QQQH vs. TSPY

Last updated Jun 13, 2026

QQQH (NEOS Nasdaq-100 Hedged Equity Income ETF) and TSPY (TappAlpha S&P 500 Growth & Daily Income ETF) are both exchange-traded funds - QQQH is a Nasdaq-100 fund managed by Neos, while TSPY is a Derivative Income fund actively managed by TappAlpha. Over the past year, QQQH returned 17.03% vs 23.35% for TSPY. Their correlation of 0.82 suggests significant overlap in exposure. Both charge a 0.68% expense ratio.

Performance

QQQH vs. TSPY - Performance Comparison

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

Returns By Period

In the year-to-date period, QQQH achieves a 6.04% return, which is significantly lower than TSPY's 6.81% return.

QQQH

• 1D: 0.43%
• 1M: 0.39%
• YTD: 6.04%
• 6M: 6.64%
• 1Y: 17.03%
• 3Y*: 19.00%
• 5Y*: 8.74%
• 10Y*: —

TSPY

• 1D: 0.91%
• 1M: -0.08%
• YTD: 6.81%
• 6M: 6.94%
• 1Y: 23.35%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QQQH vs. TSPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QQQH NEOS Nasdaq-100 Hedged Equity Income ETF	6.04%	14.17%	10.63%
TSPY TappAlpha S&P 500 Growth & Daily Income ETF	6.81%	17.29%	6.59%

Correlation

The correlation between QQQH and TSPY is 0.85, 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	0.85
Correlation (All Time) Calculated using the full available price history since Aug 15, 2024	0.82

The correlation between QQQH and TSPY has been stable across timeframes, ranging from 0.82 to 0.85 - a consistent structural relationship.

Return for Risk

QQQH vs. TSPY — Risk / Return Rank

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

QQQH

QQQH Risk / Return Rank: 58
QQQH Sharpe Ratio Rank: 56
QQQH Sortino Ratio Rank: 52
QQQH Omega Ratio Rank: 59
QQQH Calmar Ratio Rank: 56
QQQH Martin Ratio Rank: 65

TSPY

TSPY Risk / Return Rank: 66
TSPY Sharpe Ratio Rank: 69
TSPY Sortino Ratio Rank: 68
TSPY Omega Ratio Rank: 71
TSPY Calmar Ratio Rank: 56
TSPY Martin Ratio Rank: 67

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.

QQQH vs. TSPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Nasdaq-100 Hedged Equity Income ETF (QQQH) and TappAlpha S&P 500 Growth & Daily Income ETF (TSPY). 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	TSPY	Difference
Sharpe ratio: Return per unit of total volatility	1.66	1.94	-0.28
Sortino ratio: Return per unit of downside risk	2.25	2.66	-0.42
Omega ratio: Gain probability vs. loss probability	1.31	1.36	-0.05
Calmar ratio: Return relative to maximum drawdown	2.46	2.44	+0.02
Martin ratio: Return relative to average drawdown	10.33	10.57	-0.25

QQQH vs. TSPY - Sharpe Ratio Comparison

The current QQQH Sharpe Ratio is 1.66, which is comparable to the TSPY Sharpe Ratio of 1.94. The chart below compares the historical Sharpe Ratios of QQQH and TSPY, 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. TSPY - Drawdown Comparison

The maximum QQQH drawdown since its inception was -31.24%, which is greater than TSPY's maximum drawdown of -18.02%. Use the drawdown chart below to compare losses from any high point for QQQH and TSPY.

Drawdown Indicators

	QQQH	TSPY	Difference
Max Drawdown Largest peak-to-trough decline	-31.24%	-18.02%	-13.22%
Max Drawdown (1Y) Largest decline over 1 year	-6.96%	-9.63%	+2.67%
Max Drawdown (3Y) Largest decline over 3 years	-15.18%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.24%	—	—
Current Drawdown Current decline from peak	-1.75%	-2.32%	+0.57%
Average Drawdown Average peak-to-trough decline	-8.24%	-2.52%	-5.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.65%	2.21%	-0.56%

Volatility

QQQH vs. TSPY - Volatility Comparison

NEOS Nasdaq-100 Hedged Equity Income ETF (QQQH) and TappAlpha S&P 500 Growth & Daily Income ETF (TSPY) have volatilities of 4.05% and 4.11%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQQH	TSPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.05%	4.11%	-0.06%
Volatility (6M) Calculated over the trailing 6-month period	8.20%	9.40%	-1.20%
Volatility (1Y) Calculated over the trailing 1-year period	10.32%	12.11%	-1.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.28%	16.13%	-2.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.42%	16.13%	-2.71%

QQQH vs. TSPY - Expense Ratio Comparison

Both QQQH and TSPY have an expense ratio of 0.68%.

Dividends

QQQH vs. TSPY - Dividend Comparison

QQQH's dividend yield for the trailing twelve months is around 8.89%, less than TSPY's 13.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
QQQH NEOS Nasdaq-100 Hedged Equity Income ETF	8.89%	8.86%	7.53%	7.18%	9.05%	7.77%	7.48%	0.65%
TSPY TappAlpha S&P 500 Growth & Daily Income ETF	13.98%	13.69%	3.45%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QQQH and TSPY in my portfolio?

QQQH and TSPY have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQQH or TSPY?

TSPY has higher volatility (4.11%) compared to QQQH (4.05%). In terms of maximum drawdown, QQQH dropped -31.24% vs TSPY's -18.02%.

Which ETF is better, QQQH or TSPY?

On 1-year performance, TSPY leads with 23.35% vs 17.03% for QQQH. Both ETFs have the same 0.68% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQQH or TSPY?

Over the 1-year period, TSPY has performed better with a 23.35% return vs 17.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQH or TSPY?

QQQH and TSPY have the same expense ratio: 0.68% per year.

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

TSPY has the higher dividend yield at 13.98%, compared with 8.89% for QQQH.

What is the main difference between QQQH and TSPY?

QQQH is categorized as Nasdaq-100, while TSPY is Derivative Income. They also come from different issuers: Neos and TappAlpha.

Which has better risk-adjusted returns?

TSPY currently has the higher Sharpe Ratio (1.94 vs 1.66), 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.