ISPY vs. IQQQ

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares S&P 500 High Income ETF (ISPY) and ProShares Nasdaq-100 High Income ETF (IQQQ).

ISPY and IQQQ are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ISPY is a passively managed fund by ProShares that tracks the performance of the S&P 500 Daily Covered Call Index. It was launched on Dec 18, 2023. IQQQ is a passively managed fund by ProShares that tracks the performance of the Nasdaq-100 Daily Covered Call Index. It was launched on Mar 18, 2024. Both ISPY and IQQQ are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

ISPY vs. IQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ISPY ProShares S&P 500 High Income ETF	-3.39%	13.15%	13.22%
IQQQ ProShares Nasdaq-100 High Income ETF	-4.33%	17.11%	13.39%

Returns By Period

In the year-to-date period, ISPY achieves a -3.39% return, which is significantly higher than IQQQ's -4.33% return.

ISPY

• 1D: 0.73%
• 1M: -3.97%
• YTD: -3.39%
• 6M: -1.58%
• 1Y: 12.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IQQQ

• 1D: 1.09%
• 1M: -4.09%
• YTD: -4.33%
• 6M: -2.69%
• 1Y: 19.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ISPY vs. IQQQ - Expense Ratio Comparison

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

ISPY

ProShares S&P 500 High Income ETF

IQQQ

ProShares Nasdaq-100 High Income ETF

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: 43
ISPY Sharpe Ratio Rank: 43
ISPY Sortino Ratio Rank: 38
ISPY Omega Ratio Rank: 42
ISPY Calmar Ratio Rank: 45
ISPY Martin Ratio Rank: 48

IQQQ

IQQQ Risk / Return Rank: 56
IQQQ Sharpe Ratio Rank: 55
IQQQ Sortino Ratio Rank: 50
IQQQ Omega Ratio Rank: 51
IQQQ Calmar Ratio Rank: 68
IQQQ Martin Ratio Rank: 56

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	0.84	1.02	-0.18
Sortino ratio Return per unit of downside risk	1.14	1.40	-0.26
Omega ratio Gain probability vs. loss probability	1.17	1.20	-0.03
Calmar ratio Return relative to maximum drawdown	1.23	1.81	-0.58
Martin ratio Return relative to average drawdown	4.73	5.67	-0.94
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 0.84, which is comparable to the IQQQ Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of ISPY and IQQQ, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ISPY	IQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.84	1.02	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	1.03	0.67	+0.36

Correlation

The correlation between ISPY and IQQQ is 0.93, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ISPY vs. IQQQ - Dividend Comparison

ISPY's dividend yield for the trailing twelve months is around 7.46%, less than IQQQ's 8.71% yield.

	TTM	2025	2024
ISPY ProShares S&P 500 High Income ETF	7.46%	8.56%	9.84%
IQQQ ProShares Nasdaq-100 High Income ETF	8.71%	10.34%	7.27%

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	-11.17%	-11.63%	+0.46%
Current Drawdown Current decline from peak	-5.52%	-7.79%	+2.27%
Average Drawdown Average peak-to-trough decline	-2.17%	-3.83%	+1.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.91%	3.71%	-0.80%

Volatility

ISPY vs. IQQQ - Volatility Comparison

The current volatility for ProShares S&P 500 High Income ETF (ISPY) is 5.14%, while ProShares Nasdaq-100 High Income ETF (IQQQ) has a volatility of 6.20%. 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	5.14%	6.20%	-1.06%
Volatility (6M) Calculated over the trailing 6-month period	9.06%	12.66%	-3.60%
Volatility (1Y) Calculated over the trailing 1-year period	15.39%	19.48%	-4.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.71%	18.87%	-5.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.71%	18.87%	-5.16%