QLDY vs. SPY

Last updated Jun 4, 2026

QLDY (Defiance Nasdaq 100 LightningSpread Income ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - QLDY is a Nasdaq-100 fund actively managed by Defiance, while SPY is a S&P 500 fund tracking the S&P 500 Index. QLDY is actively managed, while SPY is passively managed. Their correlation of 0.94 suggests significant overlap in exposure. QLDY charges 1.04%/yr vs 0.09%/yr for SPY.

Performance

QLDY vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Nasdaq 100 LightningSpread Income ETF (QLDY) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QLDY achieves a 19.28% return, which is significantly higher than SPY's 10.91% return.

QLDY

• 1D: 0.03%
• 1M: 11.63%
• YTD: 19.28%
• 6M: 16.55%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.70%
• 1M: 5.05%
• YTD: 10.91%
• 6M: 10.91%
• 1Y: 27.98%
• 3Y*: 22.35%
• 5Y*: 13.83%
• 10Y*: 15.49%

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

QLDY vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025
QLDY Defiance Nasdaq 100 LightningSpread Income ETF	19.28%	1.50%
SPY State Street SPDR S&P 500 ETF	10.91%	3.56%

Correlation

The correlation between QLDY and SPY is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 19, 2025	0.94

Return for Risk

QLDY vs. SPY — Risk / Return Rank

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

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 70
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

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.

QLDY vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Nasdaq 100 LightningSpread Income ETF (QLDY) and State Street SPDR S&P 500 ETF (SPY). 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.

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

Sharpe Ratios by Period

	QLDY	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.38	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.60	0.59	+1.02

Drawdowns

QLDY vs. SPY - Drawdown Comparison

The maximum QLDY drawdown since its inception was -17.44%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for QLDY and SPY.

Drawdown Indicators

	QLDY	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-17.44%	-55.19%	+37.75%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.88%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	0.00%	-0.70%	+0.70%
Average Drawdown Average peak-to-trough decline	-4.25%	-9.05%	+4.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.91%	—

Volatility

Volatility by Period

	QLDY	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.84%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.90%	—
Volatility (1Y) Calculated over the trailing 1-year period	19.57%	11.83%	+7.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.57%	17.05%	+2.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.57%	17.94%	+1.63%

QLDY vs. SPY - Expense Ratio Comparison

QLDY has a 1.04% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

QLDY vs. SPY - Dividend Comparison

QLDY's dividend yield for the trailing twelve months is around 21.47%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QLDY Defiance Nasdaq 100 LightningSpread Income ETF	21.47%	9.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both QLDY and SPY in my portfolio?

With a correlation of 0.94, QLDY and SPY 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, QLDY or SPY?

On fees, SPY is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QLDY or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 1.04% for QLDY.

Which ETF pays a higher dividend yield, QLDY or SPY?

QLDY has the higher dividend yield at 21.47%, compared with 0.98% for SPY.

What is the main difference between QLDY and SPY?

QLDY is categorized as Nasdaq-100, while SPY is S&P 500. They also come from different issuers: Defiance and State Street. Their fees differ too: 1.04% for QLDY and 0.09% for SPY.