ETF Comparison

QDTE vs TDAX: Which Is the Better Pick in 2026?

A head-to-head comparison of Roundhill Nasdaq-100® 0DTE Covered Call Strategy ETF and TDAQ LIFT ETF covering yield, cost, risk, and income potential.

Updated October 16, 2026

How these figures are calculated: methodology.

Best for

QDTEInvestors who want to maximize current income — roughly 24.15%, generated by selling options premium.
TDAXInvestors who are comfortable trading away most upside for a large, steady payout.

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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.

QDTE has outpaced TDAX over the year to date, posting a 13.10% total return against 10.74%. QDTE has been the steadier holding, though — annualized volatility of 18.8% against 26.4% for TDAX. 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	YTD cumulative	Since Jan 2026	Volatility	Sharpe	Sortino	Max drawdown
QDTE	13.10%	11.44%	18.8%	0.52	0.72	-10.2%
TDAX	10.74%	10.74%	26.4%	0.34	0.48	-14.7%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 16, 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 Jan 2026” measures every fund from January 7, 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 Jan 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 Jan 2026) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Distribution rate, SEC yield and return of capital

Metric	QDTE	TDAX
Forward distribution rate	24.15%	20.11%
Trailing 12-month yield	44.94%	17.29%
30-day SEC yield	—	1.43%
Return of capital	100.00%	—

Total return (price change plus reinvested distributions) is the Total returns section above. Return of capital is the share of a recent distribution that was not income. 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 QDTE vs QQQ.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
Metric	QDTE	TDAX
Full name	Roundhill Nasdaq-100® 0DTE Covered Call Strategy ETF	TDAQ LIFT ETF
Issuer	Roundhill Investments	TappAlpha
Underlying index	Nasdaq-100	TDAQ (TappAlpha Innovation 100 Growth & Daily Income ETF)
Last Close	$27.82 as of October 16, 2026	$22.50 as of October 16, 2026
Distribution rate	24.15%	20.11%
Trailing 12-month yield	44.94%	17.29%
30-day SEC yield	—	1.43%
Distribution Safety Score™	55	66
Safety-Adjusted Yield	13.28%	13.27%
Expense ratio	0.96%	0.97%
AUM	$901M	$73.5M
Distribution frequency	Weekly	Weekly
Objective	Seeks weekly income by investing at least 80% of net assets in instruments that provide exposure to the Nasdaq-100 Index and writing zero-days-to-expiration (0DTE) call options against that exposure.	The TDAQ Lift ETF (the “Fund”) seeks daily leveraged investment results and is very different from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives that do not use leverage because the Fund’s objective is to magnify (130%) the daily performance of the ETF shares of the TappAlpha Innovation 100 Growth & Daily Income ETF (NASDAQ: TDAQ) (“TDAQ”).
Asset class	Equity	Equity
Inception date	03/07/2024	01/07/2026
Beta	1.1903	1.7958
Last dividend	$0.129192 payable today	$0.087
Ex-dividend date	10/15/2026	10/14/2026

Bottom lineChoose QDTE if you want to maximize current income — roughly 24.15%, generated by selling options premium. Choose TDAX if you are comfortable trading away most upside for a large, steady payout. QDTE and TDAX 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. QDTE and TDAX 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.
Daily leverage reset. TDAX targets a multiple of the index's DAILY move, resetting every session. Over weeks and months the compounding of daily resets (volatility decay) can drag returns far below the stated multiple, especially in choppy markets — and losses are magnified the same way gains are.

Learn the mechanics: Return of capital, explained · NAV erosion, explained · Why daily-reset leverage decays

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Income calculator

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

Roundhill Investments

ETFs57

Total AUM$31.4B

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

Roundhill Investments is known for offering innovative, specialized ETFs that often feature weekly dividend distributions and exposure to trending themes and individual mega-cap stocks. Their lineup spans income-focused strategies, leveraged products, thematic investments in areas like cryptocurrency and artificial intelligence, and weekly-pay funds that appeal to investors seeking frequent distributions. The issuer has built a distinctive niche with products targeting both traditional income seekers and those interested in emerging sectors, offering a diverse range of tickers that go well beyond conventional dividend vehicles.

