TSMY vs. QDTE

Last updated Jun 26, 2026

TSMY (YieldMax TSM Option Income Strategy ETF) and QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, TSMY returned 76.34% vs 32.12% for QDTE. A 0.67 correlation means they provide meaningful diversification when combined. TSMY charges 0.99%/yr vs 0.97%/yr for QDTE.

Performance

TSMY vs. QDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax TSM Option Income Strategy ETF (TSMY) 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, TSMY achieves a 37.34% return, which is significantly higher than QDTE's 13.50% return.

TSMY

• 1D: -0.42%
• 1M: 5.31%
• YTD: 37.34%
• 6M: 39.44%
• 1Y: 76.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QDTE

• 1D: 1.15%
• 1M: -1.10%
• YTD: 13.50%
• 6M: 12.07%
• 1Y: 32.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSMY vs. QDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSMY YieldMax TSM Option Income Strategy ETF	37.34%	41.00%	8.05%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	13.50%	19.32%	7.69%

Correlation

The correlation between TSMY and QDTE is 0.65, 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	0.65
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	0.67

The correlation between TSMY and QDTE has been stable across timeframes, ranging from 0.65 to 0.67 - a consistent structural relationship.

Return for Risk

TSMY vs. QDTE — Risk / Return Rank

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

TSMY

TSMY Risk / Return Rank: 85
TSMY Sharpe Ratio Rank: 87
TSMY Sortino Ratio Rank: 79
TSMY Omega Ratio Rank: 79
TSMY Calmar Ratio Rank: 91
TSMY Martin Ratio Rank: 90

QDTE

QDTE Risk / Return Rank: 69
QDTE Sharpe Ratio Rank: 70
QDTE Sortino Ratio Rank: 61
QDTE Omega Ratio Rank: 68
QDTE Calmar Ratio Rank: 72
QDTE Martin Ratio Rank: 75

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.

TSMY vs. QDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax TSM Option Income Strategy ETF (TSMY) 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.

	TSMY	QDTE	Difference
Sharpe ratio: Return per unit of total volatility	2.47	1.94	+0.53
Sortino ratio: Return per unit of downside risk	3.05	2.48	+0.57
Omega ratio: Gain probability vs. loss probability	1.40	1.35	+0.06
Calmar ratio: Return relative to maximum drawdown	4.95	3.16	+1.79
Martin ratio: Return relative to average drawdown	17.86	12.16	+5.70

TSMY vs. QDTE - Sharpe Ratio Comparison

The current TSMY Sharpe Ratio is 2.47, which is comparable to the QDTE Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of TSMY 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

TSMY vs. QDTE - Drawdown Comparison

The maximum TSMY drawdown since its inception was -31.15%, which is greater than QDTE's maximum drawdown of -22.86%. Use the drawdown chart below to compare losses from any high point for TSMY and QDTE.

Drawdown Indicators

	TSMY	QDTE	Difference
Max Drawdown Largest peak-to-trough decline	-31.15%	-22.86%	-8.29%
Max Drawdown (1Y) Largest decline over 1 year	-15.50%	-10.20%	-5.30%
Current Drawdown Current decline from peak	-4.90%	-2.79%	-2.11%
Average Drawdown Average peak-to-trough decline	-5.43%	-3.13%	-2.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.29%	2.65%	+1.64%

Volatility

TSMY vs. QDTE - Volatility Comparison

YieldMax TSM Option Income Strategy ETF (TSMY) has a higher volatility of 13.57% compared to Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) at 8.47%. This indicates that TSMY's price experiences larger fluctuations and is considered to be riskier than QDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSMY	QDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.57%	8.47%	+5.10%
Volatility (6M) Calculated over the trailing 6-month period	25.04%	13.30%	+11.74%
Volatility (1Y) Calculated over the trailing 1-year period	31.03%	16.63%	+14.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.89%	18.97%	+14.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.89%	18.97%	+14.92%

TSMY vs. QDTE - Expense Ratio Comparison

TSMY has a 0.99% expense ratio, which is higher than QDTE's 0.97% expense ratio.

Dividends

TSMY vs. QDTE - Dividend Comparison

TSMY's dividend yield for the trailing twelve months is around 52.37%, more than QDTE's 45.00% yield.

Position	TTM	2025	2024
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	45.00%	49.49%	32.09%
TSMY YieldMax TSM Option Income Strategy ETF	52.37%	56.76%	13.71%

Frequently Asked Questions

Can I hold both TSMY and QDTE in my portfolio?

TSMY and QDTE have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSMY or QDTE?

TSMY has higher volatility (13.57%) compared to QDTE (8.47%). In terms of maximum drawdown, TSMY dropped -31.15% vs QDTE's -22.86%.

Which ETF is better, TSMY or QDTE?

On 1-year performance, TSMY leads with 76.34% vs 32.12% for QDTE. On fees, QDTE is cheaper at 0.97% per year. On volatility, QDTE has been the lower-risk option at 8.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMY or QDTE?

Over the 1-year period, TSMY has performed better with a 76.34% return vs 32.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMY or QDTE?

QDTE is cheaper with a 0.97% expense ratio, compared with 0.99% for TSMY.

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

TSMY has the higher dividend yield at 52.37%, compared with 45.00% for QDTE.

What is the main difference between TSMY and QDTE?

They also come from different issuers: YieldMax and Roundhill. Their fees differ too: 0.99% for TSMY and 0.97% for QDTE.

Which has better risk-adjusted returns?

TSMY currently has the higher Sharpe Ratio (2.47 vs 1.94), 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.