FEBW vs. QQQY

Last updated Jun 23, 2026

FEBW (Allianzim U.S. Large Cap Buffer20 Feb ETF) and QQQY (Defiance Nasdaq 100 Enhanced Options Income ETF) are both exchange-traded funds - FEBW is a Options Trading fund actively managed by Allianz, while QQQY is a Nasdaq-100 fund actively managed by Defiance. Both are actively managed. Over the past year, FEBW returned 13.16% vs 34.16% for QQQY. A 0.79 correlation means they provide meaningful diversification when combined. FEBW charges 0.74%/yr vs 0.99%/yr for QQQY.

Performance

FEBW vs. QQQY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Allianzim U.S. Large Cap Buffer20 Feb ETF (FEBW) and Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FEBW achieves a 4.48% return, which is significantly lower than QQQY's 18.49% return.

FEBW

• 1D: -0.12%
• 1M: 0.34%
• YTD: 4.48%
• 6M: 4.67%
• 1Y: 13.16%
• 3Y*: 10.76%
• 5Y*: —
• 10Y*: —

QQQY

• 1D: -0.04%
• 1M: 2.69%
• YTD: 18.49%
• 6M: 17.73%
• 1Y: 34.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FEBW vs. QQQY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FEBW Allianzim U.S. Large Cap Buffer20 Feb ETF	4.48%	9.63%	11.37%	4.36%
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	18.49%	14.96%	7.70%	7.19%

Correlation

The correlation between FEBW and QQQY is 0.79, 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	0.79
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	0.79

The correlation between FEBW and QQQY has been stable across timeframes, ranging from 0.79 to 0.79 - a consistent structural relationship.

Return for Risk

FEBW vs. QQQY — Risk / Return Rank

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

FEBW

FEBW Risk / Return Rank: 84
FEBW Sharpe Ratio Rank: 87
FEBW Sortino Ratio Rank: 90
FEBW Omega Ratio Rank: 91
FEBW Calmar Ratio Rank: 68
FEBW Martin Ratio Rank: 85

QQQY

QQQY Risk / Return Rank: 68
QQQY Sharpe Ratio Rank: 72
QQQY Sortino Ratio Rank: 63
QQQY Omega Ratio Rank: 74
QQQY Calmar Ratio Rank: 64
QQQY Martin Ratio Rank: 70

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.

FEBW vs. QQQY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Allianzim U.S. Large Cap Buffer20 Feb ETF (FEBW) and Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY). 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.

	FEBW	QQQY	Difference
Sharpe ratio: Return per unit of total volatility	2.73	2.23	+0.50
Sortino ratio: Return per unit of downside risk	3.97	2.82	+1.16
Omega ratio: Gain probability vs. loss probability	1.57	1.42	+0.15
Calmar ratio: Return relative to maximum drawdown	3.31	3.08	+0.23
Martin ratio: Return relative to average drawdown	17.02	12.56	+4.46

FEBW vs. QQQY - Sharpe Ratio Comparison

The current FEBW Sharpe Ratio is 2.73, which is comparable to the QQQY Sharpe Ratio of 2.23. The chart below compares the historical Sharpe Ratios of FEBW and QQQY, 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

FEBW vs. QQQY - Drawdown Comparison

The maximum FEBW drawdown since its inception was -8.82%, smaller than the maximum QQQY drawdown of -19.05%. Use the drawdown chart below to compare losses from any high point for FEBW and QQQY.

Drawdown Indicators

	FEBW	QQQY	Difference
Max Drawdown Largest peak-to-trough decline	-8.82%	-19.05%	+10.23%
Max Drawdown (1Y) Largest decline over 1 year	-4.00%	-11.14%	+7.14%
Max Drawdown (3Y) Largest decline over 3 years	-8.82%	—	—
Current Drawdown Current decline from peak	-0.27%	-0.84%	+0.57%
Average Drawdown Average peak-to-trough decline	-0.67%	-2.91%	+2.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	2.73%	-1.96%

Volatility

FEBW vs. QQQY - Volatility Comparison

The current volatility for Allianzim U.S. Large Cap Buffer20 Feb ETF (FEBW) is 1.41%, while Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY) has a volatility of 7.79%. This indicates that FEBW experiences smaller price fluctuations and is considered to be less risky than QQQY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FEBW	QQQY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.41%	7.79%	-6.38%
Volatility (6M) Calculated over the trailing 6-month period	3.99%	13.24%	-9.25%
Volatility (1Y) Calculated over the trailing 1-year period	4.85%	15.45%	-10.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.30%	15.27%	-8.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.30%	15.27%	-8.97%

FEBW vs. QQQY - Expense Ratio Comparison

FEBW has a 0.74% expense ratio, which is lower than QQQY's 0.99% expense ratio.

Dividends

FEBW vs. QQQY - Dividend Comparison

FEBW has not paid dividends to shareholders, while QQQY's dividend yield for the trailing twelve months is around 34.45%.

Position	TTM	2025	2024	2023
FEBW Allianzim U.S. Large Cap Buffer20 Feb ETF	0.00%	0.00%	0.14%	0.00%
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	34.45%	45.34%	83.34%	20.64%

Frequently Asked Questions

Can I hold both FEBW and QQQY in my portfolio?

FEBW and QQQY have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FEBW or QQQY?

QQQY has higher volatility (7.79%) compared to FEBW (1.41%). In terms of maximum drawdown, FEBW dropped -8.82% vs QQQY's -19.05%.

Which ETF is better, FEBW or QQQY?

On 1-year performance, QQQY leads with 34.16% vs 13.16% for FEBW. On fees, FEBW is cheaper at 0.74% per year. On volatility, FEBW has been the lower-risk option at 1.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FEBW or QQQY?

Over the 1-year period, QQQY has performed better with a 34.16% return vs 13.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FEBW or QQQY?

FEBW is cheaper with a 0.74% expense ratio, compared with 0.99% for QQQY.

Which ETF pays a higher dividend yield, FEBW or QQQY?

QQQY has the higher dividend yield at 34.45%, compared with 0.00% for FEBW.

What is the main difference between FEBW and QQQY?

FEBW is categorized as Options Trading, while QQQY is Nasdaq-100. They also come from different issuers: Allianz and Defiance. Their fees differ too: 0.74% for FEBW and 0.99% for QQQY.

Which has better risk-adjusted returns?

FEBW currently has the higher Sharpe Ratio (2.73 vs 2.23), 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.