YMAX vs. XDTE

Last updated Apr 2, 2026

Compare and contrast key facts about YieldMax Universe Fund of Option Income ETFs (YMAX) and Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE).

YMAX and XDTE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. YMAX is an actively managed fund by YieldMax. It was launched on Jan 16, 2024. XDTE is an actively managed fund by Roundhill. It was launched on Mar 7, 2024.

Performance

YMAX vs. XDTE - 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 S&P 500 0DTE Covered Call Strategy ETF (XDTE). The values are adjusted to include any dividend payments, if applicable.

YMAX vs. XDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YMAX YieldMax Universe Fund of Option Income ETFs	-13.50%	6.04%	13.11%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	-2.43%	12.60%	16.39%

Returns By Period

In the year-to-date period, YMAX achieves a -13.50% return, which is significantly lower than XDTE's -2.43% return.

YMAX

• 1D: -0.42%
• 1M: -6.83%
• YTD: -13.50%
• 6M: -20.90%
• 1Y: 0.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XDTE

• 1D: 1.03%
• 1M: -4.05%
• YTD: -2.43%
• 6M: 0.99%
• 1Y: 13.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

YMAX vs. XDTE - Expense Ratio Comparison

YMAX has a 1.28% expense ratio, which is higher than XDTE's 0.97% expense ratio.

YMAX

YieldMax Universe Fund of Option Income ETFs

XDTE

Roundhill S&P 500 0DTE Covered Call Strategy ETF

Return for Risk

YMAX vs. XDTE — Risk / Return Rank

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

YMAX

YMAX Risk / Return Rank: 13
YMAX Sharpe Ratio Rank: 12
YMAX Sortino Ratio Rank: 12
YMAX Omega Ratio Rank: 12
YMAX Calmar Ratio Rank: 14
YMAX Martin Ratio Rank: 14

XDTE

XDTE Risk / Return Rank: 45
XDTE Sharpe Ratio Rank: 48
XDTE Sortino Ratio Rank: 41
XDTE Omega Ratio Rank: 48
XDTE Calmar Ratio Rank: 41
XDTE Martin Ratio Rank: 46

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.

YMAX vs. XDTE - 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 S&P 500 0DTE Covered Call Strategy ETF (XDTE). 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.

	YMAX	XDTE	Difference
Sharpe ratio Return per unit of total volatility	0.03	0.90	-0.87
Sortino ratio Return per unit of downside risk	0.22	1.21	-0.99
Omega ratio Gain probability vs. loss probability	1.03	1.19	-0.16
Calmar ratio Return relative to maximum drawdown	0.09	1.12	-1.03
Martin ratio Return relative to average drawdown	0.24	4.60	-4.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

YMAX vs. XDTE - Sharpe Ratio Comparison

The current YMAX Sharpe Ratio is 0.03, which is lower than the XDTE Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of YMAX and XDTE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	YMAX	XDTE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.03	0.90	-0.87
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.90	-0.60

Correlation

The correlation between YMAX and XDTE is 0.80, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

YMAX vs. XDTE - Dividend Comparison

YMAX's dividend yield for the trailing twelve months is around 88.51%, more than XDTE's 38.73% yield.

	TTM	2025	2024
YMAX YieldMax Universe Fund of Option Income ETFs	88.51%	78.70%	44.20%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	38.73%	39.16%	20.35%

Drawdowns

YMAX vs. XDTE - Drawdown Comparison

The maximum YMAX drawdown since its inception was -26.13%, which is greater than XDTE's maximum drawdown of -19.09%. Use the drawdown chart below to compare losses from any high point for YMAX and XDTE.

Drawdown Indicators

	YMAX	XDTE	Difference
Max Drawdown Largest peak-to-trough decline	-26.13%	-19.09%	-7.04%
Max Drawdown (1Y) Largest decline over 1 year	-26.13%	-12.87%	-13.26%
Current Drawdown Current decline from peak	-23.31%	-4.87%	-18.44%
Average Drawdown Average peak-to-trough decline	-5.88%	-2.44%	-3.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.72%	3.14%	+6.58%

Volatility

YMAX vs. XDTE - Volatility Comparison

YieldMax Universe Fund of Option Income ETFs (YMAX) has a higher volatility of 9.79% compared to Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE) at 4.77%. This indicates that YMAX's price experiences larger fluctuations and is considered to be riskier than XDTE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	YMAX	XDTE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.79%	4.77%	+5.02%
Volatility (6M) Calculated over the trailing 6-month period	17.65%	8.90%	+8.75%
Volatility (1Y) Calculated over the trailing 1-year period	25.33%	15.42%	+9.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.00%	14.07%	+8.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.00%	14.07%	+8.93%