ISPY vs. FTQI

Last updated Jul 16, 2026

ISPY (ProShares S&P 500 High Income ETF) and FTQI (First Trust Nasdaq BuyWrite Income ETF) are both exchange-traded funds - ISPY is a Derivative Income fund tracking the S&P 500 Daily Covered Call Index, while FTQI is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past year, ISPY returned 19.35% vs 27.70% for FTQI. Their correlation of 0.90 suggests significant overlap in exposure. ISPY charges 0.55%/yr vs 0.75%/yr for FTQI.

Performance

ISPY vs. FTQI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 High Income ETF (ISPY) and First Trust Nasdaq BuyWrite Income ETF (FTQI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ISPY achieves a 9.52% return, which is significantly lower than FTQI's 13.57% return.

ISPY

• 1D: 0.35%
• 1M: 0.30%
• 6M: 8.15%
• YTD: 9.52%
• 1Y: 19.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FTQI

• 1D: 0.09%
• 1M: 1.97%
• 6M: 12.76%
• YTD: 13.57%
• 1Y: 27.70%
• 3Y*: 16.98%
• 5Y*: 12.43%
• 10Y*: 7.68%

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

ISPY vs. FTQI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
ISPY ProShares S&P 500 High Income ETF	9.52%	13.15%	21.31%	0.35%
FTQI First Trust Nasdaq BuyWrite Income ETF	13.57%	12.68%	18.30%	-0.06%

Correlation

The correlation between ISPY and FTQI is 0.88, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.88
Correlation (All Time) Calculated using the full available price history since Dec 20, 2023	0.90

The correlation between ISPY and FTQI has been stable across timeframes, ranging from 0.88 to 0.90 - a consistent structural relationship.

ISPY vs. FTQI - Sectors Allocation Comparison

Sectors	ISPY	FTQI
Technology	31.8%	49.4%
Financial Services	20.6%	5.5%
Communication Services	8.3%	11.8%
Consumer Cyclical	8.0%	10.5%
Healthcare	7.8%	6.0%
Industrials	6.7%	4.1%
Consumer Defensive	3.9%	6.2%
Utilities	2.3%	1.5%
Energy	1.8%	2.3%
Basic Materials	1.6%	1.4%
Real Estate	1.6%	1.3%

Return for Risk

ISPY vs. FTQI — Risk / Return Rank

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

ISPY

ISPY Risk / Return Rank: 58
ISPY Sharpe Ratio Rank: 58
ISPY Sortino Ratio Rank: 54
ISPY Omega Ratio Rank: 57
ISPY Calmar Ratio Rank: 57
ISPY Martin Ratio Rank: 64

FTQI

FTQI Risk / Return Rank: 92
FTQI Sharpe Ratio Rank: 92
FTQI Sortino Ratio Rank: 92
FTQI Omega Ratio Rank: 91
FTQI Calmar Ratio Rank: 91
FTQI Martin Ratio Rank: 94

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.

ISPY vs. FTQI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 High Income ETF (ISPY) and First Trust Nasdaq BuyWrite Income ETF (FTQI). 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.

	ISPY	FTQI	Difference
Sharpe ratio: Return per unit of total volatility	1.58	2.57	-0.99
Sortino ratio: Return per unit of downside risk	2.12	3.54	-1.42
Omega ratio: Gain probability vs. loss probability	1.28	1.48	-0.20
Calmar ratio: Return relative to maximum drawdown	2.31	4.46	-2.15
Martin ratio: Return relative to average drawdown	9.17	21.13	-11.96

ISPY vs. FTQI - Sharpe Ratio Comparison

The current ISPY Sharpe Ratio is 1.58, which is lower than the FTQI Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of ISPY and FTQI, 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

ISPY vs. FTQI - Drawdown Comparison

The maximum ISPY drawdown since its inception was -16.88%, smaller than the maximum FTQI drawdown of -19.42%. Use the drawdown chart below to compare losses from any high point for ISPY and FTQI.

Drawdown Indicators

	ISPY	FTQI	Difference
Max Drawdown Largest peak-to-trough decline	-16.88%	-19.42%	+2.54%
Max Drawdown (1Y) Largest decline over 1 year	-8.43%	-6.24%	-2.19%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.42%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-19.42%	—
Current Drawdown Current decline from peak	-0.79%	-0.13%	-0.66%
Average Drawdown Average peak-to-trough decline	-2.08%	-3.73%	+1.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.12%	1.31%	+0.81%

Volatility

ISPY vs. FTQI - Volatility Comparison

ProShares S&P 500 High Income ETF (ISPY) has a higher volatility of 4.21% compared to First Trust Nasdaq BuyWrite Income ETF (FTQI) at 2.86%. This indicates that ISPY's price experiences larger fluctuations and is considered to be riskier than FTQI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISPY	FTQI	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.21%	2.86%	+1.35%
Volatility (6M) Calculated over the trailing 6-month period	9.91%	8.79%	+1.12%
Volatility (1Y) Calculated over the trailing 1-year period	12.30%	10.84%	+1.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.72%	14.82%	-1.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.72%	12.98%	+0.74%

ISPY vs. FTQI - Expense Ratio Comparison

ISPY has a 0.55% expense ratio, which is lower than FTQI's 0.75% expense ratio.

Dividends

ISPY vs. FTQI - Dividend Comparison

ISPY's dividend yield for the trailing twelve months is around 4.62%, less than FTQI's 10.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTQI First Trust Nasdaq BuyWrite Income ETF	10.84%	11.46%	11.66%	11.49%	9.85%	3.05%	3.27%	2.95%	3.27%	2.74%	3.02%	3.54%
ISPY ProShares S&P 500 High Income ETF	4.62%	8.56%	9.84%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ISPY and FTQI in my portfolio?

ISPY and FTQI have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ISPY or FTQI?

ISPY has higher volatility (4.21%) compared to FTQI (2.86%). In terms of maximum drawdown, ISPY dropped -16.88% vs FTQI's -19.42%.

Which ETF is better, ISPY or FTQI?

On 1-year performance, FTQI leads with 27.70% vs 19.35% for ISPY. On fees, ISPY is cheaper at 0.55% per year. On volatility, FTQI has been the lower-risk option at 2.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISPY or FTQI?

Over the 1-year period, FTQI has performed better with a 27.70% return vs 19.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISPY or FTQI?

ISPY is cheaper with a 0.55% expense ratio, compared with 0.75% for FTQI.

Which ETF pays a higher dividend yield, ISPY or FTQI?

FTQI has the higher dividend yield at 10.84%, compared with 4.62% for ISPY.

What is the main difference between ISPY and FTQI?

ISPY is categorized as Derivative Income, while FTQI is Nasdaq-100. ISPY tracks S&P 500 Daily Covered Call Index, while FTQI tracks NASDAQ-100 Index. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.55% for ISPY and 0.75% for FTQI.

Which has better risk-adjusted returns?

FTQI currently has the higher Sharpe Ratio (2.57 vs 1.58), 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.