QEFA vs. SPYD

Last updated Jun 26, 2026

QEFA (SPDR MSCI EAFE StrategicFactors ETF) and SPYD (State Street SPDR Portfolio S&P 500 High Dividend ETF) are both exchange-traded funds - QEFA is a Foreign Large Cap Equities fund tracking the MSCI EAFE Factor Mix A-Series (USD), while SPYD is a S&P 500 fund tracking the S&P 500 High Dividend Index. Both are passively managed. Over the past 10 years, QEFA returned 9.48%/yr vs 9.19%/yr for SPYD. A 0.59 correlation means they provide meaningful diversification when combined. QEFA charges 0.30%/yr vs 0.07%/yr for SPYD.

Performance

QEFA vs. SPYD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI EAFE StrategicFactors ETF (QEFA) and State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QEFA achieves a 6.75% return, which is significantly lower than SPYD's 13.71% return. Both investments have delivered pretty close results over the past 10 years, with QEFA having a 9.48% annualized return and SPYD not far behind at 9.19%.

QEFA

• 1D: 0.39%
• 1M: -1.61%
• YTD: 6.75%
• 6M: 6.33%
• 1Y: 17.72%
• 3Y*: 14.87%
• 5Y*: 7.66%
• 10Y*: 9.48%

SPYD

• 1D: 0.75%
• 1M: 2.24%
• YTD: 13.71%
• 6M: 13.22%
• 1Y: 20.49%
• 3Y*: 14.90%
• 5Y*: 8.08%
• 10Y*: 9.19%

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

QEFA vs. SPYD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QEFA SPDR MSCI EAFE StrategicFactors ETF	6.75%	29.25%	2.27%	17.40%	-14.03%	12.50%	6.76%	21.91%	-10.39%	24.03%
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF	13.71%	4.65%	15.34%	3.91%	-1.17%	32.73%	-11.64%	21.20%	-4.89%	12.67%

Correlation

The correlation between QEFA and SPYD is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.60
Correlation (All Time) Calculated using the full available price history since Oct 22, 2015	0.59

The correlation between QEFA and SPYD shifts across timeframes, from 0.51 (1 year) to 0.62 (5 years), reflecting how their relationship changes across market environments.

QEFA vs. SPYD - Sectors Allocation Comparison

Sectors	QEFA	SPYD
Financial Services	14.3%	11.9%
Healthcare	11.4%	5.3%
Technology	10.5%	3.2%
Industrials	9.1%	2.3%
Consumer Cyclical	6.2%	7.3%
Basic Materials	4.9%	3.0%
Energy	4.3%	8.5%
Consumer Defensive	4.2%	16.0%
Communication Services	3.2%	4.8%
Utilities	2.3%	11.2%
Real Estate	1.7%	26.5%

Return for Risk

QEFA vs. SPYD — Risk / Return Rank

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

QEFA

QEFA Risk / Return Rank: 43
QEFA Sharpe Ratio Rank: 44
QEFA Sortino Ratio Rank: 44
QEFA Omega Ratio Rank: 43
QEFA Calmar Ratio Rank: 42
QEFA Martin Ratio Rank: 45

SPYD

SPYD Risk / Return Rank: 61
SPYD Sharpe Ratio Rank: 61
SPYD Sortino Ratio Rank: 66
SPYD Omega Ratio Rank: 55
SPYD Calmar Ratio Rank: 68
SPYD Martin Ratio Rank: 55

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.

QEFA vs. SPYD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI EAFE StrategicFactors ETF (QEFA) and State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD). 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.

