USCL.TO vs. QQQY

Last updated Jun 4, 2026

USCL.TO (Global X Enhanced S&P 500 Covered Call ETF) and QQQY (Defiance Nasdaq 100 Enhanced Options Income ETF) are both exchange-traded funds - USCL.TO is a Derivative Income fund actively managed by Global X, while QQQY is a Nasdaq-100 fund actively managed by Defiance. Both are actively managed. Over the past year, USCL.TO returned 29.89% vs 38.13% for QQQY. A 0.79 correlation means they provide meaningful diversification when combined. USCL.TO charges 0.04%/yr vs 0.99%/yr for QQQY.

Performance

USCL.TO vs. QQQY - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Global X Enhanced S&P 500 Covered Call ETF (USCL.TO) and Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

USCL.TO is traded in CAD, while QQQY is traded in USD. To make them comparable, the QQQY values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, USCL.TO achieves a 11.57% return, which is significantly lower than QQQY's 20.59% return.

USCL.TO

• 1D: -0.08%
• 1M: 7.59%
• YTD: 11.57%
• 6M: 9.93%
• 1Y: 29.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QQQY

• 1D: 0.05%
• 1M: 11.83%
• YTD: 20.59%
• 6M: 18.65%
• 1Y: 38.13%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USCL.TO vs. QQQY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USCL.TO Global X Enhanced S&P 500 Covered Call ETF	11.57%	10.03%	38.54%	1.53%
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	20.59%	9.68%	16.95%	5.12%

Correlation

The correlation between USCL.TO and QQQY is 0.78, 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	0.78
Correlation (All Time) Calculated using the full available price history since Sep 15, 2023	0.79

The correlation between USCL.TO and QQQY has been stable across timeframes, ranging from 0.78 to 0.79 - a consistent structural relationship.

Return for Risk

USCL.TO vs. QQQY — Risk / Return Rank

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

USCL.TO

USCL.TO Risk / Return Rank: 75
USCL.TO Sharpe Ratio Rank: 77
USCL.TO Sortino Ratio Rank: 75
USCL.TO Omega Ratio Rank: 80
USCL.TO Calmar Ratio Rank: 70
USCL.TO Martin Ratio Rank: 75

QQQY

QQQY Risk / Return Rank: 74
QQQY Sharpe Ratio Rank: 81
QQQY Sortino Ratio Rank: 73
QQQY Omega Ratio Rank: 80
QQQY Calmar Ratio Rank: 65
QQQY Martin Ratio Rank: 73

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.

USCL.TO vs. QQQY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Enhanced S&P 500 Covered Call ETF (USCL.TO) 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.

	USCL.TO	QQQY	Difference
Sharpe ratio: Return per unit of total volatility	2.55	2.82	-0.27
Sortino ratio: Return per unit of downside risk	3.43	3.55	-0.12
Omega ratio: Gain probability vs. loss probability	1.49	1.53	-0.04
Calmar ratio: Return relative to maximum drawdown	3.51	3.57	-0.06
Martin ratio: Return relative to average drawdown	14.29	12.43	+1.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USCL.TO vs. QQQY - Sharpe Ratio Comparison

The current USCL.TO Sharpe Ratio is 2.55, which is comparable to the QQQY Sharpe Ratio of 2.82. The chart below compares the historical Sharpe Ratios of USCL.TO 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.

Sharpe Ratios by Period

	USCL.TO	QQQY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.55	2.82	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	1.42	1.34	+0.07

Drawdowns

USCL.TO vs. QQQY - Drawdown Comparison

The maximum USCL.TO drawdown since its inception was -21.85%, roughly equal to the maximum QQQY drawdown of -20.93%. Use the drawdown chart below to compare losses from any high point for USCL.TO and QQQY.

Drawdown Indicators

	USCL.TO	QQQY	Difference
Max Drawdown Largest peak-to-trough decline	-21.85%	-20.93%	-0.92%
Max Drawdown (1Y) Largest decline over 1 year	-8.56%	-10.74%	+2.18%
Current Drawdown Current decline from peak	-0.08%	0.00%	-0.08%
Average Drawdown Average peak-to-trough decline	-2.55%	-3.26%	+0.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	3.07%	-0.97%

Volatility

USCL.TO vs. QQQY - Volatility Comparison

The current volatility for Global X Enhanced S&P 500 Covered Call ETF (USCL.TO) is 2.86%, while Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY) has a volatility of 4.13%. This indicates that USCL.TO experiences smaller price fluctuations and is considered to be less risky than QQQY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USCL.TO	QQQY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.86%	4.13%	-1.27%
Volatility (6M) Calculated over the trailing 6-month period	9.31%	11.08%	-1.77%
Volatility (1Y) Calculated over the trailing 1-year period	11.79%	13.59%	-1.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.44%	14.67%	+0.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.44%	14.67%	+0.77%

USCL.TO vs. QQQY - Expense Ratio Comparison

USCL.TO has a 0.04% expense ratio, which is lower than QQQY's 0.99% expense ratio.

Dividends

USCL.TO vs. QQQY - Dividend Comparison

USCL.TO's dividend yield for the trailing twelve months is around 11.95%, less than QQQY's 34.34% yield.

Position	TTM	2025	2024	2023
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	34.34%	45.34%	83.34%	20.64%
USCL.TO Global X Enhanced S&P 500 Covered Call ETF	11.95%	12.94%	11.57%	7.08%

Frequently Asked Questions

Can I hold both USCL.TO and QQQY in my portfolio?

USCL.TO and QQQY have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USCL.TO or QQQY?

On fees, USCL.TO is cheaper at 0.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, USCL.TO or QQQY?

USCL.TO is cheaper with a 0.04% expense ratio, compared with 0.99% for QQQY.

What is the main difference between USCL.TO and QQQY?

USCL.TO is categorized as Derivative Income, while QQQY is Nasdaq-100. They also come from different issuers: Global X and Defiance. Their fees differ too: 0.04% for USCL.TO and 0.99% for QQQY.