QNDX vs. QQQY

Last updated Jul 17, 2026

QNDX (SPDR Portfolio Nasdaq 100 ETF) and QQQY (Defiance Nasdaq 100 Enhanced Options Income ETF) are both Nasdaq-100 funds. QNDX is passively managed, while QQQY is actively managed. With a 0.99 correlation, they move nearly in lockstep. QNDX charges 0.10%/yr vs 0.99%/yr for QQQY.

Performance

QNDX vs. QQQY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Portfolio Nasdaq 100 ETF (QNDX) and Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

QNDX

• 1D: -1.56%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QQQY

• 1D: -1.64%
• 1M: -2.35%
• 6M: 12.95%
• YTD: 14.37%
• 1Y: 24.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QNDX vs. QQQY - Yearly Performance Comparison

	2026 (YTD)
QNDX SPDR Portfolio Nasdaq 100 ETF	-1.16%
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	-0.28%

Correlation

The correlation between QNDX and QQQY is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 24, 2026	0.99

Return for Risk

QNDX vs. QQQY — Risk / Return Rank

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

QNDX

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

QQQY

QQQY Risk / Return Rank: 53
QQQY Sharpe Ratio Rank: 52
QQQY Sortino Ratio Rank: 46
QQQY Omega Ratio Rank: 53
QQQY Calmar Ratio Rank: 53
QQQY Martin Ratio Rank: 60

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.

QNDX vs. QQQY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Portfolio Nasdaq 100 ETF (QNDX) 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.

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.

	QNDX	QQQY	Difference
Sharpe ratio: Return per unit of total volatility	—	1.45	—
Sortino ratio: Return per unit of downside risk	—	1.93	—
Omega ratio: Gain probability vs. loss probability	—	1.27	—
Calmar ratio: Return relative to maximum drawdown	—	2.17	—
Martin ratio: Return relative to average drawdown	—	8.48	—

Drawdowns

QNDX vs. QQQY - Drawdown Comparison

The maximum QNDX drawdown since its inception was -4.09%, smaller than the maximum QQQY drawdown of -19.05%. Use the drawdown chart below to compare losses from any high point for QNDX and QQQY.

Drawdown Indicators

	QNDX	QQQY	Difference
Max Drawdown Largest peak-to-trough decline	-4.09%	-19.05%	+14.96%
Max Drawdown (1Y) Largest decline over 1 year	—	-11.14%	—
Current Drawdown Current decline from peak	-4.09%	-4.30%	+0.21%
Average Drawdown Average peak-to-trough decline	-1.91%	-2.91%	+1.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.85%	—

Volatility

Volatility by Period

	QNDX	QQQY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.19%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.62%	—
Volatility (1Y) Calculated over the trailing 1-year period	22.37%	16.67%	+5.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.37%	15.58%	+6.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.37%	15.58%	+6.79%

QNDX vs. QQQY - Expense Ratio Comparison

QNDX has a 0.10% expense ratio, which is lower than QQQY's 0.99% expense ratio.

Dividends

QNDX vs. QQQY - Dividend Comparison

QNDX has not paid dividends to shareholders, while QQQY's dividend yield for the trailing twelve months is around 37.71%.

Position	TTM	2025	2024	2023
QNDX SPDR Portfolio Nasdaq 100 ETF	0.00%	0.00%	0.00%	0.00%
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	37.71%	45.34%	83.34%	20.64%

Frequently Asked Questions

Can I hold both QNDX and QQQY in my portfolio?

With a correlation of 0.99, QNDX and QQQY 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, QNDX or QQQY?

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, QNDX or QQQY?

QNDX is cheaper with a 0.10% expense ratio, compared with 0.99% for QQQY.

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

QQQY has the higher dividend yield at 37.71%, compared with 0.00% for QNDX.

What is the main difference between QNDX and QQQY?

They also come from different issuers: State Street and Defiance. Their fees differ too: 0.10% for QNDX and 0.99% for QQQY.