DIPS vs. QYLD
DIPS (YieldMax Short NVDA Option Income Strategy ETF) and QYLD (Global X NASDAQ 100 Covered Call ETF) are both exchange-traded funds - DIPS is a Derivative Income fund actively managed by YieldMax, while QYLD is a Nasdaq-100 fund tracking the CBOE NASDAQ-100 Buy Write V2. DIPS is actively managed, while QYLD is passively managed. Over the past year, DIPS returned -26.57% vs 23.93% for QYLD. At a correlation of -0.59, they often move in opposite directions. DIPS charges 0.99%/yr vs 0.60%/yr for QYLD.
Performance
DIPS vs. QYLD - Performance Comparison
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Returns By Period
In the year-to-date period, DIPS achieves a -8.73% return, which is significantly lower than QYLD's 7.88% return.
DIPS
- 1D
- 2.87%
- 1M
- -6.32%
- YTD
- -8.73%
- 6M
- -11.40%
- 1Y
- -26.57%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
QYLD
- 1D
- -0.06%
- 1M
- 1.62%
- YTD
- 7.88%
- 6M
- 9.97%
- 1Y
- 23.93%
- 3Y*
- 13.80%
- 5Y*
- 8.43%
- 10Y*
- 9.80%
DIPS vs. QYLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
DIPS YieldMax Short NVDA Option Income Strategy ETF | -8.73% | -31.46% | -23.19% |
QYLD Global X NASDAQ 100 Covered Call ETF | 7.88% | 9.28% | 11.46% |
Correlation
The correlation between DIPS and QYLD is -0.50, 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 | -0.50 |
Correlation (All Time) Calculated using the full available price history since Jul 25, 2024 | -0.59 |
The correlation between DIPS and QYLD has been stable across timeframes, ranging from -0.59 to -0.50 - a consistent structural relationship.
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Return for Risk
DIPS vs. QYLD — Risk / Return Rank
DIPS
QYLD
DIPS vs. QYLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for YieldMax Short NVDA Option Income Strategy ETF (DIPS) and Global X NASDAQ 100 Covered Call ETF (QYLD). 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.
| DIPS | QYLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.76 | ||
| Sortino ratioReturn per unit of downside risk | -5.20 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.63 | -0.78 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | 4.84 | -5.62 |
| Martin ratioReturn relative to average drawdown | -1.36 | 28.36 | -29.73 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DIPS | QYLD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.96 | 2.80 | -3.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.58 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.63 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.86 | 0.59 | -1.45 |
Drawdowns
DIPS vs. QYLD - Drawdown Comparison
The maximum DIPS drawdown since its inception was -59.93%, which is greater than QYLD's maximum drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for DIPS and QYLD.
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Drawdown Indicators
| DIPS | QYLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.93% | -24.75% | -35.18% |
Max Drawdown (1Y)Largest decline over 1 year | -33.97% | -4.97% | -29.00% |
Max Drawdown (3Y)Largest decline over 3 years | — | -19.06% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.61% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -24.75% | — |
Current DrawdownCurrent decline from peak | -55.85% | -0.06% | -55.79% |
Average DrawdownAverage peak-to-trough decline | -38.22% | -3.84% | -34.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.49% | 0.85% | +18.64% |
Volatility
DIPS vs. QYLD - Volatility Comparison
YieldMax Short NVDA Option Income Strategy ETF (DIPS) has a higher volatility of 10.68% compared to Global X NASDAQ 100 Covered Call ETF (QYLD) at 1.85%. This indicates that DIPS's price experiences larger fluctuations and is considered to be riskier than QYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DIPS | QYLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.68% | 1.85% | +8.83% |
Volatility (6M)Calculated over the trailing 6-month period | 20.77% | 7.12% | +13.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.88% | 8.58% | +19.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.03% | 14.70% | +23.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.03% | 15.49% | +22.54% |
DIPS vs. QYLD - Expense Ratio Comparison
DIPS has a 0.99% expense ratio, which is higher than QYLD's 0.60% expense ratio.
Dividends
DIPS vs. QYLD - Dividend Comparison
DIPS's dividend yield for the trailing twelve months is around 66.49%, more than QYLD's 11.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DIPS YieldMax Short NVDA Option Income Strategy ETF | 66.49% | 96.20% | 24.18% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
QYLD Global X NASDAQ 100 Covered Call ETF | 11.46% | 11.55% | 12.50% | 11.78% | 13.75% | 12.85% | 11.16% | 9.84% | 12.44% | 7.69% | 9.15% | 9.42% |
Frequently Asked Questions
DIPS and QYLD have a correlation of -0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DIPS has higher volatility (10.68%) compared to QYLD (1.85%). In terms of maximum drawdown, DIPS dropped -59.93% vs QYLD's -24.75%.
On 1-year performance, QYLD leads with 23.93% vs -26.57% for DIPS. On fees, QYLD is cheaper at 0.60% per year. On volatility, QYLD has been the lower-risk option at 1.85%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, QYLD has performed better with a 23.93% return vs -26.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QYLD is cheaper with a 0.60% expense ratio, compared with 0.99% for DIPS.
DIPS has the higher dividend yield at 66.49%, compared with 11.46% for QYLD.
DIPS is categorized as Derivative Income, while QYLD is Nasdaq-100. They also come from different issuers: YieldMax and Global X. Their fees differ too: 0.99% for DIPS and 0.60% for QYLD.
QYLD currently has the higher Sharpe Ratio (2.80 vs -0.96), 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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