QLDY vs. TOPW

Last updated Jun 4, 2026

QLDY (Defiance Nasdaq 100 LightningSpread Income ETF) and TOPW (Roundhill Top WeeklyPay ETF) are both exchange-traded funds - QLDY is a Nasdaq-100 fund actively managed by Defiance, while TOPW is a Derivative Income fund tracking the Solactive Roundhill WeeklyPay Universe Index. QLDY is actively managed, while TOPW is passively managed. Their correlation of 0.81 suggests significant overlap in exposure. QLDY charges 1.04%/yr vs 0.99%/yr for TOPW.

Performance

QLDY vs. TOPW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Nasdaq 100 LightningSpread Income ETF (QLDY) and Roundhill Top WeeklyPay ETF (TOPW). 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 TOPW's 7.71% return.

QLDY

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

TOPW

• 1D: -1.52%
• 1M: 3.60%
• YTD: 7.71%
• 6M: -0.67%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QLDY vs. TOPW - Yearly Performance Comparison

	2026 (YTD)	2025
QLDY Defiance Nasdaq 100 LightningSpread Income ETF	19.28%	1.50%
TOPW Roundhill Top WeeklyPay ETF	7.71%	-8.61%

Correlation

The correlation between QLDY and TOPW is 0.81, 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	0.81

Return for Risk

QLDY vs. TOPW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Nasdaq 100 LightningSpread Income ETF (QLDY) and Roundhill Top WeeklyPay ETF (TOPW). 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	TOPW	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	1.60	0.25	+1.35

Drawdowns

QLDY vs. TOPW - Drawdown Comparison

The maximum QLDY drawdown since its inception was -17.44%, smaller than the maximum TOPW drawdown of -29.87%. Use the drawdown chart below to compare losses from any high point for QLDY and TOPW.

Drawdown Indicators

	QLDY	TOPW	Difference
Max Drawdown Largest peak-to-trough decline	-17.44%	-29.87%	+12.43%
Current Drawdown Current decline from peak	0.00%	-10.02%	+10.02%
Average Drawdown Average peak-to-trough decline	-4.25%	-12.88%	+8.63%

Volatility

Volatility by Period

	QLDY	TOPW	Difference
Volatility (1Y) Calculated over the trailing 1-year period	19.57%	27.36%	-7.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.57%	27.36%	-7.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.57%	27.36%	-7.79%

QLDY vs. TOPW - Expense Ratio Comparison

QLDY has a 1.04% expense ratio, which is higher than TOPW's 0.99% expense ratio.

Dividends

QLDY vs. TOPW - Dividend Comparison

QLDY's dividend yield for the trailing twelve months is around 21.47%, less than TOPW's 40.33% yield.

Position	TTM	2025
QLDY Defiance Nasdaq 100 LightningSpread Income ETF	21.47%	9.34%
TOPW Roundhill Top WeeklyPay ETF	40.33%	21.52%

Frequently Asked Questions

Can I hold both QLDY and TOPW in my portfolio?

QLDY and TOPW have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QLDY or TOPW?

On fees, TOPW is cheaper at 0.99% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QLDY or TOPW?

TOPW is cheaper with a 0.99% expense ratio, compared with 1.04% for QLDY.

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

TOPW has the higher dividend yield at 40.33%, compared with 21.47% for QLDY.

What is the main difference between QLDY and TOPW?

QLDY is categorized as Nasdaq-100, while TOPW is Derivative Income. They also come from different issuers: Defiance and Roundhill Investments. Their fees differ too: 1.04% for QLDY and 0.99% for TOPW.