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ETF Comparison

XDTE vs QDTE: Same 0DTE Playbook, Different Index

A head-to-head of Roundhill's S&P 500 and Innovation-100 0DTE covered-call ETFs covering index exposure, cost, and how much upside is sold each day.

Updated October 2, 2026

How these figures are calculated: methodology.

Best for

  • QDTEInvestors who want Nasdaq-100 exposure and can accept a more concentrated book.
  • XDTEInvestors who want broader S&P 500 exposure and lower measured market sensitivity.

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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 XDTE over the trailing twelve months, posting a 24.47% total return against 16.07%. Measured from Mar 2024 — the start of shared available history — QDTE has compounded at 21.53% a year versus 16.15% for XDTE. XDTE has been the steadier holding, though — annualized volatility of 12.0% against 18.4% for QDTE. 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.
SymbolYTD cumulative1Y cumulativeSince Mar 2024Volatility Sharpe Sortino Max drawdown
QDTE19.53%24.47%21.53%18.4%0.951.33-10.2%
XDTE11.85%16.07%16.15%12.0%0.871.21-7.7%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 2, 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 Mar 2024” measures every fund from March 7, 2024 — 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 past year. 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 past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Distribution rate and return of capital

MetricQDTEXDTE
Forward distribution rate19.52%14.98%
Trailing 12-month yield42.85%30.25%
Return of capital100.00%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.

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.
MetricQDTEXDTE
Full nameRoundhill Nasdaq-100® 0DTE Covered Call Strategy ETFRoundhill S&P 500 0DTE Covered Call Strategy ETF
IssuerRoundhill InvestmentsRoundhill Investments
Underlying indexNasdaq-100S&P 500
Last Close$29.56 as of October 2, 2026$38.44 as of October 2, 2026
Distribution rate19.52%14.98%
Trailing 12-month yield42.85%30.25%
Distribution Safety Score™ 7473
Safety-Adjusted Yield 14.44%10.94%
Expense ratio0.96%0.97%
AUM$983M$334M
Distribution frequencyWeeklyWeekly
ObjectiveSeeks 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.Seeks weekly income through a covered call strategy that combines a long position in the S&P 500 Index with short zero-days-to-expiration (0DTE) call options on the index.
Asset classEquityEquity
Inception date03/07/202403/07/2024
Beta1.19030.91
Last dividend$0.110957 payable today$0.110711 payable today
Ex-dividend date10/01/202610/01/2026

Bottom lineChoose QDTE if you want Nasdaq-100 exposure and can accept a more concentrated book. Choose XDTE if you want broader S&P 500 exposure and lower measured market sensitivity. QDTE and XDTE 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.

QDTE vs XDTE: which index gets the 0DTE overwrite?

Roundhill runs the same same-day covered-call playbook on two indexes. Nasdaq-100 versus S&P 500 is the decision; the yield gap mostly tracks that.

QDTEXDTE
IndexNasdaq-100S&P 500
Option design0DTE covered calls0DTE covered calls
IssuerRoundhillRoundhill
Expense ratio0.96%0.97%
Distribution rate19.52%14.98%
Typical rideMore concentrated, richer premiumBroader large-cap book, smaller premium

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 XDTE 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.

Roundhill Investments
ETFs56
Total AUM$39.7B

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 and XDTE.

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Quick verdict

QDTE (Roundhill Nasdaq-100® 0DTE Covered Call Strategy ETF) and XDTE (Roundhill S&P 500 0DTE Covered Call Strategy ETF) are both weekly-pay dividend ETFs, but they take different approaches.

QDTE offers the higher yield at 19.52% vs 14.98% for XDTE. 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 XDTE is linked to S&P 500, which means their performance drivers differ.

QDTE is the larger fund by assets ($983M), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose QDTE

Roundhill Nasdaq-100® 0DTE Covered Call Strategy ETF

  • Want Nasdaq-100 exposure — fewer names, heavier technology weight, and typically a higher current distribution.
  • Want to maximize current income — QDTE distributes roughly 19.52% from selling options premium, vs 14.98% for XDTE.
  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
  • Want to keep costs low — a 0.96% expense ratio vs 0.97% for XDTE.

Choose XDTE

Roundhill S&P 500 0DTE Covered Call Strategy ETF

  • Want broader S&P 500 exposure — more sectors, less mega-cap concentration, and typically lower beta.
  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
  • Prefer lower volatility — a beta of 0.9 vs 1.2 for QDTE.

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

Deep dive

Yield & income

On a $10,000 investment, QDTE would generate roughly $37.54 cash per distribution, while XDTE would produce $28.81 cash per distribution, at current distribution rates. Both pay weekly distributions.

QDTE yield19.52%
XDTE yield14.98%
Cash diff on $10K$8.73

Cost & efficiency

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

QDTE ER0.96%
XDTE ER0.97%

Strategy & risk

QDTE tracks Nasdaq-100 with a covered call approach, while XDTE tracks S&P 500 with a covered call approach. Beta is 1.1903 for QDTE and 0.91 for XDTE, making XDTE the less volatile of the two by this measure.

