TSLY vs. QQQY

Last updated Jun 21, 2026

TSLY (YieldMax TSLA Option Income Strategy ETF) and QQQY (Defiance Nasdaq 100 Enhanced Options Income ETF) are both exchange-traded funds - TSLY is a Options Trading fund actively managed by YieldMax, while QQQY is a Nasdaq-100 fund actively managed by Defiance. Both are actively managed. Over the past year, TSLY returned 26.91% vs 34.21% for QQQY. A 0.57 correlation means they provide meaningful diversification when combined. TSLY charges 1.07%/yr vs 0.99%/yr for QQQY.

Performance

TSLY vs. QQQY - Performance Comparison

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

Returns By Period

In the year-to-date period, TSLY achieves a -5.61% return, which is significantly lower than QQQY's 18.54% return.

TSLY

• 1D: 1.01%
• 1M: -4.55%
• YTD: -5.61%
• 6M: -10.38%
• 1Y: 26.91%
• 3Y*: 9.46%
• 5Y*: —
• 10Y*: —

QQQY

• 1D: 2.23%
• 1M: 2.74%
• YTD: 18.54%
• 6M: 18.12%
• 1Y: 34.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSLY vs. QQQY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TSLY YieldMax TSLA Option Income Strategy ETF	-5.61%	13.62%	27.83%	-6.16%
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	18.54%	14.96%	7.70%	7.19%

Correlation

The correlation between TSLY and QQQY is 0.60, 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	0.60
Correlation (All Time) Calculated using the full available price history since Sep 14, 2023	0.57

The correlation between TSLY and QQQY has been stable across timeframes, ranging from 0.57 to 0.60 - a consistent structural relationship.

Return for Risk

TSLY vs. QQQY — Risk / Return Rank

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

TSLY

TSLY Risk / Return Rank: 24
TSLY Sharpe Ratio Rank: 22
TSLY Sortino Ratio Rank: 23
TSLY Omega Ratio Rank: 22
TSLY Calmar Ratio Rank: 27
TSLY Martin Ratio Rank: 24

QQQY

QQQY Risk / Return Rank: 70
QQQY Sharpe Ratio Rank: 74
QQQY Sortino Ratio Rank: 64
QQQY Omega Ratio Rank: 77
QQQY Calmar Ratio Rank: 65
QQQY Martin Ratio Rank: 71

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.

TSLY vs. QQQY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for YieldMax TSLA Option Income Strategy ETF (TSLY) and Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY). 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.

	TSLY	QQQY	Difference
Sharpe ratio: Return per unit of total volatility	0.77	2.24	-1.47
Sortino ratio: Return per unit of downside risk	1.23	2.83	-1.60
Omega ratio: Gain probability vs. loss probability	1.15	1.42	-0.27
Calmar ratio: Return relative to maximum drawdown	1.27	3.09	-1.82
Martin ratio: Return relative to average drawdown	2.98	12.62	-9.64

TSLY vs. QQQY - Sharpe Ratio Comparison

The current TSLY Sharpe Ratio is 0.77, which is lower than the QQQY Sharpe Ratio of 2.24. The chart below compares the historical Sharpe Ratios of TSLY and QQQY, 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

TSLY vs. QQQY - Drawdown Comparison

The maximum TSLY drawdown since its inception was -49.52%, which is greater than QQQY's maximum drawdown of -19.05%. Use the drawdown chart below to compare losses from any high point for TSLY and QQQY.

Drawdown Indicators

	TSLY	QQQY	Difference
Max Drawdown Largest peak-to-trough decline	-49.52%	-19.05%	-30.47%
Max Drawdown (1Y) Largest decline over 1 year	-21.64%	-11.14%	-10.50%
Max Drawdown (3Y) Largest decline over 3 years	-49.52%	—	—
Current Drawdown Current decline from peak	-11.75%	-0.80%	-10.95%
Average Drawdown Average peak-to-trough decline	-19.88%	-2.91%	-16.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.21%	2.73%	+6.48%

Volatility

TSLY vs. QQQY - Volatility Comparison

YieldMax TSLA Option Income Strategy ETF (TSLY) has a higher volatility of 11.84% compared to Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY) at 7.93%. This indicates that TSLY's price experiences larger fluctuations and is considered to be riskier than QQQY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLY	QQQY	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.84%	7.93%	+3.91%
Volatility (6M) Calculated over the trailing 6-month period	23.70%	13.38%	+10.32%
Volatility (1Y) Calculated over the trailing 1-year period	35.78%	15.42%	+20.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.50%	15.29%	+30.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.50%	15.29%	+30.21%

TSLY vs. QQQY - Expense Ratio Comparison

TSLY has a 1.07% expense ratio, which is higher than QQQY's 0.99% expense ratio.

Dividends

TSLY vs. QQQY - Dividend Comparison

TSLY's dividend yield for the trailing twelve months is around 86.10%, more than QQQY's 34.44% yield.

Position	TTM	2025	2024	2023
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	34.44%	45.34%	83.34%	20.64%
TSLY YieldMax TSLA Option Income Strategy ETF	86.10%	91.19%	82.30%	76.47%

Frequently Asked Questions

Can I hold both TSLY and QQQY in my portfolio?

TSLY and QQQY have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSLY or QQQY?

TSLY has higher volatility (11.84%) compared to QQQY (7.93%). In terms of maximum drawdown, TSLY dropped -49.52% vs QQQY's -19.05%.

Which ETF is better, TSLY or QQQY?

On 1-year performance, QQQY leads with 34.21% vs 26.91% for TSLY. On fees, QQQY is cheaper at 0.99% per year. On volatility, QQQY has been the lower-risk option at 7.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLY or QQQY?

Over the 1-year period, QQQY has performed better with a 34.21% return vs 26.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLY or QQQY?

QQQY is cheaper with a 0.99% expense ratio, compared with 1.07% for TSLY.

Which ETF pays a higher dividend yield, TSLY or QQQY?

TSLY has the higher dividend yield at 86.10%, compared with 34.44% for QQQY.

What is the main difference between TSLY and QQQY?

TSLY is categorized as Options Trading, while QQQY is Nasdaq-100. They also come from different issuers: YieldMax and Defiance. Their fees differ too: 1.07% for TSLY and 0.99% for QQQY.

Which has better risk-adjusted returns?

QQQY currently has the higher Sharpe Ratio (2.24 vs 0.77), 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.