QBUF vs. QNDX

Last updated Aug 4, 2026

QBUF (Innovator Nasdaq-100 10 Buffer ETF - Quarterly) and QNDX (SPDR Portfolio Nasdaq 100 ETF) are both Nasdaq-100 funds - QBUF tracks the Invesco QQQ Trust while QNDX tracks the Nasdaq-100 Index. Both are passively managed. Their correlation of 0.90 means they have usually moved in the same direction. QBUF charges 0.79%/yr vs 0.10%/yr for QNDX.

Performance

QBUF vs. QNDX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Nasdaq-100 10 Buffer ETF - Quarterly (QBUF) and SPDR Portfolio Nasdaq 100 ETF (QNDX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

QBUF

• 1D: 0.84%
• 1M: 0.01%
• 6M: 2.65%
• YTD: 3.75%
• 1Y: 9.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.01%

QNDX

• 1D: 1.76%
• 1M: -1.78%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
QBUF Innovator Nasdaq-100 10 Buffer ETF - Quarterly	$840.97K	$1.01M	$957.50K
QNDX SPDR Portfolio Nasdaq 100 ETF	$12.14M	$13.95M	$12.24M

QBUF vs. QNDX - Yearly Performance Comparison

	2026 (YTD)
QBUF Innovator Nasdaq-100 10 Buffer ETF - Quarterly	-1.08%
QNDX SPDR Portfolio Nasdaq 100 ETF	-2.02%

Correlation

The correlation between QBUF and QNDX is 0.90, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 24, 2026	0.90

Return for Risk

QBUF vs. QNDX — Risk / Return Rank

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

QBUF

QBUF Risk / Return Rank: 67
QBUF Sharpe Ratio Rank: 62
QBUF Sortino Ratio Rank: 61
QBUF Omega Ratio Rank: 69
QBUF Calmar Ratio Rank: 64
QBUF Martin Ratio Rank: 79

QNDX

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

QBUF vs. QNDX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Nasdaq-100 10 Buffer ETF - Quarterly (QBUF) and SPDR Portfolio Nasdaq 100 ETF (QNDX). 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.

	QBUF	QNDX	Difference
Sharpe ratio: Return per unit of total volatility	1.55	—	—
Sortino ratio: Return per unit of downside risk	2.21	—	—
Omega ratio: Gain probability vs. loss probability	1.31	—	—
Calmar ratio: Return relative to maximum drawdown	2.38	—	—
Martin ratio: Return relative to average drawdown	11.08	—	—

Drawdowns

QBUF vs. QNDX - Drawdown Comparison

The maximum QBUF drawdown since its inception was -8.84%, smaller than the maximum QNDX drawdown of -10.10%. Use the drawdown chart below to compare losses from any high point for QBUF and QNDX.

Drawdown Indicators

	QBUF	QNDX	Difference
Max Drawdown Largest peak-to-trough decline	-8.84%	-10.10%	+1.26%
Max Drawdown (1Y) Largest decline over 1 year	-3.99%	—	—
Current Drawdown Current decline from peak	-1.17%	-4.93%	+3.76%
Average Drawdown Average peak-to-trough decline	-0.83%	-3.83%	+3.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	—	—

Volatility

Volatility by Period

	QBUF	QNDX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.33%	—	—
Volatility (6M) Calculated over the trailing 6-month period	4.63%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	6.14%	23.59%	-17.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.45%	23.59%	-15.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.45%	23.59%	-15.14%

QBUF vs. QNDX - Expense Ratio Comparison

QBUF has a 0.79% expense ratio, which is higher than QNDX's 0.10% expense ratio.

Dividends

QBUF vs. QNDX - Dividend Comparison

Neither QBUF nor QNDX has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both QBUF and QNDX in my portfolio?

With a correlation of 0.90, QBUF and QNDX 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 ETF is better, QBUF or QNDX?

On fees, QNDX is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QBUF or QNDX?

QNDX is cheaper with a 0.10% expense ratio, compared with 0.79% for QBUF.

Which ETF pays a higher dividend yield, QBUF or QNDX?

QBUF and QNDX have nearly identical dividend yields, around 0.00%.

What is the main difference between QBUF and QNDX?

QBUF tracks Invesco QQQ Trust, while QNDX tracks Nasdaq-100 Index. They also come from different issuers: Innovator and State Street. Their fees differ too: 0.79% for QBUF and 0.10% for QNDX.