YBTC vs. QDTE

Last updated Jun 24, 2026

YBTC (Roundhill Bitcoin Covered Call Strategy ETF) and QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) are both exchange-traded funds - YBTC is a Cryptocurrency fund actively managed by Roundhill, while QDTE is a Derivative Income fund actively managed by Roundhill. Both are actively managed. Over the past year, YBTC returned -36.92% vs 33.64% for QDTE. At a 0.46 correlation, their price movements are largely independent. YBTC charges 0.95%/yr vs 0.97%/yr for QDTE.

Performance

YBTC vs. QDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Bitcoin Covered Call Strategy ETF (YBTC) 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, YBTC achieves a -26.15% return, which is significantly lower than QDTE's 12.61% return.

YBTC

• 1D: -2.45%
• 1M: -16.58%
• YTD: -26.15%
• 6M: -25.92%
• 1Y: -36.92%
• 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)

YBTC vs. QDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YBTC Roundhill Bitcoin Covered Call Strategy ETF	-26.15%	-4.23%	29.07%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	12.61%	19.32%	17.13%

Correlation

The correlation between YBTC and QDTE is 0.51, 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	0.51
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.46

The correlation between YBTC and QDTE has been stable across timeframes, ranging from 0.46 to 0.51 - a consistent structural relationship.

Return for Risk

YBTC vs. QDTE — Risk / Return Rank

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

YBTC

YBTC Risk / Return Rank: 2
YBTC Sharpe Ratio Rank: 2
YBTC Sortino Ratio Rank: 2
YBTC Omega Ratio Rank: 2
YBTC Calmar Ratio Rank: 3
YBTC Martin Ratio Rank: 2

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.

YBTC vs. QDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Bitcoin Covered Call Strategy ETF (YBTC) 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.

	YBTC	QDTE	Difference
Sharpe ratio: Return per unit of total volatility	-0.93	2.03	-2.96
Sortino ratio: Return per unit of downside risk	-1.25	2.58	-3.84
Omega ratio: Gain probability vs. loss probability	0.84	1.36	-0.52
Calmar ratio: Return relative to maximum drawdown	-0.76	3.31	-4.07
Martin ratio: Return relative to average drawdown	-1.33	12.82	-14.15

YBTC vs. QDTE - Sharpe Ratio Comparison

The current YBTC Sharpe Ratio is -0.93, which is lower than the QDTE Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of YBTC 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

YBTC vs. QDTE - Drawdown Comparison

The maximum YBTC drawdown since its inception was -48.82%, which is greater than QDTE's maximum drawdown of -22.86%. Use the drawdown chart below to compare losses from any high point for YBTC and QDTE.

Drawdown Indicators

	YBTC	QDTE	Difference
Max Drawdown Largest peak-to-trough decline	-48.82%	-22.86%	-25.96%
Max Drawdown (1Y) Largest decline over 1 year	-48.82%	-10.20%	-38.62%
Current Drawdown Current decline from peak	-46.07%	-3.55%	-42.52%
Average Drawdown Average peak-to-trough decline	-13.58%	-3.13%	-10.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.69%	2.63%	+25.06%

Volatility

YBTC vs. QDTE - Volatility Comparison

Roundhill Bitcoin Covered Call Strategy ETF (YBTC) has a higher volatility of 12.43% compared to Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) at 8.57%. This indicates that YBTC's price experiences larger fluctuations and is considered to be riskier than QDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YBTC	QDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.43%	8.57%	+3.86%
Volatility (6M) Calculated over the trailing 6-month period	32.04%	13.32%	+18.72%
Volatility (1Y) Calculated over the trailing 1-year period	39.80%	16.68%	+23.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.90%	18.99%	+21.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.90%	18.99%	+21.91%

YBTC vs. QDTE - Expense Ratio Comparison

YBTC has a 0.95% expense ratio, which is lower than QDTE's 0.97% expense ratio.

Dividends

YBTC vs. QDTE - Dividend Comparison

YBTC's dividend yield for the trailing twelve months is around 89.41%, more than QDTE's 44.23% yield.

Position	TTM	2025	2024
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	44.23%	49.49%	32.09%
YBTC Roundhill Bitcoin Covered Call Strategy ETF	89.41%	76.04%	44.53%

Frequently Asked Questions

Can I hold both YBTC and QDTE in my portfolio?

YBTC and QDTE have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YBTC or QDTE?

YBTC has higher volatility (12.43%) compared to QDTE (8.57%). In terms of maximum drawdown, YBTC dropped -48.82% vs QDTE's -22.86%.

Which ETF is better, YBTC or QDTE?

On 1-year performance, QDTE leads with 33.64% vs -36.92% for YBTC. On fees, YBTC is cheaper at 0.95% per year. On volatility, QDTE has been the lower-risk option at 8.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YBTC or QDTE?

Over the 1-year period, QDTE has performed better with a 33.64% return vs -36.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YBTC or QDTE?

YBTC is cheaper with a 0.95% expense ratio, compared with 0.97% for QDTE.

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

YBTC has the higher dividend yield at 89.41%, compared with 44.23% for QDTE.

What is the main difference between YBTC and QDTE?

YBTC is categorized as Cryptocurrency, while QDTE is Derivative Income. Their fees differ too: 0.95% for YBTC and 0.97% for QDTE.

Which has better risk-adjusted returns?

QDTE currently has the higher Sharpe Ratio (2.03 vs -0.93), 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.