FBY vs. FTQI

Last updated Jul 17, 2026

FBY (YieldMax META Option Income ETF) and FTQI (First Trust Nasdaq BuyWrite Income ETF) are both exchange-traded funds - FBY is a Derivative Income fund actively managed by YieldMax, while FTQI is a Nasdaq-100 fund tracking the NASDAQ-100 Index. FBY is actively managed, while FTQI is passively managed. Over the past year, FBY returned -6.35% vs 26.34% for FTQI. A 0.58 correlation means they provide meaningful diversification when combined. FBY charges 0.99%/yr vs 0.75%/yr for FTQI.

Performance

FBY vs. FTQI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax META Option Income ETF (FBY) and First Trust Nasdaq BuyWrite Income ETF (FTQI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FBY achieves a -0.81% return, which is significantly lower than FTQI's 12.76% return.

FBY

• 1D: -2.35%
• 1M: 9.81%
• 6M: 4.24%
• YTD: -0.81%
• 1Y: -6.35%
• 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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FBY vs. FTQI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FBY YieldMax META Option Income ETF	-0.81%	1.98%	44.42%	17.68%
FTQI First Trust Nasdaq BuyWrite Income ETF	12.76%	12.68%	18.30%	5.49%

Correlation

The correlation between FBY and FTQI is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (All Time) Calculated using the full available price history since Jul 28, 2023	0.58

The correlation between FBY and FTQI has been stable across timeframes, ranging from 0.54 to 0.58 - a consistent structural relationship.

Return for Risk

FBY vs. FTQI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FBY

FBY Risk / Return Rank: 7
FBY Sharpe Ratio Rank: 7
FBY Sortino Ratio Rank: 8
FBY Omega Ratio Rank: 7
FBY Calmar Ratio Rank: 7
FBY Martin Ratio Rank: 7

FTQI

FTQI Risk / Return Rank: 91
FTQI Sharpe Ratio Rank: 90
FTQI Sortino Ratio Rank: 89
FTQI Omega Ratio Rank: 90
FTQI Calmar Ratio Rank: 89
FTQI Martin Ratio Rank: 94

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FBY vs. FTQI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax META Option Income ETF (FBY) 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.

	FBY	FTQI	Difference
Sharpe ratio: Return per unit of total volatility	-0.20	2.43	-2.63
Sortino ratio: Return per unit of downside risk	-0.07	3.37	-3.43
Omega ratio: Gain probability vs. loss probability	0.99	1.45	-0.46
Calmar ratio: Return relative to maximum drawdown	-0.22	4.24	-4.46
Martin ratio: Return relative to average drawdown	-0.41	20.07	-20.49

FBY vs. FTQI - Sharpe Ratio Comparison

The current FBY Sharpe Ratio is -0.20, which is lower than the FTQI Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of FBY and FTQI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FBY vs. FTQI - Drawdown Comparison

The maximum FBY drawdown since its inception was -31.53%, which is greater than FTQI's maximum drawdown of -19.42%. Use the drawdown chart below to compare losses from any high point for FBY and FTQI.

Drawdown Indicators

	FBY	FTQI	Difference
Max Drawdown Largest peak-to-trough decline	-31.53%	-19.42%	-12.11%
Max Drawdown (1Y) Largest decline over 1 year	-29.50%	-6.24%	-23.26%
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 Drawdown Current decline from peak	-14.76%	-0.85%	-13.91%
Average Drawdown Average peak-to-trough decline	-8.36%	-3.73%	-4.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.42%	1.32%	+14.10%

Volatility

FBY vs. FTQI - Volatility Comparison

YieldMax META Option Income ETF (FBY) has a higher volatility of 13.20% compared to First Trust Nasdaq BuyWrite Income ETF (FTQI) at 2.92%. This indicates that FBY'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.

Volatility by Period

	FBY	FTQI	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.20%	2.92%	+10.28%
Volatility (6M) Calculated over the trailing 6-month period	26.16%	8.83%	+17.33%
Volatility (1Y) Calculated over the trailing 1-year period	31.92%	10.87%	+21.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.26%	14.82%	+14.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.26%	12.98%	+16.28%

FBY vs. FTQI - Expense Ratio Comparison

FBY has a 0.99% expense ratio, which is higher than FTQI's 0.75% expense ratio.

Dividends

FBY vs. FTQI - Dividend Comparison

FBY's dividend yield for the trailing twelve months is around 55.40%, more than FTQI's 10.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FBY YieldMax META Option Income ETF	55.40%	55.43%	53.89%	8.31%	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

Can I hold both FBY and FTQI in my portfolio?

FBY and FTQI have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FBY or FTQI?

FBY has higher volatility (13.20%) compared to FTQI (2.92%). In terms of maximum drawdown, FBY dropped -31.53% vs FTQI's -19.42%.

Which ETF is better, FBY or FTQI?

On 1-year performance, FTQI leads with 26.34% vs -6.35% for FBY. 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.

Which ETF has performed better, FBY or FTQI?

Over the 1-year period, FTQI has performed better with a 26.34% return vs -6.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBY or FTQI?

FTQI is cheaper with a 0.75% expense ratio, compared with 0.99% for FBY.

Which ETF pays a higher dividend yield, FBY or FTQI?

FBY has the higher dividend yield at 55.40%, compared with 10.92% for FTQI.

What is the main difference between FBY and FTQI?

FBY 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 FBY and 0.75% for FTQI.

Which has better risk-adjusted returns?

FTQI currently has the higher Sharpe Ratio (2.43 vs -0.20), 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.