TSMY vs. XDTE

Last updated Jun 4, 2026

TSMY (YieldMax TSM 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, TSMY returned 92.13% vs 25.68% for XDTE. A 0.61 correlation means they provide meaningful diversification when combined. TSMY charges 0.99%/yr vs 0.97%/yr for XDTE.

Performance

TSMY vs. XDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax TSM Option Income Strategy ETF (TSMY) 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, TSMY achieves a 37.04% return, which is significantly higher than XDTE's 8.83% return.

TSMY

• 1D: -1.37%
• 1M: 7.48%
• YTD: 37.04%
• 6M: 39.21%
• 1Y: 92.13%
• 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)

TSMY vs. XDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSMY YieldMax TSM Option Income Strategy ETF	37.04%	41.00%	8.15%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	8.83%	12.60%	5.49%

Correlation

The correlation between TSMY and XDTE is 0.59, 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	0.59
Correlation (All Time) Calculated using the full available price history since Aug 22, 2024	0.61

The correlation between TSMY and XDTE has been stable across timeframes, ranging from 0.59 to 0.61 - a consistent structural relationship.

Return for Risk

TSMY vs. XDTE — Risk / Return Rank

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

TSMY

TSMY Risk / Return Rank: 88
TSMY Sharpe Ratio Rank: 90
TSMY Sortino Ratio Rank: 85
TSMY Omega Ratio Rank: 82
TSMY Calmar Ratio Rank: 91
TSMY Martin Ratio Rank: 91

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.

TSMY vs. XDTE - Risk-Adjusted Trends Comparison

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

	TSMY	XDTE	Difference
Sharpe ratio Return per unit of total volatility	3.21	2.35	+0.86
Sortino ratio Return per unit of downside risk	3.86	3.15	+0.71
Omega ratio Gain probability vs. loss probability	1.50	1.43	+0.07
Calmar ratio Return relative to maximum drawdown	5.98	3.36	+2.62
Martin ratio Return relative to average drawdown	22.18	15.35	+6.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TSMY vs. XDTE - Sharpe Ratio Comparison

The current TSMY Sharpe Ratio is 3.21, which is higher than the XDTE Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of TSMY 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

	TSMY	XDTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.21	2.35	+0.86
Sharpe Ratio (All Time) Calculated using the full available price history	1.56	1.25	+0.31

Drawdowns

TSMY vs. XDTE - Drawdown Comparison

The maximum TSMY drawdown since its inception was -31.15%, which is greater than XDTE's maximum drawdown of -19.09%. Use the drawdown chart below to compare losses from any high point for TSMY and XDTE.

Drawdown Indicators

	TSMY	XDTE	Difference
Max Drawdown Largest peak-to-trough decline	-31.15%	-19.09%	-12.06%
Max Drawdown (1Y) Largest decline over 1 year	-15.50%	-7.68%	-7.82%
Current Drawdown Current decline from peak	-1.37%	-0.66%	-0.71%
Average Drawdown Average peak-to-trough decline	-5.51%	-2.32%	-3.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	1.68%	+2.49%

Volatility

TSMY vs. XDTE - Volatility Comparison

YieldMax TSM Option Income Strategy ETF (TSMY) has a higher volatility of 9.52% compared to Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE) at 2.53%. This indicates that TSMY'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

	TSMY	XDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.52%	2.53%	+6.99%
Volatility (6M) Calculated over the trailing 6-month period	22.68%	8.28%	+14.40%
Volatility (1Y) Calculated over the trailing 1-year period	28.87%	10.99%	+17.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.22%	13.85%	+19.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.22%	13.85%	+19.37%

TSMY vs. XDTE - Expense Ratio Comparison

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

Dividends

TSMY vs. XDTE - Dividend Comparison

TSMY's dividend yield for the trailing twelve months is around 52.19%, more than XDTE's 33.00% yield.

Position	TTM	2025	2024
TSMY YieldMax TSM Option Income Strategy ETF	52.19%	56.76%	13.71%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	33.00%	39.16%	20.35%

Frequently Asked Questions

Can I hold both TSMY and XDTE in my portfolio?

TSMY and XDTE have a correlation of 0.59, 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 XDTE?

TSMY has higher volatility (9.52%) compared to XDTE (2.53%). In terms of maximum drawdown, TSMY dropped -31.15% vs XDTE's -19.09%.

Which ETF is better, TSMY or XDTE?

On 1-year performance, TSMY leads with 92.13% vs 25.68% for XDTE. 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, TSMY or XDTE?

Over the 1-year period, TSMY has performed better with a 92.13% return vs 25.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMY or XDTE?

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

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

TSMY has the higher dividend yield at 52.19%, compared with 33.00% for XDTE.

What is the main difference between TSMY and XDTE?

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

Which has better risk-adjusted returns?

TSMY currently has the higher Sharpe Ratio (3.21 vs 2.35), 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.