QQQI vs. EWP

Last updated Jun 9, 2026

QQQI (NEOS Nasdaq-100 High Income ETF) and EWP (iShares MSCI Spain ETF) are both exchange-traded funds - QQQI is a Nasdaq-100 fund actively managed by Neos, while EWP is a Europe Equities fund tracking the MSCI Spain Index. QQQI is actively managed, while EWP is passively managed. Over the past year, QQQI returned 25.86% vs 33.13% for EWP. At a 0.40 correlation, their price movements are largely independent. QQQI charges 0.68%/yr vs 0.50%/yr for EWP.

Performance

QQQI vs. EWP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Nasdaq-100 High Income ETF (QQQI) and iShares MSCI Spain ETF (EWP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQQI achieves a 9.93% return, which is significantly higher than EWP's 5.10% return.

QQQI

• 1D: 1.27%
• 1M: -0.05%
• YTD: 9.93%
• 6M: 9.25%
• 1Y: 25.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

EWP

• 1D: -0.23%
• 1M: -1.00%
• YTD: 5.10%
• 6M: 9.82%
• 1Y: 33.13%
• 3Y*: 30.85%
• 5Y*: 16.75%
• 10Y*: 11.50%

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

QQQI vs. EWP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QQQI NEOS Nasdaq-100 High Income ETF	9.93%	18.62%	19.83%
EWP iShares MSCI Spain ETF	5.10%	78.03%	9.27%

Correlation

The correlation between QQQI and EWP is 0.55, 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	0.55
Correlation (All Time) Calculated using the full available price history since Jan 31, 2024	0.40

The correlation between QQQI and EWP shifts across timeframes, from 0.40 (all time) to 0.55 (1 year), reflecting how their relationship changes across market environments.

QQQI vs. EWP - Sectors Allocation Comparison

Sectors	QQQI	EWP
Technology	53.3%	4.9%
Communication Services	15.7%	2.9%
Consumer Cyclical	12.1%	4.0%
Consumer Defensive	7.7%	-
Healthcare	4.3%	1.3%
Industrials	3.3%	16.1%
Utilities	1.5%	21.2%
Basic Materials	1.2%	-
Energy	0.7%	5.3%
Financial Services	0.3%	41.4%
Real Estate	0.1%	2.9%

Return for Risk

QQQI vs. EWP — Risk / Return Rank

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

QQQI

QQQI Risk / Return Rank: 64
QQQI Sharpe Ratio Rank: 63
QQQI Sortino Ratio Rank: 58
QQQI Omega Ratio Rank: 66
QQQI Calmar Ratio Rank: 60
QQQI Martin Ratio Rank: 71

EWP

EWP Risk / Return Rank: 59
EWP Sharpe Ratio Rank: 58
EWP Sortino Ratio Rank: 56
EWP Omega Ratio Rank: 55
EWP Calmar Ratio Rank: 65
EWP Martin Ratio Rank: 63

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.

QQQI vs. EWP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Nasdaq-100 High Income ETF (QQQI) and iShares MSCI Spain ETF (EWP). 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.

	QQQI	EWP	Difference
Sharpe ratio: Return per unit of total volatility	1.91	1.77	+0.13
Sortino ratio: Return per unit of downside risk	2.48	2.40	+0.08
Omega ratio: Gain probability vs. loss probability	1.36	1.31	+0.05
Calmar ratio: Return relative to maximum drawdown	2.70	2.92	-0.22
Martin ratio: Return relative to average drawdown	11.98	10.37	+1.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QQQI vs. EWP - Sharpe Ratio Comparison

The current QQQI Sharpe Ratio is 1.91, which is comparable to the EWP Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of QQQI and EWP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	QQQI	EWP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.91	1.77	+0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.83	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.52	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.22	0.31	+0.91

Drawdowns

QQQI vs. EWP - Drawdown Comparison

The maximum QQQI drawdown since its inception was -20.00%, smaller than the maximum EWP drawdown of -61.19%. Use the drawdown chart below to compare losses from any high point for QQQI and EWP.

Drawdown Indicators

	QQQI	EWP	Difference
Max Drawdown Largest peak-to-trough decline	-20.00%	-61.19%	+41.19%
Max Drawdown (1Y) Largest decline over 1 year	-9.61%	-11.38%	+1.77%
Max Drawdown (3Y) Largest decline over 3 years	—	-12.19%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.91%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-46.36%	—
Current Drawdown Current decline from peak	-3.26%	-2.96%	-0.30%
Average Drawdown Average peak-to-trough decline	-2.20%	-21.43%	+19.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.16%	3.20%	-1.04%

Volatility

QQQI vs. EWP - Volatility Comparison

NEOS Nasdaq-100 High Income ETF (QQQI) and iShares MSCI Spain ETF (EWP) have volatilities of 5.07% and 5.07%, 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

	QQQI	EWP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.07%	5.07%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	10.75%	15.70%	-4.95%
Volatility (1Y) Calculated over the trailing 1-year period	13.65%	18.79%	-5.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.25%	20.25%	-3.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.25%	22.24%	-4.99%

QQQI vs. EWP - Expense Ratio Comparison

QQQI has a 0.68% expense ratio, which is higher than EWP's 0.50% expense ratio.

Dividends

QQQI vs. EWP - Dividend Comparison

QQQI's dividend yield for the trailing twelve months is around 13.61%, more than EWP's 2.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWP iShares MSCI Spain ETF	2.16%	2.27%	4.35%	2.70%	3.07%	3.29%	2.56%	3.72%	3.69%	2.72%	4.65%	3.85%
QQQI NEOS Nasdaq-100 High Income ETF	13.61%	13.82%	12.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QQQI and EWP in my portfolio?

QQQI and EWP have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQQI or EWP?

EWP has higher volatility (5.07%) compared to QQQI (5.07%). In terms of maximum drawdown, QQQI dropped -20.00% vs EWP's -61.19%.

Which ETF is better, QQQI or EWP?

On 1-year performance, EWP leads with 33.13% vs 25.86% for QQQI. On fees, EWP is cheaper at 0.50% per year. 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, QQQI or EWP?

Over the 1-year period, EWP has performed better with a 33.13% return vs 25.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQI or EWP?

EWP is cheaper with a 0.50% expense ratio, compared with 0.68% for QQQI.

Which ETF pays a higher dividend yield, QQQI or EWP?

QQQI has the higher dividend yield at 13.61%, compared with 2.16% for EWP.

What is the main difference between QQQI and EWP?

QQQI is categorized as Nasdaq-100, while EWP is Europe Equities. They also come from different issuers: Neos and iShares. Their fees differ too: 0.68% for QQQI and 0.50% for EWP.

Which has better risk-adjusted returns?

QQQI currently has the higher Sharpe Ratio (1.91 vs 1.77), 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.