LBO vs. QVAL

Last updated Aug 2, 2026

LBO (WHITEWOLF Publicly Listed Private Equity ETF) and QVAL (Alpha Architect U.S. Quantitative Value ETF) are both exchange-traded funds - LBO is a Financials Equities fund actively managed by Alpha Architect, while QVAL is a Mid Cap Value Equities fund actively managed by Alpha Architect. Both are actively managed. Over the past year, LBO returned -14.55% vs 39.46% for QVAL. Their 0.61 correlation means they have sometimes moved together and sometimes differently. LBO charges 0.70%/yr vs 0.28%/yr for QVAL.

Performance

LBO vs. QVAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in WHITEWOLF Publicly Listed Private Equity ETF (LBO) and Alpha Architect U.S. Quantitative Value ETF (QVAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LBO achieves a -10.41% return, which is significantly lower than QVAL's 20.72% return.

LBO

• 1D: 0.99%
• 1M: 3.40%
• 6M: -7.82%
• YTD: -10.41%
• 1Y: -14.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.37%

QVAL

• 1D: -0.54%
• 1M: 3.77%
• 6M: 14.38%
• YTD: 20.72%
• 1Y: 39.46%
• 3Y*: 18.55%
• 5Y*: 12.93%
• 10Y*: 11.94%
• ALL TIME*: 11.53%

*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)
LBO WHITEWOLF Publicly Listed Private Equity ETF	$3.76K	$7.07K	$41.04K
QVAL Alpha Architect U.S. Quantitative Value ETF	$1.37M	$1.75M	$1.48M

LBO vs. QVAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
LBO WHITEWOLF Publicly Listed Private Equity ETF	-10.41%	-6.41%	30.93%	7.39%
QVAL Alpha Architect U.S. Quantitative Value ETF	20.72%	10.98%	12.21%	8.56%

Correlation

The correlation between LBO and QVAL is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (All Time) Calculated using the full available price history since Nov 30, 2023	0.61

The correlation between LBO and QVAL shifts across timeframes, from 0.48 (1 year) to 0.61 (all time), reflecting how their relationship changes across market environments.

LBO vs. QVAL - Sectors Allocation Comparison

Sectors	LBO	QVAL
Financial Services	96.1%	-
Industrials	3.9%	12.3%
Basic Materials	-	8.0%
Communication Services	-	5.8%
Consumer Cyclical	-	21.6%
Consumer Defensive	-	5.9%
Energy	-	20.3%
Healthcare	-	14.1%
Real Estate	-	2.0%
Technology	-	10.0%
Utilities	-	2.0%

Return for Risk

LBO vs. QVAL — Risk / Return Rank

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

LBO

LBO Risk / Return Rank: 4
LBO Sharpe Ratio Rank: 3
LBO Sortino Ratio Rank: 4
LBO Omega Ratio Rank: 4
LBO Calmar Ratio Rank: 5
LBO Martin Ratio Rank: 4

QVAL

QVAL Risk / Return Rank: 94
QVAL Sharpe Ratio Rank: 94
QVAL Sortino Ratio Rank: 95
QVAL Omega Ratio Rank: 92
QVAL Calmar Ratio Rank: 96
QVAL Martin Ratio Rank: 94

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.

LBO vs. QVAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WHITEWOLF Publicly Listed Private Equity ETF (LBO) and Alpha Architect U.S. Quantitative Value ETF (QVAL). 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.

	LBO	QVAL	Difference
Sharpe ratio: Return per unit of total volatility	-0.72	2.60	-3.33
Sortino ratio: Return per unit of downside risk	-0.90	3.92	-4.82
Omega ratio: Gain probability vs. loss probability	0.89	1.44	-0.55
Calmar ratio: Return relative to maximum drawdown	-0.59	6.18	-6.77
Martin ratio: Return relative to average drawdown	-1.10	19.14	-20.25

LBO vs. QVAL - Sharpe Ratio Comparison

The current LBO Sharpe Ratio is -0.72, which is lower than the QVAL Sharpe Ratio of 2.60. The chart below compares the historical Sharpe Ratios of LBO and QVAL, 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

LBO vs. QVAL - Drawdown Comparison

The maximum LBO drawdown since its inception was -31.40%, smaller than the maximum QVAL drawdown of -51.49%. Use the drawdown chart below to compare losses from any high point for LBO and QVAL.

Drawdown Indicators

	LBO	QVAL	Difference
Max Drawdown Largest peak-to-trough decline	-31.40%	-51.49%	+20.09%
Max Drawdown (1Y) Largest decline over 1 year	-27.32%	-6.04%	-21.28%
Max Drawdown (3Y) Largest decline over 3 years	—	-21.41%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-27.17%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-51.49%	—
Current Drawdown Current decline from peak	-21.24%	-1.04%	-20.20%
Average Drawdown Average peak-to-trough decline	-9.21%	-7.69%	-1.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.51%	1.95%	+12.56%

Volatility

LBO vs. QVAL - Volatility Comparison

WHITEWOLF Publicly Listed Private Equity ETF (LBO) has a higher volatility of 5.58% compared to Alpha Architect U.S. Quantitative Value ETF (QVAL) at 3.51%. This indicates that LBO's price experiences larger fluctuations and is considered to be riskier than QVAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LBO	QVAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.58%	3.51%	+2.07%
Volatility (6M) Calculated over the trailing 6-month period	18.33%	10.20%	+8.13%
Volatility (1Y) Calculated over the trailing 1-year period	22.30%	14.34%	+7.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.15%	21.56%	-0.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.15%	22.70%	-1.55%

LBO vs. QVAL - Expense Ratio Comparison

LBO has a 0.70% expense ratio, which is higher than QVAL's 0.28% expense ratio.

Dividends

LBO vs. QVAL - Dividend Comparison

LBO's dividend yield for the trailing twelve months is around 6.64%, more than QVAL's 1.42% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
LBO WHITEWOLF Publicly Listed Private Equity ETF	6.64%	7.04%	5.79%	1.20%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QVAL Alpha Architect U.S. Quantitative Value ETF	1.42%	1.44%	1.72%	1.76%	2.00%	1.23%	1.86%	1.99%	1.64%	1.08%	1.30%

Frequently Asked Questions

Can I hold both LBO and QVAL in my portfolio?

LBO and QVAL have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LBO or QVAL?

LBO has higher volatility (5.58%) compared to QVAL (3.51%). In terms of maximum drawdown, LBO dropped -31.40% vs QVAL's -51.49%.

Which ETF is better, LBO or QVAL?

On 1-year performance, QVAL leads with 39.46% vs -14.55% for LBO. On fees, QVAL is cheaper at 0.28% per year. On volatility, QVAL has been the lower-risk option at 3.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LBO or QVAL?

Over the 1-year period, QVAL has performed better with a 39.46% return vs -14.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LBO or QVAL?

QVAL is cheaper with a 0.28% expense ratio, compared with 0.70% for LBO.

Which ETF pays a higher dividend yield, LBO or QVAL?

LBO has the higher dividend yield at 6.64%, compared with 1.42% for QVAL.

What is the main difference between LBO and QVAL?

LBO is categorized as Financials Equities, while QVAL is Mid Cap Value Equities. Their fees differ too: 0.70% for LBO and 0.28% for QVAL.

Which has better risk-adjusted returns?

QVAL currently has the higher Sharpe Ratio (2.60 vs -0.72), 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.