HEQQ vs. QNDX

Last updated Jul 18, 2026

HEQQ (JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF) and QNDX (SPDR Portfolio Nasdaq 100 ETF) are both Nasdaq-100 funds. Their correlation of 0.91 suggests significant overlap in exposure. HEQQ charges 0.50%/yr vs 0.10%/yr for QNDX.

Performance

HEQQ vs. QNDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF (HEQQ) and SPDR Portfolio Nasdaq 100 ETF (QNDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HEQQ

• 1D: -0.44%
• 1M: -1.30%
• 6M: 1.76%
• YTD: 2.90%
• 1Y: 11.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QNDX

• 1D: -1.55%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HEQQ vs. QNDX - Yearly Performance Comparison

	2026 (YTD)
HEQQ JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF	-1.24%
QNDX SPDR Portfolio Nasdaq 100 ETF	-2.69%

Correlation

The correlation between HEQQ and QNDX is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 24, 2026	0.91

Return for Risk

HEQQ vs. QNDX — Risk / Return Rank

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

HEQQ

HEQQ Risk / Return Rank: 46
HEQQ Sharpe Ratio Rank: 49
HEQQ Sortino Ratio Rank: 48
HEQQ Omega Ratio Rank: 49
HEQQ Calmar Ratio Rank: 38
HEQQ Martin Ratio Rank: 46

QNDX

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

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.

HEQQ vs. QNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF (HEQQ) and SPDR Portfolio Nasdaq 100 ETF (QNDX). 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.

	HEQQ	QNDX	Difference
Sharpe ratio: Return per unit of total volatility	1.32	—	—
Sortino ratio: Return per unit of downside risk	1.89	—	—
Omega ratio: Gain probability vs. loss probability	1.24	—	—
Calmar ratio: Return relative to maximum drawdown	1.50	—	—
Martin ratio: Return relative to average drawdown	5.79	—	—

Drawdowns

HEQQ vs. QNDX - Drawdown Comparison

The maximum HEQQ drawdown since its inception was -7.64%, which is greater than QNDX's maximum drawdown of -5.57%. Use the drawdown chart below to compare losses from any high point for HEQQ and QNDX.

Drawdown Indicators

	HEQQ	QNDX	Difference
Max Drawdown Largest peak-to-trough decline	-7.64%	-5.57%	-2.07%
Max Drawdown (1Y) Largest decline over 1 year	-7.64%	—	—
Current Drawdown Current decline from peak	-2.23%	-5.57%	+3.34%
Average Drawdown Average peak-to-trough decline	-1.13%	-2.13%	+1.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.98%	—	—

Volatility

Volatility by Period

	HEQQ	QNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.52%	—	—
Volatility (6M) Calculated over the trailing 6-month period	6.85%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	8.69%	22.40%	-13.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.77%	22.40%	-11.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.77%	22.40%	-11.63%

HEQQ vs. QNDX - Expense Ratio Comparison

HEQQ has a 0.50% expense ratio, which is higher than QNDX's 0.10% expense ratio.

Dividends

HEQQ vs. QNDX - Dividend Comparison

HEQQ's dividend yield for the trailing twelve months is around 0.22%, while QNDX has not paid dividends to shareholders.

Position	TTM	2025
HEQQ JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF	0.22%	0.19%
QNDX SPDR Portfolio Nasdaq 100 ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both HEQQ and QNDX in my portfolio?

With a correlation of 0.91, HEQQ and QNDX 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 ETF is better, HEQQ or QNDX?

On fees, QNDX is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HEQQ or QNDX?

QNDX is cheaper with a 0.10% expense ratio, compared with 0.50% for HEQQ.

Which ETF pays a higher dividend yield, HEQQ or QNDX?

HEQQ has the higher dividend yield at 0.22%, compared with 0.00% for QNDX.

What is the main difference between HEQQ and QNDX?

They also come from different issuers: JPMorgan and State Street. Their fees differ too: 0.50% for HEQQ and 0.10% for QNDX.