DIPS vs. FTQI
DIPS (YieldMax Short NVDA Option Income Strategy ETF) and FTQI (First Trust Nasdaq BuyWrite Income ETF) are both exchange-traded funds - DIPS is a Derivative Income fund actively managed by YieldMax, while FTQI is a Nasdaq-100 fund tracking the NASDAQ-100 Index. DIPS is actively managed, while FTQI is passively managed. Over the past year, DIPS returned -10.97% vs 26.34% for FTQI. At a correlation of -0.60, they often move in opposite directions. DIPS charges 0.99%/yr vs 0.75%/yr for FTQI.
Performance
DIPS vs. FTQI - Performance Comparison
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Returns By Period
In the year-to-date period, DIPS achieves a -6.21% return, which is significantly lower than FTQI's 12.76% return.
DIPS
- 1D
- 2.53%
- 1M
- 0.13%
- 6M
- -7.82%
- YTD
- -6.21%
- 1Y
- -10.97%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FTQI
- 1D
- -0.72%
- 1M
- 1.28%
- 6M
- 11.68%
- YTD
- 12.76%
- 1Y
- 26.34%
- 3Y*
- 16.62%
- 5Y*
- 12.26%
- 10Y*
- 7.85%
DIPS vs. FTQI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
DIPS YieldMax Short NVDA Option Income Strategy ETF | -6.21% | -31.46% | -22.13% |
FTQI First Trust Nasdaq BuyWrite Income ETF | 12.76% | 12.68% | 7.21% |
Correlation
The correlation between DIPS and FTQI is -0.57, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.57 |
Correlation (All Time) Calculated using the full available price history since Jul 24, 2024 | -0.60 |
The correlation between DIPS and FTQI has been stable across timeframes, ranging from -0.60 to -0.57 - a consistent structural relationship.
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Return for Risk
DIPS vs. FTQI — Risk / Return Rank
DIPS
FTQI
DIPS vs. FTQI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for YieldMax Short NVDA Option Income Strategy ETF (DIPS) and First Trust Nasdaq BuyWrite Income ETF (FTQI). 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.
| DIPS | FTQI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.82 | ||
| Sortino ratioReturn per unit of downside risk | -3.72 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.45 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.42 | 4.24 | -4.66 |
| Martin ratioReturn relative to average drawdown | -1.07 | 20.07 | -21.14 |
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Drawdowns
DIPS vs. FTQI - Drawdown Comparison
The maximum DIPS drawdown since its inception was -59.93%, which is greater than FTQI's maximum drawdown of -19.42%. Use the drawdown chart below to compare losses from any high point for DIPS and FTQI.
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Drawdown Indicators
| DIPS | FTQI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.93% | -19.42% | -40.51% |
Max Drawdown (1Y)Largest decline over 1 year | -26.20% | -6.24% | -19.96% |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.42% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -19.42% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -19.42% | — |
Current DrawdownCurrent decline from peak | -54.63% | -0.85% | -53.78% |
Average DrawdownAverage peak-to-trough decline | -39.07% | -3.73% | -35.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.28% | 1.32% | +8.96% |
Volatility
DIPS vs. FTQI - Volatility Comparison
YieldMax Short NVDA Option Income Strategy ETF (DIPS) has a higher volatility of 9.18% compared to First Trust Nasdaq BuyWrite Income ETF (FTQI) at 2.92%. This indicates that DIPS's price experiences larger fluctuations and is considered to be riskier than FTQI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DIPS | FTQI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.18% | 2.92% | +6.26% |
Volatility (6M)Calculated over the trailing 6-month period | 22.50% | 8.83% | +13.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.86% | 10.87% | +17.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.71% | 14.82% | +22.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 37.71% | 12.98% | +24.73% |
DIPS vs. FTQI - Expense Ratio Comparison
DIPS has a 0.99% expense ratio, which is higher than FTQI's 0.75% expense ratio.
Dividends
DIPS vs. FTQI - Dividend Comparison
DIPS's dividend yield for the trailing twelve months is around 67.74%, more than FTQI's 10.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DIPS YieldMax Short NVDA Option Income Strategy ETF | 67.74% | 96.20% | 24.18% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FTQI First Trust Nasdaq BuyWrite Income ETF | 10.92% | 11.46% | 11.66% | 11.49% | 9.85% | 3.05% | 3.27% | 2.95% | 3.27% | 2.74% | 3.02% | 3.54% |
Frequently Asked Questions
DIPS and FTQI have a correlation of -0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DIPS has higher volatility (9.18%) compared to FTQI (2.92%). In terms of maximum drawdown, DIPS dropped -59.93% vs FTQI's -19.42%.
On 1-year performance, FTQI leads with 26.34% vs -10.97% for DIPS. On fees, FTQI is cheaper at 0.75% per year. On volatility, FTQI has been the lower-risk option at 2.92%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FTQI has performed better with a 26.34% return vs -10.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FTQI is cheaper with a 0.75% expense ratio, compared with 0.99% for DIPS.
DIPS has the higher dividend yield at 67.74%, compared with 10.92% for FTQI.
DIPS is categorized as Derivative Income, while FTQI is Nasdaq-100. They also come from different issuers: YieldMax and First Trust. Their fees differ too: 0.99% for DIPS and 0.75% for FTQI.
FTQI currently has the higher Sharpe Ratio (2.43 vs -0.38), 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.
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