WDTE vs. QDTE

Last updated Jun 24, 2026

WDTE (Defiance S&P 500 Enhanced Options & 0DTE Income ETF) and QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, WDTE returned 19.25% vs 33.64% for QDTE. Their correlation of 0.84 suggests significant overlap in exposure. WDTE charges 1.01%/yr vs 0.97%/yr for QDTE.

Performance

WDTE vs. QDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance S&P 500 Enhanced Options & 0DTE Income ETF (WDTE) 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, WDTE achieves a 7.90% return, which is significantly lower than QDTE's 12.61% return.

WDTE

• 1D: -1.29%
• 1M: -1.54%
• YTD: 7.90%
• 6M: 7.06%
• 1Y: 19.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QDTE

• 1D: -3.23%
• 1M: -0.17%
• YTD: 12.61%
• 6M: 11.52%
• 1Y: 33.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

WDTE vs. QDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
WDTE Defiance S&P 500 Enhanced Options & 0DTE Income ETF	7.90%	13.60%	6.88%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	12.61%	19.32%	17.13%

Correlation

The correlation between WDTE and QDTE is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.86
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.84

The correlation between WDTE and QDTE has been stable across timeframes, ranging from 0.84 to 0.86 - a consistent structural relationship.

WDTE vs. QDTE - Sectors Allocation Comparison

Sectors	WDTE	QDTE
Technology	39.0%	-
Financial Services	11.1%	5.4%
Communication Services	10.6%	-
Consumer Cyclical	9.9%	-
Healthcare	8.3%	-
Industrials	7.8%	-
Consumer Defensive	4.5%	-
Energy	3.1%	-
Utilities	2.1%	-
Real Estate	1.8%	-
Basic Materials	1.7%	-

Return for Risk

WDTE vs. QDTE — Risk / Return Rank

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

WDTE

WDTE Risk / Return Rank: 57
WDTE Sharpe Ratio Rank: 55
WDTE Sortino Ratio Rank: 50
WDTE Omega Ratio Rank: 59
WDTE Calmar Ratio Rank: 54
WDTE Martin Ratio Rank: 67

QDTE

QDTE Risk / Return Rank: 64
QDTE Sharpe Ratio Rank: 64
QDTE Sortino Ratio Rank: 56
QDTE Omega Ratio Rank: 62
QDTE Calmar Ratio Rank: 68
QDTE Martin Ratio Rank: 71

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.

WDTE vs. QDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance S&P 500 Enhanced Options & 0DTE Income ETF (WDTE) 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.

	WDTE	QDTE	Difference
Sharpe ratio: Return per unit of total volatility	1.76	2.03	-0.26
Sortino ratio: Return per unit of downside risk	2.32	2.58	-0.26
Omega ratio: Gain probability vs. loss probability	1.34	1.36	-0.02
Calmar ratio: Return relative to maximum drawdown	2.53	3.31	-0.79
Martin ratio: Return relative to average drawdown	11.66	12.82	-1.15

WDTE vs. QDTE - Sharpe Ratio Comparison

The current WDTE Sharpe Ratio is 1.76, which is comparable to the QDTE Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of WDTE 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

WDTE vs. QDTE - Drawdown Comparison

The maximum WDTE drawdown since its inception was -15.85%, smaller than the maximum QDTE drawdown of -22.86%. Use the drawdown chart below to compare losses from any high point for WDTE and QDTE.

Drawdown Indicators

	WDTE	QDTE	Difference
Max Drawdown Largest peak-to-trough decline	-15.85%	-22.86%	+7.01%
Max Drawdown (1Y) Largest decline over 1 year	-7.65%	-10.20%	+2.55%
Current Drawdown Current decline from peak	-2.94%	-3.55%	+0.61%
Average Drawdown Average peak-to-trough decline	-1.83%	-3.13%	+1.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.65%	2.63%	-0.98%

Volatility

WDTE vs. QDTE - Volatility Comparison

The current volatility for Defiance S&P 500 Enhanced Options & 0DTE Income ETF (WDTE) is 4.44%, while Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) has a volatility of 8.57%. This indicates that WDTE 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

	WDTE	QDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.44%	8.57%	-4.13%
Volatility (6M) Calculated over the trailing 6-month period	9.31%	13.32%	-4.01%
Volatility (1Y) Calculated over the trailing 1-year period	10.97%	16.68%	-5.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.51%	18.99%	-7.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.51%	18.99%	-7.48%

WDTE vs. QDTE - Expense Ratio Comparison

WDTE has a 1.01% expense ratio, which is higher than QDTE's 0.97% expense ratio.

Dividends

WDTE vs. QDTE - Dividend Comparison

WDTE's dividend yield for the trailing twelve months is around 32.96%, less than QDTE's 44.23% yield.

Position	TTM	2025	2024	2023
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	44.23%	49.49%	32.09%	0.00%
WDTE Defiance S&P 500 Enhanced Options & 0DTE Income ETF	32.96%	35.78%	51.80%	16.41%

Frequently Asked Questions

Can I hold both WDTE and QDTE in my portfolio?

WDTE and QDTE have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WDTE or QDTE?

QDTE has higher volatility (8.57%) compared to WDTE (4.44%). In terms of maximum drawdown, WDTE dropped -15.85% vs QDTE's -22.86%.

Which ETF is better, WDTE or QDTE?

On 1-year performance, QDTE leads with 33.64% vs 19.25% for WDTE. On fees, QDTE is cheaper at 0.97% per year. On volatility, WDTE has been the lower-risk option at 4.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WDTE or QDTE?

Over the 1-year period, QDTE has performed better with a 33.64% return vs 19.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WDTE or QDTE?

QDTE is cheaper with a 0.97% expense ratio, compared with 1.01% for WDTE.

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

QDTE has the higher dividend yield at 44.23%, compared with 32.96% for WDTE.

What is the main difference between WDTE and QDTE?

They also come from different issuers: Defiance and Roundhill. Their fees differ too: 1.01% for WDTE and 0.97% for QDTE.

Which has better risk-adjusted returns?

QDTE currently has the higher Sharpe Ratio (2.03 vs 1.76), 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.