QLDY vs. SPYT

Last updated Jun 5, 2026

QLDY (Defiance Nasdaq 100 LightningSpread Income ETF) and SPYT (Defiance S&P 500 Income Target ETF) are both exchange-traded funds - QLDY is a Nasdaq-100 fund actively managed by Defiance, while SPYT is a Derivative Income fund actively managed by Defiance. Both are actively managed. Their correlation of 0.90 suggests significant overlap in exposure. QLDY charges 1.04%/yr vs 0.87%/yr for SPYT.

Performance

QLDY vs. SPYT - Performance Comparison

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

Returns By Period

In the year-to-date period, QLDY achieves a 18.34% return, which is significantly higher than SPYT's 10.13% return.

QLDY

• 1D: -0.79%
• 1M: 9.29%
• YTD: 18.34%
• 6M: 15.88%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPYT

• 1D: 0.40%
• 1M: 3.68%
• YTD: 10.13%
• 6M: 10.06%
• 1Y: 23.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QLDY vs. SPYT - Yearly Performance Comparison

	2026 (YTD)	2025
QLDY Defiance Nasdaq 100 LightningSpread Income ETF	18.34%	1.50%
SPYT Defiance S&P 500 Income Target ETF	10.13%	2.12%

Correlation

The correlation between QLDY and SPYT is 0.90, 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	0.90

Return for Risk

QLDY vs. SPYT — Risk / Return Rank

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

SPYT

SPYT Risk / Return Rank: 69
SPYT Sharpe Ratio Rank: 68
SPYT Sortino Ratio Rank: 67
SPYT Omega Ratio Rank: 74
SPYT Calmar Ratio Rank: 61
SPYT 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. SPYT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Nasdaq 100 LightningSpread Income ETF (QLDY) and Defiance S&P 500 Income Target ETF (SPYT). 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	SPYT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.21	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.52	1.10	+0.42

Drawdowns

QLDY vs. SPYT - Drawdown Comparison

The maximum QLDY drawdown since its inception was -17.44%, roughly equal to the maximum SPYT drawdown of -18.25%. Use the drawdown chart below to compare losses from any high point for QLDY and SPYT.

Drawdown Indicators

	QLDY	SPYT	Difference
Max Drawdown Largest peak-to-trough decline	-17.44%	-18.25%	+0.81%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.00%	—
Current Drawdown Current decline from peak	-0.79%	-0.28%	-0.51%
Average Drawdown Average peak-to-trough decline	-4.23%	-2.00%	-2.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.72%	—

Volatility

Volatility by Period

	QLDY	SPYT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.53%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.33%	—
Volatility (1Y) Calculated over the trailing 1-year period	19.55%	10.86%	+8.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.55%	14.79%	+4.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.55%	14.79%	+4.76%

QLDY vs. SPYT - Expense Ratio Comparison

QLDY has a 1.04% expense ratio, which is higher than SPYT's 0.87% expense ratio.

Dividends

QLDY vs. SPYT - Dividend Comparison

QLDY's dividend yield for the trailing twelve months is around 21.64%, more than SPYT's 20.65% yield.

Position	TTM	2025	2024
QLDY Defiance Nasdaq 100 LightningSpread Income ETF	21.64%	9.34%	0.00%
SPYT Defiance S&P 500 Income Target ETF	20.65%	21.40%	17.37%

Frequently Asked Questions

Can I hold both QLDY and SPYT in my portfolio?

With a correlation of 0.90, QLDY and SPYT 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 SPYT?

On fees, SPYT is cheaper at 0.87% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QLDY or SPYT?

SPYT is cheaper with a 0.87% expense ratio, compared with 1.04% for QLDY.

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

QLDY has the higher dividend yield at 21.64%, compared with 20.65% for SPYT.

What is the main difference between QLDY and SPYT?

QLDY is categorized as Nasdaq-100, while SPYT is Derivative Income. Their fees differ too: 1.04% for QLDY and 0.87% for SPYT.