QQQY vs. AAPR

Last updated Apr 3, 2026

Compare and contrast key facts about Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY) and Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR).

QQQY and AAPR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. QQQY is an actively managed fund by Defiance. It was launched on Sep 13, 2023. AAPR is an actively managed fund by Innovator. It was launched on Mar 28, 2024.

Performance

QQQY vs. AAPR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY) and Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR). The values are adjusted to include any dividend payments, if applicable.

QQQY vs. AAPR - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	-4.70%	14.96%	3.41%
AAPR Innovator Equity Defined Protection ETF - 2 Yr To April 2026	1.61%	7.79%	6.25%

Returns By Period

In the year-to-date period, QQQY achieves a -4.70% return, which is significantly lower than AAPR's 1.61% return.

QQQY

• 1D: 0.12%
• 1M: -2.21%
• YTD: -4.70%
• 6M: -4.27%
• 1Y: 14.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

AAPR

• 1D: 0.00%
• 1M: 0.88%
• YTD: 1.61%
• 6M: 3.29%
• 1Y: 9.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QQQY vs. AAPR - Expense Ratio Comparison

QQQY has a 0.99% expense ratio, which is higher than AAPR's 0.79% expense ratio.

QQQY

Defiance Nasdaq 100 Enhanced Options Income ETF

AAPR

Innovator Equity Defined Protection ETF - 2 Yr To April 2026

Return for Risk

QQQY vs. AAPR — Risk / Return Rank

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

QQQY

QQQY Risk / Return Rank: 40
QQQY Sharpe Ratio Rank: 43
QQQY Sortino Ratio Rank: 35
QQQY Omega Ratio Rank: 40
QQQY Calmar Ratio Rank: 42
QQQY Martin Ratio Rank: 39

AAPR

AAPR Risk / Return Rank: 88
AAPR Sharpe Ratio Rank: 86
AAPR Sortino Ratio Rank: 91
AAPR Omega Ratio Rank: 97
AAPR Calmar Ratio Rank: 73
AAPR Martin Ratio Rank: 94

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.

QQQY vs. AAPR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY) and Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR). 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.

	QQQY	AAPR	Difference
Sharpe ratio Return per unit of total volatility	0.87	1.86	-0.99
Sortino ratio Return per unit of downside risk	1.11	2.78	-1.67
Omega ratio Gain probability vs. loss probability	1.18	1.59	-0.42
Calmar ratio Return relative to maximum drawdown	1.33	2.37	-1.03
Martin ratio Return relative to average drawdown	4.39	15.92	-11.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QQQY vs. AAPR - Sharpe Ratio Comparison

The current QQQY Sharpe Ratio is 0.87, which is lower than the AAPR Sharpe Ratio of 1.86. The chart below compares the historical Sharpe Ratios of QQQY and AAPR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	QQQY	AAPR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.87	1.86	-0.99
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	1.60	-0.94

Correlation

The correlation between QQQY and AAPR is 0.76, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

QQQY vs. AAPR - Dividend Comparison

QQQY's dividend yield for the trailing twelve months is around 45.72%, while AAPR has not paid dividends to shareholders.

	TTM	2025	2024	2023
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	45.72%	45.34%	83.34%	20.64%
AAPR Innovator Equity Defined Protection ETF - 2 Yr To April 2026	0.00%	0.00%	0.00%	0.00%

Drawdowns

QQQY vs. AAPR - Drawdown Comparison

The maximum QQQY drawdown since its inception was -19.05%, which is greater than AAPR's maximum drawdown of -5.99%. Use the drawdown chart below to compare losses from any high point for QQQY and AAPR.

Drawdown Indicators

	QQQY	AAPR	Difference
Max Drawdown Largest peak-to-trough decline	-19.05%	-5.99%	-13.06%
Max Drawdown (1Y) Largest decline over 1 year	-11.14%	-2.93%	-8.21%
Current Drawdown Current decline from peak	-6.94%	0.00%	-6.94%
Average Drawdown Average peak-to-trough decline	-3.04%	-0.48%	-2.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.43%	0.63%	+2.80%

Volatility

QQQY vs. AAPR - Volatility Comparison

Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY) has a higher volatility of 6.18% compared to Innovator Equity Defined Protection ETF - 2 Yr To April 2026 (AAPR) at 0.66%. This indicates that QQQY's price experiences larger fluctuations and is considered to be riskier than AAPR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQQY	AAPR	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.18%	0.66%	+5.52%
Volatility (6M) Calculated over the trailing 6-month period	11.19%	1.52%	+9.67%
Volatility (1Y) Calculated over the trailing 1-year period	16.41%	5.40%	+11.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.67%	4.93%	+9.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.67%	4.93%	+9.74%