PY vs. QQQH

Last updated Jun 4, 2026

PY (Principal Value ETF) and QQQH (NEOS Nasdaq-100 Hedged Equity Income ETF) are both exchange-traded funds - PY is a Large Cap Value Equities fund actively managed by Principal, while QQQH is a Nasdaq-100 fund managed by Neos. Over the past 5 years, PY returned 7.32%/yr vs 9.42%/yr for QQQH. At a 0.49 correlation, their price movements are largely independent. PY charges 0.15%/yr vs 0.68%/yr for QQQH.

Performance

PY vs. QQQH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Principal Value ETF (PY) and NEOS Nasdaq-100 Hedged Equity Income ETF (QQQH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PY achieves a 4.14% return, which is significantly lower than QQQH's 7.91% return.

PY

• 1D: -0.49%
• 1M: 1.70%
• YTD: 4.14%
• 6M: 4.52%
• 1Y: 14.24%
• 3Y*: 13.22%
• 5Y*: 7.32%
• 10Y*: 10.73%

QQQH

• 1D: -0.02%
• 1M: 4.93%
• YTD: 7.91%
• 6M: 7.82%
• 1Y: 20.09%
• 3Y*: 20.71%
• 5Y*: 9.42%
• 10Y*: —

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

PY vs. QQQH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
PY Principal Value ETF	4.14%	7.74%	16.79%	9.11%	-5.10%	34.83%	2.71%	-0.53%
QQQH NEOS Nasdaq-100 Hedged Equity Income ETF	7.91%	14.17%	25.98%	30.96%	-28.35%	9.76%	18.62%	0.31%

Correlation

The correlation between PY and QQQH is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (All Time) Calculated using the full available price history since Dec 23, 2019	0.49

The correlation between PY and QQQH has been stable across timeframes, ranging from 0.47 to 0.56 - a consistent structural relationship.

PY vs. QQQH - Sectors Allocation Comparison

Sectors	PY	QQQH
Technology	25.0%	53.5%
Financial Services	16.5%	0.2%
Healthcare	12.0%	4.1%
Consumer Defensive	11.5%	7.6%
Consumer Cyclical	11.0%	12.1%
Industrials	9.3%	3.1%
Energy	5.6%	0.6%
Communication Services	5.1%	16.1%
Utilities	1.7%	1.3%
Basic Materials	1.2%	1.2%
Real Estate	1.1%	0.1%

Return for Risk

PY vs. QQQH — Risk / Return Rank

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

PY

PY Risk / Return Rank: 41
PY Sharpe Ratio Rank: 38
PY Sortino Ratio Rank: 39
PY Omega Ratio Rank: 37
PY Calmar Ratio Rank: 47
PY Martin Ratio Rank: 47

QQQH

QQQH Risk / Return Rank: 62
QQQH Sharpe Ratio Rank: 61
QQQH Sortino Ratio Rank: 59
QQQH Omega Ratio Rank: 63
QQQH Calmar Ratio Rank: 58
QQQH Martin Ratio Rank: 67

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.

PY vs. QQQH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Principal Value ETF (PY) and NEOS Nasdaq-100 Hedged Equity Income ETF (QQQH). 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.

	PY	QQQH	Difference
Sharpe ratio: Return per unit of total volatility	1.36	2.09	-0.73
Sortino ratio: Return per unit of downside risk	2.00	2.85	-0.85
Omega ratio: Gain probability vs. loss probability	1.24	1.39	-0.15
Calmar ratio: Return relative to maximum drawdown	2.31	2.90	-0.59
Martin ratio: Return relative to average drawdown	7.73	12.60	-4.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PY vs. QQQH - Sharpe Ratio Comparison

The current PY Sharpe Ratio is 1.36, which is lower than the QQQH Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of PY and QQQH, 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

	PY	QQQH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.36	2.09	-0.73
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.72	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	0.79	-0.25

Drawdowns

PY vs. QQQH - Drawdown Comparison

The maximum PY drawdown since its inception was -45.44%, which is greater than QQQH's maximum drawdown of -31.24%. Use the drawdown chart below to compare losses from any high point for PY and QQQH.

Drawdown Indicators

	PY	QQQH	Difference
Max Drawdown Largest peak-to-trough decline	-45.44%	-31.24%	-14.20%
Max Drawdown (1Y) Largest decline over 1 year	-6.20%	-6.96%	+0.76%
Max Drawdown (3Y) Largest decline over 3 years	-17.84%	-15.18%	-2.66%
Max Drawdown (5Y) Largest decline over 5 years	-17.84%	-31.24%	+13.40%
Max Drawdown (10Y) Largest decline over 10 years	-45.44%	—	—
Current Drawdown Current decline from peak	-1.00%	-0.02%	-0.98%
Average Drawdown Average peak-to-trough decline	-5.05%	-8.27%	+3.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	1.60%	+0.25%

Volatility

PY vs. QQQH - Volatility Comparison

Principal Value ETF (PY) has a higher volatility of 2.28% compared to NEOS Nasdaq-100 Hedged Equity Income ETF (QQQH) at 1.73%. This indicates that PY's price experiences larger fluctuations and is considered to be riskier than QQQH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PY	QQQH	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.28%	1.73%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	7.28%	7.34%	-0.06%
Volatility (1Y) Calculated over the trailing 1-year period	10.53%	9.67%	+0.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.77%	13.20%	+2.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.07%	13.37%	+6.70%

PY vs. QQQH - Expense Ratio Comparison

PY has a 0.15% expense ratio, which is lower than QQQH's 0.68% expense ratio.

Dividends

PY vs. QQQH - Dividend Comparison

PY's dividend yield for the trailing twelve months is around 2.13%, less than QQQH's 8.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
PY Principal Value ETF	2.13%	2.14%	2.22%	2.68%	3.02%	2.83%	2.95%	2.25%	2.34%	1.68%	1.85%
QQQH NEOS Nasdaq-100 Hedged Equity Income ETF	8.74%	8.86%	7.53%	7.18%	9.05%	7.77%	7.48%	0.65%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PY and QQQH in my portfolio?

PY and QQQH have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PY or QQQH?

PY has higher volatility (2.28%) compared to QQQH (1.73%). In terms of maximum drawdown, PY dropped -45.44% vs QQQH's -31.24%.

Which ETF is better, PY or QQQH?

On 5-year performance, QQQH leads with 9.42% vs 7.32% for PY. On fees, PY is cheaper at 0.15% per year. On volatility, QQQH has been the lower-risk option at 1.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PY or QQQH?

Over the 5-year period, QQQH has performed better with a 9.42% return vs 7.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PY or QQQH?

PY is cheaper with a 0.15% expense ratio, compared with 0.68% for QQQH.

Which ETF pays a higher dividend yield, PY or QQQH?

QQQH has the higher dividend yield at 8.74%, compared with 2.13% for PY.

What is the main difference between PY and QQQH?

PY is categorized as Large Cap Value Equities, while QQQH is Nasdaq-100. They also come from different issuers: Principal and Neos. Their fees differ too: 0.15% for PY and 0.68% for QQQH.

Which has better risk-adjusted returns?

QQQH currently has the higher Sharpe Ratio (2.09 vs 1.36), 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.