FTQI vs. SPY

Last updated Aug 2, 2026

FTQI (First Trust Nasdaq BuyWrite Income ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - FTQI is a Nasdaq-100 fund tracking the NASDAQ-100 Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, FTQI returned 7.96%/yr vs 15.07%/yr for SPY. Their 0.65 correlation means they have sometimes moved together and sometimes differently. FTQI charges 0.75%/yr vs 0.09%/yr for SPY.

Performance

FTQI vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Nasdaq BuyWrite Income ETF (FTQI) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTQI achieves a 11.44% return, which is significantly higher than SPY's 10.13% return. Over the past 10 years, FTQI has underperformed SPY with an annualized return of 7.96%, while SPY has yielded a comparatively higher 15.07% annualized return.

FTQI

• 1D: 0.46%
• 1M: -0.27%
• 6M: 10.16%
• YTD: 11.44%
• 1Y: 23.81%
• 3Y*: 15.86%
• 5Y*: 11.76%
• 10Y*: 7.96%
• ALL TIME*: 6.96%

SPY

• 1D: 0.72%
• 1M: 0.30%
• 6M: 8.53%
• YTD: 10.13%
• 1Y: 21.49%
• 3Y*: 19.32%
• 5Y*: 12.76%
• 10Y*: 15.07%
• ALL TIME*: 10.79%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FTQI First Trust Nasdaq BuyWrite Income ETF	$11.90M	$8.88M	$6.02M
SPY State Street SPDR S&P 500 ETF	$37.27B	$35.99B	$39.23B

FTQI vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FTQI First Trust Nasdaq BuyWrite Income ETF	11.44%	12.68%	18.30%	23.63%	-8.77%	10.46%	-6.54%	13.98%	-9.78%	12.47%
SPY State Street SPDR S&P 500 ETF	10.13%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between FTQI and SPY is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.91
Correlation (5Y) Shows whether the relationship held over a longer period.	0.86
Correlation (10Y) Provides a long-term view across more market conditions.	0.72
Correlation (All Time) Calculated using the full available price history since Jan 7, 2014	0.65

Over the past year, FTQI and SPY have become more correlated (0.91) than their long-term average of 0.65, meaning their price movements have been converging.

FTQI vs. SPY - Sectors Allocation Comparison

Sectors	FTQI	SPY
Technology	47.4%	36.9%
Consumer Cyclical	11.6%	8.9%
Communication Services	8.5%	9.7%
Healthcare	7.6%	9.4%
Consumer Defensive	7.4%	4.8%
Industrials	6.3%	7.6%
Financial Services	5.2%	12.5%
Energy	2.2%	3.4%
Utilities	1.5%	2.6%
Real Estate	1.1%	2.0%
Basic Materials	1.1%	1.9%

Return for Risk

FTQI vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FTQI

FTQI Risk / Return Rank: 88
FTQI Sharpe Ratio Rank: 86
FTQI Sortino Ratio Rank: 86
FTQI Omega Ratio Rank: 85
FTQI Calmar Ratio Rank: 89
FTQI Martin Ratio Rank: 92

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 67
SPY Sortino Ratio Rank: 64
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 64
SPY Martin Ratio Rank: 76

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FTQI vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Nasdaq BuyWrite Income ETF (FTQI) and State Street SPDR S&P 500 ETF (SPY). 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.

	FTQI	SPY	Difference
Sharpe ratio: Return per unit of total volatility	2.02	1.52	+0.50
Sortino ratio: Return per unit of downside risk	2.84	2.11	+0.72
Omega ratio: Gain probability vs. loss probability	1.37	1.27	+0.10
Calmar ratio: Return relative to maximum drawdown	3.63	2.20	+1.43
Martin ratio: Return relative to average drawdown	16.41	9.40	+7.01

FTQI vs. SPY - Sharpe Ratio Comparison

The current FTQI Sharpe Ratio is 2.02, which is higher than the SPY Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of FTQI and SPY, 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

FTQI vs. SPY - Drawdown Comparison

The maximum FTQI drawdown since its inception was -19.42%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FTQI and SPY.

Drawdown Indicators

	FTQI	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-19.42%	-55.19%	+35.77%
Max Drawdown (1Y) Largest decline over 1 year	-6.24%	-8.88%	+2.64%
Max Drawdown (3Y) Largest decline over 3 years	-19.42%	-18.76%	-0.66%
Max Drawdown (5Y) Largest decline over 5 years	-19.42%	-24.50%	+5.08%
Max Drawdown (10Y) Largest decline over 10 years	-19.42%	-33.72%	+14.30%
Current Drawdown Current decline from peak	-2.01%	-1.40%	-0.61%
Average Drawdown Average peak-to-trough decline	-3.72%	-9.01%	+5.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.38%	2.08%	-0.70%

Volatility

FTQI vs. SPY - Volatility Comparison

First Trust Nasdaq BuyWrite Income ETF (FTQI) and State Street SPDR S&P 500 ETF (SPY) have volatilities of 3.63% and 3.58%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FTQI	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.63%	3.58%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	9.09%	10.14%	-1.05%
Volatility (1Y) Calculated over the trailing 1-year period	11.24%	12.89%	-1.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.79%	17.18%	-2.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.93%	17.95%	-5.02%

FTQI vs. SPY - Expense Ratio Comparison

FTQI has a 0.75% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

FTQI vs. SPY - Dividend Comparison

FTQI's dividend yield for the trailing twelve months is around 11.28%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTQI First Trust Nasdaq BuyWrite Income ETF	11.28%	11.46%	11.66%	11.49%	9.85%	3.05%	3.27%	2.95%	3.27%	2.74%	3.02%	3.54%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both FTQI and SPY in my portfolio?

With a correlation of 0.91, FTQI and SPY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FTQI or SPY?

FTQI has higher volatility (3.63%) compared to SPY (3.58%). In terms of maximum drawdown, FTQI dropped -19.42% vs SPY's -55.19%.

Which ETF is better, FTQI or SPY?

On 10-year performance, SPY leads with 15.07% vs 7.96% for FTQI. On fees, SPY is cheaper at 0.09% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FTQI or SPY?

Over the 10-year period, SPY has performed better with a 15.07% return vs 7.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FTQI or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.75% for FTQI.

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

FTQI has the higher dividend yield at 11.28%, compared with 1.01% for SPY.

What is the main difference between FTQI and SPY?

FTQI is categorized as Nasdaq-100, while SPY is S&P 500. FTQI tracks NASDAQ-100 Index, while SPY tracks S&P 500 Index. They also come from different issuers: First Trust and State Street. Their fees differ too: 0.75% for FTQI and 0.09% for SPY.

Which has better risk-adjusted returns?

FTQI currently has the higher Sharpe Ratio (2.02 vs 1.52), 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.