USNQX vs. QQQY

Last updated Apr 2, 2026

Compare and contrast key facts about USAA Nasdaq 100 Index Fund (USNQX) and Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY).

USNQX is managed by Victory. It was launched on Oct 27, 2000. QQQY is an actively managed fund by Defiance. It was launched on Sep 13, 2023.

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.

USNQX vs. QQQY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
USNQX USAA Nasdaq 100 Index Fund	-5.93%	20.52%	25.42%	8.88%
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	-4.82%	14.96%	7.70%	7.22%

Returns By Period

In the year-to-date period, USNQX achieves a -5.93% return, which is significantly lower than QQQY's -4.82% return.

USNQX

• 1D: 3.42%
• 1M: -4.98%
• YTD: -5.93%
• 6M: -4.23%
• 1Y: 22.47%
• 3Y*: 22.11%
• 5Y*: 12.61%
• 10Y*: 18.56%

QQQY

• 1D: 1.19%
• 1M: -3.30%
• YTD: -4.82%
• 6M: -3.93%
• 1Y: 14.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USNQX vs. QQQY - Expense Ratio Comparison

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

QQQY

Defiance Nasdaq 100 Enhanced Options Income ETF

USNQX

USAA Nasdaq 100 Index Fund

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: 64
USNQX Sharpe Ratio Rank: 53
USNQX Sortino Ratio Rank: 61
USNQX Omega Ratio Rank: 57
USNQX Calmar Ratio Rank: 77
USNQX Martin Ratio Rank: 71

QQQY

QQQY Risk / Return Rank: 47
QQQY Sharpe Ratio Rank: 48
QQQY Sortino Ratio Rank: 39
QQQY Omega Ratio Rank: 45
QQQY Calmar Ratio Rank: 54
QQQY Martin Ratio Rank: 48

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	1.04	0.91	+0.12
Sortino ratio Return per unit of downside risk	1.62	1.16	+0.46
Omega ratio Gain probability vs. loss probability	1.23	1.18	+0.05
Calmar ratio Return relative to maximum drawdown	1.84	1.44	+0.40
Martin ratio Return relative to average drawdown	6.82	4.79	+2.03
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 1.04, which is comparable to the QQQY Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of USNQX and QQQY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	USNQX	QQQY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.04	0.91	+0.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.82	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.66	-0.33

Correlation

The correlation between USNQX and QQQY is 0.90, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

USNQX vs. QQQY - Dividend Comparison

USNQX's dividend yield for the trailing twelve months is around 3.21%, less than QQQY's 44.97% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USNQX USAA Nasdaq 100 Index Fund	3.21%	3.01%	2.19%	2.60%	4.13%	4.48%	1.53%	0.88%	0.69%	1.97%	0.50%	2.73%
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	44.97%	45.34%	83.34%	20.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

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	-12.72%	-11.30%	-1.42%
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	-9.06%	-7.05%	-2.01%
Average Drawdown Average peak-to-trough decline	-26.93%	-3.04%	-23.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.44%	3.40%	+0.04%

Volatility

USNQX vs. QQQY - Volatility Comparison

USAA Nasdaq 100 Index Fund (USNQX) and Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY) have volatilities of 6.56% and 6.38%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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	6.56%	6.38%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	12.90%	11.21%	+1.69%
Volatility (1Y) Calculated over the trailing 1-year period	22.75%	16.45%	+6.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.92%	14.68%	+8.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.61%	14.68%	+7.93%