YMAX vs. QDTE

Last updated Aug 2, 2026

YMAX (YieldMax Universe Fund of Option Income ETFs) and QDTE (Roundhill Innovation-100 0DTE Covered Call Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, YMAX returned -4.08% vs 25.08% for QDTE. Their correlation of 0.82 means they have usually moved in the same direction. YMAX charges 1.33%/yr vs 0.95%/yr for QDTE.

Performance

YMAX vs. QDTE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax Universe Fund of Option Income ETFs (YMAX) 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, YMAX achieves a -1.07% return, which is significantly lower than QDTE's 10.53% return.

YMAX

• 1D: 0.27%
• 1M: -3.63%
• 6M: 2.22%
• YTD: -1.07%
• 1Y: -4.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.95%

QDTE

• 1D: 0.81%
• 1M: -1.54%
• 6M: 8.89%
• YTD: 10.53%
• 1Y: 25.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.88%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	$17.47M	$18.74M	$19.73M
YMAX YieldMax Universe Fund of Option Income ETFs	$9.76M	$11.55M	$14.55M

YMAX vs. QDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YMAX YieldMax Universe Fund of Option Income ETFs	-1.07%	6.04%	14.53%
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	10.53%	19.32%	17.13%

Correlation

The correlation between YMAX and QDTE is 0.80, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.82

The correlation between YMAX and QDTE has been stable across timeframes, ranging from 0.80 to 0.82 - a consistent structural relationship.

YMAX vs. QDTE - Sectors Allocation Comparison

Sectors	YMAX	QDTE
Technology	61.0%	-
Consumer Cyclical	7.6%	-
Communication Services	7.2%	-
Financial Services	5.5%	5.3%
Industrials	5.4%	-
Healthcare	5.1%	-
Consumer Defensive	3.0%	-
Basic Materials	1.8%	-
Real Estate	1.6%	-
Energy	1.3%	-
Utilities	0.6%	-

Return for Risk

YMAX vs. QDTE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

YMAX

YMAX Risk / Return Rank: 7
YMAX Sharpe Ratio Rank: 7
YMAX Sortino Ratio Rank: 7
YMAX Omega Ratio Rank: 7
YMAX Calmar Ratio Rank: 7
YMAX Martin Ratio Rank: 7

QDTE

QDTE Risk / Return Rank: 56
QDTE Sharpe Ratio Rank: 52
QDTE Sortino Ratio Rank: 49
QDTE Omega Ratio Rank: 50
QDTE Calmar Ratio Rank: 65
QDTE Martin Ratio Rank: 64

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

YMAX vs. QDTE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax Universe Fund of Option Income ETFs (YMAX) 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.

	YMAX	QDTE	Difference
Sharpe ratio: Return per unit of total volatility	-0.29	1.26	-1.55
Sortino ratio: Return per unit of downside risk	-0.24	1.72	-1.97
Omega ratio: Gain probability vs. loss probability	0.97	1.22	-0.25
Calmar ratio: Return relative to maximum drawdown	-0.27	2.23	-2.50
Martin ratio: Return relative to average drawdown	-0.60	7.58	-8.18

YMAX vs. QDTE - Sharpe Ratio Comparison

The current YMAX Sharpe Ratio is -0.29, which is lower than the QDTE Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of YMAX 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

YMAX vs. QDTE - Drawdown Comparison

The maximum YMAX drawdown since its inception was -26.13%, which is greater than QDTE's maximum drawdown of -22.86%. Use the drawdown chart below to compare losses from any high point for YMAX and QDTE.

Drawdown Indicators

	YMAX	QDTE	Difference
Max Drawdown Largest peak-to-trough decline	-26.13%	-22.86%	-3.27%
Max Drawdown (1Y) Largest decline over 1 year	-26.13%	-10.20%	-15.93%
Current Drawdown Current decline from peak	-12.29%	-5.34%	-6.95%
Average Drawdown Average peak-to-trough decline	-6.57%	-3.17%	-3.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.72%	2.99%	+8.73%

Volatility

YMAX vs. QDTE - Volatility Comparison

The current volatility for YieldMax Universe Fund of Option Income ETFs (YMAX) is 6.33%, while Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) has a volatility of 6.78%. This indicates that YMAX 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

	YMAX	QDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.33%	6.78%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	20.28%	14.80%	+5.48%
Volatility (1Y) Calculated over the trailing 1-year period	24.24%	18.06%	+6.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.50%	19.17%	+4.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.50%	19.17%	+4.33%

YMAX vs. QDTE - Expense Ratio Comparison

YMAX has a 1.33% expense ratio, which is higher than QDTE's 0.95% expense ratio.

Dividends

YMAX vs. QDTE - Dividend Comparison

YMAX's dividend yield for the trailing twelve months is around 73.00%, more than QDTE's 46.41% yield.

Position	TTM	2025	2024
QDTE Roundhill Innovation-100 0DTE Covered Call Strategy ETF	46.41%	49.49%	32.09%
YMAX YieldMax Universe Fund of Option Income ETFs	73.00%	78.70%	44.20%

Frequently Asked Questions

Can I hold both YMAX and QDTE in my portfolio?

YMAX and QDTE have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YMAX or QDTE?

QDTE has higher volatility (6.78%) compared to YMAX (6.33%). In terms of maximum drawdown, YMAX dropped -26.13% vs QDTE's -22.86%.

Which ETF is better, YMAX or QDTE?

On 1-year performance, QDTE leads with 25.08% vs -4.08% for YMAX. On fees, QDTE is cheaper at 0.95% per year. On volatility, YMAX has been the lower-risk option at 6.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YMAX or QDTE?

Over the 1-year period, QDTE has performed better with a 25.08% return vs -4.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YMAX or QDTE?

QDTE is cheaper with a 0.95% expense ratio, compared with 1.33% for YMAX.

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

YMAX has the higher dividend yield at 73.00%, compared with 46.41% for QDTE.

What is the main difference between YMAX and QDTE?

They also come from different issuers: YieldMax and Roundhill. Their fees differ too: 1.33% for YMAX and 0.95% for QDTE.

Which has better risk-adjusted returns?

QDTE currently has the higher Sharpe Ratio (1.26 vs -0.29), 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.