TOPW vs. QLDY

Last updated Jun 4, 2026

TOPW (Roundhill Top WeeklyPay ETF) and QLDY (Defiance Nasdaq 100 LightningSpread Income ETF) are both exchange-traded funds - TOPW is a Derivative Income fund tracking the Solactive Roundhill WeeklyPay Universe Index, while QLDY is a Nasdaq-100 fund actively managed by Defiance. TOPW is passively managed, while QLDY is actively managed. Their correlation of 0.81 suggests significant overlap in exposure. TOPW charges 0.99%/yr vs 1.04%/yr for QLDY.

Performance

TOPW vs. QLDY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Top WeeklyPay ETF (TOPW) and Defiance Nasdaq 100 LightningSpread Income ETF (QLDY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TOPW achieves a 7.71% return, which is significantly lower than QLDY's 19.28% return.

TOPW

• 1D: -1.52%
• 1M: 3.60%
• YTD: 7.71%
• 6M: -0.67%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

QLDY

• 1D: 0.03%
• 1M: 11.63%
• YTD: 19.28%
• 6M: 16.55%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TOPW vs. QLDY - Yearly Performance Comparison

	2026 (YTD)	2025
TOPW Roundhill Top WeeklyPay ETF	7.71%	-8.61%
QLDY Defiance Nasdaq 100 LightningSpread Income ETF	19.28%	1.50%

Correlation

The correlation between TOPW and QLDY is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 19, 2025	0.81

Return for Risk

TOPW vs. QLDY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Top WeeklyPay ETF (TOPW) and Defiance Nasdaq 100 LightningSpread Income ETF (QLDY). 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

	TOPW	QLDY	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	1.60	-1.35

Drawdowns

TOPW vs. QLDY - Drawdown Comparison

The maximum TOPW drawdown since its inception was -29.87%, which is greater than QLDY's maximum drawdown of -17.44%. Use the drawdown chart below to compare losses from any high point for TOPW and QLDY.

Drawdown Indicators

	TOPW	QLDY	Difference
Max Drawdown Largest peak-to-trough decline	-29.87%	-17.44%	-12.43%
Current Drawdown Current decline from peak	-10.02%	0.00%	-10.02%
Average Drawdown Average peak-to-trough decline	-12.88%	-4.25%	-8.63%

Volatility

Volatility by Period

	TOPW	QLDY	Difference
Volatility (1Y) Calculated over the trailing 1-year period	27.36%	19.57%	+7.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.36%	19.57%	+7.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.36%	19.57%	+7.79%

TOPW vs. QLDY - Expense Ratio Comparison

TOPW has a 0.99% expense ratio, which is lower than QLDY's 1.04% expense ratio.

Dividends

TOPW vs. QLDY - Dividend Comparison

TOPW's dividend yield for the trailing twelve months is around 40.33%, more than QLDY's 21.47% yield.

Position	TTM	2025
QLDY Defiance Nasdaq 100 LightningSpread Income ETF	21.47%	9.34%
TOPW Roundhill Top WeeklyPay ETF	40.33%	21.52%

Frequently Asked Questions

Can I hold both TOPW and QLDY in my portfolio?

TOPW and QLDY have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TOPW or QLDY?

On fees, TOPW is cheaper at 0.99% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TOPW or QLDY?

TOPW is cheaper with a 0.99% expense ratio, compared with 1.04% for QLDY.

Which ETF pays a higher dividend yield, TOPW or QLDY?

TOPW has the higher dividend yield at 40.33%, compared with 21.47% for QLDY.

What is the main difference between TOPW and QLDY?

TOPW is categorized as Derivative Income, while QLDY is Nasdaq-100. They also come from different issuers: Roundhill Investments and Defiance. Their fees differ too: 0.99% for TOPW and 1.04% for QLDY.