XAR vs. QDTE

Last updated Jul 21, 2026

XAR (SPDR S&P Aerospace & Defense ETF) and QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) are both exchange-traded funds - XAR is a Aerospace & Defense fund tracking the S&P Aerospace & Defense Select Industry Index, while QDTE is a Derivative Income fund actively managed by Roundhill. XAR is passively managed, while QDTE is actively managed. Over the past year, XAR returned 17.02% vs 24.69% for QDTE. A 0.52 correlation means they provide meaningful diversification when combined. XAR charges 0.35%/yr vs 0.97%/yr for QDTE.

Performance

XAR vs. QDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Aerospace & Defense ETF (XAR) 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, XAR achieves a 7.56% return, which is significantly lower than QDTE's 11.03% return.

XAR

• 1D: 0.29%
• 1M: -8.77%
• 6M: -11.36%
• YTD: 7.56%
• 1Y: 17.02%
• 3Y*: 29.13%
• 5Y*: 15.72%
• 10Y*: 17.12%
• ALL TIME*: 18.23%

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)

XAR vs. QDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XAR SPDR S&P Aerospace & Defense ETF	7.56%	46.15%	18.08%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	11.03%	19.32%	17.13%

Correlation

The correlation between XAR and QDTE is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.52

The correlation between XAR and QDTE has been stable across timeframes, ranging from 0.49 to 0.52 - a consistent structural relationship.

XAR vs. QDTE - Sectors Allocation Comparison

Sectors	XAR	QDTE
Industrials	98.4%	-
Technology	1.6%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	5.1%
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

XAR vs. QDTE — Risk / Return Rank

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

XAR

XAR Risk / Return Rank: 25
XAR Sharpe Ratio Rank: 23
XAR Sortino Ratio Rank: 24
XAR Omega Ratio Rank: 22
XAR Calmar Ratio Rank: 27
XAR Martin Ratio Rank: 27

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.

XAR vs. QDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Aerospace & Defense ETF (XAR) 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.

	XAR	QDTE	Difference
Sharpe ratio: Return per unit of total volatility	0.61	1.42	-0.82
Sortino ratio: Return per unit of downside risk	1.06	1.90	-0.83
Omega ratio: Gain probability vs. loss probability	1.12	1.25	-0.13
Calmar ratio: Return relative to maximum drawdown	0.99	2.43	-1.44
Martin ratio: Return relative to average drawdown	2.66	8.94	-6.28

XAR vs. QDTE - Sharpe Ratio Comparison

The current XAR Sharpe Ratio is 0.61, which is lower than the QDTE Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of XAR 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

XAR vs. QDTE - Drawdown Comparison

The maximum XAR drawdown since its inception was -46.37%, which is greater than QDTE's maximum drawdown of -22.86%. Use the drawdown chart below to compare losses from any high point for XAR and QDTE.

Drawdown Indicators

	XAR	QDTE	Difference
Max Drawdown Largest peak-to-trough decline	-46.37%	-22.86%	-23.51%
Max Drawdown (1Y) Largest decline over 1 year	-17.22%	-10.20%	-7.02%
Max Drawdown (3Y) Largest decline over 3 years	-19.73%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.29%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-46.37%	—	—
Current Drawdown Current decline from peak	-11.36%	-4.91%	-6.45%
Average Drawdown Average peak-to-trough decline	-6.78%	-3.13%	-3.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.45%	2.77%	+3.68%

Volatility

XAR vs. QDTE - Volatility Comparison

SPDR S&P Aerospace & Defense ETF (XAR) and Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) have volatilities of 6.93% and 7.01%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XAR	QDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.93%	7.01%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	22.61%	14.25%	+8.36%
Volatility (1Y) Calculated over the trailing 1-year period	28.29%	17.46%	+10.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.70%	19.06%	+4.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.78%	19.06%	+5.72%

XAR vs. QDTE - Expense Ratio Comparison

XAR has a 0.35% expense ratio, which is lower than QDTE's 0.97% expense ratio.

Dividends

XAR vs. QDTE - Dividend Comparison

XAR's dividend yield for the trailing twelve months is around 0.31%, less than QDTE's 45.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	45.99%	49.49%	32.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XAR SPDR S&P Aerospace & Defense ETF	0.31%	0.40%	0.66%	0.54%	0.50%	0.83%	0.63%	0.75%	1.19%	0.76%	1.09%	2.31%

Frequently Asked Questions

Can I hold both XAR and QDTE in my portfolio?

XAR and QDTE have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XAR or QDTE?

QDTE has higher volatility (7.01%) compared to XAR (6.93%). In terms of maximum drawdown, XAR dropped -46.37% vs QDTE's -22.86%.

Which ETF is better, XAR or QDTE?

On 1-year performance, QDTE leads with 24.69% vs 17.02% for XAR. On fees, XAR is cheaper at 0.35% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XAR or QDTE?

Over the 1-year period, QDTE has performed better with a 24.69% return vs 17.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XAR or QDTE?

XAR is cheaper with a 0.35% expense ratio, compared with 0.97% for QDTE.

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

QDTE has the higher dividend yield at 45.99%, compared with 0.31% for XAR.

What is the main difference between XAR and QDTE?

XAR is categorized as Aerospace & Defense, while QDTE is Derivative Income. They also come from different issuers: State Street and Roundhill. Their fees differ too: 0.35% for XAR and 0.97% for QDTE.

Which has better risk-adjusted returns?

QDTE currently has the higher Sharpe Ratio (1.42 vs 0.61), 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.