SPYI vs. QDTE

Last updated Jun 9, 2026

SPYI (NEOS S&P 500 High Income ETF) and QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, SPYI returned 20.24% vs 34.41% for QDTE. Their correlation of 0.90 suggests significant overlap in exposure. SPYI charges 0.68%/yr vs 0.97%/yr for QDTE.

Performance

SPYI vs. QDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS S&P 500 High Income ETF (SPYI) 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, SPYI achieves a 5.97% return, which is significantly lower than QDTE's 12.44% return.

SPYI

• 1D: 0.30%
• 1M: 0.11%
• YTD: 5.97%
• 6M: 6.55%
• 1Y: 20.24%
• 3Y*: 15.60%
• 5Y*: —
• 10Y*: —

QDTE

• 1D: 1.85%
• 1M: 0.70%
• YTD: 12.44%
• 6M: 11.71%
• 1Y: 34.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPYI vs. QDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYI NEOS S&P 500 High Income ETF	5.97%	16.67%	13.05%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	12.44%	19.32%	17.13%

Correlation

The correlation between SPYI and QDTE 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 Mar 7, 2024	0.90

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

SPYI vs. QDTE - Sectors Allocation Comparison

Sectors	SPYI	QDTE
Technology	35.5%	-
Financial Services	11.8%	5.4%
Communication Services	11.2%	-
Consumer Cyclical	10.1%	-
Healthcare	8.5%	-
Industrials	8.4%	-
Consumer Defensive	4.9%	-
Energy	3.5%	-
Utilities	2.3%	-
Real Estate	2.0%	-
Basic Materials	1.8%	-

Return for Risk

SPYI vs. QDTE — Risk / Return Rank

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

SPYI

SPYI Risk / Return Rank: 70
SPYI Sharpe Ratio Rank: 70
SPYI Sortino Ratio Rank: 68
SPYI Omega Ratio Rank: 76
SPYI Calmar Ratio Rank: 59
SPYI Martin Ratio Rank: 78

QDTE

QDTE Risk / Return Rank: 74
QDTE Sharpe Ratio Rank: 76
QDTE Sortino Ratio Rank: 67
QDTE Omega Ratio Rank: 74
QDTE Calmar Ratio Rank: 74
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.

SPYI vs. QDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS S&P 500 High Income ETF (SPYI) 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.

	SPYI	QDTE	Difference
Sharpe ratio: Return per unit of total volatility	2.06	2.20	-0.14
Sortino ratio: Return per unit of downside risk	2.78	2.77	+0.02
Omega ratio: Gain probability vs. loss probability	1.40	1.39	+0.01
Calmar ratio: Return relative to maximum drawdown	2.63	3.39	-0.75
Martin ratio: Return relative to average drawdown	13.60	13.52	+0.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYI vs. QDTE - Sharpe Ratio Comparison

The current SPYI Sharpe Ratio is 2.06, which is comparable to the QDTE Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of SPYI 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.

Sharpe Ratios by Period

	SPYI	QDTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.06	2.20	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	1.17	1.17	0.00

Drawdowns

SPYI vs. QDTE - Drawdown Comparison

The maximum SPYI drawdown since its inception was -16.47%, smaller than the maximum QDTE drawdown of -22.86%. Use the drawdown chart below to compare losses from any high point for SPYI and QDTE.

Drawdown Indicators

	SPYI	QDTE	Difference
Max Drawdown Largest peak-to-trough decline	-16.47%	-22.86%	+6.39%
Max Drawdown (1Y) Largest decline over 1 year	-7.72%	-10.20%	+2.48%
Max Drawdown (3Y) Largest decline over 3 years	-16.47%	—	—
Current Drawdown Current decline from peak	-2.11%	-3.70%	+1.59%
Average Drawdown Average peak-to-trough decline	-1.80%	-3.14%	+1.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.49%	2.55%	-1.06%

Volatility

SPYI vs. QDTE - Volatility Comparison

The current volatility for NEOS S&P 500 High Income ETF (SPYI) is 2.87%, while Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) has a volatility of 6.57%. This indicates that SPYI 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

	SPYI	QDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.87%	6.57%	-3.70%
Volatility (6M) Calculated over the trailing 6-month period	7.78%	12.26%	-4.48%
Volatility (1Y) Calculated over the trailing 1-year period	9.88%	15.71%	-5.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.95%	18.72%	-5.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.95%	18.72%	-5.77%

SPYI vs. QDTE - Expense Ratio Comparison

SPYI has a 0.68% expense ratio, which is lower than QDTE's 0.97% expense ratio.

Dividends

SPYI vs. QDTE - Dividend Comparison

SPYI's dividend yield for the trailing twelve months is around 11.83%, less than QDTE's 44.14% yield.

Position	TTM	2025	2024	2023	2022
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	44.14%	49.49%	32.09%	0.00%	0.00%
SPYI NEOS S&P 500 High Income ETF	11.83%	11.70%	12.04%	12.01%	4.10%

Frequently Asked Questions

Can I hold both SPYI and QDTE in my portfolio?

With a correlation of 0.90, SPYI 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, SPYI or QDTE?

QDTE has higher volatility (6.57%) compared to SPYI (2.87%). In terms of maximum drawdown, SPYI dropped -16.47% vs QDTE's -22.86%.

Which ETF is better, SPYI or QDTE?

On 1-year performance, QDTE leads with 34.41% vs 20.24% for SPYI. On fees, SPYI is cheaper at 0.68% per year. On volatility, SPYI has been the lower-risk option at 2.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPYI or QDTE?

Over the 1-year period, QDTE has performed better with a 34.41% return vs 20.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPYI or QDTE?

SPYI is cheaper with a 0.68% expense ratio, compared with 0.97% for QDTE.

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

QDTE has the higher dividend yield at 44.14%, compared with 11.83% for SPYI.

What is the main difference between SPYI and QDTE?

They also come from different issuers: Neos and Roundhill. Their fees differ too: 0.68% for SPYI and 0.97% for QDTE.

Which has better risk-adjusted returns?

QDTE currently has the higher Sharpe Ratio (2.20 vs 2.06), 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.