ISPY vs. IQQQ

Last updated Jun 4, 2026

ISPY (ProShares S&P 500 High Income ETF) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - ISPY is a Derivative Income fund tracking the S&P 500 Daily Covered Call Index, while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. Both are passively managed. Over the past year, ISPY returned 25.33% vs 38.70% for IQQQ. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.55% expense ratio.

Performance

ISPY vs. IQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 High Income ETF (ISPY) and ProShares Nasdaq-100 High Income ETF (IQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ISPY achieves a 9.60% return, which is significantly lower than IQQQ's 18.72% return.

ISPY

• 1D: -0.71%
• 1M: 5.60%
• YTD: 9.60%
• 6M: 9.77%
• 1Y: 25.33%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IQQQ

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

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

ISPY vs. IQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ISPY ProShares S&P 500 High Income ETF	9.60%	13.15%	13.22%
IQQQ ProShares Nasdaq-100 High Income ETF	18.72%	17.11%	13.39%

Correlation

The correlation between ISPY and IQQQ is 0.91, 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	0.91
Correlation (All Time) Calculated using the full available price history since Mar 21, 2024	0.92

The correlation between ISPY and IQQQ has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

ISPY vs. IQQQ - Sectors Allocation Comparison

Sectors	ISPY	IQQQ
Technology	32.3%	53.8%
Financial Services	19.8%	0.2%
Communication Services	9.0%	15.8%
Consumer Cyclical	8.4%	12.3%
Healthcare	7.2%	4.2%
Industrials	6.4%	2.8%
Consumer Defensive	4.0%	7.7%
Energy	2.9%	0.6%
Utilities	2.2%	1.4%
Real Estate	1.6%	0.1%
Basic Materials	1.5%	1.1%

Return for Risk

ISPY vs. IQQQ — Risk / Return Rank

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

ISPY

ISPY Risk / Return Rank: 64
ISPY Sharpe Ratio Rank: 66
ISPY Sortino Ratio Rank: 61
ISPY Omega Ratio Rank: 63
ISPY Calmar Ratio Rank: 60
ISPY Martin Ratio Rank: 68

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

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. IQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 High Income ETF (ISPY) and ProShares Nasdaq-100 High Income ETF (IQQQ). 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.

	ISPY	IQQQ	Difference
Sharpe ratio Return per unit of total volatility	2.22	2.53	-0.31
Sortino ratio Return per unit of downside risk	2.94	3.27	-0.33
Omega ratio Gain probability vs. loss probability	1.39	1.43	-0.03
Calmar ratio Return relative to maximum drawdown	3.02	3.49	-0.48
Martin ratio Return relative to average drawdown	12.90	12.41	+0.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ISPY vs. IQQQ - Sharpe Ratio Comparison

The current ISPY Sharpe Ratio is 2.22, which is comparable to the IQQQ Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of ISPY and IQQQ, 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

	ISPY	IQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	2.53	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	1.41	1.25	+0.16

Drawdowns

ISPY vs. IQQQ - Drawdown Comparison

The maximum ISPY drawdown since its inception was -16.88%, smaller than the maximum IQQQ drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for ISPY and IQQQ.

Drawdown Indicators

	ISPY	IQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-16.88%	-20.41%	+3.53%
Max Drawdown (1Y) Largest decline over 1 year	-8.43%	-11.13%	+2.70%
Current Drawdown Current decline from peak	-0.71%	-0.30%	-0.41%
Average Drawdown Average peak-to-trough decline	-2.08%	-3.64%	+1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	3.13%	-1.16%

Volatility

ISPY vs. IQQQ - Volatility Comparison

The current volatility for ProShares S&P 500 High Income ETF (ISPY) is 3.72%, while ProShares Nasdaq-100 High Income ETF (IQQQ) has a volatility of 3.99%. This indicates that ISPY experiences smaller price fluctuations and is considered to be less risky than IQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISPY	IQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.72%	3.99%	-0.27%
Volatility (6M) Calculated over the trailing 6-month period	8.62%	11.54%	-2.92%
Volatility (1Y) Calculated over the trailing 1-year period	11.47%	15.40%	-3.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.56%	18.57%	-5.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.56%	18.57%	-5.01%

ISPY vs. IQQQ - Expense Ratio Comparison

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

Dividends

ISPY vs. IQQQ - Dividend Comparison

ISPY's dividend yield for the trailing twelve months is around 4.41%, which matches IQQQ's 4.42% yield.

Position	TTM	2025	2024
IQQQ ProShares Nasdaq-100 High Income ETF	4.42%	10.34%	7.27%
ISPY ProShares S&P 500 High Income ETF	4.41%	8.56%	9.84%

Frequently Asked Questions

Can I hold both ISPY and IQQQ in my portfolio?

With a correlation of 0.91, ISPY and IQQQ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, ISPY or IQQQ?

IQQQ has higher volatility (3.99%) compared to ISPY (3.72%). In terms of maximum drawdown, ISPY dropped -16.88% vs IQQQ's -20.41%.

Which ETF is better, ISPY or IQQQ?

On 1-year performance, IQQQ leads with 38.70% vs 25.33% for ISPY. Both ETFs have the same 0.55% expense ratio. On volatility, ISPY has been the lower-risk option at 3.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISPY or IQQQ?

Over the 1-year period, IQQQ has performed better with a 38.70% return vs 25.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISPY or IQQQ?

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

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

IQQQ has the higher dividend yield at 4.42%, compared with 4.41% for ISPY.

What is the main difference between ISPY and IQQQ?

ISPY is categorized as Derivative Income, while IQQQ is Nasdaq-100. ISPY tracks S&P 500 Daily Covered Call Index, while IQQQ tracks Nasdaq-100 Daily Covered Call Index.

Which has better risk-adjusted returns?

IQQQ currently has the higher Sharpe Ratio (2.53 vs 2.22), 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.