	QEFA	SPYD	Difference
Sharpe ratio: Return per unit of total volatility	1.37	1.75	-0.37
Sortino ratio: Return per unit of downside risk	1.97	2.60	-0.63
Omega ratio: Gain probability vs. loss probability	1.25	1.30	-0.05
Calmar ratio: Return relative to maximum drawdown	1.86	2.92	-1.06
Martin ratio: Return relative to average drawdown	6.53	8.40	-1.88

QEFA vs. SPYD - Sharpe Ratio Comparison

The current QEFA Sharpe Ratio is 1.37, which is comparable to the SPYD Sharpe Ratio of 1.75. The chart below compares the historical Sharpe Ratios of QEFA and SPYD, 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

QEFA vs. SPYD - Drawdown Comparison

The maximum QEFA drawdown since its inception was -31.71%, smaller than the maximum SPYD drawdown of -46.42%. Use the drawdown chart below to compare losses from any high point for QEFA and SPYD.

Drawdown Indicators

	QEFA	SPYD	Difference
Max Drawdown Largest peak-to-trough decline	-31.71%	-46.42%	+14.71%
Max Drawdown (1Y) Largest decline over 1 year	-9.58%	-7.05%	-2.53%
Max Drawdown (3Y) Largest decline over 3 years	-12.23%	-16.13%	+3.90%
Max Drawdown (5Y) Largest decline over 5 years	-28.09%	-22.25%	-5.84%
Max Drawdown (10Y) Largest decline over 10 years	-31.71%	-46.42%	+14.71%
Current Drawdown Current decline from peak	-2.97%	-0.88%	-2.09%
Average Drawdown Average peak-to-trough decline	-6.06%	-6.14%	+0.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.72%	2.44%	+0.28%

Volatility

QEFA vs. SPYD - Volatility Comparison

SPDR MSCI EAFE StrategicFactors ETF (QEFA) and State Street SPDR Portfolio S&P 500 High Dividend ETF (SPYD) have volatilities of 3.63% and 3.62%, 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

	QEFA	SPYD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.63%	3.62%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	10.63%	8.05%	+2.58%
Volatility (1Y) Calculated over the trailing 1-year period	12.98%	11.87%	+1.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.81%	16.07%	-1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.86%	19.78%	-3.92%

QEFA vs. SPYD - Expense Ratio Comparison

QEFA has a 0.30% expense ratio, which is higher than SPYD's 0.07% expense ratio.

Dividends

QEFA vs. SPYD - Dividend Comparison

QEFA's dividend yield for the trailing twelve months is around 2.87%, less than SPYD's 4.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QEFA SPDR MSCI EAFE StrategicFactors ETF	2.87%	3.13%	3.17%	2.79%	3.02%	2.37%	1.82%	2.95%	3.22%	2.33%	2.01%	2.94%
SPYD State Street SPDR Portfolio S&P 500 High Dividend ETF	4.22%	4.52%	4.31%	4.66%	5.01%	3.68%	4.95%	4.42%	4.75%	4.63%	4.34%	1.13%

Frequently Asked Questions

Can I hold both QEFA and SPYD in my portfolio?

QEFA and SPYD have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QEFA or SPYD?

QEFA has higher volatility (3.63%) compared to SPYD (3.62%). In terms of maximum drawdown, QEFA dropped -31.71% vs SPYD's -46.42%.

Which ETF is better, QEFA or SPYD?

On 10-year performance, QEFA leads with 9.48% vs 9.19% for SPYD. On fees, SPYD is cheaper at 0.07% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QEFA or SPYD?

Over the 10-year period, QEFA has performed better with a 9.48% return vs 9.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QEFA or SPYD?

SPYD is cheaper with a 0.07% expense ratio, compared with 0.30% for QEFA.

Which ETF pays a higher dividend yield, QEFA or SPYD?

SPYD has the higher dividend yield at 4.22%, compared with 2.87% for QEFA.

What is the main difference between QEFA and SPYD?

QEFA is categorized as Foreign Large Cap Equities, while SPYD is S&P 500. QEFA tracks MSCI EAFE Factor Mix A-Series (USD), while SPYD tracks S&P 500 High Dividend Index. Their fees differ too: 0.30% for QEFA and 0.07% for SPYD.

Which has better risk-adjusted returns?

SPYD currently has the higher Sharpe Ratio (1.75 vs 1.37), 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.