XUSP vs. QQQY

Last updated Jun 4, 2026

XUSP (Innovator Uncapped Accelerated U.S. Equity ETF) and QQQY (Defiance Nasdaq 100 Enhanced Options Income ETF) are both exchange-traded funds - XUSP is a Options Trading fund actively managed by Innovator, while QQQY is a Nasdaq-100 fund actively managed by Defiance. Both are actively managed. Over the past year, XUSP returned 33.74% vs 36.38% for QQQY. Their correlation of 0.86 suggests significant overlap in exposure. XUSP charges 0.79%/yr vs 0.99%/yr for QQQY.

Performance

XUSP vs. QQQY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Uncapped Accelerated U.S. Equity ETF (XUSP) 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, XUSP achieves a 12.67% return, which is significantly lower than QQQY's 19.07% return.

XUSP

• 1D: -0.86%
• 1M: 7.03%
• YTD: 12.67%
• 6M: 12.12%
• 1Y: 33.74%
• 3Y*: 25.24%
• 5Y*: —
• 10Y*: —

QQQY

• 1D: -0.36%
• 1M: 9.64%
• YTD: 19.07%
• 6M: 19.11%
• 1Y: 36.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XUSP vs. QQQY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XUSP Innovator Uncapped Accelerated U.S. Equity ETF	12.67%	18.27%	30.60%	7.27%
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	19.07%	14.96%	7.70%	7.22%

Correlation

The correlation between XUSP and QQQY is 0.88, 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	0.88
Correlation (All Time) Calculated using the full available price history since Sep 15, 2023	0.86

The correlation between XUSP and QQQY has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.

Return for Risk

XUSP vs. QQQY — Risk / Return Rank

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

XUSP

XUSP Risk / Return Rank: 62
XUSP Sharpe Ratio Rank: 64
XUSP Sortino Ratio Rank: 61
XUSP Omega Ratio Rank: 61
XUSP Calmar Ratio Rank: 57
XUSP Martin Ratio Rank: 65

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.

XUSP vs. QQQY - Risk-Adjusted Trends Comparison

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

	XUSP	QQQY	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.68	-0.54
Sortino ratio: Return per unit of downside risk	2.87	3.37	-0.50
Omega ratio: Gain probability vs. loss probability	1.37	1.49	-0.12
Calmar ratio: Return relative to maximum drawdown	2.80	3.28	-0.48
Martin ratio: Return relative to average drawdown	11.82	13.95	-2.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XUSP vs. QQQY - Sharpe Ratio Comparison

The current XUSP Sharpe Ratio is 2.13, which is comparable to the QQQY Sharpe Ratio of 2.68. The chart below compares the historical Sharpe Ratios of XUSP 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

	XUSP	QQQY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	2.68	-0.54
Sharpe Ratio (All Time) Calculated using the full available price history	1.04	1.25	-0.21

Drawdowns

XUSP vs. QQQY - Drawdown Comparison

The maximum XUSP drawdown since its inception was -22.59%, which is greater than QQQY's maximum drawdown of -19.05%. Use the drawdown chart below to compare losses from any high point for XUSP and QQQY.

Drawdown Indicators

	XUSP	QQQY	Difference
Max Drawdown Largest peak-to-trough decline	-22.59%	-19.05%	-3.54%
Max Drawdown (1Y) Largest decline over 1 year	-12.13%	-11.14%	-0.99%
Max Drawdown (3Y) Largest decline over 3 years	-22.59%	—	—
Current Drawdown Current decline from peak	-0.86%	-0.36%	-0.50%
Average Drawdown Average peak-to-trough decline	-4.42%	-2.91%	-1.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.86%	2.61%	+0.25%

Volatility

XUSP vs. QQQY - Volatility Comparison

Innovator Uncapped Accelerated U.S. Equity ETF (XUSP) and Defiance Nasdaq 100 Enhanced Options Income ETF (QQQY) have volatilities of 4.13% and 4.21%, 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

	XUSP	QQQY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.13%	4.21%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	11.89%	11.30%	+0.59%
Volatility (1Y) Calculated over the trailing 1-year period	15.90%	13.67%	+2.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.21%	14.75%	+4.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.21%	14.75%	+4.46%

XUSP vs. QQQY - Expense Ratio Comparison

XUSP has a 0.79% expense ratio, which is lower than QQQY's 0.99% expense ratio.

Dividends

XUSP vs. QQQY - Dividend Comparison

XUSP has not paid dividends to shareholders, while QQQY's dividend yield for the trailing twelve months is around 34.34%.

Position	TTM	2025	2024	2023
QQQY Defiance Nasdaq 100 Enhanced Options Income ETF	34.34%	45.34%	83.34%	20.64%
XUSP Innovator Uncapped Accelerated U.S. Equity ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XUSP and QQQY in my portfolio?

XUSP and QQQY have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XUSP or QQQY?

QQQY has higher volatility (4.21%) compared to XUSP (4.13%). In terms of maximum drawdown, XUSP dropped -22.59% vs QQQY's -19.05%.

Which ETF is better, XUSP or QQQY?

On 1-year performance, QQQY leads with 36.38% vs 33.74% for XUSP. On fees, XUSP is cheaper at 0.79% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XUSP or QQQY?

Over the 1-year period, QQQY has performed better with a 36.38% return vs 33.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XUSP or QQQY?

XUSP is cheaper with a 0.79% expense ratio, compared with 0.99% for QQQY.

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

QQQY has the higher dividend yield at 34.34%, compared with 0.00% for XUSP.

What is the main difference between XUSP and QQQY?

XUSP is categorized as Options Trading, while QQQY is Nasdaq-100. They also come from different issuers: Innovator and Defiance. Their fees differ too: 0.79% for XUSP and 0.99% for QQQY.

Which has better risk-adjusted returns?

QQQY currently has the higher Sharpe Ratio (2.68 vs 2.13), 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.