HESM vs. QQQI

Last updated Jun 5, 2026

HESM (Hess Midstream LP) is a stock, while QQQI (NEOS Nasdaq-100 High Income ETF) is Nasdaq-100 fund actively managed by Neos. Over the past year, HESM returned 12.66% vs 29.68% for QQQI. At a 0.17 correlation, their price movements are largely independent.

Performance

HESM vs. QQQI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hess Midstream LP (HESM) and NEOS Nasdaq-100 High Income ETF (QQQI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HESM achieves a 17.80% return, which is significantly higher than QQQI's 13.04% return.

HESM

• 1D: 1.30%
• 1M: 1.53%
• YTD: 17.80%
• 6M: 18.94%
• 1Y: 12.66%
• 3Y*: 20.03%
• 5Y*: 17.33%
• 10Y*: —

QQQI

• 1D: -0.35%
• 1M: 5.60%
• YTD: 13.04%
• 6M: 12.57%
• 1Y: 29.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HESM vs. QQQI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HESM Hess Midstream LP	17.80%	0.56%	17.11%
QQQI NEOS Nasdaq-100 High Income ETF	13.04%	18.62%	19.83%

Correlation

The correlation between HESM and QQQI is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.04
Correlation (All Time) Calculated using the full available price history since Jan 31, 2024	0.18

The correlation between HESM and QQQI shifts across timeframes, from -0.04 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HESM vs. QQQI — Risk / Return Rank

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

HESM

HESM Risk / Return Rank: 54
HESM Sharpe Ratio Rank: 60
HESM Sortino Ratio Rank: 51
HESM Omega Ratio Rank: 52
HESM Calmar Ratio Rank: 54
HESM Martin Ratio Rank: 53

QQQI

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

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.

HESM vs. QQQI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hess Midstream LP (HESM) and NEOS Nasdaq-100 High Income ETF (QQQI). 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.

	HESM	QQQI	Difference
Sharpe ratio: Return per unit of total volatility	0.53	2.30	-1.77
Sortino ratio: Return per unit of downside risk	0.84	3.05	-2.21
Omega ratio: Gain probability vs. loss probability	1.11	1.42	-0.31
Calmar ratio: Return relative to maximum drawdown	0.49	3.10	-2.61
Martin ratio: Return relative to average drawdown	1.00	13.93	-12.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HESM vs. QQQI - Sharpe Ratio Comparison

The current HESM Sharpe Ratio is 0.53, which is lower than the QQQI Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of HESM and QQQI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HESM	QQQI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.53	2.30	-1.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	1.32	-0.99

Drawdowns

HESM vs. QQQI - Drawdown Comparison

The maximum HESM drawdown since its inception was -75.16%, which is greater than QQQI's maximum drawdown of -20.00%. Use the drawdown chart below to compare losses from any high point for HESM and QQQI.

Drawdown Indicators

	HESM	QQQI	Difference
Max Drawdown Largest peak-to-trough decline	-75.16%	-20.00%	-55.16%
Max Drawdown (1Y) Largest decline over 1 year	-25.78%	-9.61%	-16.17%
Max Drawdown (3Y) Largest decline over 3 years	-25.78%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-28.72%	—	—
Current Drawdown Current decline from peak	-4.32%	-0.52%	-3.80%
Average Drawdown Average peak-to-trough decline	-11.79%	-2.19%	-9.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.65%	2.14%	+10.51%

Volatility

HESM vs. QQQI - Volatility Comparison

Hess Midstream LP (HESM) has a higher volatility of 8.29% compared to NEOS Nasdaq-100 High Income ETF (QQQI) at 2.69%. This indicates that HESM's price experiences larger fluctuations and is considered to be riskier than QQQI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HESM	QQQI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.29%	2.69%	+5.60%
Volatility (6M) Calculated over the trailing 6-month period	14.97%	9.85%	+5.12%
Volatility (1Y) Calculated over the trailing 1-year period	24.19%	12.98%	+11.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.36%	17.05%	+10.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.85%	17.05%	+21.80%

Dividends

HESM vs. QQQI - Dividend Comparison

HESM's dividend yield for the trailing twelve months is around 7.79%, less than QQQI's 13.24% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HESM Hess Midstream LP	7.79%	8.41%	7.12%	7.50%	7.30%	6.93%	8.86%	6.89%	8.00%	2.93%
QQQI NEOS Nasdaq-100 High Income ETF	13.24%	13.82%	12.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HESM and QQQI in my portfolio?

HESM and QQQI have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HESM or QQQI?

HESM has higher volatility (8.29%) compared to QQQI (2.69%). In terms of maximum drawdown, HESM dropped -75.16% vs QQQI's -20.00%.

Which has better risk-adjusted returns?

QQQI currently has the higher Sharpe Ratio (2.30 vs 0.53), 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.