FSSL vs. QQQY

Last updated Jul 17, 2026

FSSL (FS Specialty Lending Fund) is a stock, while QQQY (Defiance Nasdaq 100 Enhanced Options Income ETF) is Nasdaq-100 fund actively managed by Defiance. At a 0.27 correlation, their price movements are largely independent.

Performance

FSSL vs. QQQY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FS Specialty Lending Fund (FSSL) 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, FSSL achieves a -16.85% return, which is significantly lower than QQQY's 14.37% return.

FSSL

• 1D: -0.63%
• 1M: -4.66%
• 6M: -16.38%
• YTD: -16.85%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QQQY

• 1D: -1.64%
• 1M: -2.35%
• 6M: 12.95%
• YTD: 14.37%
• 1Y: 24.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FSSL vs. QQQY - Yearly Performance Comparison

	2026 (YTD)	2025
FSSL FS Specialty Lending Fund	-16.85%	3.32%
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	14.37%	1.16%

Correlation

The correlation between FSSL and QQQY is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 13, 2025	0.27

Return for Risk

FSSL vs. QQQY — Risk / Return Rank

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

FSSL

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

QQQY

QQQY Risk / Return Rank: 53
QQQY Sharpe Ratio Rank: 52
QQQY Sortino Ratio Rank: 46
QQQY Omega Ratio Rank: 53
QQQY Calmar Ratio Rank: 53
QQQY Martin Ratio Rank: 60

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.

FSSL vs. QQQY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FS Specialty Lending Fund (FSSL) 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.

	FSSL	QQQY	Difference
Sharpe ratio: Return per unit of total volatility	—	1.45	—
Sortino ratio: Return per unit of downside risk	—	1.93	—
Omega ratio: Gain probability vs. loss probability	—	1.27	—
Calmar ratio: Return relative to maximum drawdown	—	2.17	—
Martin ratio: Return relative to average drawdown	—	8.48	—

Drawdowns

FSSL vs. QQQY - Drawdown Comparison

The maximum FSSL drawdown since its inception was -19.34%, roughly equal to the maximum QQQY drawdown of -19.05%. Use the drawdown chart below to compare losses from any high point for FSSL and QQQY.

Drawdown Indicators

	FSSL	QQQY	Difference
Max Drawdown Largest peak-to-trough decline	-19.34%	-19.05%	-0.29%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.14%	—
Current Drawdown Current decline from peak	-18.07%	-4.30%	-13.77%
Average Drawdown Average peak-to-trough decline	-9.56%	-2.91%	-6.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.85%	—

Volatility

Volatility by Period

	FSSL	QQQY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.19%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.62%	—
Volatility (1Y) Calculated over the trailing 1-year period	20.75%	16.67%	+4.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.75%	15.58%	+5.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.75%	15.58%	+5.17%

Dividends

FSSL vs. QQQY - Dividend Comparison

FSSL's dividend yield for the trailing twelve months is around 11.32%, less than QQQY's 37.71% yield.

Position	TTM	2025	2024	2023
FSSL FS Specialty Lending Fund	11.32%	2.97%	0.00%	0.00%
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	37.71%	45.34%	83.34%	20.64%

Frequently Asked Questions

Can I hold both FSSL and QQQY in my portfolio?

FSSL and QQQY have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.