QDTE beta1.1903
XDTE beta0.91

Fund details

QDTE is managed by Roundhill Investments (launched 03/07/2024) with $983M in assets. XDTE is managed by Roundhill Investments (launched 03/07/2024) with $334M in assets.

QDTE AUM$983M
XDTE AUM$334M
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Frequently asked questions

What is the difference between XDTE and QDTE?

Same issuer, same 0DTE covered-call playbook, different index. XDTE (Roundhill S&P 500 0DTE Covered Call Strategy ETF) writes same-day calls on the S&P 500. QDTE (Roundhill Nasdaq-100® 0DTE Covered Call Strategy ETF) does the same on the Nasdaq-100. The Nasdaq book is more concentrated and more volatile, so QDTE usually prints the larger distribution — 19.52% against 14.98% as of October 2026. Fees sit close (0.96% versus 0.97%). The yield gap is the volatility gap, not a better 0DTE fund. Neither is a substitute for the unlevered index.

What is the current distribution rate for QDTE and XDTE?

QDTE currently distributes 19.52% and XDTE 14.98%, 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 XDTE 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.

Can I hold both QDTE and XDTE?

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 XDTE safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — they are effectively tied: QDTE scores 74, XDTE scores 73. Neither has a clear safety edge on that measure. XDTE has also shown lower price volatility (beta 0.91 vs 1.19 for QDTE). 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 XDTE?

QDTE has an expense ratio of 0.96% while XDTE 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 XDTE generate?

At current rates, $10,000 in QDTE would generate roughly $37.54 cash per distribution ($1,952.00 annually). The same in XDTE would produce about $28.81 cash per distribution ($1,498.00 annually).

Which has performed better historically, QDTE or XDTE?

QDTE has outpaced XDTE over the trailing twelve months, posting a 24.47% total return against 16.07%. Measured from Mar 2024 — the start of shared available history — QDTE has compounded at 21.53% a year versus 16.15% for XDTE. XDTE has been the steadier holding, though — annualized volatility of 12.0% against 18.4% for QDTE. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

QDTE vs XDTE — at a glance

Generated October 3, 2026.

Overview

QDTE and XDTE are nearly identical in structure: both are 0DTE covered call ETFs launched by Roundhill Investments on the same day, writing options that expire daily to generate weekly distributions. The key difference is their underlying exposure—QDTE tracks the Nasdaq-100 Index (large-cap tech-heavy), while XDTE tracks the S&P 500 Index (broader large-cap). This choice drives their yield and volatility profiles.

How they differ

QDTE targets the Nasdaq-100, which is heavily weighted to technology and growth stocks; XDTE targets the S&P 500, which includes a broader mix of sectors including financials, healthcare, and industrials. The yield difference reflects both index composition and the implied volatility environment each index typically trades in; the Nasdaq-100's higher beta (1.1903) versus 0.91 for the S&P 500 suggests QDTE's faster price movements generate more valuable short call premiums.

Who each is best for

QDTE: Fits investors who want concentrated exposure to large-cap technology and growth stocks and are comfortable with higher volatility in exchange for higher income. The Nasdaq-100 focus and elevated yield appeal to those seeking aggressive weekly cash flow from a narrower market segment.

XDTE: Fits investors who prefer broader equity diversification across all large-cap sectors while still participating in a 0DTE covered call income strategy. The lower yield and lower beta suit those seeking more stable weekly distributions with less pronounced tech concentration risk. This dynamic is likely to erode net asset value over time unless underlying equity appreciation or option premium generation sustains the payout level.

  • 0DTE options concentration risk. Both funds roll call options daily, meaning they are perpetually short the nearest-term options. In a spike-up market, daily call rolls lock in losses; in a gap-down opening, the overnight risk is unhedged. This high-frequency rolling creates reinvestment timing risk and exposes the fund to tail events between market close and open.
  • Basis risk between index exposure and options. QDTE and XDTE hold instruments replicating their indexes (likely swaps or index ETFs) while writing calls on the index itself. Slippage between the tracking instrument and the index, especially in volatile or low-liquidity periods, can cause the call strikes to mismatch the actual portfolio value.
  • Nasdaq-100 concentration and sector sensitivity. QDTE's exposure is heavily tilted toward technology, communications, and consumer discretionary, making it more sensitive to interest-rate movements and growth-stock volatility. A shift in market leadership away from large-cap growth would pressure both the equity portion and call premium generation.

Bottom line

Both funds employ the same 0DTE covered call framework with weekly distributions, but they differ in underlying exposure breadth and yield generation. If you prioritize maximum income and accept higher concentration in growth stocks, QDTE's 19.52% yield and Nasdaq-100 focus stand out; if you want broader large-cap diversification with lower volatility and a 14.98% yield, XDTE's S&P 500 base offers a more moderate profile. Both carry NAV erosion risk at these distribution levels, and neither is a substitute for active monitoring of the 0DTE rolling mechanics and option expiry dynamics. Past performance does not guarantee future results.

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

Learn the method

The metrics behind this comparison, explained in the Academy.

How covered-call funds work How to read a fund's stats The covered-call opportunity cost

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These comparisons follow the Dividend Vision methodology.