ULTY vs. QDTE

Last updated Jul 21, 2026

ULTY (YieldMax Ultra 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, ULTY returned -10.84% vs 24.69% for QDTE. A 0.75 correlation means they provide meaningful diversification when combined. ULTY charges 1.14%/yr vs 0.97%/yr for QDTE.

Performance

ULTY vs. QDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Ultra Option Income Strategy ETF (ULTY) 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, ULTY achieves a 4.58% return, which is significantly lower than QDTE's 11.03% return.

ULTY

• 1D: 0.48%
• 1M: -6.07%
• 6M: 1.30%
• YTD: 4.58%
• 1Y: -10.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -0.50%

QDTE

• 1D: 0.31%
• 1M: -4.51%
• 6M: 9.76%
• YTD: 11.03%
• 1Y: 24.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.39%

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

ULTY vs. QDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ULTY YieldMax Ultra Option Income Strategy ETF	4.58%	-0.84%	-1.80%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	11.03%	19.32%	17.13%

Correlation

The correlation between ULTY and QDTE is 0.79, 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	0.79
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.75

The correlation between ULTY and QDTE has been stable across timeframes, ranging from 0.75 to 0.79 - a consistent structural relationship.

ULTY vs. QDTE - Sectors Allocation Comparison

Sectors	ULTY	QDTE
Technology	52.5%	-
Industrials	13.3%	-
Consumer Cyclical	10.6%	-
Financial Services	8.3%	5.1%
Basic Materials	7.0%	-
Communication Services	6.6%	-
Healthcare	1.9%	-
Consumer Defensive	0.0%	-
Energy	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

ULTY vs. QDTE — Risk / Return Rank

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

ULTY

ULTY Risk / Return Rank: 6
ULTY Sharpe Ratio Rank: 6
ULTY Sortino Ratio Rank: 6
ULTY Omega Ratio Rank: 5
ULTY Calmar Ratio Rank: 6
ULTY Martin Ratio Rank: 6

QDTE

QDTE Risk / Return Rank: 59
QDTE Sharpe Ratio Rank: 56
QDTE Sortino Ratio Rank: 50
QDTE Omega Ratio Rank: 53
QDTE Calmar Ratio Rank: 66
QDTE Martin Ratio Rank: 68

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.

ULTY vs. QDTE - Risk-Adjusted Trends Comparison

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

	ULTY	QDTE	Difference
Sharpe ratio: Return per unit of total volatility	-0.50	1.42	-1.92
Sortino ratio: Return per unit of downside risk	-0.55	1.90	-2.44
Omega ratio: Gain probability vs. loss probability	0.93	1.25	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.45	2.43	-2.88
Martin ratio: Return relative to average drawdown	-0.84	8.94	-9.78

ULTY vs. QDTE - Sharpe Ratio Comparison

The current ULTY Sharpe Ratio is -0.50, which is lower than the QDTE Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of ULTY 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

ULTY vs. QDTE - Drawdown Comparison

The maximum ULTY drawdown since its inception was -26.85%, which is greater than QDTE's maximum drawdown of -22.86%. Use the drawdown chart below to compare losses from any high point for ULTY and QDTE.

Drawdown Indicators

	ULTY	QDTE	Difference
Max Drawdown Largest peak-to-trough decline	-26.85%	-22.86%	-3.99%
Max Drawdown (1Y) Largest decline over 1 year	-24.16%	-10.20%	-13.96%
Current Drawdown Current decline from peak	-14.25%	-4.91%	-9.34%
Average Drawdown Average peak-to-trough decline	-9.95%	-3.13%	-6.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.95%	2.77%	+10.18%

Volatility

ULTY vs. QDTE - Volatility Comparison

The current volatility for YieldMax Ultra Option Income Strategy ETF (ULTY) is 6.15%, while Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) has a volatility of 7.01%. This indicates that ULTY experiences smaller price fluctuations and is considered to be less risky than QDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ULTY	QDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.15%	7.01%	-0.86%
Volatility (6M) Calculated over the trailing 6-month period	16.65%	14.25%	+2.40%
Volatility (1Y) Calculated over the trailing 1-year period	21.80%	17.46%	+4.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.12%	19.06%	+8.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.12%	19.06%	+8.06%

ULTY vs. QDTE - Expense Ratio Comparison

ULTY has a 1.14% expense ratio, which is higher than QDTE's 0.97% expense ratio.

Dividends

ULTY vs. QDTE - Dividend Comparison

ULTY's dividend yield for the trailing twelve months is around 114.49%, more than QDTE's 45.99% yield.

Position	TTM	2025	2024
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	45.99%	49.49%	32.09%
ULTY YieldMax Ultra Option Income Strategy ETF	114.49%	142.99%	111.70%

Frequently Asked Questions

Can I hold both ULTY and QDTE in my portfolio?

ULTY and QDTE have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ULTY or QDTE?

QDTE has higher volatility (7.01%) compared to ULTY (6.15%). In terms of maximum drawdown, ULTY dropped -26.85% vs QDTE's -22.86%.

Which ETF is better, ULTY or QDTE?

On 1-year performance, QDTE leads with 24.69% vs -10.84% for ULTY. On fees, QDTE is cheaper at 0.97% per year. On volatility, ULTY has been the lower-risk option at 6.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ULTY or QDTE?

Over the 1-year period, QDTE has performed better with a 24.69% return vs -10.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ULTY or QDTE?

QDTE is cheaper with a 0.97% expense ratio, compared with 1.14% for ULTY.

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

ULTY has the higher dividend yield at 114.49%, compared with 45.99% for QDTE.

What is the main difference between ULTY and QDTE?

They also come from different issuers: YieldMax and Roundhill. Their fees differ too: 1.14% for ULTY and 0.97% for QDTE.

Which has better risk-adjusted returns?

QDTE currently has the higher Sharpe Ratio (1.42 vs -0.50), 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.