IBCK.DE vs. SPQH.DE
IBCK.DE (iShares Edge S&P 500 Minimum Volatility UCITS ETF (Acc)) and SPQH.DE (Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating) are both exchange-traded funds - IBCK.DE is a S&P 500 fund tracking the S&P 500 Minimum Volatility, while SPQH.DE is a Defined Outcome fund tracking the Cboe S&P 500 15% WHT Quarterly 9% (-3% to -12%) Buffer Protect Index. Both are passively managed. Over the past 3 years, IBCK.DE returned 10.94%/yr vs 5.93%/yr for SPQH.DE. A 0.71 correlation means they provide meaningful diversification when combined. IBCK.DE charges 0.20%/yr vs 0.50%/yr for SPQH.DE.
Performance
IBCK.DE vs. SPQH.DE - Performance Comparison
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Returns By Period
In the year-to-date period, IBCK.DE achieves a 5.14% return, which is significantly higher than SPQH.DE's 1.52% return.
IBCK.DE
- 1D
- 0.27%
- 1M
- 4.51%
- YTD
- 5.14%
- 6M
- 5.73%
- 1Y
- 9.44%
- 3Y*
- 10.94%
- 5Y*
- 9.91%
- 10Y*
- 10.32%
SPQH.DE
- 1D
- -0.13%
- 1M
- 1.59%
- YTD
- 1.52%
- 6M
- 2.08%
- 1Y
- 6.72%
- 3Y*
- 5.93%
- 5Y*
- —
- 10Y*
- —
IBCK.DE vs. SPQH.DE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
IBCK.DE iShares Edge S&P 500 Minimum Volatility UCITS ETF (Acc) | 5.14% | -0.69% | 25.61% | 6.07% |
SPQH.DE Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating | 1.52% | -4.41% | 21.88% | 6.82% |
Correlation
The correlation between IBCK.DE and SPQH.DE is 0.66, 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 | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2023 | 0.71 |
The correlation between IBCK.DE and SPQH.DE has been stable across timeframes, ranging from 0.66 to 0.71 - a consistent structural relationship.
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Return for Risk
IBCK.DE vs. SPQH.DE — Risk / Return Rank
IBCK.DE
SPQH.DE
IBCK.DE vs. SPQH.DE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Edge S&P 500 Minimum Volatility UCITS ETF (Acc) (IBCK.DE) and Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating (SPQH.DE). 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.
| IBCK.DE | SPQH.DE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.16 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.83 | 2.12 | -0.30 |
| Martin ratioReturn relative to average drawdown | 5.31 | 4.81 | +0.50 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| IBCK.DE | SPQH.DE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.07 | 0.92 | +0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.79 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.73 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.88 | 0.68 | +0.20 |
Drawdowns
IBCK.DE vs. SPQH.DE - Drawdown Comparison
The maximum IBCK.DE drawdown since its inception was -33.11%, which is greater than SPQH.DE's maximum drawdown of -17.68%. Use the drawdown chart below to compare losses from any high point for IBCK.DE and SPQH.DE.
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Drawdown Indicators
| IBCK.DE | SPQH.DE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -33.11% | -17.68% | -15.43% |
Max Drawdown (1Y)Largest decline over 1 year | -5.08% | -3.16% | -1.92% |
Max Drawdown (3Y)Largest decline over 3 years | -17.55% | -17.68% | +0.13% |
Max Drawdown (5Y)Largest decline over 5 years | -17.55% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -33.11% | — | — |
Current DrawdownCurrent decline from peak | -0.47% | -5.05% | +4.58% |
Average DrawdownAverage peak-to-trough decline | -4.50% | -4.12% | -0.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.75% | 1.39% | +0.36% |
Volatility
IBCK.DE vs. SPQH.DE - Volatility Comparison
iShares Edge S&P 500 Minimum Volatility UCITS ETF (Acc) (IBCK.DE) has a higher volatility of 2.26% compared to Global X S&P 500 Quarterly Tail Hedge UCITS ETF USD Accumulating (SPQH.DE) at 1.63%. This indicates that IBCK.DE's price experiences larger fluctuations and is considered to be riskier than SPQH.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBCK.DE | SPQH.DE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.26% | 1.63% | +0.63% |
Volatility (6M)Calculated over the trailing 6-month period | 5.71% | 4.52% | +1.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.73% | 7.30% | +1.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.37% | 10.79% | +1.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.02% | 10.79% | +3.23% |
IBCK.DE vs. SPQH.DE - Expense Ratio Comparison
IBCK.DE has a 0.20% expense ratio, which is lower than SPQH.DE's 0.50% expense ratio.
Dividends
IBCK.DE vs. SPQH.DE - Dividend Comparison
Neither IBCK.DE nor SPQH.DE has paid dividends to shareholders.
Frequently Asked Questions
IBCK.DE and SPQH.DE have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, IBCK.DE is cheaper at 0.20% per year. The better choice depends on whether you care most about return, fees, risk, or income.
IBCK.DE is cheaper with a 0.20% expense ratio, compared with 0.50% for SPQH.DE.
IBCK.DE is categorized as S&P 500, while SPQH.DE is Defined Outcome. IBCK.DE tracks S&P 500 Minimum Volatility, while SPQH.DE tracks Cboe S&P 500 15% WHT Quarterly 9% (-3% to -12%) Buffer Protect Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.20% for IBCK.DE and 0.50% for SPQH.DE.
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