PPI vs. SPYQ

Last updated Jun 4, 2026

PPI (Astoria Real Assets ETF) and SPYQ (Tradr 2X Long SPY Quarterly ETF) are both exchange-traded funds - PPI is a Global Allocation fund actively managed by AXS, while SPYQ is a Leveraged Equities fund actively managed by AXS. Both are actively managed. Over the past year, PPI returned 38.26% vs 48.01% for SPYQ. A 0.69 correlation means they provide meaningful diversification when combined. PPI charges 0.58%/yr vs 1.30%/yr for SPYQ.

Performance

PPI vs. SPYQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Astoria Real Assets ETF (PPI) and Tradr 2X Long SPY Quarterly ETF (SPYQ). 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 PPI having a 16.52% return and SPYQ slightly higher at 17.27%.

PPI

• 1D: -0.13%
• 1M: -0.86%
• YTD: 16.52%
• 6M: 17.66%
• 1Y: 38.26%
• 3Y*: 22.47%
• 5Y*: —
• 10Y*: —

SPYQ

• 1D: -1.31%
• 1M: 8.90%
• YTD: 17.27%
• 6M: 16.66%
• 1Y: 48.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PPI vs. SPYQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PPI Astoria Real Assets ETF	16.52%	30.05%	-6.86%
SPYQ Tradr 2X Long SPY Quarterly ETF	17.27%	26.22%	4.76%

Correlation

The correlation between PPI and SPYQ is 0.65, 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	0.65
Correlation (All Time) Calculated using the full available price history since Oct 2, 2024	0.69

The correlation between PPI and SPYQ has been stable across timeframes, ranging from 0.65 to 0.69 - a consistent structural relationship.

Return for Risk

PPI vs. SPYQ — Risk / Return Rank

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

PPI

PPI Risk / Return Rank: 78
PPI Sharpe Ratio Rank: 77
PPI Sortino Ratio Rank: 72
PPI Omega Ratio Rank: 73
PPI Calmar Ratio Rank: 86
PPI Martin Ratio Rank: 80

SPYQ

SPYQ Risk / Return Rank: 57
SPYQ Sharpe Ratio Rank: 59
SPYQ Sortino Ratio Rank: 54
SPYQ Omega Ratio Rank: 56
SPYQ Calmar Ratio Rank: 52
SPYQ Martin Ratio Rank: 64

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.

PPI vs. SPYQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Astoria Real Assets ETF (PPI) and Tradr 2X Long SPY Quarterly ETF (SPYQ). 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.

	PPI	SPYQ	Difference
Sharpe ratio: Return per unit of total volatility	2.45	2.03	+0.41
Sortino ratio: Return per unit of downside risk	3.19	2.64	+0.55
Omega ratio: Gain probability vs. loss probability	1.43	1.35	+0.08
Calmar ratio: Return relative to maximum drawdown	4.82	2.58	+2.24
Martin ratio: Return relative to average drawdown	15.72	11.57	+4.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PPI vs. SPYQ - Sharpe Ratio Comparison

The current PPI Sharpe Ratio is 2.45, which is comparable to the SPYQ Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of PPI and SPYQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PPI	SPYQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.45	2.03	+0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.80	0.88	-0.07

Drawdowns

PPI vs. SPYQ - Drawdown Comparison

The maximum PPI drawdown since its inception was -24.54%, smaller than the maximum SPYQ drawdown of -35.88%. Use the drawdown chart below to compare losses from any high point for PPI and SPYQ.

Drawdown Indicators

	PPI	SPYQ	Difference
Max Drawdown Largest peak-to-trough decline	-24.54%	-35.88%	+11.34%
Max Drawdown (1Y) Largest decline over 1 year	-7.98%	-18.70%	+10.72%
Max Drawdown (3Y) Largest decline over 3 years	-20.70%	—	—
Current Drawdown Current decline from peak	-3.26%	-1.31%	-1.95%
Average Drawdown Average peak-to-trough decline	-6.50%	-4.89%	-1.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.44%	4.16%	-1.72%

Volatility

PPI vs. SPYQ - Volatility Comparison

The current volatility for Astoria Real Assets ETF (PPI) is 4.37%, while Tradr 2X Long SPY Quarterly ETF (SPYQ) has a volatility of 5.24%. This indicates that PPI experiences smaller price fluctuations and is considered to be less risky than SPYQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPI	SPYQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	5.24%	-0.87%
Volatility (6M) Calculated over the trailing 6-month period	12.56%	18.11%	-5.55%
Volatility (1Y) Calculated over the trailing 1-year period	15.73%	23.77%	-8.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.04%	34.61%	-15.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.04%	34.61%	-15.57%

PPI vs. SPYQ - Expense Ratio Comparison

PPI has a 0.58% expense ratio, which is lower than SPYQ's 1.30% expense ratio.

Dividends

PPI vs. SPYQ - Dividend Comparison

PPI's dividend yield for the trailing twelve months is around 1.01%, more than SPYQ's 0.14% yield.

Position	TTM	2025	2024	2023	2022
PPI Astoria Real Assets ETF	1.01%	1.06%	0.60%	2.87%	2.40%
SPYQ Tradr 2X Long SPY Quarterly ETF	0.14%	0.17%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PPI and SPYQ in my portfolio?

PPI and SPYQ have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PPI or SPYQ?

SPYQ has higher volatility (5.24%) compared to PPI (4.37%). In terms of maximum drawdown, PPI dropped -24.54% vs SPYQ's -35.88%.

Which ETF is better, PPI or SPYQ?

On 1-year performance, SPYQ leads with 48.01% vs 38.26% for PPI. On fees, PPI is cheaper at 0.58% per year. On volatility, PPI has been the lower-risk option at 4.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PPI or SPYQ?

Over the 1-year period, SPYQ has performed better with a 48.01% return vs 38.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PPI or SPYQ?

PPI is cheaper with a 0.58% expense ratio, compared with 1.30% for SPYQ.

Which ETF pays a higher dividend yield, PPI or SPYQ?

PPI has the higher dividend yield at 1.01%, compared with 0.14% for SPYQ.

What is the main difference between PPI and SPYQ?

PPI is categorized as Global Allocation, while SPYQ is Leveraged Equities. Their fees differ too: 0.58% for PPI and 1.30% for SPYQ.

Which has better risk-adjusted returns?

PPI currently has the higher Sharpe Ratio (2.45 vs 2.03), 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.