EQWL vs. QUS

Last updated Aug 6, 2026

EQWL (Invesco S&P 100 Equal Weight ETF) and QUS (State Street SPDR MSCI USA StrategicFactors ETF) are both Large Cap Blend Equities funds - EQWL tracks the S&P 100 Equal Weight Index while QUS tracks the MSCI USA Factor Mix A-Series Capped Index. Both are passively managed. Over the past 10 years, EQWL returned 14.71%/yr vs 13.70%/yr for QUS. Their correlation of 0.85 means they have usually moved in the same direction. EQWL charges 0.25%/yr vs 0.15%/yr for QUS.

Performance

EQWL vs. QUS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 100 Equal Weight ETF (EQWL) and State Street SPDR MSCI USA StrategicFactors ETF (QUS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EQWL achieves a 13.88% return, which is significantly higher than QUS's 11.79% return. Over the past 10 years, EQWL has outperformed QUS with an annualized return of 14.71%, while QUS has yielded a comparatively lower 13.70% annualized return.

EQWL

• 1D: -0.08%
• 1M: 1.99%
• 6M: 10.62%
• YTD: 13.88%
• 1Y: 23.71%
• 3Y*: 19.46%
• 5Y*: 12.30%
• 10Y*: 14.71%
• ALL TIME*: 10.86%

QUS

• 1D: 0.02%
• 1M: 2.61%
• 6M: 9.40%
• YTD: 11.79%
• 1Y: 20.72%
• 3Y*: 17.66%
• 5Y*: 11.08%
• 10Y*: 13.70%
• ALL TIME*: 12.88%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
EQWL Invesco S&P 100 Equal Weight ETF	$8.34M	$8.98M	$9.55M
QUS State Street SPDR MSCI USA StrategicFactors ETF	$3.07M	$4.72M	$3.42M

EQWL vs. QUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EQWL Invesco S&P 100 Equal Weight ETF	13.88%	17.61%	19.11%	19.48%	-11.46%	28.29%	13.94%	29.54%	-6.30%	24.41%
QUS State Street SPDR MSCI USA StrategicFactors ETF	11.79%	14.13%	18.99%	21.78%	-14.15%	26.72%	12.40%	32.45%	-3.66%	21.67%

Correlation

The correlation between EQWL and QUS is 0.92, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.92
Correlation (3Y) Balances recent behavior with more history.	0.93
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (10Y) Provides a long-term view across more market conditions.	0.91
Correlation (All Time) Calculated using the full available price history since Apr 16, 2015	0.85

The correlation between EQWL and QUS has been stable across timeframes, ranging from 0.85 to 0.94 - a consistent structural relationship.

EQWL vs. QUS - Sectors Allocation Comparison

Sectors	EQWL	QUS
Technology	21.3%	28.4%
Financial Services	15.3%	15.7%
Healthcare	15.2%	14.4%
Industrials	14.9%	8.1%
Consumer Cyclical	9.0%	5.7%
Consumer Defensive	8.5%	8.3%
Communication Services	7.4%	8.2%
Utilities	3.0%	3.9%
Energy	2.6%	3.3%
Real Estate	1.9%	1.6%
Basic Materials	1.0%	2.2%

Return for Risk

EQWL vs. QUS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EQWL

EQWL Risk / Return Rank: 83
EQWL Sharpe Ratio Rank: 86
EQWL Sortino Ratio Rank: 85
EQWL Omega Ratio Rank: 84
EQWL Calmar Ratio Rank: 77
EQWL Martin Ratio Rank: 84

QUS

QUS Risk / Return Rank: 84
QUS Sharpe Ratio Rank: 87
QUS Sortino Ratio Rank: 87
QUS Omega Ratio Rank: 86
QUS Calmar Ratio Rank: 76
QUS Martin Ratio Rank: 85

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EQWL vs. QUS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 100 Equal Weight ETF (EQWL) and State Street SPDR MSCI USA StrategicFactors ETF (QUS). 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.

