TSPY vs. FTQI

Last updated Jul 17, 2026

TSPY (TappAlpha S&P 500 Growth & Daily Income ETF) and FTQI (First Trust Nasdaq BuyWrite Income ETF) are both exchange-traded funds - TSPY is a Derivative Income fund actively managed by TappAlpha, while FTQI is a Nasdaq-100 fund tracking the NASDAQ-100 Index. TSPY is actively managed, while FTQI is passively managed. Over the past year, TSPY returned 20.21% vs 26.34% for FTQI. Their correlation of 0.85 suggests significant overlap in exposure. TSPY charges 0.68%/yr vs 0.75%/yr for FTQI.

Performance

TSPY vs. FTQI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TappAlpha S&P 500 Growth & Daily Income ETF (TSPY) and First Trust Nasdaq BuyWrite Income ETF (FTQI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSPY achieves a 8.58% return, which is significantly lower than FTQI's 12.76% return.

TSPY

• 1D: -0.55%
• 1M: 0.54%
• 6M: 6.88%
• YTD: 8.58%
• 1Y: 20.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FTQI

• 1D: -0.72%
• 1M: 1.28%
• 6M: 11.68%
• YTD: 12.76%
• 1Y: 26.34%
• 3Y*: 16.62%
• 5Y*: 12.26%
• 10Y*: 7.85%

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

TSPY vs. FTQI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSPY TappAlpha S&P 500 Growth & Daily Income ETF	8.58%	17.29%	6.59%
FTQI First Trust Nasdaq BuyWrite Income ETF	12.76%	12.68%	9.51%

Correlation

The correlation between TSPY and FTQI is 0.87, 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	0.87
Correlation (All Time) Calculated using the full available price history since Aug 15, 2024	0.85

The correlation between TSPY and FTQI has been stable across timeframes, ranging from 0.85 to 0.87 - a consistent structural relationship.

Return for Risk

TSPY vs. FTQI — Risk / Return Rank

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

TSPY

TSPY Risk / Return Rank: 60
TSPY Sharpe Ratio Rank: 62
TSPY Sortino Ratio Rank: 61
TSPY Omega Ratio Rank: 62
TSPY Calmar Ratio Rank: 51
TSPY Martin Ratio Rank: 63

FTQI

FTQI Risk / Return Rank: 91
FTQI Sharpe Ratio Rank: 90
FTQI Sortino Ratio Rank: 89
FTQI Omega Ratio Rank: 90
FTQI Calmar Ratio Rank: 89
FTQI Martin Ratio Rank: 94

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.

TSPY vs. FTQI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TappAlpha S&P 500 Growth & Daily Income ETF (TSPY) and First Trust Nasdaq BuyWrite Income ETF (FTQI). 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.

	TSPY	FTQI	Difference
Sharpe ratio: Return per unit of total volatility	1.65	2.43	-0.78
Sortino ratio: Return per unit of downside risk	2.29	3.37	-1.07
Omega ratio: Gain probability vs. loss probability	1.30	1.45	-0.15
Calmar ratio: Return relative to maximum drawdown	2.11	4.24	-2.13
Martin ratio: Return relative to average drawdown	8.93	20.07	-11.14

TSPY vs. FTQI - Sharpe Ratio Comparison

The current TSPY Sharpe Ratio is 1.65, which is lower than the FTQI Sharpe Ratio of 2.43. The chart below compares the historical Sharpe Ratios of TSPY and FTQI, 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

TSPY vs. FTQI - Drawdown Comparison

The maximum TSPY drawdown since its inception was -18.02%, smaller than the maximum FTQI drawdown of -19.42%. Use the drawdown chart below to compare losses from any high point for TSPY and FTQI.

Drawdown Indicators

	TSPY	FTQI	Difference
Max Drawdown Largest peak-to-trough decline	-18.02%	-19.42%	+1.40%
Max Drawdown (1Y) Largest decline over 1 year	-9.63%	-6.24%	-3.39%
Max Drawdown (3Y) Largest decline over 3 years	—	-19.42%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-19.42%	—
Current Drawdown Current decline from peak	-0.71%	-0.85%	+0.14%
Average Drawdown Average peak-to-trough decline	-2.48%	-3.73%	+1.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.27%	1.32%	+0.95%

Volatility

TSPY vs. FTQI - Volatility Comparison

TappAlpha S&P 500 Growth & Daily Income ETF (TSPY) has a higher volatility of 3.12% compared to First Trust Nasdaq BuyWrite Income ETF (FTQI) at 2.92%. This indicates that TSPY's price experiences larger fluctuations and is considered to be riskier than FTQI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSPY	FTQI	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.12%	2.92%	+0.20%
Volatility (6M) Calculated over the trailing 6-month period	9.65%	8.83%	+0.82%
Volatility (1Y) Calculated over the trailing 1-year period	12.31%	10.87%	+1.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.94%	14.82%	+1.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.94%	12.98%	+2.96%

TSPY vs. FTQI - Expense Ratio Comparison

TSPY has a 0.68% expense ratio, which is lower than FTQI's 0.75% expense ratio.

Dividends

TSPY vs. FTQI - Dividend Comparison

TSPY's dividend yield for the trailing twelve months is around 13.95%, more than FTQI's 10.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTQI First Trust Nasdaq BuyWrite Income ETF	10.92%	11.46%	11.66%	11.49%	9.85%	3.05%	3.27%	2.95%	3.27%	2.74%	3.02%	3.54%
TSPY TappAlpha S&P 500 Growth & Daily Income ETF	13.95%	13.69%	3.45%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSPY and FTQI in my portfolio?

TSPY and FTQI have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSPY or FTQI?

TSPY has higher volatility (3.12%) compared to FTQI (2.92%). In terms of maximum drawdown, TSPY dropped -18.02% vs FTQI's -19.42%.

Which ETF is better, TSPY or FTQI?

On 1-year performance, FTQI leads with 26.34% vs 20.21% for TSPY. On fees, TSPY is cheaper at 0.68% per year. On volatility, FTQI has been the lower-risk option at 2.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSPY or FTQI?

Over the 1-year period, FTQI has performed better with a 26.34% return vs 20.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSPY or FTQI?

TSPY is cheaper with a 0.68% expense ratio, compared with 0.75% for FTQI.

Which ETF pays a higher dividend yield, TSPY or FTQI?

TSPY has the higher dividend yield at 13.95%, compared with 10.92% for FTQI.

What is the main difference between TSPY and FTQI?

TSPY is categorized as Derivative Income, while FTQI is Nasdaq-100. They also come from different issuers: TappAlpha and First Trust. Their fees differ too: 0.68% for TSPY and 0.75% for FTQI.

Which has better risk-adjusted returns?

FTQI currently has the higher Sharpe Ratio (2.43 vs 1.65), 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.