ULTI vs. QDTE

Last updated Jul 16, 2026

ULTI (REX IncomeMax Option Strategy ETF) and QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) are both Derivative Income funds. Both are actively managed. A 0.57 correlation means they provide meaningful diversification when combined. ULTI charges 1.25%/yr vs 0.97%/yr for QDTE.

Performance

ULTI vs. QDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in REX IncomeMax Option Strategy ETF (ULTI) 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, ULTI achieves a -3.92% return, which is significantly lower than QDTE's 14.26% return.

ULTI

• 1D: -2.81%
• 1M: -24.77%
• 6M: -22.06%
• YTD: -3.92%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QDTE

• 1D: -0.16%
• 1M: -1.83%
• 6M: 13.28%
• YTD: 14.26%
• 1Y: 29.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ULTI vs. QDTE - Yearly Performance Comparison

	2026 (YTD)	2025
ULTI REX IncomeMax Option Strategy ETF	-3.92%	-38.67%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	14.26%	0.86%

Correlation

The correlation between ULTI and QDTE is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 31, 2025	0.57

Return for Risk

ULTI vs. QDTE — Risk / Return Rank

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

ULTI

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

QDTE

QDTE Risk / Return Rank: 66
QDTE Sharpe Ratio Rank: 65
QDTE Sortino Ratio Rank: 57
QDTE Omega Ratio Rank: 62
QDTE Calmar Ratio Rank: 71
QDTE Martin Ratio Rank: 74

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.

ULTI vs. QDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for REX IncomeMax Option Strategy ETF (ULTI) 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.

	ULTI	QDTE	Difference
Sharpe ratio: Return per unit of total volatility	—	1.70	—
Sortino ratio: Return per unit of downside risk	—	2.21	—
Omega ratio: Gain probability vs. loss probability	—	1.30	—
Calmar ratio: Return relative to maximum drawdown	—	2.87	—
Martin ratio: Return relative to average drawdown	—	10.74	—

Drawdowns

ULTI vs. QDTE - Drawdown Comparison

The maximum ULTI drawdown since its inception was -42.09%, which is greater than QDTE's maximum drawdown of -22.86%. Use the drawdown chart below to compare losses from any high point for ULTI and QDTE.

Drawdown Indicators

	ULTI	QDTE	Difference
Max Drawdown Largest peak-to-trough decline	-42.09%	-22.86%	-19.23%
Max Drawdown (1Y) Largest decline over 1 year	—	-10.20%	—
Current Drawdown Current decline from peak	-41.08%	-2.14%	-38.94%
Average Drawdown Average peak-to-trough decline	-28.36%	-3.12%	-25.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.72%	—

Volatility

Volatility by Period

	ULTI	QDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.50%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.09%	—
Volatility (1Y) Calculated over the trailing 1-year period	61.35%	17.26%	+44.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.35%	19.04%	+42.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.35%	19.04%	+42.31%

ULTI vs. QDTE - Expense Ratio Comparison

ULTI has a 1.25% expense ratio, which is higher than QDTE's 0.97% expense ratio.

Dividends

ULTI vs. QDTE - Dividend Comparison

ULTI's dividend yield for the trailing twelve months is around 79.75%, more than QDTE's 44.48% yield.

Position	TTM	2025	2024
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	44.48%	49.49%	32.09%
ULTI REX IncomeMax Option Strategy ETF	79.75%	14.96%	0.00%

Frequently Asked Questions

Can I hold both ULTI and QDTE in my portfolio?

ULTI and QDTE have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ULTI or QDTE?

On fees, QDTE is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ULTI or QDTE?

QDTE is cheaper with a 0.97% expense ratio, compared with 1.25% for ULTI.

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

ULTI has the higher dividend yield at 79.75%, compared with 44.48% for QDTE.

What is the main difference between ULTI and QDTE?

They also come from different issuers: REX Shares and Roundhill. Their fees differ too: 1.25% for ULTI and 0.97% for QDTE.