XAPR vs. QQQY

Last updated Apr 1, 2026

Compare and contrast key facts about FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April (XAPR) and Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY).

XAPR and QQQY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XAPR is an actively managed fund by FT Vest. It was launched on Apr 18, 2024. QQQY is an actively managed fund by Defiance. It was launched on Sep 13, 2023.

Performance

XAPR vs. QQQY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April (XAPR) and Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY). The values are adjusted to include any dividend payments, if applicable.

XAPR vs. QQQY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XAPR FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April	1.10%	12.57%	8.25%
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	-5.94%	14.96%	8.67%

Returns By Period

In the year-to-date period, XAPR achieves a 1.10% return, which is significantly higher than QQQY's -5.94% return.

XAPR

• 1D: 0.22%
• 1M: 0.35%
• YTD: 1.10%
• 6M: 2.86%
• 1Y: 12.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

QQQY

• 1D: 3.37%
• 1M: -4.31%
• YTD: -5.94%
• 6M: -4.55%
• 1Y: 14.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XAPR vs. QQQY - Expense Ratio Comparison

XAPR has a 0.85% expense ratio, which is lower than QQQY's 0.99% expense ratio.

QQQY

Defiance Nasdaq 100 Enhanced Options Income ETF

XAPR

FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April

Return for Risk

XAPR vs. QQQY — Risk / Return Rank

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

XAPR

XAPR Risk / Return Rank: 88
XAPR Sharpe Ratio Rank: 79
XAPR Sortino Ratio Rank: 88
XAPR Omega Ratio Rank: 98
XAPR Calmar Ratio Rank: 76
XAPR Martin Ratio Rank: 97

QQQY

QQQY Risk / Return Rank: 52
QQQY Sharpe Ratio Rank: 55
QQQY Sortino Ratio Rank: 45
QQQY Omega Ratio Rank: 52
QQQY Calmar Ratio Rank: 59
QQQY Martin Ratio Rank: 51

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.

XAPR vs. QQQY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April (XAPR) 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.

	XAPR	QQQY	Difference
Sharpe ratio Return per unit of total volatility	1.51	0.91	+0.59
Sortino ratio Return per unit of downside risk	2.48	1.16	+1.32
Omega ratio Gain probability vs. loss probability	1.66	1.18	+0.47
Calmar ratio Return relative to maximum drawdown	2.01	1.37	+0.64
Martin ratio Return relative to average drawdown	18.98	4.58	+14.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XAPR vs. QQQY - Sharpe Ratio Comparison

The current XAPR Sharpe Ratio is 1.51, which is higher than the QQQY Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of XAPR 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

	XAPR	QQQY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.51	0.91	+0.59
Sharpe Ratio (All Time) Calculated using the full available price history	1.78	0.63	+1.16

Correlation

The correlation between XAPR and QQQY is 0.79, 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

XAPR vs. QQQY - Dividend Comparison

XAPR has not paid dividends to shareholders, while QQQY's dividend yield for the trailing twelve months is around 45.51%.

	TTM	2025	2024	2023
XAPR FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April	0.00%	0.00%	0.00%	0.00%
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	45.51%	45.34%	83.34%	20.64%

Drawdowns

XAPR vs. QQQY - Drawdown Comparison

The maximum XAPR drawdown since its inception was -6.18%, smaller than the maximum QQQY drawdown of -19.05%. Use the drawdown chart below to compare losses from any high point for XAPR and QQQY.

Drawdown Indicators

	XAPR	QQQY	Difference
Max Drawdown Largest peak-to-trough decline	-6.18%	-19.05%	+12.87%
Max Drawdown (1Y) Largest decline over 1 year	-6.18%	-11.30%	+5.12%
Current Drawdown Current decline from peak	0.00%	-8.15%	+8.15%
Average Drawdown Average peak-to-trough decline	-0.18%	-3.03%	+2.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.65%	3.37%	-2.72%

Volatility

XAPR vs. QQQY - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Enhance & Moderate Buffer ETF - April (XAPR) is 0.45%, while Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY) has a volatility of 6.28%. This indicates that XAPR 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

	XAPR	QQQY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.45%	6.28%	-5.83%
Volatility (6M) Calculated over the trailing 6-month period	1.19%	11.15%	-9.96%
Volatility (1Y) Calculated over the trailing 1-year period	8.15%	16.42%	-8.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.41%	14.68%	-8.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.41%	14.68%	-8.27%