YQQQ vs. SPY
YQQQ (YieldMax Short N100 Option Income Strategy ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - YQQQ is a Derivative Income fund actively managed by YieldMax, while SPY is a S&P 500 fund tracking the S&P 500 Index. YQQQ is actively managed, while SPY is passively managed. Over the past year, YQQQ returned -5.69% vs 21.49% for SPY. Their -0.89 correlation means they have often moved in opposite directions in the past. YQQQ charges 0.99%/yr vs 0.09%/yr for SPY.
Performance
YQQQ vs. SPY - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, YQQQ achieves a -2.27% return, which is significantly lower than SPY's 10.13% return.
YQQQ
- 1D
- -0.25%
- 1M
- 3.85%
- 6M
- -3.32%
- YTD
- -2.27%
- 1Y
- -5.69%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -8.84%
SPY
- 1D
- 0.72%
- 1M
- 0.30%
- 6M
- 8.53%
- YTD
- 10.13%
- 1Y
- 21.49%
- 3Y*
- 19.32%
- 5Y*
- 12.76%
- 10Y*
- 15.07%
- ALL TIME*
- 10.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $37.27B | $35.99B | $39.23B | |
| $672.47K | $456.85K | $596.52K |
YQQQ vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
YQQQ YieldMax Short N100 Option Income Strategy ETF | -2.27% | -9.97% | -5.17% |
SPY State Street SPDR S&P 500 ETF | 10.13% | 17.72% | 8.48% |
Correlation
The correlation between YQQQ and SPY is -0.90, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.90 |
Correlation (All Time) Calculated using the full available price history since Aug 15, 2024 | -0.89 |
The correlation between YQQQ and SPY has been stable across timeframes, ranging from -0.90 to -0.89 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
YQQQ vs. SPY — Risk / Return Rank
YQQQ
SPY
YQQQ vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for YieldMax Short N100 Option Income Strategy ETF (YQQQ) and State Street SPDR S&P 500 ETF (SPY). 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.
| YQQQ | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.83 | ||
| Sortino ratioReturn per unit of downside risk | -2.45 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.27 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 2.20 | -2.41 |
| Martin ratioReturn relative to average drawdown | -0.44 | 9.40 | -9.84 |
Loading charts...
Drawdowns
YQQQ vs. SPY - Drawdown Comparison
The maximum YQQQ drawdown since its inception was -29.10%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for YQQQ and SPY.
Loading charts...
Drawdown Indicators
| YQQQ | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.10% | -55.19% | +26.09% |
Max Drawdown (1Y)Largest decline over 1 year | -21.80% | -8.88% | -12.92% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.76% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.50% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -22.91% | -1.40% | -21.51% |
Average DrawdownAverage peak-to-trough decline | -15.15% | -9.01% | -6.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.05% | 2.08% | +7.97% |
Volatility
YQQQ vs. SPY - Volatility Comparison
YieldMax Short N100 Option Income Strategy ETF (YQQQ) has a higher volatility of 4.48% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that YQQQ's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| YQQQ | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.48% | 3.58% | +0.90% |
Volatility (6M)Calculated over the trailing 6-month period | 11.99% | 10.14% | +1.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.30% | 12.89% | +1.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.54% | 17.18% | -0.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.54% | 17.95% | -1.41% |
YQQQ vs. SPY - Expense Ratio Comparison
YQQQ has a 0.99% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
YQQQ vs. SPY - Dividend Comparison
YQQQ's dividend yield for the trailing twelve months is around 28.92%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
YQQQ YieldMax Short N100 Option Income Strategy ETF | 28.92% | 31.71% | 7.88% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
YQQQ and SPY have a correlation of -0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YQQQ has higher volatility (4.48%) compared to SPY (3.58%). In terms of maximum drawdown, YQQQ dropped -29.10% vs SPY's -55.19%.
On 1-year performance, SPY leads with 21.49% vs -5.69% for YQQQ. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPY has performed better with a 21.49% return vs -5.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.99% for YQQQ.
YQQQ has the higher dividend yield at 28.92%, compared with 1.01% for SPY.
YQQQ is categorized as Derivative Income, while SPY is S&P 500. They also come from different issuers: YieldMax and State Street. Their fees differ too: 0.99% for YQQQ and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.52 vs -0.31), 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.
Find the right allocation for YQQQ and SPY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer