XUSP vs. QQQ

Last updated Jun 23, 2026

XUSP (Innovator Uncapped Accelerated U.S. Equity ETF) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - XUSP is a Options Trading fund actively managed by Innovator, while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. XUSP is actively managed, while QQQ is passively managed. Over the past 3 years, XUSP returned 23.78%/yr vs 27.47%/yr for QQQ. Their correlation of 0.93 suggests significant overlap in exposure. XUSP charges 0.79%/yr vs 0.18%/yr for QQQ.

Performance

XUSP vs. QQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Uncapped Accelerated U.S. Equity ETF (XUSP) and Invesco QQQ ETF (QQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XUSP achieves a 10.53% return, which is significantly lower than QQQ's 20.41% return.

XUSP

• 1D: -0.60%
• 1M: -0.28%
• YTD: 10.53%
• 6M: 9.88%
• 1Y: 31.76%
• 3Y*: 23.78%
• 5Y*: —
• 10Y*: —

QQQ

• 1D: -0.25%
• 1M: 2.96%
• YTD: 20.41%
• 6M: 19.46%
• 1Y: 40.91%
• 3Y*: 27.47%
• 5Y*: 16.94%
• 10Y*: 22.48%

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

XUSP vs. QQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XUSP Innovator Uncapped Accelerated U.S. Equity ETF	10.53%	18.27%	30.60%	26.46%	-10.20%
QQQ Invesco QQQ ETF	20.41%	20.77%	25.58%	54.86%	-17.96%

Correlation

The correlation between XUSP and QQQ 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 (3Y) Calculated over the trailing 3-year period	0.93
Correlation (All Time) Calculated using the full available price history since Aug 11, 2022	0.93

The correlation between XUSP and QQQ has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

Return for Risk

XUSP vs. QQQ — Risk / Return Rank

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

XUSP

XUSP Risk / Return Rank: 57
XUSP Sharpe Ratio Rank: 59
XUSP Sortino Ratio Rank: 55
XUSP Omega Ratio Rank: 55
XUSP Calmar Ratio Rank: 55
XUSP Martin Ratio Rank: 62

QQQ

QQQ Risk / Return Rank: 72
QQQ Sharpe Ratio Rank: 76
QQQ Sortino Ratio Rank: 70
QQQ Omega Ratio Rank: 72
QQQ Calmar Ratio Rank: 70
QQQ Martin Ratio Rank: 71

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.

XUSP vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Uncapped Accelerated U.S. Equity ETF (XUSP) and Invesco QQQ ETF (QQQ). 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.

	XUSP	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	1.91	2.33	-0.42
Sortino ratio: Return per unit of downside risk	2.56	3.03	-0.47
Omega ratio: Gain probability vs. loss probability	1.33	1.41	-0.07
Calmar ratio: Return relative to maximum drawdown	2.63	3.44	-0.80
Martin ratio: Return relative to average drawdown	10.77	12.79	-2.02

XUSP vs. QQQ - Sharpe Ratio Comparison

The current XUSP Sharpe Ratio is 1.91, which is comparable to the QQQ Sharpe Ratio of 2.33. The chart below compares the historical Sharpe Ratios of XUSP and QQQ, 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

XUSP vs. QQQ - Drawdown Comparison

The maximum XUSP drawdown since its inception was -22.59%, smaller than the maximum QQQ drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for XUSP and QQQ.

Drawdown Indicators

	XUSP	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-22.59%	-82.97%	+60.38%
Max Drawdown (1Y) Largest decline over 1 year	-12.13%	-11.96%	-0.17%
Max Drawdown (3Y) Largest decline over 3 years	-22.59%	-22.77%	+0.18%
Max Drawdown (5Y) Largest decline over 5 years	—	-35.12%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-35.12%	—
Current Drawdown Current decline from peak	-2.74%	-0.99%	-1.75%
Average Drawdown Average peak-to-trough decline	-4.41%	-32.73%	+28.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.96%	3.21%	-0.25%

Volatility

XUSP vs. QQQ - Volatility Comparison

The current volatility for Innovator Uncapped Accelerated U.S. Equity ETF (XUSP) is 6.26%, while Invesco QQQ ETF (QQQ) has a volatility of 8.47%. This indicates that XUSP experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XUSP	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.26%	8.47%	-2.21%
Volatility (6M) Calculated over the trailing 6-month period	12.97%	14.20%	-1.23%
Volatility (1Y) Calculated over the trailing 1-year period	16.72%	17.67%	-0.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.32%	22.64%	-3.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.32%	22.43%	-3.11%

XUSP vs. QQQ - Expense Ratio Comparison

XUSP has a 0.79% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

XUSP vs. QQQ - Dividend Comparison

XUSP has not paid dividends to shareholders, while QQQ's dividend yield for the trailing twelve months is around 0.49%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQ Invesco QQQ ETF	0.49%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%
XUSP Innovator Uncapped Accelerated U.S. Equity ETF	0.00%	0.00%	0.00%	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 XUSP and QQQ in my portfolio?

With a correlation of 0.94, XUSP and QQQ 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, XUSP or QQQ?

QQQ has higher volatility (8.47%) compared to XUSP (6.26%). In terms of maximum drawdown, XUSP dropped -22.59% vs QQQ's -82.97%.

Which ETF is better, XUSP or QQQ?

On 3-year performance, QQQ leads with 27.47% vs 23.78% for XUSP. On fees, QQQ is cheaper at 0.18% per year. On volatility, XUSP has been the lower-risk option at 6.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XUSP or QQQ?

Over the 3-year period, QQQ has performed better with a 27.47% return vs 23.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XUSP or QQQ?

QQQ is cheaper with a 0.18% expense ratio, compared with 0.79% for XUSP.

Which ETF pays a higher dividend yield, XUSP or QQQ?

QQQ has the higher dividend yield at 0.49%, compared with 0.00% for XUSP.

What is the main difference between XUSP and QQQ?

XUSP is categorized as Options Trading, while QQQ is Nasdaq-100. They also come from different issuers: Innovator and Invesco. Their fees differ too: 0.79% for XUSP and 0.18% for QQQ.

Which has better risk-adjusted returns?

QQQ currently has the higher Sharpe Ratio (2.33 vs 1.91), 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.