QQI.TO vs. USCL.TO

Last updated Jul 1, 2026

QQI.TO (BetaPro Nasdaq-100 Daily Inverse ETF) and USCL.TO (Global X Enhanced S&P 500 Covered Call ETF) are both exchange-traded funds - QQI.TO is a Nasdaq-100 fund tracking the NASDAQ-100 Index (-100%), while USCL.TO is a Derivative Income fund actively managed by Global X. QQI.TO is passively managed, while USCL.TO is actively managed. At a correlation of -0.69, they often move in opposite directions. QQI.TO charges 1.15%/yr vs 0.04%/yr for USCL.TO.

Performance

QQI.TO vs. USCL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BetaPro Nasdaq-100 Daily Inverse ETF (QQI.TO) and Global X Enhanced S&P 500 Covered Call ETF (USCL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQI.TO achieves a -16.04% return, which is significantly lower than USCL.TO's 14.39% return.

QQI.TO

• 1D: -2.02%
• 1M: -0.31%
• YTD: -16.04%
• 6M: -16.04%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

USCL.TO

• 1D: 0.75%
• 1M: 3.16%
• YTD: 14.39%
• 6M: 13.87%
• 1Y: 29.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QQI.TO vs. USCL.TO - Yearly Performance Comparison

	2026 (YTD)	2025
QQI.TO BetaPro Nasdaq-100 Daily Inverse ETF	-16.04%	-3.15%
USCL.TO Global X Enhanced S&P 500 Covered Call ETF	14.39%	3.75%

Correlation

The correlation between QQI.TO and USCL.TO is -0.69, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 22, 2025	-0.69

Return for Risk

QQI.TO vs. USCL.TO — Risk / Return Rank

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

QQI.TO

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

USCL.TO

USCL.TO Risk / Return Rank: 84
USCL.TO Sharpe Ratio Rank: 87
USCL.TO Sortino Ratio Rank: 85
USCL.TO Omega Ratio Rank: 88
USCL.TO Calmar Ratio Rank: 79
USCL.TO Martin Ratio Rank: 82

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.

QQI.TO vs. USCL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BetaPro Nasdaq-100 Daily Inverse ETF (QQI.TO) and Global X Enhanced S&P 500 Covered Call ETF (USCL.TO). 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.

	QQI.TO	USCL.TO	Difference
Sharpe ratio: Return per unit of total volatility	—	2.40	—
Sortino ratio: Return per unit of downside risk	—	3.22	—
Omega ratio: Gain probability vs. loss probability	—	1.46	—
Calmar ratio: Return relative to maximum drawdown	—	3.45	—
Martin ratio: Return relative to average drawdown	—	13.86	—

Drawdowns

QQI.TO vs. USCL.TO - Drawdown Comparison

The maximum QQI.TO drawdown since its inception was -25.23%, which is greater than USCL.TO's maximum drawdown of -21.85%. Use the drawdown chart below to compare losses from any high point for QQI.TO and USCL.TO.

Drawdown Indicators

	QQI.TO	USCL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-25.23%	-21.85%	-3.38%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.56%	—
Current Drawdown Current decline from peak	-24.72%	0.00%	-24.72%
Average Drawdown Average peak-to-trough decline	-8.42%	-2.51%	-5.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.13%	—

Volatility

Volatility by Period

	QQI.TO	USCL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.57%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.09%	—
Volatility (1Y) Calculated over the trailing 1-year period	20.26%	12.32%	+7.94%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.26%	15.64%	+4.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.26%	15.64%	+4.62%

QQI.TO vs. USCL.TO - Expense Ratio Comparison

QQI.TO has a 1.15% expense ratio, which is higher than USCL.TO's 0.04% expense ratio.

Dividends

QQI.TO vs. USCL.TO - Dividend Comparison

QQI.TO has not paid dividends to shareholders, while USCL.TO's dividend yield for the trailing twelve months is around 11.69%.

Position	TTM	2025	2024	2023
QQI.TO BetaPro Nasdaq-100 Daily Inverse ETF	0.00%	0.00%	0.00%	0.00%
USCL.TO Global X Enhanced S&P 500 Covered Call ETF	11.69%	12.94%	11.57%	7.08%

Frequently Asked Questions

Can I hold both QQI.TO and USCL.TO in my portfolio?

QQI.TO and USCL.TO have a correlation of -0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QQI.TO or USCL.TO?

On fees, USCL.TO is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QQI.TO or USCL.TO?

USCL.TO is cheaper with a 0.04% expense ratio, compared with 1.15% for QQI.TO.

What is the main difference between QQI.TO and USCL.TO?

QQI.TO is categorized as Nasdaq-100, while USCL.TO is Derivative Income. Their fees differ too: 1.15% for QQI.TO and 0.04% for USCL.TO.