ITWO vs. QQA

Last updated Aug 5, 2026

ITWO (Proshares Russell 2000 High Income ETF) and QQA (Invesco QQQ Income Advantage ETF) are both Derivative Income funds. ITWO is passively managed, while QQA is actively managed. Over the past year, ITWO returned 38.09% vs 23.36% for QQA. Their 0.68 correlation means they have sometimes moved together and sometimes differently. ITWO charges 0.55%/yr vs 0.29%/yr for QQA.

Performance

ITWO vs. QQA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Russell 2000 High Income ETF (ITWO) and Invesco QQQ Income Advantage ETF (QQA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ITWO achieves a 23.91% return, which is significantly higher than QQA's 13.41% return.

ITWO

• 1D: 1.44%
• 1M: 1.32%
• 6M: 16.30%
• YTD: 23.91%
• 1Y: 38.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.88%

QQA

• 1D: 2.44%
• 1M: 1.51%
• 6M: 12.57%
• YTD: 13.41%
• 1Y: 23.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.20%

*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)
ITWO Proshares Russell 2000 High Income ETF	$1.12M	$1.31M	$1.40M
QQA Invesco QQQ Income Advantage ETF	$6.82M	$6.97M	$6.88M

ITWO vs. QQA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ITWO Proshares Russell 2000 High Income ETF	23.91%	14.25%	3.10%
QQA Invesco QQQ Income Advantage ETF	13.41%	17.24%	10.35%

Correlation

The correlation between ITWO and QQA is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.70
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024	0.68

The correlation between ITWO and QQA has been stable across timeframes, ranging from 0.68 to 0.70 - a consistent structural relationship.

Return for Risk

ITWO vs. QQA — Risk / Return Rank

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

ITWO

ITWO Risk / Return Rank: 80
ITWO Sharpe Ratio Rank: 80
ITWO Sortino Ratio Rank: 77
ITWO Omega Ratio Rank: 71
ITWO Calmar Ratio Rank: 88
ITWO Martin Ratio Rank: 85

QQA

QQA Risk / Return Rank: 61
QQA Sharpe Ratio Rank: 56
QQA Sortino Ratio Rank: 55
QQA Omega Ratio Rank: 53
QQA Calmar Ratio Rank: 69
QQA Martin Ratio Rank: 71

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.

ITWO vs. QQA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Russell 2000 High Income ETF (ITWO) and Invesco QQQ Income Advantage ETF (QQA). 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.

	ITWO	QQA	Difference
Sharpe ratio: Return per unit of total volatility	2.04	1.53	+0.51
Sortino ratio: Return per unit of downside risk	2.78	2.15	+0.63
Omega ratio: Gain probability vs. loss probability	1.33	1.27	+0.06
Calmar ratio: Return relative to maximum drawdown	3.91	2.68	+1.23
Martin ratio: Return relative to average drawdown	13.24	9.82	+3.41

ITWO vs. QQA - Sharpe Ratio Comparison

The current ITWO Sharpe Ratio is 2.04, which is higher than the QQA Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of ITWO and QQA, 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

ITWO vs. QQA - Drawdown Comparison

The maximum ITWO drawdown since its inception was -24.77%, which is greater than QQA's maximum drawdown of -19.73%. Use the drawdown chart below to compare losses from any high point for ITWO and QQA.

Drawdown Indicators

	ITWO	QQA	Difference
Max Drawdown Largest peak-to-trough decline	-24.77%	-19.73%	-5.04%
Max Drawdown (1Y) Largest decline over 1 year	-9.79%	-8.76%	-1.03%
Current Drawdown Current decline from peak	0.00%	-1.21%	+1.21%
Average Drawdown Average peak-to-trough decline	-4.82%	-2.57%	-2.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	2.38%	+0.51%

Volatility

ITWO vs. QQA - Volatility Comparison

The current volatility for Proshares Russell 2000 High Income ETF (ITWO) is 4.39%, while Invesco QQQ Income Advantage ETF (QQA) has a volatility of 6.20%. This indicates that ITWO experiences smaller price fluctuations and is considered to be less risky than QQA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ITWO	QQA	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	6.20%	-1.81%
Volatility (6M) Calculated over the trailing 6-month period	13.86%	12.89%	+0.97%
Volatility (1Y) Calculated over the trailing 1-year period	18.84%	15.41%	+3.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.27%	18.73%	+1.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.27%	18.73%	+1.54%

ITWO vs. QQA - Expense Ratio Comparison

ITWO has a 0.55% expense ratio, which is higher than QQA's 0.29% expense ratio.

Dividends

ITWO vs. QQA - Dividend Comparison

ITWO's dividend yield for the trailing twelve months is around 7.35%, less than QQA's 9.76% yield.

Position	TTM	2025	2024
ITWO Proshares Russell 2000 High Income ETF	7.35%	12.12%	4.11%
QQA Invesco QQQ Income Advantage ETF	9.76%	9.78%	4.29%

Frequently Asked Questions

Can I hold both ITWO and QQA in my portfolio?

ITWO and QQA have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ITWO or QQA?

QQA has higher volatility (6.20%) compared to ITWO (4.39%). In terms of maximum drawdown, ITWO dropped -24.77% vs QQA's -19.73%.

Which ETF is better, ITWO or QQA?

On 1-year performance, ITWO leads with 38.09% vs 23.36% for QQA. On fees, QQA is cheaper at 0.29% per year. On volatility, ITWO has been the lower-risk option at 4.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ITWO or QQA?

Over the 1-year period, ITWO has performed better with a 38.09% return vs 23.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ITWO or QQA?

QQA is cheaper with a 0.29% expense ratio, compared with 0.55% for ITWO.

Which ETF pays a higher dividend yield, ITWO or QQA?

QQA has the higher dividend yield at 9.76%, compared with 7.35% for ITWO.

What is the main difference between ITWO and QQA?

They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.55% for ITWO and 0.29% for QQA.

Which has better risk-adjusted returns?

ITWO currently has the higher Sharpe Ratio (2.04 vs 1.53), 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.