QCAP vs. QQQY

Last updated Jun 4, 2026

QCAP (FT Vest NASDAQ-100 Conservative Buffer ETF - April) and QQQY (Defiance Nasdaq 100 Enhanced Options Income ETF) are both Nasdaq-100 funds. Both are actively managed. Over the past year, QCAP returned 11.06% vs 36.38% for QQQY. Their correlation of 0.84 suggests significant overlap in exposure. QCAP charges 0.90%/yr vs 0.99%/yr for QQQY.

Performance

QCAP vs. QQQY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Vest NASDAQ-100 Conservative Buffer ETF - April (QCAP) and Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QCAP achieves a 5.23% return, which is significantly lower than QQQY's 19.07% return.

QCAP

• 1D: -0.08%
• 1M: 2.34%
• YTD: 5.23%
• 6M: 5.92%
• 1Y: 11.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QQQY

• 1D: -0.36%
• 1M: 9.64%
• YTD: 19.07%
• 6M: 19.11%
• 1Y: 36.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QCAP vs. QQQY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QCAP FT Vest NASDAQ-100 Conservative Buffer ETF - April	5.23%	7.13%	10.40%
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	19.07%	14.96%	8.67%

Correlation

The correlation between QCAP and QQQY is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.80
Correlation (All Time) Calculated using the full available price history since Apr 23, 2024	0.84

The correlation between QCAP and QQQY has been stable across timeframes, ranging from 0.80 to 0.84 - a consistent structural relationship.

Return for Risk

QCAP vs. QQQY — Risk / Return Rank

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

QCAP

QCAP Risk / Return Rank: 97
QCAP Sharpe Ratio Rank: 96
QCAP Sortino Ratio Rank: 98
QCAP Omega Ratio Rank: 98
QCAP Calmar Ratio Rank: 98
QCAP Martin Ratio Rank: 98

QQQY

QQQY Risk / Return Rank: 74
QQQY Sharpe Ratio Rank: 81
QQQY Sortino Ratio Rank: 73
QQQY Omega Ratio Rank: 80
QQQY Calmar Ratio Rank: 65
QQQY Martin Ratio Rank: 73

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.

QCAP vs. QQQY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Vest NASDAQ-100 Conservative Buffer ETF - April (QCAP) and Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY). 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.

	QCAP	QQQY	Difference
Sharpe ratio Return per unit of total volatility	4.17	2.68	+1.49
Sortino ratio Return per unit of downside risk	7.37	3.37	+3.99
Omega ratio Gain probability vs. loss probability	1.99	1.49	+0.50
Calmar ratio Return relative to maximum drawdown	13.50	3.28	+10.22
Martin ratio Return relative to average drawdown	67.84	13.95	+53.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QCAP vs. QQQY - Sharpe Ratio Comparison

The current QCAP Sharpe Ratio is 4.17, which is higher than the QQQY Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of QCAP and QQQY, 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

	QCAP	QQQY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.17	2.68	+1.49
Sharpe Ratio (All Time) Calculated using the full available price history	1.26	1.25	+0.01

Drawdowns

QCAP vs. QQQY - Drawdown Comparison

The maximum QCAP drawdown since its inception was -9.17%, smaller than the maximum QQQY drawdown of -19.05%. Use the drawdown chart below to compare losses from any high point for QCAP and QQQY.

Drawdown Indicators

	QCAP	QQQY	Difference
Max Drawdown Largest peak-to-trough decline	-9.17%	-19.05%	+9.88%
Max Drawdown (1Y) Largest decline over 1 year	-0.82%	-11.14%	+10.32%
Current Drawdown Current decline from peak	-0.08%	-0.36%	+0.28%
Average Drawdown Average peak-to-trough decline	-0.52%	-2.91%	+2.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.16%	2.61%	-2.45%

Volatility

QCAP vs. QQQY - Volatility Comparison

The current volatility for FT Vest NASDAQ-100 Conservative Buffer ETF - April (QCAP) is 0.99%, while Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY) has a volatility of 4.21%. This indicates that QCAP experiences smaller price fluctuations and is considered to be less risky than QQQY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QCAP	QQQY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	4.21%	-3.22%
Volatility (6M) Calculated over the trailing 6-month period	1.93%	11.30%	-9.37%
Volatility (1Y) Calculated over the trailing 1-year period	2.69%	13.67%	-10.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.73%	14.75%	-6.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.73%	14.75%	-6.02%

QCAP vs. QQQY - Expense Ratio Comparison

QCAP has a 0.90% expense ratio, which is lower than QQQY's 0.99% expense ratio.

Dividends

QCAP vs. QQQY - Dividend Comparison

QCAP has not paid dividends to shareholders, while QQQY's dividend yield for the trailing twelve months is around 34.34%.

Position	TTM	2025	2024	2023
QCAP FT Vest NASDAQ-100 Conservative Buffer ETF - April	0.00%	0.00%	0.00%	0.00%
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	34.34%	45.34%	83.34%	20.64%

Frequently Asked Questions

Can I hold both QCAP and QQQY in my portfolio?

QCAP and QQQY have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QCAP or QQQY?

QQQY has higher volatility (4.21%) compared to QCAP (0.99%). In terms of maximum drawdown, QCAP dropped -9.17% vs QQQY's -19.05%.

Which ETF is better, QCAP or QQQY?

On 1-year performance, QQQY leads with 36.38% vs 11.06% for QCAP. On fees, QCAP is cheaper at 0.90% per year. On volatility, QCAP has been the lower-risk option at 0.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QCAP or QQQY?

Over the 1-year period, QQQY has performed better with a 36.38% return vs 11.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QCAP or QQQY?

QCAP is cheaper with a 0.90% expense ratio, compared with 0.99% for QQQY.

Which ETF pays a higher dividend yield, QCAP or QQQY?

QQQY has the higher dividend yield at 34.34%, compared with 0.00% for QCAP.

What is the main difference between QCAP and QQQY?

They also come from different issuers: FT Vest and Defiance. Their fees differ too: 0.90% for QCAP and 0.99% for QQQY.

Which has better risk-adjusted returns?

QCAP currently has the higher Sharpe Ratio (4.17 vs 2.68), 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.