See our curated list of related YouTube videos on QDTE.

See all ETFs from Roundhill Investments

TappAlpha

ETFs5

Total AUM$939M

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

TappAlpha operates a focused ETF lineup of four funds organized around two main families: Growth & Daily Income and T² Lift Series. The company's fund offerings span growth-oriented strategies and daily income approaches, with ticker symbols including TDAQ, TDAX, TSPY, and TSYX that target investors seeking regular income generation or equity growth exposure. As a smaller, specialized ETF provider, TappAlpha positions itself in a niche segment of the ETF market focused on daily income strategies and differentiated growth approaches.

See our curated list of related YouTube videos on TDAX.

See all ETFs from TappAlpha

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Quick verdict

QDTE (Roundhill Nasdaq-100® 0DTE Covered Call Strategy ETF) and TDAX (TDAQ LIFT ETF) are both weekly-pay dividend ETFs, but they take different approaches.

QDTE offers the higher yield at 24.15% vs 20.11% for TDAX. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

QDTE is cheaper with an expense ratio of 0.96% compared to 0.97%.

They have different reference exposures: QDTE is linked to Nasdaq-100 while TDAX is linked to TDAQ (TappAlpha Innovation 100 Growth & Daily Income ETF), which means their performance drivers differ.

QDTE is the larger fund by assets ($901M), but assets alone do not establish trading costs or liquidity.

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Deep dive

Yield & income

On a $10,000 investment, QDTE would generate roughly $46.44 cash per distribution, while TDAX would produce $38.67 cash per distribution, at current distribution rates. Both pay weekly distributions.

QDTE yield24.15%

TDAX yield20.11%

Cash diff on $10K$7.77

Cost & efficiency

Over 10 years on $10,000, QDTE would cost approximately $960 in fees vs $970 for TDAX (simplified, not compounded). The $10.00 difference may be offset by yield or performance.

QDTE ER0.96%

TDAX ER0.97%

Strategy & risk

QDTE tracks Nasdaq-100 with a covered call approach, while TDAX tracks TDAQ (TappAlpha Innovation 100 Growth & Daily Income ETF) with a leverage approach. Beta is 1.1903 for QDTE and 1.7958 for TDAX, making QDTE the less volatile of the two by this measure.

QDTE beta1.1903

TDAX beta1.7958

Fund details

QDTE is managed by Roundhill Investments (launched 03/07/2024) with $901M in assets. TDAX is managed by TappAlpha (launched 01/07/2026) with $73.5M in assets.

QDTE AUM$901M

TDAX AUM$73.5M

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Frequently asked questions

What is the current distribution rate for QDTE and TDAX?

QDTE currently distributes 24.15% and TDAX 20.11%, based on fund data updated October 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is QDTE or TDAX better for dividend income?

It depends on your goals. QDTE 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 QDTE and TDAX?

QDTE (Roundhill Nasdaq-100® 0DTE Covered Call Strategy ETF) tracks Nasdaq-100 with a covered call approach, while TDAX (TDAQ LIFT ETF) tracks TDAQ (TappAlpha Innovation 100 Growth & Daily Income ETF) with a leverage approach. They are issued by Roundhill Investments and TappAlpha respectively.

Can I hold both QDTE and TDAX?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is QDTE or TDAX safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — TDAX scores 66, QDTE scores 55, so TDAX's payout currently looks the more resilient of the two. QDTE has also shown lower price volatility (beta 1.19 vs 1.80 for TDAX). 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, QDTE or TDAX?

QDTE has an expense ratio of 0.96% while TDAX charges 0.97%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in QDTE vs TDAX generate?

