QQQH vs. SPY

Last updated Jul 31, 2026

QQQH (NEOS Nasdaq-100 Hedged Equity Income ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - QQQH is a Nasdaq-100 fund actively managed by Neos, while SPY is a S&P 500 fund tracking the S&P 500 Index. QQQH is actively managed, while SPY is passively managed. Over the past 5 years, QQQH returned 7.28%/yr vs 12.60%/yr for SPY. Their correlation of 0.83 means they have usually moved in the same direction. QQQH charges 0.68%/yr vs 0.09%/yr for SPY.

Performance

QQQH vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Nasdaq-100 Hedged Equity Income ETF (QQQH) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQQH achieves a 3.59% return, which is significantly lower than SPY's 9.34% return.

QQQH

• 1D: 1.91%
• 1M: -3.71%
• 6M: 2.10%
• YTD: 3.59%
• 1Y: 10.02%
• 3Y*: 16.69%
• 5Y*: 7.28%
• 10Y*: —
• ALL TIME*: 9.56%

SPY

• 1D: 1.68%
• 1M: -0.68%
• 6M: 7.43%
• YTD: 9.34%
• 1Y: 18.20%
• 3Y*: 18.92%
• 5Y*: 12.60%
• 10Y*: 14.91%
• ALL TIME*: 10.77%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QQQH NEOS Nasdaq-100 Hedged Equity Income ETF	$1.63M	$1.64M	$1.78M
SPY State Street SPDR S&P 500 ETF	$36.82B	$35.23B	$39.04B

QQQH vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
QQQH NEOS Nasdaq-100 Hedged Equity Income ETF	3.59%	14.17%	25.98%	30.96%	-28.35%	9.76%	18.62%	0.47%
SPY State Street SPDR S&P 500 ETF	9.34%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	0.79%

Correlation

The correlation between QQQH and SPY is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.89
Correlation (5Y) Shows whether the relationship held over a longer period.	0.86
Correlation (All Time) Calculated using the full available price history since Dec 20, 2019	0.83

The correlation between QQQH and SPY has been stable across timeframes, ranging from 0.83 to 0.91 - a consistent structural relationship.

QQQH vs. SPY - Sectors Allocation Comparison

Sectors	QQQH	SPY
Technology	58.6%	38.4%
Communication Services	12.4%	9.2%
Consumer Cyclical	10.4%	8.8%
Consumer Defensive	6.3%	4.5%
Industrials	3.7%	8.3%
Healthcare	3.5%	9.1%
Utilities	1.2%	2.3%
Basic Materials	1.0%	1.7%
Energy	0.5%	3.4%
Financial Services	0.2%	12.1%
Real Estate	0.1%	1.9%

Return for Risk

QQQH vs. SPY — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QQQH

QQQH Risk / Return Rank: 40
QQQH Sharpe Ratio Rank: 37
QQQH Sortino Ratio Rank: 35
QQQH Omega Ratio Rank: 36
QQQH Calmar Ratio Rank: 43
QQQH Martin Ratio Rank: 49

SPY

SPY Risk / Return Rank: 65
SPY Sharpe Ratio Rank: 64
SPY Sortino Ratio Rank: 62
SPY Omega Ratio Rank: 62
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 75

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QQQH vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Nasdaq-100 Hedged Equity Income ETF (QQQH) and State Street SPDR S&P 500 ETF (SPY). 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.

	QQQH	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.88	1.42	-0.54
Sortino ratio: Return per unit of downside risk	1.26	1.99	-0.73
Omega ratio: Gain probability vs. loss probability	1.16	1.25	-0.09
Calmar ratio: Return relative to maximum drawdown	1.45	2.06	-0.61
Martin ratio: Return relative to average drawdown	5.37	8.77	-3.40

QQQH vs. SPY - Sharpe Ratio Comparison

The current QQQH Sharpe Ratio is 0.88, which is lower than the SPY Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of QQQH and SPY, 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

QQQH vs. SPY - Drawdown Comparison

The maximum QQQH drawdown since its inception was -31.24%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for QQQH and SPY.

Drawdown Indicators

	QQQH	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-31.24%	-55.19%	+23.95%
Max Drawdown (1Y) Largest decline over 1 year	-6.96%	-8.88%	+1.92%
Max Drawdown (3Y) Largest decline over 3 years	-15.18%	-18.76%	+3.58%
Max Drawdown (5Y) Largest decline over 5 years	-31.24%	-24.50%	-6.74%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-4.02%	-2.10%	-1.92%
Average Drawdown Average peak-to-trough decline	-8.12%	-9.01%	+0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.87%	2.08%	-0.21%

Volatility

QQQH vs. SPY - Volatility Comparison

NEOS Nasdaq-100 Hedged Equity Income ETF (QQQH) has a higher volatility of 4.03% compared to State Street SPDR S&P 500 ETF (SPY) at 3.50%. This indicates that QQQH's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQQH	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.03%	3.50%	+0.53%
Volatility (6M) Calculated over the trailing 6-month period	9.28%	10.13%	-0.85%
Volatility (1Y) Calculated over the trailing 1-year period	11.47%	12.88%	-1.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.45%	17.18%	-3.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.46%	17.95%	-4.49%

QQQH vs. SPY - Expense Ratio Comparison

QQQH has a 0.68% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

QQQH vs. SPY - Dividend Comparison

QQQH's dividend yield for the trailing twelve months is around 9.21%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQH NEOS Nasdaq-100 Hedged Equity Income ETF	9.21%	8.86%	7.53%	7.18%	9.05%	7.77%	7.48%	0.65%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both QQQH and SPY in my portfolio?

With a correlation of 0.91, QQQH and SPY 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, QQQH or SPY?

QQQH has higher volatility (4.03%) compared to SPY (3.50%). In terms of maximum drawdown, QQQH dropped -31.24% vs SPY's -55.19%.

Which ETF is better, QQQH or SPY?

On 5-year performance, SPY leads with 12.60% vs 7.28% for QQQH. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQQH or SPY?

Over the 5-year period, SPY has performed better with a 12.60% return vs 7.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQH or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.68% for QQQH.

Which ETF pays a higher dividend yield, QQQH or SPY?

QQQH has the higher dividend yield at 9.21%, compared with 1.01% for SPY.

What is the main difference between QQQH and SPY?

QQQH is categorized as Nasdaq-100, while SPY is S&P 500. They also come from different issuers: Neos and State Street. Their fees differ too: 0.68% for QQQH and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.42 vs 0.88), 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.