QQA vs. SPYI

Last updated Jun 4, 2026

QQA (Invesco QQQ Income Advantage ETF) and SPYI (NEOS S&P 500 High Income ETF) are both Derivative Income funds. Both are actively managed. Over the past year, QQA returned 32.22% vs 22.76% for SPYI. Their correlation of 0.90 suggests significant overlap in exposure. QQA charges 0.29%/yr vs 0.68%/yr for SPYI.

Performance

QQA vs. SPYI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco QQQ Income Advantage ETF (QQA) and NEOS S&P 500 High Income ETF (SPYI). 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 SPYI's 7.72% return.

QQA

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

SPYI

• 1D: -0.50%
• 1M: 3.71%
• YTD: 7.72%
• 6M: 8.37%
• 1Y: 22.76%
• 3Y*: 16.41%
• 5Y*: —
• 10Y*: —

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

QQA vs. SPYI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QQA Invesco QQQ Income Advantage ETF	14.57%	17.24%	7.11%
SPYI NEOS S&P 500 High Income ETF	7.72%	16.67%	5.99%

Correlation

The correlation between QQA and SPYI is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024	0.90

The correlation between QQA and SPYI has been stable across timeframes, ranging from 0.90 to 0.92 - a consistent structural relationship.

QQA vs. SPYI - Sectors Allocation Comparison

Sectors	QQA	SPYI
Technology	53.8%	35.5%
Communication Services	15.8%	11.2%
Consumer Cyclical	12.3%	10.1%
Consumer Defensive	7.7%	4.9%
Healthcare	4.2%	8.5%
Industrials	2.8%	8.4%
Utilities	1.4%	2.3%
Basic Materials	1.1%	1.8%
Energy	0.6%	3.5%
Financial Services	0.2%	11.8%
Real Estate	0.1%	2.0%

Return for Risk

QQA vs. SPYI — 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

SPYI

SPYI Risk / Return Rank: 71
SPYI Sharpe Ratio Rank: 71
SPYI Sortino Ratio Rank: 70
SPYI Omega Ratio Rank: 76
SPYI Calmar Ratio Rank: 58
SPYI Martin Ratio Rank: 78

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. SPYI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco QQQ Income Advantage ETF (QQA) and NEOS S&P 500 High Income ETF (SPYI). 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	SPYI	Difference
Sharpe ratio Return per unit of total volatility	2.57	2.38	+0.20
Sortino ratio Return per unit of downside risk	3.47	3.26	+0.20
Omega ratio Gain probability vs. loss probability	1.46	1.47	0.00
Calmar ratio Return relative to maximum drawdown	3.70	2.96	+0.73
Martin ratio Return relative to average drawdown	16.59	15.43	+1.16
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. SPYI - Sharpe Ratio Comparison

The current QQA Sharpe Ratio is 2.57, which is comparable to the SPYI Sharpe Ratio of 2.38. The chart below compares the historical Sharpe Ratios of QQA and SPYI, 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	SPYI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.57	2.38	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	1.18	1.21	-0.04

Drawdowns

QQA vs. SPYI - Drawdown Comparison

The maximum QQA drawdown since its inception was -19.73%, which is greater than SPYI's maximum drawdown of -16.47%. Use the drawdown chart below to compare losses from any high point for QQA and SPYI.

Drawdown Indicators

	QQA	SPYI	Difference
Max Drawdown Largest peak-to-trough decline	-19.73%	-16.47%	-3.26%
Max Drawdown (1Y) Largest decline over 1 year	-8.76%	-7.72%	-1.04%
Max Drawdown (3Y) Largest decline over 3 years	—	-16.47%	—
Current Drawdown Current decline from peak	-0.10%	-0.50%	+0.40%
Average Drawdown Average peak-to-trough decline	-2.44%	-1.80%	-0.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	1.48%	+0.47%

Volatility

QQA vs. SPYI - Volatility Comparison

Invesco QQQ Income Advantage ETF (QQA) has a higher volatility of 2.91% compared to NEOS S&P 500 High Income ETF (SPYI) at 1.82%. This indicates that QQA's price experiences larger fluctuations and is considered to be riskier than SPYI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQA	SPYI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.91%	1.82%	+1.09%
Volatility (6M) Calculated over the trailing 6-month period	9.68%	7.41%	+2.27%
Volatility (1Y) Calculated over the trailing 1-year period	12.59%	9.63%	+2.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.27%	12.92%	+5.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.27%	12.92%	+5.35%

QQA vs. SPYI - Expense Ratio Comparison

QQA has a 0.29% expense ratio, which is lower than SPYI's 0.68% expense ratio.

Dividends

QQA vs. SPYI - Dividend Comparison

QQA's dividend yield for the trailing twelve months is around 9.29%, less than SPYI's 11.64% yield.

Position	TTM	2025	2024	2023	2022
QQA Invesco QQQ Income Advantage ETF	9.29%	9.78%	4.29%	0.00%	0.00%
SPYI NEOS S&P 500 High Income ETF	11.64%	11.70%	12.04%	12.01%	4.10%

Frequently Asked Questions

Can I hold both QQA and SPYI in my portfolio?

With a correlation of 0.92, QQA and SPYI 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 is riskier, QQA or SPYI?

QQA has higher volatility (2.91%) compared to SPYI (1.82%). In terms of maximum drawdown, QQA dropped -19.73% vs SPYI's -16.47%.

Which ETF is better, QQA or SPYI?

On 1-year performance, QQA leads with 32.22% vs 22.76% for SPYI. On fees, QQA is cheaper at 0.29% per year. On volatility, SPYI has been the lower-risk option at 1.82%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQA or SPYI?

Over the 1-year period, QQA has performed better with a 32.22% return vs 22.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQA or SPYI?

QQA is cheaper with a 0.29% expense ratio, compared with 0.68% for SPYI.

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

SPYI has the higher dividend yield at 11.64%, compared with 9.29% for QQA.

What is the main difference between QQA and SPYI?

They also come from different issuers: Invesco and Neos. Their fees differ too: 0.29% for QQA and 0.68% for SPYI.

Which has better risk-adjusted returns?

QQA currently has the higher Sharpe Ratio (2.57 vs 2.38), 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.