At current rates, $10,000 in QDTE would generate roughly $46.44 cash per distribution ($2,415.00 annually). The same in TDAX would produce about $38.67 cash per distribution ($2,011.00 annually).

Which has performed better historically, QDTE or TDAX?

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QDTE vs TDAX — at a glance

Generated October 17, 2026.

Overview

QDTE and TDAX are both weekly-distribution equity ETFs with derivative overlays designed to generate income from growth-focused holdings, but they pursue fundamentally different strategies. QDTE writes zero-days-to-expiration (0DTE) call options against Nasdaq-100 Index exposure, collecting premium by capping upside weekly. TDAX applies 130% leverage to the TappAlpha Innovation 100 Growth & Daily Income ETF (TDAQ), magnifying daily moves and seeking income through a leveraged fund-of-fund structure. Both aim for high current yield, but the mechanics—call selling versus leverage—create distinct risk and return profiles.

How they differ

The biggest structural difference is QDTE's direct options strategy versus TDAX's leverage approach. QDTE holds Nasdaq-100 instruments and sells 0DTE calls weekly, collecting option premium to supplement equity returns. TDAX, by contrast, holds shares of TDAQ and applies 1.3x leverage to amplify its daily performance, relying on TDAQ's underlying options income plus the leverage multiplier. This makes QDTE a single-layer strategy while TDAX compounds leverage through TDAQ's own derivative overlay.

Distribution yields diverge markedly: QDTE offers 24.15% while TDAX yields 20.11%, a difference of 4.04% percentage points. QDTE's higher payout reflects the call-selling premium tapped weekly, whereas TDAX's income comes from TDAQ's distributions amplified by leverage.

Volatility and risk exposure also separate them. QDTE carries a beta of 1.1903, tracking the Nasdaq-100 with modest amplification. TDAX's beta of 1.7958 is significantly higher, reflecting both the underlying leverage (1.3x) and any additional volatility embedded in TDAQ itself. QDTE has $901M in assets, providing a deeper pool than TDAX's $73.5M, and has been in operation since 03/07/2024, whereas TDAX is newer.

Who each is best for

QDTE: Fits investors seeking regular call-premium income from tech-heavy exposure without leverage, willing to accept capped upside in exchange for weekly cash flow and lower volatility relative to a naked Nasdaq-100 position.

TDAX: Fits aggressive income seekers comfortable with leverage and higher drawdowns, who view the leverage multiplier and TDAQ's options strategy as a path to elevated yield in a bull-leaning market environment.

Key risks to know

NAV erosion at extreme yields. Both funds distribute yields well above typical equity market returns.

Leverage decay in TDAX. Leveraged funds reset daily and suffer volatility drag in choppy markets, eroding returns relative to buy-and-hold strategies. In a period of extended sideways or downward movement, the 1.3x multiplier amplifies losses and compounds the decay risk.

Capped upside in QDTE. Writing 0DTE calls weekly means QDTE forgoes sharp rallies in the Nasdaq-100 almost immediately. If tech stocks gap higher on earnings or macroeconomic news, the call obligation limits QDTE's capture of those gains.

Nested options complexity in TDAX. TDAX holds TDAQ, which itself writes options. This layered structure means TDAX's distribution and performance are downstream of TDAQ's call-writing decisions, adding an extra layer of operational and strategic risk that may not be transparent in real time.

Bottom line

If you want straightforward weekly call-premium income from the Nasdaq-100 without leverage and a larger, more established fund, QDTE's simpler structure and $901M asset base stand out. If you're chasing maximum yield and are comfortable with leverage amplification and daily rebalancing decay, TDAX's 20.11% offer is the trade-off—but at materially higher volatility, a much smaller AUM, and less track record. Both carry significant NAV-erosion risk given their payout rates; neither should be viewed as a core holding or a substitute for return-generating equity growth. Past performance does not predict future results.

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

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These comparisons follow the Dividend Vision methodology.