XPAY vs. QDTE

Last updated Jun 5, 2026

XPAY (Roundhill S&P 500 Target 20 Managed Distribution ETF) and QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) are both Derivative Income funds from Roundhill. Both are actively managed. Over the past year, XPAY returned 27.57% vs 39.17% for QDTE. Their correlation of 0.91 suggests significant overlap in exposure. XPAY charges 0.49%/yr vs 0.97%/yr for QDTE.

Performance

XPAY vs. QDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) 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, XPAY achieves a 11.30% return, which is significantly lower than QDTE's 16.06% return.

XPAY

• 1D: 0.42%
• 1M: 4.66%
• YTD: 11.30%
• 6M: 11.03%
• 1Y: 27.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QDTE

• 1D: -0.45%
• 1M: 7.12%
• YTD: 16.06%
• 6M: 15.73%
• 1Y: 39.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XPAY vs. QDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	11.30%	16.78%	3.17%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	16.06%	19.32%	3.99%

Correlation

The correlation between XPAY and QDTE is 0.90, 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	0.90
Correlation (All Time) Calculated using the full available price history since Nov 1, 2024	0.91

The correlation between XPAY and QDTE has been stable across timeframes, ranging from 0.90 to 0.91 - a consistent structural relationship.

Return for Risk

XPAY vs. QDTE — Risk / Return Rank

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

XPAY

XPAY Risk / Return Rank: 70
XPAY Sharpe Ratio Rank: 73
XPAY Sortino Ratio Rank: 71
XPAY Omega Ratio Rank: 72
XPAY Calmar Ratio Rank: 61
XPAY Martin Ratio Rank: 74

QDTE

QDTE Risk / Return Rank: 79
QDTE Sharpe Ratio Rank: 82
QDTE Sortino Ratio Rank: 77
QDTE Omega Ratio Rank: 78
QDTE Calmar Ratio Rank: 77
QDTE Martin Ratio Rank: 80

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.

XPAY vs. QDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) 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.

	XPAY	QDTE	Difference
Sharpe ratio: Return per unit of total volatility	2.34	2.66	-0.32
Sortino ratio: Return per unit of downside risk	3.18	3.41	-0.22
Omega ratio: Gain probability vs. loss probability	1.42	1.46	-0.04
Calmar ratio: Return relative to maximum drawdown	2.97	3.86	-0.89
Martin ratio: Return relative to average drawdown	13.67	15.60	-1.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XPAY vs. QDTE - Sharpe Ratio Comparison

The current XPAY Sharpe Ratio is 2.34, which is comparable to the QDTE Sharpe Ratio of 2.66. The chart below compares the historical Sharpe Ratios of XPAY 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.

Sharpe Ratios by Period

	XPAY	QDTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.34	2.66	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	1.23	1.29	-0.06

Drawdowns

XPAY vs. QDTE - Drawdown Comparison

The maximum XPAY drawdown since its inception was -18.20%, smaller than the maximum QDTE drawdown of -22.86%. Use the drawdown chart below to compare losses from any high point for XPAY and QDTE.

Drawdown Indicators

	XPAY	QDTE	Difference
Max Drawdown Largest peak-to-trough decline	-18.20%	-22.86%	+4.66%
Max Drawdown (1Y) Largest decline over 1 year	-9.34%	-10.20%	+0.86%
Current Drawdown Current decline from peak	-0.26%	-0.60%	+0.34%
Average Drawdown Average peak-to-trough decline	-2.36%	-3.14%	+0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	2.52%	-0.50%

Volatility

XPAY vs. QDTE - Volatility Comparison

The current volatility for Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) is 2.70%, while Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) has a volatility of 3.72%. This indicates that XPAY 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

	XPAY	QDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.70%	3.72%	-1.02%
Volatility (6M) Calculated over the trailing 6-month period	8.82%	11.01%	-2.19%
Volatility (1Y) Calculated over the trailing 1-year period	11.82%	14.81%	-2.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.68%	18.42%	-1.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.68%	18.42%	-1.74%

XPAY vs. QDTE - Expense Ratio Comparison

XPAY has a 0.49% expense ratio, which is lower than QDTE's 0.97% expense ratio.

Dividends

XPAY vs. QDTE - Dividend Comparison

XPAY's dividend yield for the trailing twelve months is around 20.28%, less than QDTE's 43.41% yield.

Position	TTM	2025	2024
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	43.41%	49.49%	32.09%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	20.28%	21.21%	3.40%

Frequently Asked Questions

Can I hold both XPAY and QDTE in my portfolio?

With a correlation of 0.90, XPAY and QDTE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, XPAY or QDTE?

QDTE has higher volatility (3.72%) compared to XPAY (2.70%). In terms of maximum drawdown, XPAY dropped -18.20% vs QDTE's -22.86%.

Which ETF is better, XPAY or QDTE?

On 1-year performance, QDTE leads with 39.17% vs 27.57% for XPAY. On fees, XPAY is cheaper at 0.49% per year. On volatility, XPAY has been the lower-risk option at 2.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XPAY or QDTE?

Over the 1-year period, QDTE has performed better with a 39.17% return vs 27.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XPAY or QDTE?

XPAY is cheaper with a 0.49% expense ratio, compared with 0.97% for QDTE.

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

QDTE has the higher dividend yield at 43.41%, compared with 20.28% for XPAY.

What is the main difference between XPAY and QDTE?

Their fees differ too: 0.49% for XPAY and 0.97% for QDTE.

Which has better risk-adjusted returns?

QDTE currently has the higher Sharpe Ratio (2.66 vs 2.34), 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.