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ETF Comparison

QQQ vs YMAX: Which Is the Better Pick in 2026?

A head-to-head comparison of Invesco QQQ Trust and YieldMax Universe Fund of Option Income ETF covering yield, cost, risk, and income potential.

Updated October 2, 2026

How these figures are calculated: methodology.

Best for

  • QQQInvestors who want a growth tilt and can accept bigger swings for higher upside.
  • YMAXInvestors who want to maximize current income — roughly 40.78%, generated by selling options premium.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.

QQQ has outpaced YMAX over the trailing twelve months, posting a 24.84% total return against -0.55%. Measured from Jan 2024 — the start of shared available history — QQQ has compounded at 25.94% a year versus 14.89% for YMAX. Figures are total returns: price change plus every distribution reinvested.

Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
SymbolYTD cumulative1Y cumulativeSince Jan 2024Volatility Sharpe Sortino Max drawdown
QQQ22.67%24.84%25.94%19.9%0.891.28-12.0%
YMAX7.91%-0.55%14.89%24.9%-0.20-0.28-26.1%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 2, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Jan 2024” measures every fund from January 17, 2024 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.

Distribution rate, SEC yield and return of capital

MetricQQQYMAX
Forward distribution rate0.40%40.78%
Trailing 12-month yield0.41%62.00%
30-day SEC yield—87.45%
Return of capital—26.49%

Total return (price change plus reinvested distributions) is the Total returns section above. Return of capital is the share of a recent distribution that was not income. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricQQQYMAX
Full nameInvesco QQQ TrustYieldMax Universe Fund of Option Income ETF
IssuerInvescoYieldMax
Underlying indexNasdaq-100 IndexBasket (Yieldmax ETFs)
Last Close$749.58 as of October 2, 2026$7.60 as of October 2, 2026
Distribution rate0.40%40.78%
Trailing 12-month yield0.41%62.00%
30-day SEC yield—87.45%
Distribution Safety Score™ 9755
Safety-Adjusted Yield 0.39%22.43%
Expense ratio0.18%1.33%
AUM$501B$371M
Distribution frequencyQuarterlyWeekly
ObjectiveTrack the Nasdaq-100 Index, which includes 100 of the largest non-financial Nasdaq stocks.Fund of funds that seeks weekly income by investing its assets across the shares of the underlying YieldMax option income ETFs, or directly in the instruments those ETFs hold.
Asset classEquityEquity
Inception date03/10/199901/16/2024
Beta1.261.5515
Last dividend$0.75143 declared, pays 10/08/2026$0.0596
Ex-dividend date09/21/202609/30/2026

Bottom lineChoose QQQ if you want a growth tilt and can accept bigger swings for higher upside. Choose YMAX if you want to maximize current income — roughly 40.78%, generated by selling options premium. There's no free lunch: YMAX's payout comes from selling options, which caps upside and can erode the share price over time, while QQQ keeps full price exposure.

How the risk works

Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.

  • Capped upside and premium dependence. YMAX generates income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.

Learn the mechanics: Return of capital, explained · NAV erosion, explained

Model this comparison:
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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

Invesco
ETFs246
Total AUM$1012B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

Invesco is a major ETF provider known for offering a comprehensive lineup spanning multiple asset classes and investment strategies. The company specializes in income-focused products including dividend, covered call, and bond strategies, while also maintaining broad exposure across equity, factor-based, thematic, and ESG investing themes. Invesco's portfolio ranges from index-tracking funds to alternatives and specialized offerings like digital assets and BulletShares, making it one of the more expansive ETF families available to investors.

See our curated list of related YouTube videos on QQQ.

See all Invesco ETFs
YieldMax
ETFs62
Total AUM$10.1B

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

YieldMax is known for specializing in options-based and income-focused ETFs that emphasize yield generation through covered call strategies and other income-producing methodologies. The firm operates a diverse lineup of 63 funds organized across multiple families including covered call strategies, 0DTE (zero days to expiration) options, double distribution approaches, and various target-date and performance-based portfolios designed to generate regular distributions. Notable offerings span popular underlying assets like major technology stocks and broad market indices, with a particular emphasis on providing enhanced income solutions for investors seeking regular cash flows through options strategies and other tactical approaches.

See our curated list of related YouTube videos on YMAX.

See all YieldMax ETFs

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Quick verdict

QQQ (Invesco QQQ Trust) and YMAX (YieldMax Universe Fund of Option Income ETF) are both dividend ETFs, but they take different approaches.

YMAX offers the higher yield at 40.78% vs 0.40% for QQQ. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

QQQ is cheaper with an expense ratio of 0.18% compared to 1.33%.

They have different reference exposures: QQQ is linked to Nasdaq-100 Index while YMAX is linked to Basket (Yieldmax ETFs), which means their performance drivers differ.

QQQ is the larger fund by assets ($501B), but assets alone do not establish trading costs or liquidity.

Who should choose each?

Choose QQQ

Invesco QQQ Trust

  • Want a growth tilt and can accept larger swings for more upside.
  • Want to keep costs low — a 0.18% expense ratio vs 1.33% for YMAX.
  • Prefer lower volatility — a beta of 1.3 vs 1.6 for YMAX.

