ICAP vs. QQQ

Last updated Jun 4, 2026

ICAP (InfraCap Equity Income Fund ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - ICAP is a fund fund actively managed by InfraCap, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. ICAP is actively managed, while QQQ is passively managed. Over the past 3 years, ICAP returned 18.21%/yr vs 28.78%/yr for QQQ. A 0.56 correlation means they provide meaningful diversification when combined. ICAP charges 0.80%/yr vs 0.18%/yr for QQQ.

Performance

ICAP vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in InfraCap Equity Income Fund ETF (ICAP) and Invesco QQQ ETF (QQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICAP achieves a 7.55% return, which is significantly lower than QQQ's 21.30% return.

ICAP

• 1D: -1.34%
• 1M: 1.75%
• YTD: 7.55%
• 6M: 7.96%
• 1Y: 25.61%
• 3Y*: 18.21%
• 5Y*: —
• 10Y*: —

QQQ

• 1D: -0.26%
• 1M: 10.60%
• YTD: 21.30%
• 6M: 19.66%
• 1Y: 41.82%
• 3Y*: 28.78%
• 5Y*: 17.97%
• 10Y*: 21.94%

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

ICAP vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ICAP InfraCap Equity Income Fund ETF	7.55%	15.77%	14.83%	8.82%	-10.10%	0.57%
QQQ Invesco QQQ ETF	21.30%	20.77%	25.58%	54.86%	-32.58%	-0.92%

Correlation

The correlation between ICAP and QQQ is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.48
Correlation (All Time) Calculated using the full available price history since Dec 30, 2021	0.56

The correlation between ICAP and QQQ shifts across timeframes, from 0.47 (3 years) to 0.61 (1 year), reflecting how their relationship changes across market environments.

ICAP vs. QQQ - Sectors Allocation Comparison

Sectors	ICAP	QQQ
Financial Services	27.7%	0.2%
Consumer Cyclical	12.7%	12.3%
Utilities	10.7%	1.4%
Consumer Defensive	9.6%	7.7%
Real Estate	8.3%	0.1%
Energy	7.1%	0.6%
Technology	6.9%	53.8%
Industrials	5.4%	2.8%
Communication Services	4.9%	15.8%
Basic Materials	4.0%	1.1%
Healthcare	2.7%	4.2%

Return for Risk

ICAP vs. QQQ — Risk / Return Rank

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

ICAP

ICAP Risk / Return Rank: 54
ICAP Sharpe Ratio Rank: 58
ICAP Sortino Ratio Rank: 57
ICAP Omega Ratio Rank: 55
ICAP Calmar Ratio Rank: 49
ICAP Martin Ratio Rank: 54

QQQ

QQQ Risk / Return Rank: 73
QQQ Sharpe Ratio Rank: 79
QQQ Sortino Ratio Rank: 75
QQQ Omega Ratio Rank: 74
QQQ Calmar Ratio Rank: 69
QQQ Martin Ratio Rank: 71

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.

ICAP vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for InfraCap Equity Income Fund ETF (ICAP) and Invesco QQQ ETF (QQQ). 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.

	ICAP	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.97	2.64	-0.66
Sortino ratio: Return per unit of downside risk	2.74	3.45	-0.71
Omega ratio: Gain probability vs. loss probability	1.34	1.45	-0.11
Calmar ratio: Return relative to maximum drawdown	2.41	3.51	-1.10
Martin ratio: Return relative to average drawdown	9.27	13.49	-4.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICAP vs. QQQ - Sharpe Ratio Comparison

The current ICAP Sharpe Ratio is 1.97, which is comparable to the QQQ Sharpe Ratio of 2.64. The chart below compares the historical Sharpe Ratios of ICAP and QQQ, 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

	ICAP	QQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.97	2.64	-0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.81	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.99	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.44	0.41	+0.03

Drawdowns

ICAP vs. QQQ - Drawdown Comparison

The maximum ICAP drawdown since its inception was -24.20%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for ICAP and QQQ.

Drawdown Indicators

	ICAP	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-24.20%	-82.97%	+58.77%
Max Drawdown (1Y) Largest decline over 1 year	-10.66%	-11.96%	+1.30%
Max Drawdown (3Y) Largest decline over 3 years	-20.31%	-22.77%	+2.46%
Max Drawdown (5Y) Largest decline over 5 years	—	-35.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.12%	—
Current Drawdown Current decline from peak	-1.34%	-0.26%	-1.08%
Average Drawdown Average peak-to-trough decline	-7.82%	-32.79%	+24.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.77%	3.11%	-0.34%

Volatility

ICAP vs. QQQ - Volatility Comparison

The current volatility for InfraCap Equity Income Fund ETF (ICAP) is 3.47%, while Invesco QQQ ETF (QQQ) has a volatility of 4.49%. This indicates that ICAP experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICAP	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.47%	4.49%	-1.02%
Volatility (6M) Calculated over the trailing 6-month period	9.89%	12.10%	-2.21%
Volatility (1Y) Calculated over the trailing 1-year period	13.07%	15.94%	-2.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.17%	22.38%	-4.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.17%	22.29%	-4.12%

ICAP vs. QQQ - Expense Ratio Comparison

ICAP has a 0.80% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

ICAP vs. QQQ - Dividend Comparison

ICAP's dividend yield for the trailing twelve months is around 9.50%, more than QQQ's 0.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICAP InfraCap Equity Income Fund ETF	9.50%	8.89%	8.30%	8.65%	8.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QQQ Invesco QQQ ETF	0.38%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%

Frequently Asked Questions

Can I hold both ICAP and QQQ in my portfolio?

ICAP and QQQ have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ICAP or QQQ?

QQQ has higher volatility (4.49%) compared to ICAP (3.47%). In terms of maximum drawdown, ICAP dropped -24.20% vs QQQ's -82.97%.

Which ETF is better, ICAP or QQQ?

On 3-year performance, QQQ leads with 28.78% vs 18.21% for ICAP. On fees, QQQ is cheaper at 0.18% per year. On volatility, ICAP has been the lower-risk option at 3.47%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ICAP or QQQ?

Over the 3-year period, QQQ has performed better with a 28.78% return vs 18.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ICAP or QQQ?

QQQ is cheaper with a 0.18% expense ratio, compared with 0.80% for ICAP.

Which ETF pays a higher dividend yield, ICAP or QQQ?

ICAP has the higher dividend yield at 9.50%, compared with 0.38% for QQQ.

What is the main difference between ICAP and QQQ?

They also come from different issuers: InfraCap and Invesco. Their fees differ too: 0.80% for ICAP and 0.18% for QQQ.

Which has better risk-adjusted returns?

QQQ currently has the higher Sharpe Ratio (2.64 vs 1.97), 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.