QQQY vs. USNQX

Last updated Jun 26, 2026

QQQY (Defiance Nasdaq 100 Enhanced Options Income ETF) and USNQX (USAA Nasdaq 100 Index Fund) are both Nasdaq-100 funds. QQQY is actively managed, while USNQX is passively managed. Over the past year, QQQY returned 28.38% vs 31.74% for USNQX. Their correlation of 0.91 suggests significant overlap in exposure. QQQY charges 0.99%/yr vs 0.42%/yr for USNQX.

Performance

QQQY vs. USNQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY) and USAA Nasdaq 100 Index Fund (USNQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with QQQY having a 15.16% return and USNQX slightly higher at 15.89%.

QQQY

• 1D: 0.76%
• 1M: -1.73%
• YTD: 15.16%
• 6M: 13.85%
• 1Y: 28.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

USNQX

• 1D: -0.44%
• 1M: -2.56%
• YTD: 15.89%
• 6M: 14.06%
• 1Y: 31.74%
• 3Y*: 25.65%
• 5Y*: 15.68%
• 10Y*: 21.71%

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

QQQY vs. USNQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	15.16%	14.96%	7.70%	7.19%
USNQX USAA Nasdaq 100 Index Fund	15.89%	20.52%	25.42%	9.79%

Correlation

The correlation between QQQY and USNQX is 0.94, 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	0.94
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	0.91

The correlation between QQQY and USNQX has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

QQQY vs. USNQX — Risk / Return Rank

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

QQQY

QQQY Risk / Return Rank: 62
QQQY Sharpe Ratio Rank: 64
QQQY Sortino Ratio Rank: 56
QQQY Omega Ratio Rank: 66
QQQY Calmar Ratio Rank: 60
QQQY Martin Ratio Rank: 65

USNQX

USNQX Risk / Return Rank: 53
USNQX Sharpe Ratio Rank: 52
USNQX Sortino Ratio Rank: 46
USNQX Omega Ratio Rank: 48
USNQX Calmar Ratio Rank: 63
USNQX Martin Ratio Rank: 56

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. USNQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY) and USAA Nasdaq 100 Index Fund (USNQX). 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.

	QQQY	USNQX	Difference
Sharpe ratio: Return per unit of total volatility	1.81	1.79	+0.02
Sortino ratio: Return per unit of downside risk	2.32	2.38	-0.06
Omega ratio: Gain probability vs. loss probability	1.34	1.32	+0.02
Calmar ratio: Return relative to maximum drawdown	2.56	2.66	-0.11
Martin ratio: Return relative to average drawdown	10.30	9.81	+0.49

QQQY vs. USNQX - Sharpe Ratio Comparison

The current QQQY Sharpe Ratio is 1.81, which is comparable to the USNQX Sharpe Ratio of 1.79. The chart below compares the historical Sharpe Ratios of QQQY and USNQX, 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

QQQY vs. USNQX - Drawdown Comparison

The maximum QQQY drawdown since its inception was -19.05%, smaller than the maximum USNQX drawdown of -76.24%. Use the drawdown chart below to compare losses from any high point for QQQY and USNQX.

Drawdown Indicators

	QQQY	USNQX	Difference
Max Drawdown Largest peak-to-trough decline	-19.05%	-76.24%	+57.19%
Max Drawdown (1Y) Largest decline over 1 year	-11.14%	-12.07%	+0.93%
Max Drawdown (3Y) Largest decline over 3 years	—	-22.88%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-36.95%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.95%	—
Current Drawdown Current decline from peak	-3.63%	-4.65%	+1.02%
Average Drawdown Average peak-to-trough decline	-2.91%	-26.70%	+23.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	3.27%	-0.51%

Volatility

QQQY vs. USNQX - Volatility Comparison

The current volatility for Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY) is 8.38%, while USAA Nasdaq 100 Index Fund (USNQX) has a volatility of 9.09%. This indicates that QQQY experiences smaller price fluctuations and is considered to be less risky than USNQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QQQY	USNQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.38%	9.09%	-0.71%
Volatility (6M) Calculated over the trailing 6-month period	13.62%	14.53%	-0.91%
Volatility (1Y) Calculated over the trailing 1-year period	15.78%	18.03%	-2.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.38%	23.19%	-7.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.38%	22.77%	-7.39%

QQQY vs. USNQX - Expense Ratio Comparison

QQQY has a 0.99% expense ratio, which is higher than USNQX's 0.42% expense ratio.

Dividends

QQQY vs. USNQX - Dividend Comparison

QQQY's dividend yield for the trailing twelve months is around 36.24%, more than USNQX's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	36.24%	45.34%	83.34%	20.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USNQX USAA Nasdaq 100 Index Fund	2.60%	3.01%	2.19%	2.60%	4.13%	4.48%	1.53%	0.88%	0.69%	1.97%	0.50%	2.73%

Frequently Asked Questions

Can I hold both QQQY and USNQX in my portfolio?

With a correlation of 0.94, QQQY and USNQX 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, QQQY or USNQX?

USNQX has higher volatility (9.09%) compared to QQQY (8.38%). In terms of maximum drawdown, QQQY dropped -19.05% vs USNQX's -76.24%.

Which has better risk-adjusted returns?

QQQY currently has the higher Sharpe Ratio (1.81 vs 1.79), 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.