QQQD vs. FIAT

Last updated Jul 17, 2026

QQQD (Direxion Daily Magnificent 7 Bear 1X Shares) and FIAT (YieldMax Short COIN Option Income Strategy ETF) are both exchange-traded funds - QQQD is a Inverse Equities fund tracking the Indxx Magnificent 7 Index (-100%), while FIAT is a Derivative Income fund actively managed by YieldMax. QQQD is passively managed, while FIAT is actively managed. Over the past year, QQQD returned -16.58% vs 58.74% for FIAT. A 0.54 correlation means they provide meaningful diversification when combined. QQQD charges 0.57%/yr vs 0.99%/yr for FIAT.

Performance

QQQD vs. FIAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Magnificent 7 Bear 1X Shares (QQQD) and YieldMax Short COIN Option Income Strategy ETF (FIAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQQD achieves a -2.58% return, which is significantly lower than FIAT's 13.14% return.

QQQD

• 1D: 1.30%
• 1M: -2.56%
• 6M: -4.14%
• YTD: -2.58%
• 1Y: -16.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FIAT

• 1D: 3.25%
• 1M: 2.71%
• 6M: 17.49%
• YTD: 13.14%
• 1Y: 58.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QQQD vs. FIAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QQQD Direxion Daily Magnificent 7 Bear 1X Shares	-2.58%	-20.32%	-9.86%
FIAT YieldMax Short COIN Option Income Strategy ETF	13.14%	-24.17%	-28.04%

Correlation

The correlation between QQQD and FIAT is 0.52, 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	0.52
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024	0.54

The correlation between QQQD and FIAT has been stable across timeframes, ranging from 0.52 to 0.54 - a consistent structural relationship.

Return for Risk

QQQD vs. FIAT — Risk / Return Rank

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

QQQD

QQQD Risk / Return Rank: 3
QQQD Sharpe Ratio Rank: 3
QQQD Sortino Ratio Rank: 3
QQQD Omega Ratio Rank: 4
QQQD Calmar Ratio Rank: 3
QQQD Martin Ratio Rank: 3

FIAT

FIAT Risk / Return Rank: 37
FIAT Sharpe Ratio Rank: 38
FIAT Sortino Ratio Rank: 36
FIAT Omega Ratio Rank: 39
FIAT Calmar Ratio Rank: 41
FIAT Martin Ratio Rank: 31

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.

QQQD vs. FIAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Magnificent 7 Bear 1X Shares (QQQD) and YieldMax Short COIN Option Income Strategy ETF (FIAT). 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.

	QQQD	FIAT	Difference
Sharpe ratio: Return per unit of total volatility	-0.77	1.12	-1.89
Sortino ratio: Return per unit of downside risk	-1.04	1.60	-2.63
Omega ratio: Gain probability vs. loss probability	0.89	1.22	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.76	1.72	-2.48
Martin ratio: Return relative to average drawdown	-1.29	3.68	-4.98

QQQD vs. FIAT - Sharpe Ratio Comparison

The current QQQD Sharpe Ratio is -0.77, which is lower than the FIAT Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of QQQD and FIAT, 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

QQQD vs. FIAT - Drawdown Comparison

The maximum QQQD drawdown since its inception was -49.47%, smaller than the maximum FIAT drawdown of -70.50%. Use the drawdown chart below to compare losses from any high point for QQQD and FIAT.

Drawdown Indicators

	QQQD	FIAT	Difference
Max Drawdown Largest peak-to-trough decline	-49.47%	-70.50%	+21.03%
Max Drawdown (1Y) Largest decline over 1 year	-21.94%	-34.22%	+12.28%
Current Drawdown Current decline from peak	-47.33%	-51.24%	+3.91%
Average Drawdown Average peak-to-trough decline	-31.02%	-45.56%	+14.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.85%	16.00%	-3.15%

Volatility

QQQD vs. FIAT - Volatility Comparison

The current volatility for Direxion Daily Magnificent 7 Bear 1X Shares (QQQD) is 7.77%, while YieldMax Short COIN Option Income Strategy ETF (FIAT) has a volatility of 13.83%. This indicates that QQQD experiences smaller price fluctuations and is considered to be less risky than FIAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQQD	FIAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.77%	13.83%	-6.06%
Volatility (6M) Calculated over the trailing 6-month period	16.79%	43.70%	-26.91%
Volatility (1Y) Calculated over the trailing 1-year period	21.50%	52.71%	-31.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.82%	59.95%	-33.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.82%	59.95%	-33.13%

QQQD vs. FIAT - Expense Ratio Comparison

QQQD has a 0.57% expense ratio, which is lower than FIAT's 0.99% expense ratio.

Dividends

QQQD vs. FIAT - Dividend Comparison

QQQD's dividend yield for the trailing twelve months is around 3.16%, less than FIAT's 108.57% yield.

Position	TTM	2025	2024
FIAT YieldMax Short COIN Option Income Strategy ETF	108.57%	178.11%	70.99%
QQQD Direxion Daily Magnificent 7 Bear 1X Shares	3.16%	4.33%	5.17%

Frequently Asked Questions

Can I hold both QQQD and FIAT in my portfolio?

QQQD and FIAT have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQQD or FIAT?

FIAT has higher volatility (13.83%) compared to QQQD (7.77%). In terms of maximum drawdown, QQQD dropped -49.47% vs FIAT's -70.50%.

Which ETF is better, QQQD or FIAT?

On 1-year performance, FIAT leads with 58.74% vs -16.58% for QQQD. On fees, QQQD is cheaper at 0.57% per year. On volatility, QQQD has been the lower-risk option at 7.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQQD or FIAT?

Over the 1-year period, FIAT has performed better with a 58.74% return vs -16.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQD or FIAT?

QQQD is cheaper with a 0.57% expense ratio, compared with 0.99% for FIAT.

Which ETF pays a higher dividend yield, QQQD or FIAT?

FIAT has the higher dividend yield at 108.57%, compared with 3.16% for QQQD.

What is the main difference between QQQD and FIAT?

QQQD is categorized as Inverse Equities, while FIAT is Derivative Income. They also come from different issuers: Direxion and YieldMax. Their fees differ too: 0.57% for QQQD and 0.99% for FIAT.

Which has better risk-adjusted returns?

FIAT currently has the higher Sharpe Ratio (1.12 vs -0.77), 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.