USNQX vs. QQQY

Last updated Jun 5, 2026

USNQX (USAA Nasdaq 100 Index Fund) and QQQY (Defiance Nasdaq 100 Enhanced Options Income ETF) are both Nasdaq-100 funds. USNQX is passively managed, while QQQY is actively managed. Over the past year, USNQX returned 41.10% vs 35.59% for QQQY. Their correlation of 0.91 suggests significant overlap in exposure. USNQX charges 0.42%/yr vs 0.99%/yr for QQQY.

Performance

USNQX vs. QQQY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USAA Nasdaq 100 Index Fund (USNQX) 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, USNQX achieves a 21.19% return, which is significantly higher than QQQY's 18.85% return.

USNQX

• 1D: -0.29%
• 1M: 9.17%
• YTD: 21.19%
• 6M: 19.57%
• 1Y: 41.10%
• 3Y*: 28.54%
• 5Y*: 17.67%
• 10Y*: 21.64%

QQQY

• 1D: -0.19%
• 1M: 7.95%
• YTD: 18.85%
• 6M: 18.67%
• 1Y: 35.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USNQX vs. QQQY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USNQX USAA Nasdaq 100 Index Fund	21.19%	20.52%	25.42%	8.88%
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	18.85%	14.96%	7.70%	7.22%

Correlation

The correlation between USNQX and QQQY is 0.94, 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	0.94
Correlation (All Time) Calculated using the full available price history since Sep 15, 2023	0.91

The correlation between USNQX and QQQY has been stable across timeframes, ranging from 0.91 to 0.94 - a consistent structural relationship.

Return for Risk

USNQX vs. QQQY — Risk / Return Rank

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

USNQX

USNQX Risk / Return Rank: 70
USNQX Sharpe Ratio Rank: 78
USNQX Sortino Ratio Rank: 65
USNQX Omega Ratio Rank: 63
USNQX Calmar Ratio Rank: 77
USNQX Martin Ratio Rank: 69

QQQY

QQQY Risk / Return Rank: 75
QQQY Sharpe Ratio Rank: 82
QQQY Sortino Ratio Rank: 75
QQQY Omega Ratio Rank: 81
QQQY Calmar Ratio Rank: 65
QQQY Martin Ratio Rank: 74

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.

USNQX vs. QQQY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USAA Nasdaq 100 Index Fund (USNQX) 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.

	USNQX	QQQY	Difference
Sharpe ratio: Return per unit of total volatility	2.59	2.62	-0.02
Sortino ratio: Return per unit of downside risk	3.39	3.31	+0.08
Omega ratio: Gain probability vs. loss probability	1.44	1.48	-0.04
Calmar ratio: Return relative to maximum drawdown	3.45	3.21	+0.24
Martin ratio: Return relative to average drawdown	13.21	13.65	-0.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USNQX vs. QQQY - Sharpe Ratio Comparison

The current USNQX Sharpe Ratio is 2.59, which is comparable to the QQQY Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of USNQX 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

	USNQX	QQQY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.59	2.62	-0.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.78	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.96	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	1.25	-0.88

Drawdowns

USNQX vs. QQQY - Drawdown Comparison

The maximum USNQX drawdown since its inception was -76.24%, which is greater than QQQY's maximum drawdown of -19.05%. Use the drawdown chart below to compare losses from any high point for USNQX and QQQY.

Drawdown Indicators

	USNQX	QQQY	Difference
Max Drawdown Largest peak-to-trough decline	-76.24%	-19.05%	-57.19%
Max Drawdown (1Y) Largest decline over 1 year	-12.07%	-11.14%	-0.93%
Max Drawdown (3Y) Largest decline over 3 years	-22.88%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-36.95%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.95%	—	—
Current Drawdown Current decline from peak	-0.29%	-0.55%	+0.26%
Average Drawdown Average peak-to-trough decline	-26.75%	-2.91%	-23.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.15%	2.61%	+0.54%

Volatility

USNQX vs. QQQY - Volatility Comparison

USAA Nasdaq 100 Index Fund (USNQX) has a higher volatility of 4.53% compared to Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY) at 4.14%. This indicates that USNQX'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

	USNQX	QQQY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.53%	4.14%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	12.19%	11.30%	+0.89%
Volatility (1Y) Calculated over the trailing 1-year period	16.09%	13.66%	+2.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.90%	14.74%	+8.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.66%	14.74%	+7.92%

USNQX vs. QQQY - Expense Ratio Comparison

USNQX has a 0.42% expense ratio, which is lower than QQQY's 0.99% expense ratio.

Dividends

USNQX vs. QQQY - Dividend Comparison

USNQX's dividend yield for the trailing twelve months is around 2.49%, less than QQQY's 35.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	35.18%	45.34%	83.34%	20.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
USNQX USAA Nasdaq 100 Index Fund	2.49%	3.01%	2.19%	2.60%	4.13%	4.48%	1.53%	0.88%	0.69%	1.97%	0.50%	2.73%

Frequently Asked Questions

Can I hold both USNQX and QQQY in my portfolio?

With a correlation of 0.94, USNQX and QQQY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, USNQX or QQQY?

USNQX has higher volatility (4.53%) compared to QQQY (4.14%). In terms of maximum drawdown, USNQX dropped -76.24% vs QQQY's -19.05%.

Which has better risk-adjusted returns?

QQQY currently has the higher Sharpe Ratio (2.62 vs 2.59), 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.