SQY vs. XDTE

Last updated Jun 4, 2026

SQY (YieldMax SQ Option Income Strategy ETF) and XDTE (Roundhill S&P 500 0DTE Covered Call Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, SQY returned -0.20% vs 25.68% for XDTE. A 0.55 correlation means they provide meaningful diversification when combined. SQY charges 1.01%/yr vs 0.97%/yr for XDTE.

Performance

SQY vs. XDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax SQ Option Income Strategy ETF (SQY) and Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SQY achieves a -1.01% return, which is significantly lower than XDTE's 8.83% return.

SQY

• 1D: -5.22%
• 1M: -4.39%
• YTD: -1.01%
• 6M: 6.08%
• 1Y: -0.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XDTE

• 1D: -0.66%
• 1M: 4.14%
• YTD: 8.83%
• 6M: 8.93%
• 1Y: 25.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SQY vs. XDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SQY YieldMax SQ Option Income Strategy ETF	-1.01%	-29.43%	24.87%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	8.83%	12.60%	16.39%

Correlation

The correlation between SQY and XDTE is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (All Time) Calculated using the full available price history since Mar 8, 2024	0.55

The correlation between SQY and XDTE has been stable across timeframes, ranging from 0.54 to 0.55 - a consistent structural relationship.

Return for Risk

SQY vs. XDTE — Risk / Return Rank

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

SQY

SQY Risk / Return Rank: 9
SQY Sharpe Ratio Rank: 8
SQY Sortino Ratio Rank: 9
SQY Omega Ratio Rank: 10
SQY Calmar Ratio Rank: 9
SQY Martin Ratio Rank: 9

XDTE

XDTE Risk / Return Rank: 70
XDTE Sharpe Ratio Rank: 70
XDTE Sortino Ratio Rank: 67
XDTE Omega Ratio Rank: 70
XDTE Calmar Ratio Rank: 66
XDTE 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.

SQY vs. XDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax SQ Option Income Strategy ETF (SQY) and Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE). 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.

	SQY	XDTE	Difference
Sharpe ratio: Return per unit of total volatility	-0.01	2.35	-2.35
Sortino ratio: Return per unit of downside risk	0.26	3.15	-2.89
Omega ratio: Gain probability vs. loss probability	1.03	1.43	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.01	3.36	-3.36
Martin ratio: Return relative to average drawdown	-0.01	15.35	-15.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SQY vs. XDTE - Sharpe Ratio Comparison

The current SQY Sharpe Ratio is -0.01, which is lower than the XDTE Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of SQY and XDTE, 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

	SQY	XDTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.01	2.35	-2.35
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	1.25	-1.06

Drawdowns

SQY vs. XDTE - Drawdown Comparison

The maximum SQY drawdown since its inception was -52.30%, which is greater than XDTE's maximum drawdown of -19.09%. Use the drawdown chart below to compare losses from any high point for SQY and XDTE.

Drawdown Indicators

	SQY	XDTE	Difference
Max Drawdown Largest peak-to-trough decline	-52.30%	-19.09%	-33.21%
Max Drawdown (1Y) Largest decline over 1 year	-37.72%	-7.68%	-30.04%
Current Drawdown Current decline from peak	-37.84%	-0.66%	-37.18%
Average Drawdown Average peak-to-trough decline	-21.82%	-2.32%	-19.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.18%	1.68%	+15.50%

Volatility

SQY vs. XDTE - Volatility Comparison

YieldMax SQ Option Income Strategy ETF (SQY) has a higher volatility of 10.82% compared to Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE) at 2.53%. This indicates that SQY's price experiences larger fluctuations and is considered to be riskier than XDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SQY	XDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.82%	2.53%	+8.29%
Volatility (6M) Calculated over the trailing 6-month period	31.08%	8.28%	+22.80%
Volatility (1Y) Calculated over the trailing 1-year period	38.83%	10.99%	+27.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.20%	13.85%	+28.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.20%	13.85%	+28.35%

SQY vs. XDTE - Expense Ratio Comparison

SQY has a 1.01% expense ratio, which is higher than XDTE's 0.97% expense ratio.

Dividends

SQY vs. XDTE - Dividend Comparison

SQY's dividend yield for the trailing twelve months is around 109.42%, more than XDTE's 33.00% yield.

Position	TTM	2025	2024	2023
SQY YieldMax SQ Option Income Strategy ETF	109.42%	95.35%	62.54%	9.85%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	33.00%	39.16%	20.35%	0.00%

Frequently Asked Questions

Can I hold both SQY and XDTE in my portfolio?

SQY and XDTE have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SQY or XDTE?

SQY has higher volatility (10.82%) compared to XDTE (2.53%). In terms of maximum drawdown, SQY dropped -52.30% vs XDTE's -19.09%.

Which ETF is better, SQY or XDTE?

On 1-year performance, XDTE leads with 25.68% vs -0.20% for SQY. On fees, XDTE is cheaper at 0.97% per year. On volatility, XDTE has been the lower-risk option at 2.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SQY or XDTE?

Over the 1-year period, XDTE has performed better with a 25.68% return vs -0.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SQY or XDTE?

XDTE is cheaper with a 0.97% expense ratio, compared with 1.01% for SQY.

Which ETF pays a higher dividend yield, SQY or XDTE?

SQY has the higher dividend yield at 109.42%, compared with 33.00% for XDTE.

What is the main difference between SQY and XDTE?

They also come from different issuers: YieldMax and Roundhill. Their fees differ too: 1.01% for SQY and 0.97% for XDTE.

Which has better risk-adjusted returns?

XDTE currently has the higher Sharpe Ratio (2.35 vs -0.01), 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.