ETF Comparison

ODTE vs QLDY: Which Is the Better Pick in 2026?

A head-to-head comparison of VegaShares SPX NDX RTY Premium Income ETF and Defiance Nasdaq 100 LightningSpread Income ETF covering yield, cost, risk, and income potential.

Updated September 30, 2026

How these figures are calculated: methodology.

Best for

ODTEInvestors who are comfortable trading away most upside for a large, steady payout.
QLDYInvestors who want to maximize current income — roughly 39.90%, generated by selling options premium.

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Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

ODTE has lagged QLDY over the shared window since Apr 2026, posting a 5.74% total return against 25.98%. ODTE has been the steadier holding, though — annualized volatility of 13.6% against 23.6% for QLDY. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Symbol	Since Apr 2026	Volatility	Sharpe	Sortino	Max drawdown
ODTE	5.74%	13.6%	0.51	0.71	-7.2%
QLDY	25.98%	23.6%	1.81	2.81	-14.2%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 30, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Apr 2026” measures every fund from April 6, 2026 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the shared window since Apr 2026. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the shared window since Apr 2026) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Distribution rate and SEC yield

Metric	ODTE	QLDY
Forward distribution rate	14.19%	39.90%
Trailing 12-month yield	6.97%	44.34%
30-day SEC yield	—	-0.79%

Total return (price change plus reinvested distributions) is the Total returns section above. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.

Total return against the stated underlying is on ODTE vs SPX, NDX, RTY, QLDY vs QQQ.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
Metric	ODTE	QLDY
Full name	VegaShares SPX NDX RTY Premium Income ETF	Defiance Nasdaq 100 LightningSpread Income ETF
Issuer	VegaShares	Defiance ETFs
Last Close	$24.92 as of September 30, 2026	$41.13 as of September 30, 2026
Distribution rate	14.19%	39.90%
Trailing 12-month yield	6.97%	44.34%
30-day SEC yield	—	-0.79%
Distribution Safety Score™	50	54
Safety-Adjusted Yield	—	21.55%
Expense ratio	0.76%	1.04%
AUM	$2.76M	$53.8M
Distribution frequency	Weekly	Twice-Weekly
Underlying index	S&P 500, Nasdaq-100, Russell 2000	Nasdaq-100
Objective	Seeks weekly income by investing at least 80% of net assets in the constituents of the S&P 500, Nasdaq-100 and Russell 2000 indices, or instruments linked to them, alongside an options premium strategy.	Seeks current income with exposure to the Nasdaq-100 Index through a lightning spread options strategy designed to generate twice-weekly cash distributions from options premiums.
Asset class	Equity	Equity
Inception date	04/03/2026	09/17/2025
Beta	—	1.4315
Last dividend	$0.068	$0.1578 declared, pays 10/01/2026
Ex-dividend date	09/24/2026	09/30/2026

Bottom lineChoose ODTE if you are comfortable trading away most upside for a large, steady payout. Choose QLDY if you want to maximize current income — roughly 39.90%, generated by selling options premium. ODTE and QLDY both use option or derivative overlays. Their tradeoff is the underlying exposure, how each option strategy is implemented, and the yield each targets; either overlay can limit upside participation, so neither offers uncapped price exposure.

How the risk works

Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.

Capped upside and premium dependence. ODTE and QLDY generate income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.

Learn the mechanics: Return of capital, explained · NAV erosion, explained

Model this comparison:

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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

VegaShares

ETFs6

Total AUM$64.4M

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

VegaShares specializes in options-based and thematic ETFs designed to generate income and capitalize on emerging trends. The issuer's lineup spans income-focused strategies, including covered call funds, alongside thematic offerings that target specific market segments and innovation themes. VegaShares serves investors seeking alternative approaches to traditional equity exposure, with a concentrated portfolio of strategically named funds addressing both income generation and sector-specific growth opportunities.

See our curated list of related YouTube videos on ODTE.

See all VegaShares ETFs

Defiance ETFs

ETFs88

Total AUM$11.3B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Defiance ETFs is known for offering specialized and thematic investment strategies that cater to niche market segments and alternative income approaches. The issuer's lineup spans income-focused funds, leveraged strategies, combinations of leverage with income generation, and thematic products tied to emerging trends and sectors. Defiance emphasizes non-traditional and differentiated strategies rather than broad-based index exposure, appealing to investors seeking targeted exposure beyond conventional ETF offerings.

See our curated list of related YouTube videos on QLDY.

See all Defiance ETFs ETFs

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Quick verdict

ODTE (VegaShares SPX NDX RTY Premium Income ETF) and QLDY (Defiance Nasdaq 100 LightningSpread Income ETF) are both dividend ETFs, but they take different approaches.

QLDY offers the higher yield at 39.90% vs 14.19% for ODTE. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

ODTE is cheaper with an expense ratio of 0.76% compared to 1.04%.

They have different reference exposures: ODTE is linked to S&P 500, Nasdaq-100, Russell 2000 while QLDY is linked to Nasdaq-100, which means their performance drivers differ.

QLDY is the larger fund by assets ($53.8M), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose ODTE

VegaShares SPX NDX RTY Premium Income ETF

Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
Want to keep costs low — a 0.76% expense ratio vs 1.04% for QLDY.

