TPAY vs. QDTE

Last updated Jun 4, 2026

TPAY (Roundhill S&P 500 Target 10 Managed Distribution ETF) and QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) are both Derivative Income funds from Roundhill. Both are actively managed. Their correlation of 0.91 suggests significant overlap in exposure. TPAY charges 0.49%/yr vs 0.97%/yr for QDTE.

Performance

TPAY vs. QDTE - Performance Comparison

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

Returns By Period

TPAY

• 1D: -0.57%
• 1M: 5.18%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QDTE

• 1D: -0.16%
• 1M: 8.99%
• YTD: 16.58%
• 6M: 16.20%
• 1Y: 40.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TPAY vs. QDTE - Yearly Performance Comparison

	2026 (YTD)
TPAY Roundhill S&P 500 Target 10 Managed Distribution ETF	10.10%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	17.36%

Correlation

The correlation between TPAY 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 (All Time) Calculated using the full available price history since Feb 19, 2026	0.91

Return for Risk

TPAY vs. QDTE — Risk / Return Rank

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

QDTE

QDTE Risk / Return Rank: 78
QDTE Sharpe Ratio Rank: 82
QDTE Sortino Ratio Rank: 76
QDTE Omega Ratio Rank: 78
QDTE Calmar Ratio Rank: 77
QDTE Martin Ratio Rank: 80

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.

TPAY vs. QDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill S&P 500 Target 10 Managed Distribution ETF (TPAY) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	TPAY	QDTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.74	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.80	1.30	+1.49

Drawdowns

TPAY vs. QDTE - Drawdown Comparison

The maximum TPAY drawdown since its inception was -8.62%, smaller than the maximum QDTE drawdown of -22.86%. Use the drawdown chart below to compare losses from any high point for TPAY and QDTE.

Drawdown Indicators

	TPAY	QDTE	Difference
Max Drawdown Largest peak-to-trough decline	-8.62%	-22.86%	+14.24%
Max Drawdown (1Y) Largest decline over 1 year	—	-10.20%	—
Current Drawdown Current decline from peak	-0.57%	-0.16%	-0.41%
Average Drawdown Average peak-to-trough decline	-1.82%	-3.14%	+1.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.52%	—

Volatility

Volatility by Period

	TPAY	QDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	3.75%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.01%	—
Volatility (1Y) Calculated over the trailing 1-year period	14.17%	14.81%	-0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.17%	18.43%	-4.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.17%	18.43%	-4.26%

TPAY vs. QDTE - Expense Ratio Comparison

TPAY has a 0.49% expense ratio, which is lower than QDTE's 0.97% expense ratio.

Dividends

TPAY vs. QDTE - Dividend Comparison

TPAY's dividend yield for the trailing twelve months is around 2.32%, less than QDTE's 42.16% yield.

Position	TTM	2025	2024
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	42.16%	49.49%	32.09%
TPAY Roundhill S&P 500 Target 10 Managed Distribution ETF	2.32%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TPAY and QDTE in my portfolio?

With a correlation of 0.91, TPAY 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 ETF is better, TPAY or QDTE?

On fees, TPAY is cheaper at 0.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TPAY or QDTE?

TPAY is cheaper with a 0.49% expense ratio, compared with 0.97% for QDTE.

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

QDTE has the higher dividend yield at 42.16%, compared with 2.32% for TPAY.

What is the main difference between TPAY and QDTE?

Their fees differ too: 0.49% for TPAY and 0.97% for QDTE.