ETFRX vs. QSTFX

Last updated Jun 25, 2026

ETFRX (North Square Tactical Defensive Fund) and QSTFX (Quantified STF Fund) are both Tactical Allocation funds. Over the past 10 years, ETFRX returned 6.94%/yr vs 19.23%/yr for QSTFX. A 0.76 correlation means they provide meaningful diversification when combined. ETFRX charges 1.86%/yr vs 1.55%/yr for QSTFX.

Performance

ETFRX vs. QSTFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in North Square Tactical Defensive Fund (ETFRX) and Quantified STF Fund (QSTFX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ETFRX achieves a 5.50% return, which is significantly lower than QSTFX's 25.47% return. Over the past 10 years, ETFRX has underperformed QSTFX with an annualized return of 6.94%, while QSTFX has yielded a comparatively higher 19.23% annualized return.

ETFRX

• 1D: -1.42%
• 1M: -0.59%
• YTD: 5.50%
• 6M: 4.57%
• 1Y: 15.46%
• 3Y*: 9.01%
• 5Y*: 4.59%
• 10Y*: 6.94%

QSTFX

• 1D: -0.20%
• 1M: 6.04%
• YTD: 25.47%
• 6M: 21.07%
• 1Y: 49.01%
• 3Y*: 22.08%
• 5Y*: 11.06%
• 10Y*: 19.23%

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

ETFRX vs. QSTFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ETFRX North Square Tactical Defensive Fund	5.50%	8.44%	7.31%	5.65%	-8.28%	13.49%	3.99%	12.46%	-2.99%	15.26%
QSTFX Quantified STF Fund	25.47%	-2.48%	29.94%	61.87%	-46.15%	28.79%	78.20%	16.43%	-6.86%	68.46%

Correlation

The correlation between ETFRX and QSTFX is 0.75, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.79
Correlation (5Y) Calculated over the trailing 5-year period	0.74
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Nov 13, 2015	0.76

The correlation between ETFRX and QSTFX has been stable across timeframes, ranging from 0.74 to 0.79 - a consistent structural relationship.

Return for Risk

ETFRX vs. QSTFX — Risk / Return Rank

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

ETFRX

ETFRX Risk / Return Rank: 43
ETFRX Sharpe Ratio Rank: 37
ETFRX Sortino Ratio Rank: 34
ETFRX Omega Ratio Rank: 36
ETFRX Calmar Ratio Rank: 63
ETFRX Martin Ratio Rank: 43

QSTFX

QSTFX Risk / Return Rank: 60
QSTFX Sharpe Ratio Rank: 65
QSTFX Sortino Ratio Rank: 54
QSTFX Omega Ratio Rank: 67
QSTFX Calmar Ratio Rank: 73
QSTFX Martin Ratio Rank: 39

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.

ETFRX vs. QSTFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for North Square Tactical Defensive Fund (ETFRX) and Quantified STF Fund (QSTFX). 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.

	ETFRX	QSTFX	Difference
Sharpe ratio: Return per unit of total volatility	1.55	2.07	-0.52
Sortino ratio: Return per unit of downside risk	2.14	2.69	-0.55
Omega ratio: Gain probability vs. loss probability	1.28	1.40	-0.12
Calmar ratio: Return relative to maximum drawdown	2.78	3.03	-0.25
Martin ratio: Return relative to average drawdown	8.34	7.75	+0.59

ETFRX vs. QSTFX - Sharpe Ratio Comparison

The current ETFRX Sharpe Ratio is 1.55, which is comparable to the QSTFX Sharpe Ratio of 2.07. The chart below compares the historical Sharpe Ratios of ETFRX and QSTFX, 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

ETFRX vs. QSTFX - Drawdown Comparison

The maximum ETFRX drawdown since its inception was -37.11%, smaller than the maximum QSTFX drawdown of -49.03%. Use the drawdown chart below to compare losses from any high point for ETFRX and QSTFX.

Drawdown Indicators

	ETFRX	QSTFX	Difference
Max Drawdown Largest peak-to-trough decline	-37.11%	-49.03%	+11.92%
Max Drawdown (1Y) Largest decline over 1 year	-6.02%	-17.87%	+11.85%
Max Drawdown (3Y) Largest decline over 3 years	-11.98%	-32.22%	+20.24%
Max Drawdown (5Y) Largest decline over 5 years	-12.17%	-49.03%	+36.86%
Max Drawdown (10Y) Largest decline over 10 years	-21.30%	-49.03%	+27.73%
Current Drawdown Current decline from peak	-2.23%	-1.59%	-0.64%
Average Drawdown Average peak-to-trough decline	-6.65%	-15.41%	+8.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.00%	6.98%	-4.98%

Volatility

ETFRX vs. QSTFX - Volatility Comparison

The current volatility for North Square Tactical Defensive Fund (ETFRX) is 4.20%, while Quantified STF Fund (QSTFX) has a volatility of 9.00%. This indicates that ETFRX experiences smaller price fluctuations and is considered to be less risky than QSTFX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ETFRX	QSTFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.20%	9.00%	-4.80%
Volatility (6M) Calculated over the trailing 6-month period	7.75%	19.41%	-11.66%
Volatility (1Y) Calculated over the trailing 1-year period	10.78%	26.23%	-15.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.56%	27.28%	-17.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.47%	28.00%	-17.53%

ETFRX vs. QSTFX - Expense Ratio Comparison

ETFRX has a 1.86% expense ratio, which is higher than QSTFX's 1.55% expense ratio.

Dividends

ETFRX vs. QSTFX - Dividend Comparison

ETFRX's dividend yield for the trailing twelve months is around 0.46%, less than QSTFX's 8.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ETFRX North Square Tactical Defensive Fund	0.46%	0.48%	0.93%	0.00%	0.00%	0.00%	0.00%	0.38%	0.00%	2.25%	0.00%	3.02%
QSTFX Quantified STF Fund	8.49%	10.65%	5.12%	1.03%	0.00%	21.93%	20.82%	0.52%	2.57%	39.11%	0.01%	0.00%

Frequently Asked Questions

Can I hold both ETFRX and QSTFX in my portfolio?

ETFRX and QSTFX have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETFRX or QSTFX?

QSTFX has higher volatility (9.00%) compared to ETFRX (4.20%). In terms of maximum drawdown, ETFRX dropped -37.11% vs QSTFX's -49.03%.

Which has better risk-adjusted returns?

QSTFX currently has the higher Sharpe Ratio (2.07 vs 1.55), 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.