	EQWL	QUS	Difference
Sharpe ratio: Return per unit of total volatility	2.23	2.27	-0.04
Sortino ratio: Return per unit of downside risk	3.12	3.20	-0.08
Omega ratio: Gain probability vs. loss probability	1.40	1.41	-0.01
Calmar ratio: Return relative to maximum drawdown	3.07	3.04	+0.03
Martin ratio: Return relative to average drawdown	13.05	13.56	-0.51

EQWL vs. QUS - Sharpe Ratio Comparison

The current EQWL Sharpe Ratio is 2.23, which is comparable to the QUS Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of EQWL and QUS, 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

EQWL vs. QUS - Drawdown Comparison

The maximum EQWL drawdown since its inception was -49.36%, which is greater than QUS's maximum drawdown of -33.78%. Use the drawdown chart below to compare losses from any high point for EQWL and QUS.

Drawdown Indicators

	EQWL	QUS	Difference
Max Drawdown Largest peak-to-trough decline	-49.36%	-33.78%	-15.58%
Max Drawdown (1Y) Largest decline over 1 year	-7.76%	-6.85%	-0.91%
Max Drawdown (3Y) Largest decline over 3 years	-14.95%	-13.94%	-1.01%
Max Drawdown (5Y) Largest decline over 5 years	-22.99%	-22.30%	-0.69%
Max Drawdown (10Y) Largest decline over 10 years	-34.30%	-33.78%	-0.52%
Current Drawdown Current decline from peak	-0.08%	0.00%	-0.08%
Average Drawdown Average peak-to-trough decline	-6.65%	-3.66%	-2.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.82%	1.53%	+0.29%

Volatility

EQWL vs. QUS - Volatility Comparison

Invesco S&P 100 Equal Weight ETF (EQWL) has a higher volatility of 3.39% compared to State Street SPDR MSCI USA StrategicFactors ETF (QUS) at 2.76%. This indicates that EQWL's price experiences larger fluctuations and is considered to be riskier than QUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EQWL	QUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.39%	2.76%	+0.63%
Volatility (6M) Calculated over the trailing 6-month period	8.46%	7.06%	+1.40%
Volatility (1Y) Calculated over the trailing 1-year period	10.70%	9.21%	+1.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.03%	14.33%	+0.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.72%	16.40%	+0.32%

EQWL vs. QUS - Expense Ratio Comparison

EQWL has a 0.25% expense ratio, which is higher than QUS's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

EQWL vs. QUS - Dividend Comparison

EQWL's dividend yield for the trailing twelve months is around 1.53%, more than QUS's 1.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EQWL Invesco S&P 100 Equal Weight ETF	1.53%	1.67%	1.86%	1.97%	2.12%	1.65%	2.01%	2.04%	2.23%	1.27%	2.01%	2.03%
QUS State Street SPDR MSCI USA StrategicFactors ETF	1.25%	1.38%	1.49%	1.57%	1.68%	1.27%	1.73%	1.81%	2.12%	1.86%	2.07%	1.48%

Frequently Asked Questions

Can I hold both EQWL and QUS in my portfolio?

With a correlation of 0.92, EQWL and QUS 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, EQWL or QUS?

EQWL has higher volatility (3.39%) compared to QUS (2.76%). In terms of maximum drawdown, EQWL dropped -49.36% vs QUS's -33.78%.

Which ETF is better, EQWL or QUS?

On 10-year performance, EQWL leads with 14.71% vs 13.70% for QUS. On fees, QUS is cheaper at 0.15% per year. On volatility, QUS has been the lower-risk option at 2.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EQWL or QUS?

Over the 10-year period, EQWL has performed better with a 14.71% return vs 13.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EQWL or QUS?

QUS is cheaper with a 0.15% expense ratio, compared with 0.25% for EQWL.

Which ETF pays a higher dividend yield, EQWL or QUS?

EQWL has the higher dividend yield at 1.53%, compared with 1.25% for QUS.

What is the main difference between EQWL and QUS?

EQWL tracks S&P 100 Equal Weight Index, while QUS tracks MSCI USA Factor Mix A-Series Capped Index. They also come from different issuers: Invesco and State Street. Their fees differ too: 0.25% for EQWL and 0.15% for QUS.

Which has better risk-adjusted returns?

QUS currently has the higher Sharpe Ratio (2.27 vs 2.23), 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.