Choose YMAX

YieldMax Universe Fund of Option Income ETF

  • Want to maximize current income — YMAX distributes roughly 40.78% from selling options premium, vs 0.40% for QQQ.
  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

Deep dive

Yield & income

On a $10,000 investment, QQQ would generate roughly $10.00 cash per distribution, while YMAX would produce $78.42 cash per distribution, at current distribution rates.

QQQ yield0.40%
YMAX yield40.78%
Cash diff on $10K$68.42

Cost & efficiency

Over 10 years on $10,000, QQQ would cost approximately $180 in fees vs $1,330 for YMAX (simplified, not compounded). The $1,150.00 difference may be offset by yield or performance.

QQQ ER0.18%
YMAX ER1.33%

Strategy & risk

QQQ tracks Nasdaq-100 Index with a growth approach, while YMAX tracks Basket (Yieldmax ETFs) with a covered call approach. Beta is 1.26 for QQQ and 1.5515 for YMAX, making QQQ the less volatile of the two by this measure.

QQQ beta1.26
YMAX beta1.5515

Fund details

QQQ is managed by Invesco (launched 03/10/1999) with $501B in assets. YMAX is managed by YieldMax (launched 01/16/2024) with $371M in assets.

QQQ AUM$501B
YMAX AUM$371M
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Frequently asked questions

What is the current distribution rate for QQQ and YMAX?

QQQ currently distributes 0.40% and YMAX 40.78%, based on fund data updated October 2026. Distribution rate moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is QQQ or YMAX better for dividend income?

It depends on your goals. YMAX currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

What is the difference between QQQ and YMAX?

QQQ (Invesco QQQ Trust) tracks Nasdaq-100 Index with a growth approach, while YMAX (YieldMax Universe Fund of Option Income ETF) tracks Basket (Yieldmax ETFs) with a covered call approach. They are issued by Invesco and YieldMax respectively.

Can I hold both QQQ and YMAX?

Yes — nothing prevents holding both. Whether the combination actually diversifies depends on how much the underlying exposures overlap, which isn't fully measurable from the data on this page; review each security's holdings, sector, and strategy before treating them as complementary.

Is QQQ or YMAX safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — QQQ scores 97, YMAX scores 55, so QQQ's payout currently looks the more resilient of the two. QQQ has also shown lower price volatility (beta 1.26 vs 1.55 for YMAX). No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.

Which has lower fees, QQQ or YMAX?

QQQ has an expense ratio of 0.18% while YMAX charges 1.33%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in QQQ vs YMAX generate?

At current rates, $10,000 in QQQ would generate roughly $10.00 cash per distribution ($40.00 annually). The same in YMAX would produce about $78.42 cash per distribution ($4,078.00 annually).

Which has performed better historically, QQQ or YMAX?

QQQ has outpaced YMAX over the trailing twelve months, posting a 24.84% total return against -0.55%. Measured from Jan 2024 — the start of shared available history — QQQ has compounded at 25.94% a year versus 14.89% for YMAX. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

QQQ vs YMAX — at a glance

Generated October 3, 2026.

Overview

QQQ is a $501B ETF tracking the Nasdaq-100 Index, giving investors broad exposure to 100 of the largest non-financial Nasdaq-listed companies. YMAX is a $371M fund of funds that deploys option-income strategies across a basket of YieldMax ETFs, seeking weekly distributions through covered-call writing and similar derivative overlays. The critical distinction is that QQQ is a buy-and-hold equity index tracker, while YMAX is an active income-generation vehicle using options to extract yield far beyond what the underlying stocks alone would provide. QQQ has a published beta of 1.26, reflecting its large-cap growth tilt; YMAX's 1.5515 suggests even higher sensitivity to market moves, a byproduct of the leverage and options positioning embedded in the strategy.

Who each is best for

QQQ: Fits investors seeking long-term Nasdaq-100 exposure with minimal fees, low turnover, and a modest quarterly dividend from the underlying stocks themselves.

YMAX: Fits income-focused investors with high risk tolerance who accept significant NAV volatility and potential capital erosion in exchange for weekly cash distributions and are comfortable with options-based mechanics. When payout rates reach this level, the fund is likely returning capital and eroding NAV over time, especially in flat or down markets.

  • Options overlay and synthetic-income mechanics. YMAX generates its high weekly yield by selling calls against the fund's holdings. If the market rallies sharply, these short calls cap upside and force assignment risk; in a decline, the calls provide limited cushion. The fund's income is contingent on continued call sales, which may become less attractive (or less profitable) in volatile markets.
  • Fund-of-funds complexity and concentration. YMAX invests in other YieldMax option-income ETFs rather than holding stocks directly. This creates a second layer of fees and strategy dependency: the fund's income depends entirely on whether those underlying YieldMax ETFs can sustain their own call-writing programs. If those underlying funds struggle or close, YMAX's strategy faces disruption. Smaller ETFs can face wider bid-ask spreads, delayed price discovery, and potential liquidity crunches during market stress.
  • Beta and market sensitivity. YMAX's 1.5515 exceeds QQQ's 1.26, suggesting amplified downside in market corrections despite the call overlay. Weekly distributions may be cut in severe drawdowns to preserve capital. Past performance does not guarantee future results.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

Learn the method

The metrics behind this comparison, explained in the Academy.

How covered-call funds work How to read a fund's stats The covered-call opportunity cost

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These comparisons follow the Dividend Vision methodology.