Choose QLDY

Defiance Nasdaq 100 LightningSpread Income ETF

Want to maximize current income — QLDY distributes roughly 39.90% from selling options premium, vs 14.19% for ODTE.
Are comfortable with an options-income strategy — a large payout in exchange for capped upside.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

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Deep dive

Yield & income

On a $10,000 investment, ODTE would generate roughly $27.29 cash per distribution, while QLDY would produce $38.37 cash per distribution, at current distribution rates.

ODTE yield14.19%

QLDY yield39.90%

Cash diff on $10K$11.08

Cost & efficiency

Over 10 years on $10,000, ODTE would cost approximately $760 in fees vs $1,040 for QLDY (simplified, not compounded). The $280.00 difference may be offset by yield or performance.

ODTE ER0.76%

QLDY ER1.04%

Strategy & risk

Both ODTE and QLDY wrap S&P 500, Nasdaq-100, Russell 2000 with options-based income overlays (covered call and options). The practical differences are yield target, fee structure, and issuer track record — not the underlying mechanic.

ODTE beta—

QLDY beta1.4315

Fund details

ODTE is managed by VegaShares (launched 04/03/2026) with $2.76M in assets. QLDY is managed by Defiance ETFs (launched 09/17/2025) with $53.8M in assets.

ODTE AUM$2.76M

QLDY AUM$53.8M

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Frequently asked questions

What is the current distribution rate for ODTE and QLDY?

ODTE currently distributes 14.19% and QLDY 39.90%, based on fund data updated September 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is ODTE or QLDY better for dividend income?

It depends on your goals. QLDY currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

What is the difference between ODTE and QLDY?

Both ODTE (VegaShares SPX NDX RTY Premium Income ETF) and QLDY (Defiance Nasdaq 100 LightningSpread Income ETF) track S&P 500, Nasdaq-100, Russell 2000 with options-based income strategies — the labels "covered call" and "options" describe closely related mechanics (covered calls are a specific type of options strategy). The real differences show up in yield target (14.19% vs 39.90%), expense ratio (0.76% vs 1.04%), and issuer (VegaShares vs Defiance ETFs).

Can I hold both ODTE and QLDY?

You can, but expect significant overlap. Both funds use options-based income strategies on S&P 500, Nasdaq-100, Russell 2000, so holding them together gives you two wrappers around effectively the same exposure — not true diversification. Weigh issuer, fee, and yield differences rather than treating them as complementary.

Is ODTE or QLDY safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — QLDY scores 54, ODTE scores 50, so QLDY's payout currently looks the more resilient of the two. No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.

Which has lower fees, ODTE or QLDY?

ODTE has an expense ratio of 0.76% while QLDY charges 1.04%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in ODTE vs QLDY generate?

At current rates, $10,000 in ODTE would generate roughly $27.29 cash per distribution ($1,419.00 annually). The same in QLDY would produce about $38.37 cash per distribution ($3,990.00 annually).

Which has performed better historically, ODTE or QLDY?

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ODTE vs QLDY — at a glance

Generated September 27, 2026.

Overview

ODTE and QLDY are both recently launched equity ETFs that layer options strategies onto broad market indices to generate frequent distributions. The key distinction is strategy intensity: QLDY targets a much higher payout frequency and yield by concentrating on a single tech-heavy index and using a tighter options structure.

How they differ

QLDY's distribution rate of 39.90% towers over ODTE's 14.19%, and it pays twice weekly versus ODTE's weekly schedule—a structural difference that reflects QLDY's lightning spread approach, which captures premium from faster rolling 0DTE positions. ODTE diversifies across three indices (large-cap, mega-cap tech, and small-cap), while QLDY concentrates entirely on the Nasdaq-100, introducing higher single-asset risk but sharper participation in tech moves. QLDY has a larger asset base at $53.8M versus ODTE's $2.76M, and charges a modestly higher expense ratio of 1.04% compared to 0.76%.

Who each is best for

ODTE: Fits investors seeking weekly option income with geographic diversification across size tiers and a more measured payout structure, comfortable with the lower absolute yield in exchange for exposure to small caps and value alongside tech and large-cap growth.

QLDY: Designed for investors with high income needs and a conviction in Nasdaq-100 concentrated exposure, willing to accept twice-weekly distribution mechanics and elevated yield concentration to capture tech-sector premium flows.

Concentration and tech sector risk. QLDY's exclusive Nasdaq-100 exposure amplifies sensitivity to technology and mega-cap drawdowns, while ODTE's three-index approach spreads that risk—but both funds are vulnerable to sector-wide deterioration in option premiums if market volatility sustains at lower levels.

Options-strategy fragility. Both funds depend on continued demand for short-dated call premium; a structural decline in implied volatility or a shift in options market structure could cause rapid compression of sustainable payout levels.

Inception risk and track record. Both funds are extremely young (ODTE launched 04/03/2026, QLDY 09/17/2025), operating through favorable volatility regimes; their ability to sustain payouts through a prolonged low-volatility or bear market is unproven.

Bottom line

If you want broad diversification across market caps with a more conservative (but still elevated) weekly income stream, ODTE's lower yield and three-index construction fit that profile; if you're focused on maximum Nasdaq-100-linked income and can accept higher distribution frequency and return-of-capital risk, QLDY's lightning spread concentration appeals to that need. Both require close monitoring of NAV trends and distribution composition, and past performance during a limited bull-market window does not predict results in different market regimes.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

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The metrics behind this comparison, explained in the Academy.

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These comparisons follow the Dividend Vision methodology.