LSAF vs. SRHQ

Last updated Aug 2, 2026

LSAF (LeaderShares AlphaFactor US Core Equity ETF) and SRHQ (SRH U.S. Quality ETF) are both exchange-traded funds - LSAF is a Mid Cap Blend Equities fund tracking the AlphaFactor US Core Equity Index, while SRHQ is a Quality Factor fund tracking the SRH US Quality Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, LSAF returned 18.58%/yr vs 17.26%/yr for SRHQ. Their correlation of 0.89 means they have usually moved in the same direction. LSAF charges 0.75%/yr vs 0.35%/yr for SRHQ.

Performance

LSAF vs. SRHQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LeaderShares AlphaFactor US Core Equity ETF (LSAF) and SRH U.S. Quality ETF (SRHQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with LSAF having a 19.96% return and SRHQ slightly higher at 20.78%.

LSAF

• 1D: -0.55%
• 1M: 2.49%
• 6M: 17.23%
• YTD: 19.96%
• 1Y: 30.03%
• 3Y*: 18.58%
• 5Y*: 10.90%
• 10Y*: —
• ALL TIME*: 11.02%

SRHQ

• 1D: -0.33%
• 1M: 1.86%
• 6M: 18.75%
• YTD: 20.78%
• 1Y: 31.30%
• 3Y*: 17.26%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.88%

*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)
LSAF LeaderShares AlphaFactor US Core Equity ETF	$265.84K	$205.64K	$201.86K
SRHQ SRH U.S. Quality ETF	$113.47K	$63.13K	$30.03K

LSAF vs. SRHQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
LSAF LeaderShares AlphaFactor US Core Equity ETF	19.96%	12.01%	18.09%	15.48%	5.28%
SRHQ SRH U.S. Quality ETF	20.78%	7.34%	16.49%	21.81%	5.22%

Correlation

The correlation between LSAF and SRHQ is 0.83, 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.	0.83
Correlation (3Y) Balances recent behavior with more history.	0.89
Correlation (All Time) Calculated using the full available price history since Oct 5, 2022	0.89

The correlation between LSAF and SRHQ has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.

LSAF vs. SRHQ - Sectors Allocation Comparison

Sectors	LSAF	SRHQ
Consumer Cyclical	19.9%	11.3%
Financial Services	16.2%	10.2%
Technology	15.4%	21.9%
Industrials	10.7%	20.4%
Healthcare	7.8%	21.4%
Basic Materials	5.8%	2.7%
Communication Services	4.7%	2.1%
Consumer Defensive	4.1%	5.2%
Energy	3.3%	1.2%
Real Estate	2.1%	1.2%
Utilities	0.9%	1.2%

Return for Risk

LSAF vs. SRHQ — Risk / Return Rank

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

LSAF

LSAF Risk / Return Rank: 88
LSAF Sharpe Ratio Rank: 85
LSAF Sortino Ratio Rank: 87
LSAF Omega Ratio Rank: 82
LSAF Calmar Ratio Rank: 93
LSAF Martin Ratio Rank: 91

SRHQ

SRHQ Risk / Return Rank: 87
SRHQ Sharpe Ratio Rank: 84
SRHQ Sortino Ratio Rank: 84
SRHQ Omega Ratio Rank: 80
SRHQ Calmar Ratio Rank: 93
SRHQ Martin Ratio Rank: 93

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.

LSAF vs. SRHQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LeaderShares AlphaFactor US Core Equity ETF (LSAF) and SRH U.S. Quality ETF (SRHQ). 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.

	LSAF	SRHQ	Difference
Sharpe ratio: Return per unit of total volatility	2.03	1.97	+0.05
Sortino ratio: Return per unit of downside risk	2.98	2.80	+0.18
Omega ratio: Gain probability vs. loss probability	1.35	1.34	+0.01
Calmar ratio: Return relative to maximum drawdown	4.41	4.64	-0.23
Martin ratio: Return relative to average drawdown	14.86	16.85	-1.99

LSAF vs. SRHQ - Sharpe Ratio Comparison

The current LSAF Sharpe Ratio is 2.03, which is comparable to the SRHQ Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of LSAF and SRHQ, 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

LSAF vs. SRHQ - Drawdown Comparison

The maximum LSAF drawdown since its inception was -41.67%, which is greater than SRHQ's maximum drawdown of -18.50%. Use the drawdown chart below to compare losses from any high point for LSAF and SRHQ.

Drawdown Indicators

	LSAF	SRHQ	Difference
Max Drawdown Largest peak-to-trough decline	-41.67%	-18.50%	-23.17%
Max Drawdown (1Y) Largest decline over 1 year	-6.58%	-6.31%	-0.27%
Max Drawdown (3Y) Largest decline over 3 years	-20.26%	-18.50%	-1.76%
Max Drawdown (5Y) Largest decline over 5 years	-24.94%	—	—
Current Drawdown Current decline from peak	-1.48%	-1.47%	-0.01%
Average Drawdown Average peak-to-trough decline	-6.21%	-2.98%	-3.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	1.74%	+0.21%

Volatility

LSAF vs. SRHQ - Volatility Comparison

LeaderShares AlphaFactor US Core Equity ETF (LSAF) and SRH U.S. Quality ETF (SRHQ) have volatilities of 4.21% and 4.37%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LSAF	SRHQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.21%	4.37%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	10.49%	11.10%	-0.61%
Volatility (1Y) Calculated over the trailing 1-year period	14.36%	14.90%	-0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.38%	15.96%	+2.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.73%	15.96%	+5.77%

LSAF vs. SRHQ - Expense Ratio Comparison

LSAF has a 0.75% expense ratio, which is higher than SRHQ's 0.35% expense ratio.

Dividends

LSAF vs. SRHQ - Dividend Comparison

LSAF's dividend yield for the trailing twelve months is around 0.57%, less than SRHQ's 0.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
LSAF LeaderShares AlphaFactor US Core Equity ETF	0.57%	0.69%	0.42%	0.84%	0.96%	0.37%	0.53%	0.71%	0.20%
SRHQ SRH U.S. Quality ETF	0.69%	0.76%	0.66%	0.84%	0.27%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LSAF and SRHQ in my portfolio?

LSAF and SRHQ have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LSAF or SRHQ?

SRHQ has higher volatility (4.37%) compared to LSAF (4.21%). In terms of maximum drawdown, LSAF dropped -41.67% vs SRHQ's -18.50%.

Which ETF is better, LSAF or SRHQ?

On 3-year performance, LSAF leads with 18.58% vs 17.26% for SRHQ. On fees, SRHQ is cheaper at 0.35% per year. On volatility, LSAF has been the lower-risk option at 4.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LSAF or SRHQ?

Over the 3-year period, LSAF has performed better with a 18.58% return vs 17.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LSAF or SRHQ?

SRHQ is cheaper with a 0.35% expense ratio, compared with 0.75% for LSAF.

Which ETF pays a higher dividend yield, LSAF or SRHQ?

SRHQ has the higher dividend yield at 0.69%, compared with 0.57% for LSAF.

What is the main difference between LSAF and SRHQ?

LSAF is categorized as Mid Cap Blend Equities, while SRHQ is Quality Factor. LSAF tracks AlphaFactor US Core Equity Index, while SRHQ tracks SRH US Quality Index - Benchmark TR Gross. They also come from different issuers: Redwood and SRH. Their fees differ too: 0.75% for LSAF and 0.35% for SRHQ.

Which has better risk-adjusted returns?

LSAF currently has the higher Sharpe Ratio (2.03 vs 1.97), 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.