QTOP vs. QNXT

Last updated Jun 24, 2026

QTOP (iShares Nasdaq Top 30 Stocks ETF) and QNXT (iShares Nasdaq-100 ex Top 30 ETF) are both Nasdaq-100 funds from iShares - QTOP tracks the Nasdaq-100 Top 30 Index while QNXT tracks the Nasdaq-100 ex Top 30 UCITS Index. Both are passively managed. Over the past year, QTOP returned 38.12% vs 21.16% for QNXT. A 0.76 correlation means they provide meaningful diversification when combined. Both charge a 0.20% expense ratio.

Performance

QTOP vs. QNXT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Nasdaq Top 30 Stocks ETF (QTOP) and iShares Nasdaq-100 ex Top 30 ETF (QNXT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QTOP achieves a 17.15% return, which is significantly higher than QNXT's 12.44% return.

QTOP

• 1D: -3.69%
• 1M: -1.41%
• YTD: 17.15%
• 6M: 15.48%
• 1Y: 38.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QNXT

• 1D: -1.96%
• 1M: 1.83%
• YTD: 12.44%
• 6M: 11.37%
• 1Y: 21.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QTOP vs. QNXT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QTOP iShares Nasdaq Top 30 Stocks ETF	17.15%	22.19%	6.25%
QNXT iShares Nasdaq-100 ex Top 30 ETF	12.44%	14.97%	-2.58%

Correlation

The correlation between QTOP and QNXT is 0.72, 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	0.72
Correlation (All Time) Calculated using the full available price history since Oct 24, 2024	0.76

The correlation between QTOP and QNXT has been stable across timeframes, ranging from 0.72 to 0.76 - a consistent structural relationship.

QTOP vs. QNXT - Sectors Allocation Comparison

Sectors	QTOP	QNXT
Technology	62.3%	45.3%
Communication Services	15.7%	9.1%
Consumer Cyclical	9.9%	15.1%
Consumer Defensive	6.9%	5.5%
Healthcare	2.9%	6.8%
Basic Materials	1.4%	-
Industrials	0.9%	9.7%
Energy	-	2.3%
Financial Services	-	0.8%
Real Estate	-	0.3%
Utilities	-	5.4%

Return for Risk

QTOP vs. QNXT — Risk / Return Rank

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

QTOP

QTOP Risk / Return Rank: 60
QTOP Sharpe Ratio Rank: 62
QTOP Sortino Ratio Rank: 55
QTOP Omega Ratio Rank: 59
QTOP Calmar Ratio Rank: 62
QTOP Martin Ratio Rank: 61

QNXT

QNXT Risk / Return Rank: 41
QNXT Sharpe Ratio Rank: 41
QNXT Sortino Ratio Rank: 39
QNXT Omega Ratio Rank: 37
QNXT Calmar Ratio Rank: 45
QNXT Martin Ratio Rank: 44

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.

QTOP vs. QNXT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Nasdaq Top 30 Stocks ETF (QTOP) and iShares Nasdaq-100 ex Top 30 ETF (QNXT). 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.

	QTOP	QNXT	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.34	+0.63
Sortino ratio: Return per unit of downside risk	2.56	1.89	+0.67
Omega ratio: Gain probability vs. loss probability	1.35	1.23	+0.11
Calmar ratio: Return relative to maximum drawdown	2.97	2.09	+0.88
Martin ratio: Return relative to average drawdown	10.59	6.69	+3.90

QTOP vs. QNXT - Sharpe Ratio Comparison

The current QTOP Sharpe Ratio is 1.97, which is higher than the QNXT Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of QTOP and QNXT, 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

QTOP vs. QNXT - Drawdown Comparison

The maximum QTOP drawdown since its inception was -23.28%, roughly equal to the maximum QNXT drawdown of -22.25%. Use the drawdown chart below to compare losses from any high point for QTOP and QNXT.

Drawdown Indicators

	QTOP	QNXT	Difference
Max Drawdown Largest peak-to-trough decline	-23.28%	-22.25%	-1.03%
Max Drawdown (1Y) Largest decline over 1 year	-12.88%	-10.16%	-2.72%
Current Drawdown Current decline from peak	-4.74%	-3.39%	-1.35%
Average Drawdown Average peak-to-trough decline	-3.80%	-3.74%	-0.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	3.17%	+0.44%

Volatility

QTOP vs. QNXT - Volatility Comparison

iShares Nasdaq Top 30 Stocks ETF (QTOP) has a higher volatility of 9.71% compared to iShares Nasdaq-100 ex Top 30 ETF (QNXT) at 6.86%. This indicates that QTOP's price experiences larger fluctuations and is considered to be riskier than QNXT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QTOP	QNXT	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.71%	6.86%	+2.85%
Volatility (6M) Calculated over the trailing 6-month period	16.00%	12.01%	+3.99%
Volatility (1Y) Calculated over the trailing 1-year period	19.50%	15.94%	+3.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.44%	19.94%	+3.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.44%	19.94%	+3.50%

QTOP vs. QNXT - Expense Ratio Comparison

Both QTOP and QNXT have an expense ratio of 0.20%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

QTOP vs. QNXT - Dividend Comparison

QTOP's dividend yield for the trailing twelve months is around 0.33%, less than QNXT's 0.67% yield.

Position	TTM	2025	2024
QNXT iShares Nasdaq-100 ex Top 30 ETF	0.67%	0.64%	0.22%
QTOP iShares Nasdaq Top 30 Stocks ETF	0.33%	0.38%	0.11%

Frequently Asked Questions

Can I hold both QTOP and QNXT in my portfolio?

QTOP and QNXT have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QTOP or QNXT?

QTOP has higher volatility (9.71%) compared to QNXT (6.86%). In terms of maximum drawdown, QTOP dropped -23.28% vs QNXT's -22.25%.

Which ETF is better, QTOP or QNXT?

On 1-year performance, QTOP leads with 38.12% vs 21.16% for QNXT. Both ETFs have the same 0.20% expense ratio. On volatility, QNXT has been the lower-risk option at 6.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QTOP or QNXT?

Over the 1-year period, QTOP has performed better with a 38.12% return vs 21.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QTOP or QNXT?

QTOP and QNXT have the same expense ratio: 0.20% per year.

Which ETF pays a higher dividend yield, QTOP or QNXT?

QNXT has the higher dividend yield at 0.67%, compared with 0.33% for QTOP.

What is the main difference between QTOP and QNXT?

QTOP tracks Nasdaq-100 Top 30 Index, while QNXT tracks Nasdaq-100 ex Top 30 UCITS Index.

Which has better risk-adjusted returns?

QTOP currently has the higher Sharpe Ratio (1.97 vs 1.34), 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.