IQQQ vs. PYPY

Last updated Jun 4, 2026

IQQQ (ProShares Nasdaq-100 High Income ETF) and PYPY (Yieldmax PYPL Option Income Strategy ETF) are both exchange-traded funds - IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index, while PYPY is a Derivative Income fund actively managed by YieldMax. IQQQ is passively managed, while PYPY is actively managed. Over the past year, IQQQ returned 38.70% vs -39.20% for PYPY. At a 0.43 correlation, their price movements are largely independent. IQQQ charges 0.55%/yr vs 1.01%/yr for PYPY.

Performance

IQQQ vs. PYPY - Performance Comparison

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

Returns By Period

In the year-to-date period, IQQQ achieves a 18.72% return, which is significantly higher than PYPY's -23.28% return.

IQQQ

• 1D: -0.30%
• 1M: 9.88%
• YTD: 18.72%
• 6M: 17.39%
• 1Y: 38.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PYPY

• 1D: -3.78%
• 1M: -12.23%
• YTD: -23.28%
• 6M: -25.27%
• 1Y: -39.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IQQQ vs. PYPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
IQQQ ProShares Nasdaq-100 High Income ETF	18.72%	17.11%	13.39%
PYPY Yieldmax PYPL Option Income Strategy ETF	-23.28%	-30.17%	36.59%

Correlation

The correlation between IQQQ and PYPY is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Mar 21, 2024	0.43

IQQQ vs. PYPY - Sectors Allocation Comparison

Sectors	IQQQ	PYPY
Technology	53.8%	-
Communication Services	15.8%	-
Consumer Cyclical	12.3%	-
Consumer Defensive	7.7%	-
Healthcare	4.2%	-
Industrials	2.8%	-
Utilities	1.4%	-
Basic Materials	1.1%	-
Energy	0.6%	-
Financial Services	0.2%	100.0%
Real Estate	0.1%	-

Return for Risk

IQQQ vs. PYPY — Risk / Return Rank

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

IQQQ

IQQQ Risk / Return Rank: 70
IQQQ Sharpe Ratio Rank: 76
IQQQ Sortino Ratio Rank: 70
IQQQ Omega Ratio Rank: 69
IQQQ Calmar Ratio Rank: 69
IQQQ Martin Ratio Rank: 66

PYPY

PYPY Risk / Return Rank: 1
PYPY Sharpe Ratio Rank: 1
PYPY Sortino Ratio Rank: 1
PYPY Omega Ratio Rank: 1
PYPY Calmar Ratio Rank: 2
PYPY Martin Ratio Rank: 1

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. PYPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Nasdaq-100 High Income ETF (IQQQ) and Yieldmax PYPL Option Income Strategy ETF (PYPY). 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.

	IQQQ	PYPY	Difference
Sharpe ratio: Return per unit of total volatility	2.53	-1.15	+3.68
Sortino ratio: Return per unit of downside risk	3.27	-1.50	+4.77
Omega ratio: Gain probability vs. loss probability	1.43	0.78	+0.65
Calmar ratio: Return relative to maximum drawdown	3.49	-0.83	+4.33
Martin ratio: Return relative to average drawdown	12.41	-1.48	+13.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IQQQ vs. PYPY - Sharpe Ratio Comparison

The current IQQQ Sharpe Ratio is 2.53, which is higher than the PYPY Sharpe Ratio of -1.15. The chart below compares the historical Sharpe Ratios of IQQQ and PYPY, 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

	IQQQ	PYPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	-1.15	+3.68
Sharpe Ratio (All Time) Calculated using the full available price history	1.25	-0.23	+1.48

Drawdowns

IQQQ vs. PYPY - Drawdown Comparison

The maximum IQQQ drawdown since its inception was -20.41%, smaller than the maximum PYPY drawdown of -53.64%. Use the drawdown chart below to compare losses from any high point for IQQQ and PYPY.

Drawdown Indicators

	IQQQ	PYPY	Difference
Max Drawdown Largest peak-to-trough decline	-20.41%	-53.64%	+33.23%
Max Drawdown (1Y) Largest decline over 1 year	-11.13%	-47.14%	+36.01%
Current Drawdown Current decline from peak	-0.30%	-49.18%	+48.88%
Average Drawdown Average peak-to-trough decline	-3.64%	-16.16%	+12.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.13%	26.44%	-23.31%

Volatility

IQQQ vs. PYPY - Volatility Comparison

The current volatility for ProShares Nasdaq-100 High Income ETF (IQQQ) is 3.99%, while Yieldmax PYPL Option Income Strategy ETF (PYPY) has a volatility of 7.83%. This indicates that IQQQ experiences smaller price fluctuations and is considered to be less risky than PYPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IQQQ	PYPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.99%	7.83%	-3.84%
Volatility (6M) Calculated over the trailing 6-month period	11.54%	28.63%	-17.09%
Volatility (1Y) Calculated over the trailing 1-year period	15.40%	34.15%	-18.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.57%	31.10%	-12.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.57%	31.10%	-12.53%

IQQQ vs. PYPY - Expense Ratio Comparison

IQQQ has a 0.55% expense ratio, which is lower than PYPY's 1.01% expense ratio.

Dividends

IQQQ vs. PYPY - Dividend Comparison

IQQQ's dividend yield for the trailing twelve months is around 4.42%, less than PYPY's 69.43% yield.

Position	TTM	2025	2024	2023
IQQQ ProShares Nasdaq-100 High Income ETF	4.42%	10.34%	7.27%	0.00%
PYPY Yieldmax PYPL Option Income Strategy ETF	69.43%	64.68%	48.65%	5.70%

Frequently Asked Questions

Can I hold both IQQQ and PYPY in my portfolio?

IQQQ and PYPY have a correlation of 0.39, 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 PYPY?

PYPY has higher volatility (7.83%) compared to IQQQ (3.99%). In terms of maximum drawdown, IQQQ dropped -20.41% vs PYPY's -53.64%.

Which ETF is better, IQQQ or PYPY?

On 1-year performance, IQQQ leads with 38.70% vs -39.20% for PYPY. On fees, IQQQ is cheaper at 0.55% per year. On volatility, IQQQ has been the lower-risk option at 3.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IQQQ or PYPY?

Over the 1-year period, IQQQ has performed better with a 38.70% return vs -39.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IQQQ or PYPY?

IQQQ is cheaper with a 0.55% expense ratio, compared with 1.01% for PYPY.

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

PYPY has the higher dividend yield at 69.43%, compared with 4.42% for IQQQ.

What is the main difference between IQQQ and PYPY?

IQQQ is categorized as Nasdaq-100, while PYPY is Derivative Income. They also come from different issuers: ProShares and YieldMax. Their fees differ too: 0.55% for IQQQ and 1.01% for PYPY.

Which has better risk-adjusted returns?

IQQQ currently has the higher Sharpe Ratio (2.53 vs -1.15), 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.