TEST vs. QQA

Last updated Jun 6, 2026

TEST (YieldMax TSLA Performance & Distribution Target 25 ETF) and QQA (Invesco QQQ Income Advantage ETF) are both Derivative Income funds. Both are actively managed. A 0.62 correlation means they provide meaningful diversification when combined. TEST charges 1.01%/yr vs 0.29%/yr for QQA.

Performance

TEST vs. QQA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in YieldMax TSLA Performance & Distribution Target 25 ETF (TEST) and Invesco QQQ Income Advantage ETF (QQA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TEST achieves a -8.43% return, which is significantly lower than QQA's 10.16% return.

TEST

• 1D: -4.27%
• 1M: -0.51%
• YTD: -8.43%
• 6M: -10.31%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QQA

• 1D: -3.57%
• 1M: 0.85%
• YTD: 10.16%
• 6M: 9.29%
• 1Y: 27.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TEST vs. QQA - Yearly Performance Comparison

	2026 (YTD)	2025
TEST YieldMax TSLA Performance & Distribution Target 25 ETF	-8.43%	9.05%
QQA Invesco QQQ Income Advantage ETF	10.16%	3.52%

Correlation

The correlation between TEST and QQA is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 19, 2025	0.62

Return for Risk

TEST vs. QQA — Risk / Return Rank

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

QQA

QQA Risk / Return Rank: 66
QQA Sharpe Ratio Rank: 64
QQA Sortino Ratio Rank: 61
QQA Omega Ratio Rank: 65
QQA Calmar Ratio Rank: 64
QQA Martin Ratio Rank: 75

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.

TEST vs. QQA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax TSLA Performance & Distribution Target 25 ETF (TEST) and Invesco QQQ Income Advantage ETF (QQA). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	TEST	QQA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.08	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	1.03	-1.03

Drawdowns

TEST vs. QQA - Drawdown Comparison

The maximum TEST drawdown since its inception was -23.35%, which is greater than QQA's maximum drawdown of -19.73%. Use the drawdown chart below to compare losses from any high point for TEST and QQA.

Drawdown Indicators

	TEST	QQA	Difference
Max Drawdown Largest peak-to-trough decline	-23.35%	-19.73%	-3.62%
Max Drawdown (1Y) Largest decline over 1 year	—	-8.76%	—
Current Drawdown Current decline from peak	-14.44%	-3.95%	-10.49%
Average Drawdown Average peak-to-trough decline	-10.39%	-2.44%	-7.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.96%	—

Volatility

Volatility by Period

	TEST	QQA	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.74%	—
Volatility (6M) Calculated over the trailing 6-month period	—	10.38%	—
Volatility (1Y) Calculated over the trailing 1-year period	32.46%	13.11%	+19.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	32.46%	18.43%	+14.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.46%	18.43%	+14.03%

TEST vs. QQA - Expense Ratio Comparison

TEST has a 1.01% expense ratio, which is higher than QQA's 0.29% expense ratio.

Dividends

TEST vs. QQA - Dividend Comparison

TEST's dividend yield for the trailing twelve months is around 14.42%, more than QQA's 9.66% yield.

Position	TTM	2025	2024
QQA Invesco QQQ Income Advantage ETF	9.66%	9.78%	4.29%
TEST YieldMax TSLA Performance & Distribution Target 25 ETF	14.42%	2.50%	0.00%

Frequently Asked Questions

Can I hold both TEST and QQA in my portfolio?

TEST and QQA have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TEST or QQA?

On fees, QQA is cheaper at 0.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TEST or QQA?

QQA is cheaper with a 0.29% expense ratio, compared with 1.01% for TEST.

Which ETF pays a higher dividend yield, TEST or QQA?

TEST has the higher dividend yield at 14.42%, compared with 9.66% for QQA.

What is the main difference between TEST and QQA?

They also come from different issuers: YieldMax and Invesco. Their fees differ too: 1.01% for TEST and 0.29% for QQA.