YMAX vs. XDTE

Last updated Jun 24, 2026

YMAX (YieldMax Universe Fund of Option Income ETFs) and XDTE (Roundhill S&P 500 0DTE Covered Call Strategy ETF) are both Derivative Income funds. Both are actively managed. Over the past year, YMAX returned 2.12% vs 22.04% for XDTE. Their correlation of 0.80 suggests significant overlap in exposure. YMAX charges 1.28%/yr vs 0.97%/yr for XDTE.

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.

Returns By Period

In the year-to-date period, YMAX achieves a 0.77% return, which is significantly lower than XDTE's 6.79% return.

YMAX

• 1D: -2.10%
• 1M: -2.26%
• YTD: 0.77%
• 6M: -1.20%
• 1Y: 2.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XDTE

• 1D: -1.35%
• 1M: -0.74%
• YTD: 6.79%
• 6M: 5.92%
• 1Y: 22.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

YMAX vs. XDTE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
YMAX YieldMax Universe Fund of Option Income ETFs	0.77%	6.04%	14.53%
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	6.79%	12.60%	17.12%

Correlation

The correlation between YMAX and XDTE is 0.78, 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	0.78
Correlation (All Time) Calculated using the full available price history since Mar 7, 2024	0.80

The correlation between YMAX and XDTE has been stable across timeframes, ranging from 0.78 to 0.80 - a consistent structural relationship.

YMAX vs. XDTE - Sectors Allocation Comparison

Sectors	YMAX	XDTE
Technology	63.7%	39.0%
Financial Services	12.7%	11.1%
Communication Services	7.6%	10.6%
Consumer Cyclical	6.2%	9.9%
Industrials	2.8%	7.8%
Basic Materials	2.0%	1.7%
Consumer Defensive	2.0%	4.5%
Healthcare	2.0%	8.3%
Energy	0.5%	3.1%
Utilities	0.3%	2.1%
Real Estate	0.1%	1.8%

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: 10
YMAX Sharpe Ratio Rank: 10
YMAX Sortino Ratio Rank: 10
YMAX Omega Ratio Rank: 10
YMAX Calmar Ratio Rank: 9
YMAX Martin Ratio Rank: 9

XDTE

XDTE Risk / Return Rank: 61
XDTE Sharpe Ratio Rank: 59
XDTE Sortino Ratio Rank: 55
XDTE Omega Ratio Rank: 59
XDTE Calmar Ratio Rank: 61
XDTE Martin Ratio Rank: 70

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.

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	XDTE	Difference
Sharpe ratio: Return per unit of total volatility	0.09	1.92	-1.82
Sortino ratio: Return per unit of downside risk	0.28	2.56	-2.28
Omega ratio: Gain probability vs. loss probability	1.04	1.35	-0.31
Calmar ratio: Return relative to maximum drawdown	0.08	2.88	-2.80
Martin ratio: Return relative to average drawdown	0.19	12.61	-12.43

YMAX vs. XDTE - Sharpe Ratio Comparison

The current YMAX Sharpe Ratio is 0.09, which is lower than the XDTE Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of YMAX and XDTE, 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. 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%	-7.68%	-18.45%
Current Drawdown Current decline from peak	-10.66%	-2.52%	-8.14%
Average Drawdown Average peak-to-trough decline	-6.40%	-2.31%	-4.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.24%	1.75%	+9.49%

Volatility

YMAX vs. XDTE - Volatility Comparison

YieldMax Universe Fund of Option Income ETFs (YMAX) has a higher volatility of 10.94% compared to Roundhill S&P 500 0DTE Covered Call Strategy ETF (XDTE) at 4.52%. 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	10.94%	4.52%	+6.42%
Volatility (6M) Calculated over the trailing 6-month period	19.66%	9.12%	+10.54%
Volatility (1Y) Calculated over the trailing 1-year period	23.56%	11.58%	+11.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.61%	13.97%	+9.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.61%	13.97%	+9.64%

YMAX vs. XDTE - Expense Ratio Comparison

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

Dividends

YMAX vs. XDTE - Dividend Comparison

YMAX's dividend yield for the trailing twelve months is around 74.01%, more than XDTE's 33.21% yield.

Position	TTM	2025	2024
XDTE Roundhill S&P 500 0DTE Covered Call Strategy ETF	33.21%	39.16%	20.35%
YMAX YieldMax Universe Fund of Option Income ETFs	74.01%	78.70%	44.20%

Frequently Asked Questions

Can I hold both YMAX and XDTE in my portfolio?

YMAX and XDTE have a correlation of 0.78, 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 XDTE?

YMAX has higher volatility (10.94%) compared to XDTE (4.52%). In terms of maximum drawdown, YMAX dropped -26.13% vs XDTE's -19.09%.

Which ETF is better, YMAX or XDTE?

On 1-year performance, XDTE leads with 22.04% vs 2.12% for YMAX. On fees, XDTE is cheaper at 0.97% per year. On volatility, XDTE has been the lower-risk option at 4.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YMAX or XDTE?

Over the 1-year period, XDTE has performed better with a 22.04% return vs 2.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YMAX or XDTE?

XDTE is cheaper with a 0.97% expense ratio, compared with 1.28% for YMAX.

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

YMAX has the higher dividend yield at 74.01%, compared with 33.21% for XDTE.

What is the main difference between YMAX and XDTE?

They also come from different issuers: YieldMax and Roundhill. Their fees differ too: 1.28% for YMAX and 0.97% for XDTE.

Which has better risk-adjusted returns?

XDTE currently has the higher Sharpe Ratio (1.92 vs 0.09), 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.