ISPY vs. QQQI

Last updated Aug 4, 2026

ISPY (ProShares S&P 500 High Income ETF) and QQQI (NEOS 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 QQQI is a Nasdaq-100 fund actively managed by Neos. ISPY is passively managed, while QQQI is actively managed. Over the past year, ISPY returned 19.65% vs 19.72% for QQQI. Their correlation of 0.91 means they have usually moved in the same direction. ISPY charges 0.55%/yr vs 0.68%/yr for QQQI.

Performance

ISPY vs. QQQI - Performance Comparison

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

Returns By Period

In the year-to-date period, ISPY achieves a 9.62% return, which is significantly higher than QQQI's 8.51% return.

ISPY

• 1D: 0.91%
• 1M: 1.16%
• 6M: 7.32%
• YTD: 9.62%
• 1Y: 19.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.03%

QQQI

• 1D: 1.51%
• 1M: -1.62%
• 6M: 6.55%
• YTD: 8.51%
• 1Y: 19.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.71%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ISPY ProShares S&P 500 High Income ETF	$3.37M	$3.98M	$4.92M
QQQI NEOS Nasdaq-100 High Income ETF	$330.38M	$327.04M	$357.36M

ISPY vs. QQQI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ISPY ProShares S&P 500 High Income ETF	9.62%	13.15%	18.70%
QQQI NEOS Nasdaq-100 High Income ETF	8.51%	18.62%	19.44%

Correlation

The correlation between ISPY and QQQI is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (All Time) Calculated using the full available price history since Jan 30, 2024	0.91

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

ISPY vs. QQQI - Sectors Allocation Comparison

Sectors	ISPY	QQQI
Technology	32.2%	59.9%
Financial Services	20.9%	0.2%
Communication Services	7.9%	12.1%
Healthcare	7.7%	3.7%
Consumer Cyclical	7.4%	10.0%
Industrials	6.6%	4.3%
Consumer Defensive	3.9%	6.5%
Energy	2.9%	0.5%
Utilities	2.3%	1.2%
Real Estate	1.6%	0.1%
Basic Materials	1.6%	1.1%

Return for Risk

ISPY vs. QQQI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ISPY

ISPY Risk / Return Rank: 66
ISPY Sharpe Ratio Rank: 67
ISPY Sortino Ratio Rank: 61
ISPY Omega Ratio Rank: 63
ISPY Calmar Ratio Rank: 66
ISPY Martin Ratio Rank: 72

QQQI

QQQI Risk / Return Rank: 52
QQQI Sharpe Ratio Rank: 48
QQQI Sortino Ratio Rank: 46
QQQI Omega Ratio Rank: 48
QQQI Calmar Ratio Rank: 57
QQQI Martin Ratio Rank: 60

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ISPY vs. QQQI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 High Income ETF (ISPY) and NEOS Nasdaq-100 High Income ETF (QQQI). 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	QQQI	Difference
Sharpe ratio: Return per unit of total volatility	1.57	1.21	+0.36
Sortino ratio: Return per unit of downside risk	2.11	1.71	+0.40
Omega ratio: Gain probability vs. loss probability	1.28	1.22	+0.05
Calmar ratio: Return relative to maximum drawdown	2.34	2.06	+0.28
Martin ratio: Return relative to average drawdown	9.09	7.38	+1.71

ISPY vs. QQQI - Sharpe Ratio Comparison

The current ISPY Sharpe Ratio is 1.57, which is comparable to the QQQI Sharpe Ratio of 1.21. The chart below compares the historical Sharpe Ratios of ISPY and QQQI, 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. QQQI - Drawdown Comparison

The maximum ISPY drawdown since its inception was -16.88%, smaller than the maximum QQQI drawdown of -20.00%. Use the drawdown chart below to compare losses from any high point for ISPY and QQQI.

Drawdown Indicators

	ISPY	QQQI	Difference
Max Drawdown Largest peak-to-trough decline	-16.88%	-20.00%	+3.12%
Max Drawdown (1Y) Largest decline over 1 year	-8.43%	-9.61%	+1.18%
Current Drawdown Current decline from peak	-0.70%	-4.50%	+3.80%
Average Drawdown Average peak-to-trough decline	-2.09%	-2.28%	+0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.17%	2.68%	-0.51%

Volatility

ISPY vs. QQQI - Volatility Comparison

The current volatility for ProShares S&P 500 High Income ETF (ISPY) is 3.89%, while NEOS Nasdaq-100 High Income ETF (QQQI) has a volatility of 6.60%. This indicates that ISPY experiences smaller price fluctuations and is considered to be less risky than QQQI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ISPY	QQQI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.89%	6.60%	-2.71%
Volatility (6M) Calculated over the trailing 6-month period	10.18%	13.71%	-3.53%
Volatility (1Y) Calculated over the trailing 1-year period	12.60%	16.35%	-3.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.75%	17.76%	-4.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.75%	17.76%	-4.01%

ISPY vs. QQQI - Expense Ratio Comparison

ISPY has a 0.55% expense ratio, which is lower than QQQI's 0.68% expense ratio.

Dividends

ISPY vs. QQQI - Dividend Comparison

ISPY's dividend yield for the trailing twelve months is around 5.05%, less than QQQI's 14.16% yield.

Position	TTM	2025	2024
ISPY ProShares S&P 500 High Income ETF	5.05%	8.56%	9.84%
QQQI NEOS Nasdaq-100 High Income ETF	14.16%	13.82%	12.85%

Frequently Asked Questions

Can I hold both ISPY and QQQI in my portfolio?

With a correlation of 0.91, ISPY and QQQI 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 QQQI?

QQQI has higher volatility (6.60%) compared to ISPY (3.89%). In terms of maximum drawdown, ISPY dropped -16.88% vs QQQI's -20.00%.

Which ETF is better, ISPY or QQQI?

On 1-year performance, QQQI leads with 19.72% vs 19.65% for ISPY. On fees, ISPY is cheaper at 0.55% per year. On volatility, ISPY has been the lower-risk option at 3.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ISPY or QQQI?

Over the 1-year period, QQQI has performed better with a 19.72% return vs 19.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ISPY or QQQI?

ISPY is cheaper with a 0.55% expense ratio, compared with 0.68% for QQQI.

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

QQQI has the higher dividend yield at 14.16%, compared with 5.05% for ISPY.

What is the main difference between ISPY and QQQI?

ISPY is categorized as Derivative Income, while QQQI is Nasdaq-100. They also come from different issuers: ProShares and Neos. Their fees differ too: 0.55% for ISPY and 0.68% for QQQI.

Which has better risk-adjusted returns?

ISPY currently has the higher Sharpe Ratio (1.57 vs 1.21), 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.