QQA vs. EFAA

Last updated Jun 4, 2026

QQA (Invesco QQQ Income Advantage ETF) and EFAA (Invesco MSCI EAFE Income Advantage ETF) are both Derivative Income funds from Invesco. Both are actively managed. Over the past year, QQA returned 32.22% vs 18.26% for EFAA. A 0.58 correlation means they provide meaningful diversification when combined. QQA charges 0.29%/yr vs 0.39%/yr for EFAA.

Performance

QQA vs. EFAA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco QQQ Income Advantage ETF (QQA) and Invesco MSCI EAFE Income Advantage ETF (EFAA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQA achieves a 14.57% return, which is significantly higher than EFAA's 5.70% return.

QQA

• 1D: -0.10%
• 1M: 7.03%
• YTD: 14.57%
• 6M: 14.20%
• 1Y: 32.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EFAA

• 1D: -0.42%
• 1M: 2.87%
• YTD: 5.70%
• 6M: 8.09%
• 1Y: 18.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QQA vs. EFAA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QQA Invesco QQQ Income Advantage ETF	14.57%	17.24%	7.11%
EFAA Invesco MSCI EAFE Income Advantage ETF	5.70%	25.80%	-3.30%

Correlation

The correlation between QQA and EFAA is 0.65, 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	0.65
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024	0.58

The correlation between QQA and EFAA has been stable across timeframes, ranging from 0.58 to 0.65 - a consistent structural relationship.

QQA vs. EFAA - Sectors Allocation Comparison

Sectors	QQA	EFAA
Technology	53.8%	10.4%
Communication Services	15.8%	4.5%
Consumer Cyclical	12.3%	7.6%
Consumer Defensive	7.7%	6.8%
Healthcare	4.2%	10.5%
Industrials	2.8%	20.0%
Utilities	1.4%	3.9%
Basic Materials	1.1%	5.9%
Energy	0.6%	4.0%
Financial Services	0.2%	24.5%
Real Estate	0.1%	1.9%

Return for Risk

QQA vs. EFAA — Risk / Return Rank

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

QQA

QQA Risk / Return Rank: 77
QQA Sharpe Ratio Rank: 77
QQA Sortino Ratio Rank: 75
QQA Omega Ratio Rank: 76
QQA Calmar Ratio Rank: 73
QQA Martin Ratio Rank: 81

EFAA

EFAA Risk / Return Rank: 41
EFAA Sharpe Ratio Rank: 43
EFAA Sortino Ratio Rank: 43
EFAA Omega Ratio Rank: 43
EFAA Calmar Ratio Rank: 36
EFAA Martin Ratio Rank: 42

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.

QQA vs. EFAA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco QQQ Income Advantage ETF (QQA) and Invesco MSCI EAFE Income Advantage ETF (EFAA). 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.

	QQA	EFAA	Difference
Sharpe ratio Return per unit of total volatility	2.57	1.54	+1.03
Sortino ratio Return per unit of downside risk	3.47	2.17	+1.29
Omega ratio Gain probability vs. loss probability	1.46	1.28	+0.18
Calmar ratio Return relative to maximum drawdown	3.70	1.81	+1.89
Martin ratio Return relative to average drawdown	16.59	7.00	+9.59
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QQA vs. EFAA - Sharpe Ratio Comparison

The current QQA Sharpe Ratio is 2.57, which is higher than the EFAA Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of QQA and EFAA, 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

	QQA	EFAA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.57	1.54	+1.03
Sharpe Ratio (All Time) Calculated using the full available price history	1.18	1.11	+0.07

Drawdowns

QQA vs. EFAA - Drawdown Comparison

The maximum QQA drawdown since its inception was -19.73%, which is greater than EFAA's maximum drawdown of -11.97%. Use the drawdown chart below to compare losses from any high point for QQA and EFAA.

Drawdown Indicators

	QQA	EFAA	Difference
Max Drawdown Largest peak-to-trough decline	-19.73%	-11.97%	-7.76%
Max Drawdown (1Y) Largest decline over 1 year	-8.76%	-10.14%	+1.38%
Current Drawdown Current decline from peak	-0.10%	-1.22%	+1.12%
Average Drawdown Average peak-to-trough decline	-2.44%	-2.04%	-0.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	2.61%	-0.66%

Volatility

QQA vs. EFAA - Volatility Comparison

The current volatility for Invesco QQQ Income Advantage ETF (QQA) is 2.91%, while Invesco MSCI EAFE Income Advantage ETF (EFAA) has a volatility of 3.54%. This indicates that QQA experiences smaller price fluctuations and is considered to be less risky than EFAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQA	EFAA	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.91%	3.54%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	9.68%	9.72%	-0.04%
Volatility (1Y) Calculated over the trailing 1-year period	12.59%	11.96%	+0.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.27%	12.96%	+5.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.27%	12.96%	+5.31%

QQA vs. EFAA - Expense Ratio Comparison

QQA has a 0.29% expense ratio, which is lower than EFAA's 0.39% expense ratio.

Dividends

QQA vs. EFAA - Dividend Comparison

QQA's dividend yield for the trailing twelve months is around 9.29%, more than EFAA's 8.13% yield.

Position	TTM	2025	2024
EFAA Invesco MSCI EAFE Income Advantage ETF	8.13%	7.94%	3.29%
QQA Invesco QQQ Income Advantage ETF	9.29%	9.78%	4.29%

Frequently Asked Questions

Can I hold both QQA and EFAA in my portfolio?

QQA and EFAA have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQA or EFAA?

EFAA has higher volatility (3.54%) compared to QQA (2.91%). In terms of maximum drawdown, QQA dropped -19.73% vs EFAA's -11.97%.

Which ETF is better, QQA or EFAA?

On 1-year performance, QQA leads with 32.22% vs 18.26% for EFAA. On fees, QQA is cheaper at 0.29% per year. On volatility, QQA has been the lower-risk option at 2.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQA or EFAA?

Over the 1-year period, QQA has performed better with a 32.22% return vs 18.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQA or EFAA?

QQA is cheaper with a 0.29% expense ratio, compared with 0.39% for EFAA.

Which ETF pays a higher dividend yield, QQA or EFAA?

QQA has the higher dividend yield at 9.29%, compared with 8.13% for EFAA.

What is the main difference between QQA and EFAA?

Their fees differ too: 0.29% for QQA and 0.39% for EFAA.

Which has better risk-adjusted returns?

QQA currently has the higher Sharpe Ratio (2.57 vs 1.54), 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.