QQQI vs. XPAY

Last updated Jun 14, 2026

QQQI (NEOS Nasdaq-100 High Income ETF) and XPAY (Roundhill S&P 500 Target 20 Managed Distribution ETF) are both exchange-traded funds - QQQI is a Nasdaq-100 fund actively managed by Neos, while XPAY is a Derivative Income fund actively managed by Roundhill. Both are actively managed. Over the past year, QQQI returned 27.00% vs 24.99% for XPAY. Their correlation of 0.93 suggests significant overlap in exposure. QQQI charges 0.68%/yr vs 0.49%/yr for XPAY.

Performance

QQQI vs. XPAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Nasdaq-100 High Income ETF (QQQI) and Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QQQI achieves a 10.58% return, which is significantly higher than XPAY's 8.67% return.

QQQI

• 1D: 0.70%
• 1M: 0.70%
• YTD: 10.58%
• 6M: 11.20%
• 1Y: 27.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

XPAY

• 1D: 0.27%
• 1M: 0.28%
• YTD: 8.67%
• 6M: 8.87%
• 1Y: 24.99%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QQQI vs. XPAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QQQI NEOS Nasdaq-100 High Income ETF	10.58%	18.62%	3.73%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	8.67%	16.78%	1.60%

Correlation

The correlation between QQQI and XPAY is 0.92, 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	0.92
Correlation (All Time) Calculated using the full available price history since Oct 31, 2024	0.93

The correlation between QQQI and XPAY has been stable across timeframes, ranging from 0.92 to 0.93 - a consistent structural relationship.

QQQI vs. XPAY - Sectors Allocation Comparison

Sectors	QQQI	XPAY
Technology	58.1%	39.0%
Communication Services	14.2%	10.6%
Consumer Cyclical	11.3%	9.9%
Consumer Defensive	6.5%	4.5%
Healthcare	3.9%	8.3%
Industrials	3.0%	7.8%
Utilities	1.3%	2.1%
Basic Materials	1.0%	1.7%
Energy	0.5%	3.1%
Financial Services	0.2%	11.1%
Real Estate	0.1%	1.8%

Return for Risk

QQQI vs. XPAY — Risk / Return Rank

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

QQQI

QQQI Risk / Return Rank: 65
QQQI Sharpe Ratio Rank: 65
QQQI Sortino Ratio Rank: 59
QQQI Omega Ratio Rank: 67
QQQI Calmar Ratio Rank: 62
QQQI Martin Ratio Rank: 72

XPAY

XPAY Risk / Return Rank: 65
XPAY Sharpe Ratio Rank: 68
XPAY Sortino Ratio Rank: 65
XPAY Omega Ratio Rank: 67
XPAY Calmar Ratio Rank: 57
XPAY Martin Ratio Rank: 70

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. XPAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Nasdaq-100 High Income ETF (QQQI) and Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY). 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.

	QQQI	XPAY	Difference
Sharpe ratio: Return per unit of total volatility	1.84	1.91	-0.07
Sortino ratio: Return per unit of downside risk	2.43	2.59	-0.16
Omega ratio: Gain probability vs. loss probability	1.34	1.35	0.00
Calmar ratio: Return relative to maximum drawdown	2.70	2.51	+0.19
Martin ratio: Return relative to average drawdown	11.63	11.28	+0.35

QQQI vs. XPAY - Sharpe Ratio Comparison

The current QQQI Sharpe Ratio is 1.84, which is comparable to the XPAY Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of QQQI and XPAY, 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

QQQI vs. XPAY - Drawdown Comparison

The maximum QQQI drawdown since its inception was -20.00%, which is greater than XPAY's maximum drawdown of -18.20%. Use the drawdown chart below to compare losses from any high point for QQQI and XPAY.

Drawdown Indicators

	QQQI	XPAY	Difference
Max Drawdown Largest peak-to-trough decline	-20.00%	-18.20%	-1.80%
Max Drawdown (1Y) Largest decline over 1 year	-9.61%	-9.34%	-0.27%
Current Drawdown Current decline from peak	-2.69%	-2.61%	-0.08%
Average Drawdown Average peak-to-trough decline	-2.21%	-2.38%	+0.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.23%	2.08%	+0.15%

Volatility

QQQI vs. XPAY - Volatility Comparison

NEOS Nasdaq-100 High Income ETF (QQQI) has a higher volatility of 6.10% compared to Roundhill S&P 500 Target 20 Managed Distribution ETF (XPAY) at 4.24%. This indicates that QQQI's price experiences larger fluctuations and is considered to be riskier than XPAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQQI	XPAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.10%	4.24%	+1.86%
Volatility (6M) Calculated over the trailing 6-month period	11.35%	9.46%	+1.89%
Volatility (1Y) Calculated over the trailing 1-year period	14.10%	12.25%	+1.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.34%	16.81%	+0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.34%	16.81%	+0.53%

QQQI vs. XPAY - Expense Ratio Comparison

QQQI has a 0.68% expense ratio, which is higher than XPAY's 0.49% expense ratio.

Dividends

QQQI vs. XPAY - Dividend Comparison

QQQI's dividend yield for the trailing twelve months is around 13.53%, less than XPAY's 21.03% yield.

Position	TTM	2025	2024
QQQI NEOS Nasdaq-100 High Income ETF	13.53%	13.82%	12.85%
XPAY Roundhill S&P 500 Target 20 Managed Distribution ETF	21.03%	21.21%	3.40%

Frequently Asked Questions

Can I hold both QQQI and XPAY in my portfolio?

With a correlation of 0.92, QQQI and XPAY 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, QQQI or XPAY?

QQQI has higher volatility (6.10%) compared to XPAY (4.24%). In terms of maximum drawdown, QQQI dropped -20.00% vs XPAY's -18.20%.

Which ETF is better, QQQI or XPAY?

On 1-year performance, QQQI leads with 27.00% vs 24.99% for XPAY. On fees, XPAY is cheaper at 0.49% per year. On volatility, XPAY has been the lower-risk option at 4.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQQI or XPAY?

Over the 1-year period, QQQI has performed better with a 27.00% return vs 24.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQI or XPAY?

XPAY is cheaper with a 0.49% expense ratio, compared with 0.68% for QQQI.

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

XPAY has the higher dividend yield at 21.03%, compared with 13.53% for QQQI.

What is the main difference between QQQI and XPAY?

QQQI is categorized as Nasdaq-100, while XPAY is Derivative Income. They also come from different issuers: Neos and Roundhill. Their fees differ too: 0.68% for QQQI and 0.49% for XPAY.

Which has better risk-adjusted returns?

XPAY currently has the higher Sharpe Ratio (1.91 vs 1.84), 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.