QQA vs. XPAY

Last updated Jul 16, 2026

QQA (Invesco QQQ Income Advantage ETF) and XPAY (Roundhill S&P 500 Target 20 Managed Distribution ETF) are both Derivative Income funds. Both are actively managed. Over the past year, QQA returned 24.24% vs 21.54% for XPAY. Their correlation of 0.89 suggests significant overlap in exposure. QQA charges 0.29%/yr vs 0.49%/yr for XPAY.

Performance

QQA vs. XPAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco QQQ Income Advantage ETF (QQA) and Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQA achieves a 12.84% return, which is significantly higher than XPAY's 10.82% return.

QQA

• 1D: -0.26%
• 1M: -1.71%
• 6M: 11.95%
• YTD: 12.84%
• 1Y: 24.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XPAY

• 1D: 0.15%
• 1M: 0.14%
• 6M: 9.36%
• YTD: 10.82%
• 1Y: 21.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QQA vs. XPAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QQA Invesco QQQ Income Advantage ETF	12.84%	17.24%	2.76%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	10.82%	16.78%	1.60%

Correlation

The correlation between QQA and XPAY is 0.91, 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	0.91
Correlation (All Time) Calculated using the full available price history since Oct 31, 2024	0.89

The correlation between QQA and XPAY has been stable across timeframes, ranging from 0.89 to 0.91 - a consistent structural relationship.

QQA vs. XPAY - Sectors Allocation Comparison

Sectors	QQA	XPAY
Technology	58.7%	39.0%
Communication Services	14.3%	10.6%
Consumer Cyclical	11.4%	9.9%
Consumer Defensive	6.4%	4.5%
Healthcare	3.7%	8.3%
Industrials	2.6%	7.8%
Utilities	1.2%	2.1%
Basic Materials	1.0%	1.7%
Energy	0.5%	3.1%
Financial Services	0.2%	11.1%
Real Estate	0.1%	1.8%

Return for Risk

QQA vs. XPAY — Risk / Return Rank

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

QQA

QQA Risk / Return Rank: 66
QQA Sharpe Ratio Rank: 63
QQA Sortino Ratio Rank: 61
QQA Omega Ratio Rank: 62
QQA Calmar Ratio Rank: 69
QQA Martin Ratio Rank: 77

XPAY

XPAY Risk / Return Rank: 65
XPAY Sharpe Ratio Rank: 67
XPAY Sortino Ratio Rank: 65
XPAY Omega Ratio Rank: 66
XPAY Calmar Ratio Rank: 57
XPAY Martin Ratio Rank: 70

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. XPAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco QQQ Income Advantage ETF (QQA) and Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY). 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.

	QQA	XPAY	Difference
Sharpe ratio: Return per unit of total volatility	1.68	1.75	-0.07
Sortino ratio: Return per unit of downside risk	2.31	2.39	-0.08
Omega ratio: Gain probability vs. loss probability	1.30	1.32	-0.02
Calmar ratio: Return relative to maximum drawdown	2.78	2.32	+0.46
Martin ratio: Return relative to average drawdown	11.56	10.07	+1.50

QQA vs. XPAY - Sharpe Ratio Comparison

The current QQA Sharpe Ratio is 1.68, which is comparable to the XPAY Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of QQA and XPAY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

QQA vs. XPAY - Drawdown Comparison

The maximum QQA drawdown since its inception was -19.73%, which is greater than XPAY's maximum drawdown of -18.20%. Use the drawdown chart below to compare losses from any high point for QQA and XPAY.

Drawdown Indicators

	QQA	XPAY	Difference
Max Drawdown Largest peak-to-trough decline	-19.73%	-18.20%	-1.53%
Max Drawdown (1Y) Largest decline over 1 year	-8.76%	-9.34%	+0.58%
Current Drawdown Current decline from peak	-1.71%	-0.69%	-1.02%
Average Drawdown Average peak-to-trough decline	-2.51%	-2.35%	-0.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	2.15%	-0.05%

Volatility

QQA vs. XPAY - Volatility Comparison

Invesco QQQ Income Advantage ETF (QQA) has a higher volatility of 6.00% compared to Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) at 3.78%. This indicates that QQA's price experiences larger fluctuations and is considered to be riskier than XPAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQA	XPAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.00%	3.78%	+2.22%
Volatility (6M) Calculated over the trailing 6-month period	12.00%	9.81%	+2.19%
Volatility (1Y) Calculated over the trailing 1-year period	14.51%	12.40%	+2.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.59%	16.63%	+1.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.59%	16.63%	+1.96%

QQA vs. XPAY - Expense Ratio Comparison

QQA has a 0.29% expense ratio, which is lower than XPAY's 0.49% expense ratio.

Dividends

QQA vs. XPAY - Dividend Comparison

QQA's dividend yield for the trailing twelve months is around 9.66%, less than XPAY's 20.87% yield.

Position	TTM	2025	2024
QQA Invesco QQQ Income Advantage ETF	9.66%	9.78%	4.29%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	20.87%	21.21%	3.40%

Frequently Asked Questions

Can I hold both QQA and XPAY in my portfolio?

With a correlation of 0.91, QQA and XPAY 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 XPAY?

QQA has higher volatility (6.00%) compared to XPAY (3.78%). In terms of maximum drawdown, QQA dropped -19.73% vs XPAY's -18.20%.

Which ETF is better, QQA or XPAY?

On 1-year performance, QQA leads with 24.24% vs 21.54% for XPAY. On fees, QQA is cheaper at 0.29% per year. On volatility, XPAY has been the lower-risk option at 3.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQA or XPAY?

Over the 1-year period, QQA has performed better with a 24.24% return vs 21.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQA or XPAY?

QQA is cheaper with a 0.29% expense ratio, compared with 0.49% for XPAY.

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

XPAY has the higher dividend yield at 20.87%, compared with 9.66% for QQA.

What is the main difference between QQA and XPAY?

They also come from different issuers: Invesco and Roundhill. Their fees differ too: 0.29% for QQA and 0.49% for XPAY.

Which has better risk-adjusted returns?

XPAY currently has the higher Sharpe Ratio (1.75 vs 1.68), 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.