IQQQ vs. ITWO

Last updated Jun 26, 2026

IQQQ (ProShares Nasdaq-100 High Income ETF) and ITWO (Proshares Russell 2000 High Income ETF) are both exchange-traded funds - IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index, while ITWO is a Derivative Income fund tracking the Cboe Russell 2000 Daily Covered Call Index. Both are passively managed. Over the past year, IQQQ returned 29.47% vs 42.13% for ITWO. A 0.70 correlation means they provide meaningful diversification when combined. Both charge a 0.55% expense ratio.

Performance

IQQQ vs. ITWO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Nasdaq-100 High Income ETF (IQQQ) and Proshares Russell 2000 High Income ETF (ITWO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IQQQ achieves a 13.95% return, which is significantly lower than ITWO's 22.73% return.

IQQQ

• 1D: 0.87%
• 1M: -2.10%
• YTD: 13.95%
• 6M: 12.28%
• 1Y: 29.47%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ITWO

• 1D: 0.63%
• 1M: 3.57%
• YTD: 22.73%
• 6M: 19.84%
• 1Y: 42.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IQQQ vs. ITWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IQQQ ProShares Nasdaq-100 High Income ETF	13.95%	17.11%	10.51%
ITWO Proshares Russell 2000 High Income ETF	22.73%	14.25%	3.10%

Correlation

The correlation between IQQQ and ITWO is 0.67, 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	0.67
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.70

The correlation between IQQQ and ITWO has been stable across timeframes, ranging from 0.67 to 0.70 - a consistent structural relationship.

Return for Risk

IQQQ vs. ITWO — Risk / Return Rank

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

IQQQ

IQQQ Risk / Return Rank: 58
IQQQ Sharpe Ratio Rank: 61
IQQQ Sortino Ratio Rank: 54
IQQQ Omega Ratio Rank: 56
IQQQ Calmar Ratio Rank: 62
IQQQ Martin Ratio Rank: 59

ITWO

ITWO Risk / Return Rank: 79
ITWO Sharpe Ratio Rank: 80
ITWO Sortino Ratio Rank: 76
ITWO Omega Ratio Rank: 69
ITWO Calmar Ratio Rank: 87
ITWO Martin Ratio Rank: 83

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.

IQQQ vs. ITWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Nasdaq-100 High Income ETF (IQQQ) and Proshares Russell 2000 High Income ETF (ITWO). 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.

	IQQQ	ITWO	Difference
Sharpe ratio: Return per unit of total volatility	1.74	2.21	-0.47
Sortino ratio: Return per unit of downside risk	2.28	2.95	-0.67
Omega ratio: Gain probability vs. loss probability	1.30	1.35	-0.05
Calmar ratio: Return relative to maximum drawdown	2.66	4.32	-1.66
Martin ratio: Return relative to average drawdown	9.05	14.50	-5.46

IQQQ vs. ITWO - Sharpe Ratio Comparison

The current IQQQ Sharpe Ratio is 1.74, which is comparable to the ITWO Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of IQQQ and ITWO, 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

IQQQ vs. ITWO - Drawdown Comparison

The maximum IQQQ drawdown since its inception was -20.41%, smaller than the maximum ITWO drawdown of -24.77%. Use the drawdown chart below to compare losses from any high point for IQQQ and ITWO.

Drawdown Indicators

	IQQQ	ITWO	Difference
Max Drawdown Largest peak-to-trough decline	-20.41%	-24.77%	+4.36%
Max Drawdown (1Y) Largest decline over 1 year	-11.13%	-9.79%	-1.34%
Current Drawdown Current decline from peak	-4.31%	0.00%	-4.31%
Average Drawdown Average peak-to-trough decline	-3.63%	-5.01%	+1.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	2.91%	+0.36%

Volatility

IQQQ vs. ITWO - Volatility Comparison

ProShares Nasdaq-100 High Income ETF (IQQQ) has a higher volatility of 8.20% compared to Proshares Russell 2000 High Income ETF (ITWO) at 6.43%. This indicates that IQQQ's price experiences larger fluctuations and is considered to be riskier than ITWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IQQQ	ITWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.20%	6.43%	+1.77%
Volatility (6M) Calculated over the trailing 6-month period	13.57%	14.06%	-0.49%
Volatility (1Y) Calculated over the trailing 1-year period	17.00%	19.16%	-2.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.06%	20.60%	-1.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.06%	20.60%	-1.54%

IQQQ vs. ITWO - Expense Ratio Comparison

Both IQQQ and ITWO have an expense ratio of 0.55%.

Dividends

IQQQ vs. ITWO - Dividend Comparison

IQQQ's dividend yield for the trailing twelve months is around 4.61%, less than ITWO's 7.26% yield.

Position	TTM	2025	2024
IQQQ ProShares Nasdaq-100 High Income ETF	4.61%	10.34%	7.27%
ITWO Proshares Russell 2000 High Income ETF	7.26%	12.12%	4.11%

Frequently Asked Questions

Can I hold both IQQQ and ITWO in my portfolio?

IQQQ and ITWO have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IQQQ or ITWO?

IQQQ has higher volatility (8.20%) compared to ITWO (6.43%). In terms of maximum drawdown, IQQQ dropped -20.41% vs ITWO's -24.77%.

Which ETF is better, IQQQ or ITWO?

On 1-year performance, ITWO leads with 42.13% vs 29.47% for IQQQ. Both ETFs have the same 0.55% expense ratio. On volatility, ITWO has been the lower-risk option at 6.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IQQQ or ITWO?

Over the 1-year period, ITWO has performed better with a 42.13% return vs 29.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IQQQ or ITWO?

IQQQ and ITWO have the same expense ratio: 0.55% per year.

Which ETF pays a higher dividend yield, IQQQ or ITWO?

ITWO has the higher dividend yield at 7.26%, compared with 4.61% for IQQQ.

What is the main difference between IQQQ and ITWO?

IQQQ is categorized as Nasdaq-100, while ITWO is Derivative Income. IQQQ tracks Nasdaq-100 Daily Covered Call Index, while ITWO tracks Cboe Russell 2000 Daily Covered Call Index.

Which has better risk-adjusted returns?

ITWO currently has the higher Sharpe Ratio (2.21 vs 1.74), 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.