: 53

QDTE

QDTE Risk / Return Rank: 75
QDTE Sharpe Ratio Rank: 77
QDTE Sortino Ratio Rank: 69
QDTE Omega Ratio Rank: 74
QDTE Calmar Ratio Rank: 75
QDTE Martin Ratio Rank: 78

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.

SPYG vs. QDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) 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.

	SPYG	QDTE	Difference
Sharpe ratio: Return per unit of total volatility	1.65	2.12	-0.48
Sortino ratio: Return per unit of downside risk	2.26	2.69	-0.43
Omega ratio: Gain probability vs. loss probability	1.29	1.38	-0.09
Calmar ratio: Return relative to maximum drawdown	2.01	3.33	-1.32
Martin ratio: Return relative to average drawdown	8.08	12.94	-4.86

SPYG vs. QDTE - Sharpe Ratio Comparison

The current SPYG Sharpe Ratio is 1.65, which is comparable to the QDTE Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of SPYG 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

SPYG vs. QDTE - Drawdown Comparison

The maximum SPYG drawdown since its inception was -67.63%, which is greater than QDTE's maximum drawdown of -22.86%. Use the drawdown chart below to compare losses from any high point for SPYG and QDTE.

Drawdown Indicators

	SPYG	QDTE	Difference
Max Drawdown Largest peak-to-trough decline	-67.63%	-22.86%	-44.77%
Max Drawdown (1Y) Largest decline over 1 year	-13.76%	-10.20%	-3.56%
Max Drawdown (3Y) Largest decline over 3 years	-22.14%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-32.67%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-32.67%	—	—
Current Drawdown Current decline from peak	-4.65%	-3.24%	-1.41%
Average Drawdown Average peak-to-trough decline	-24.30%	-3.15%	-21.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.42%	2.62%	+0.80%

Volatility

SPYG vs. QDTE - Volatility Comparison

The current volatility for State Street SPDR Portfolio S&P 500 Growth ETF (SPYG) is 6.33%, while Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) has a volatility of 7.09%. This indicates that SPYG 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

	SPYG	QDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.33%	7.09%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	13.48%	12.66%	+0.82%
Volatility (1Y) Calculated over the trailing 1-year period	16.81%	15.99%	+0.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.27%	18.77%	+2.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.70%	18.77%	+1.93%

SPYG vs. QDTE - Expense Ratio Comparison

SPYG has a 0.04% expense ratio, which is lower than QDTE's 0.97% expense ratio.

Dividends

SPYG vs. QDTE - Dividend Comparison

SPYG's dividend yield for the trailing twelve months is around 0.48%, less than QDTE's 44.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	44.17%	49.49%	32.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPYG State Street SPDR Portfolio S&P 500 Growth ETF	0.48%	0.52%	0.60%	1.15%	1.03%	0.62%	0.90%	1.37%	1.51%	1.41%	1.55%	1.57%

Frequently Asked Questions

Can I hold both SPYG and QDTE in my portfolio?

With a correlation of 0.93, SPYG 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, SPYG or QDTE?

QDTE has higher volatility (7.09%) compared to SPYG (6.33%). In terms of maximum drawdown, SPYG dropped -67.63% vs QDTE's -22.86%.

Which ETF is better, SPYG or QDTE?

On 1-year performance, QDTE leads with 35.38% vs 29.17% for SPYG. On fees, SPYG is cheaper at 0.04% per year. On volatility, SPYG has been the lower-risk option at 6.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYG or QDTE?

Over the 1-year period, QDTE has performed better with a 35.38% return vs 29.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYG or QDTE?

SPYG is cheaper with a 0.04% expense ratio, compared with 0.97% for QDTE.

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

QDTE has the higher dividend yield at 44.17%, compared with 0.48% for SPYG.

What is the main difference between SPYG and QDTE?

SPYG is categorized as S&P 500, while QDTE is Derivative Income. They also come from different issuers: State Street and Roundhill. Their fees differ too: 0.04% for SPYG and 0.97% for QDTE.

Which has better risk-adjusted returns?

QDTE currently has the higher Sharpe Ratio (2.12 vs 1.65), 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.