SDAIX vs. QQQX

Last updated Jun 24, 2026

SDAIX (Swan Defined Risk Growth Fund) and QQQX (Nuveen Nasdaq 100 Dynamic Overwrite Fund) are both mutual funds - SDAIX is a Options Trading fund managed by Swan, while QQQX is a Derivative Income fund actively managed by Nuveen. Over the past 5 years, SDAIX returned 7.75%/yr vs 8.34%/yr for QQQX. A 0.77 correlation means they provide meaningful diversification when combined. SDAIX charges 1.40%/yr vs 0.89%/yr for QQQX.

Performance

SDAIX vs. QQQX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Swan Defined Risk Growth Fund (SDAIX) and Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SDAIX achieves a 5.35% return, which is significantly lower than QQQX's 7.43% return.

SDAIX

• 1D: -0.30%
• 1M: 0.12%
• YTD: 5.35%
• 6M: 4.62%
• 1Y: 17.63%
• 3Y*: 13.28%
• 5Y*: 7.75%
• 10Y*: —

QQQX

• 1D: -2.09%
• 1M: -2.20%
• YTD: 7.43%
• 6M: 7.82%
• 1Y: 25.88%
• 3Y*: 14.83%
• 5Y*: 8.34%
• 10Y*: 13.43%

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

SDAIX vs. QQQX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SDAIX Swan Defined Risk Growth Fund	5.35%	14.14%	13.81%	16.25%	-17.87%	22.93%	11.87%	23.13%
QQQX Nuveen Nasdaq 100 Dynamic Overwrite Fund	7.43%	14.87%	25.61%	21.68%	-27.39%	25.32%	15.75%	28.83%

Correlation

The correlation between SDAIX and QQQX is 0.80, 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	0.80
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (All Time) Calculated using the full available price history since Jan 2, 2019	0.77

The correlation between SDAIX and QQQX has been stable across timeframes, ranging from 0.77 to 0.80 - a consistent structural relationship.

Return for Risk

SDAIX vs. QQQX — Risk / Return Rank

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

SDAIX

SDAIX Risk / Return Rank: 44
SDAIX Sharpe Ratio Rank: 44
SDAIX Sortino Ratio Rank: 40
SDAIX Omega Ratio Rank: 45
SDAIX Calmar Ratio Rank: 38
SDAIX Martin Ratio Rank: 51

QQQX

QQQX Risk / Return Rank: 50
QQQX Sharpe Ratio Rank: 41
QQQX Sortino Ratio Rank: 40
QQQX Omega Ratio Rank: 41
QQQX Calmar Ratio Rank: 60
QQQX Martin Ratio Rank: 67

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.

SDAIX vs. QQQX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Swan Defined Risk Growth Fund (SDAIX) and Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX). 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.

	SDAIX	QQQX	Difference
Sharpe ratio: Return per unit of total volatility	1.80	1.72	+0.08
Sortino ratio: Return per unit of downside risk	2.46	2.45	0.00
Omega ratio: Gain probability vs. loss probability	1.34	1.32	+0.02
Calmar ratio: Return relative to maximum drawdown	2.20	2.85	-0.65
Martin ratio: Return relative to average drawdown	9.95	12.24	-2.28

SDAIX vs. QQQX - Sharpe Ratio Comparison

The current SDAIX Sharpe Ratio is 1.80, which is comparable to the QQQX Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of SDAIX and QQQX, 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

SDAIX vs. QQQX - Drawdown Comparison

The maximum SDAIX drawdown since its inception was -24.26%, smaller than the maximum QQQX drawdown of -57.25%. Use the drawdown chart below to compare losses from any high point for SDAIX and QQQX.

Drawdown Indicators

	SDAIX	QQQX	Difference
Max Drawdown Largest peak-to-trough decline	-24.26%	-57.25%	+32.99%
Max Drawdown (1Y) Largest decline over 1 year	-8.37%	-9.11%	+0.74%
Max Drawdown (3Y) Largest decline over 3 years	-14.25%	-22.80%	+8.55%
Max Drawdown (5Y) Largest decline over 5 years	-22.89%	-29.33%	+6.44%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.96%	—
Current Drawdown Current decline from peak	-1.47%	-5.62%	+4.15%
Average Drawdown Average peak-to-trough decline	-4.97%	-8.01%	+3.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.85%	2.12%	-0.27%

Volatility

SDAIX vs. QQQX - Volatility Comparison

The current volatility for Swan Defined Risk Growth Fund (SDAIX) is 4.00%, while Nuveen Nasdaq 100 Dynamic Overwrite Fund (QQQX) has a volatility of 6.07%. This indicates that SDAIX experiences smaller price fluctuations and is considered to be less risky than QQQX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SDAIX	QQQX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.00%	6.07%	-2.07%
Volatility (6M) Calculated over the trailing 6-month period	8.33%	12.46%	-4.13%
Volatility (1Y) Calculated over the trailing 1-year period	10.26%	15.14%	-4.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.55%	19.94%	-7.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.42%	21.11%	-7.69%

SDAIX vs. QQQX - Expense Ratio Comparison

SDAIX has a 1.40% expense ratio, which is higher than QQQX's 0.89% expense ratio.

Dividends

SDAIX vs. QQQX - Dividend Comparison

SDAIX has not paid dividends to shareholders, while QQQX's dividend yield for the trailing twelve months is around 8.45%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQX Nuveen Nasdaq 100 Dynamic Overwrite Fund	8.45%	7.85%	6.73%	7.26%	9.66%	5.85%	6.00%	6.49%	8.40%	5.95%	7.54%	7.23%
SDAIX Swan Defined Risk Growth Fund	0.00%	0.00%	0.00%	28.80%	0.00%	0.00%	0.62%	1.62%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SDAIX and QQQX in my portfolio?

SDAIX and QQQX have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SDAIX or QQQX?

QQQX has higher volatility (6.07%) compared to SDAIX (4.00%). In terms of maximum drawdown, SDAIX dropped -24.26% vs QQQX's -57.25%.

Which has better risk-adjusted returns?

SDAIX currently has the higher Sharpe Ratio (1.80 vs 1.72), 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.