QGRD vs. QTR

Last updated Aug 2, 2026

QGRD (Horizon NASDAQ-100 Defined Risk ETF) and QTR (Global X NASDAQ 100 Tail Risk ETF) are both exchange-traded funds - QGRD is a Equity Hedged fund actively managed by Horizon, while QTR is a Nasdaq-100 fund tracking the NASDAQ-100 Quarterly Protective Put 90 Index. QGRD is actively managed, while QTR is passively managed. Over the past year, QGRD returned 17.17% vs 19.33% for QTR. Their 0.98 correlation means they have historically moved very closely together. QGRD charges 0.85%/yr vs 0.60%/yr for QTR.

Performance

QGRD vs. QTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon NASDAQ-100 Defined Risk ETF (QGRD) and Global X NASDAQ 100 Tail Risk ETF (QTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, QGRD achieves a 8.03% return, which is significantly lower than QTR's 9.22% return.

QGRD

• 1D: 0.40%
• 1M: -2.87%
• 6M: 6.57%
• YTD: 8.03%
• 1Y: 17.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.86%

QTR

• 1D: 0.35%
• 1M: -3.59%
• 6M: 8.37%
• YTD: 9.22%
• 1Y: 19.33%
• 3Y*: 17.27%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.19%

*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)
QGRD Horizon NASDAQ-100 Defined Risk ETF	$4.82M	$2.43M	$1.27M
QTR Global X NASDAQ 100 Tail Risk ETF	$20.65K	$23.70K	$62.72K

QGRD vs. QTR - Yearly Performance Comparison

	2026 (YTD)	2025
QGRD Horizon NASDAQ-100 Defined Risk ETF	8.03%	8.15%
QTR Global X NASDAQ 100 Tail Risk ETF	9.22%	8.79%

Correlation

The correlation between QGRD and QTR is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.98
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	0.98

The correlation between QGRD and QTR has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.

Return for Risk

QGRD vs. QTR — Risk / Return Rank

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

QGRD

QGRD Risk / Return Rank: 40
QGRD Sharpe Ratio Rank: 40
QGRD Sortino Ratio Rank: 38
QGRD Omega Ratio Rank: 38
QGRD Calmar Ratio Rank: 45
QGRD Martin Ratio Rank: 41

QTR

QTR Risk / Return Rank: 40
QTR Sharpe Ratio Rank: 42
QTR Sortino Ratio Rank: 40
QTR Omega Ratio Rank: 39
QTR Calmar Ratio Rank: 40
QTR Martin Ratio Rank: 40

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.

QGRD vs. QTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon NASDAQ-100 Defined Risk ETF (QGRD) and Global X NASDAQ 100 Tail Risk ETF (QTR). 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.

	QGRD	QTR	Difference
Sharpe ratio: Return per unit of total volatility	1.01	1.04	-0.03
Sortino ratio: Return per unit of downside risk	1.43	1.50	-0.07
Omega ratio: Gain probability vs. loss probability	1.18	1.18	0.00
Calmar ratio: Return relative to maximum drawdown	1.62	1.41	+0.22
Martin ratio: Return relative to average drawdown	4.52	4.26	+0.26

QGRD vs. QTR - Sharpe Ratio Comparison

The current QGRD Sharpe Ratio is 1.01, which is comparable to the QTR Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of QGRD and QTR, 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

QGRD vs. QTR - Drawdown Comparison

The maximum QGRD drawdown since its inception was -9.41%, smaller than the maximum QTR drawdown of -31.72%. Use the drawdown chart below to compare losses from any high point for QGRD and QTR.

Drawdown Indicators

	QGRD	QTR	Difference
Max Drawdown Largest peak-to-trough decline	-9.41%	-31.72%	+22.31%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	-12.29%	+2.88%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.99%	—
Current Drawdown Current decline from peak	-6.25%	-7.38%	+1.13%
Average Drawdown Average peak-to-trough decline	-2.40%	-8.69%	+6.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.37%	4.06%	-0.69%

Volatility

QGRD vs. QTR - Volatility Comparison

Horizon NASDAQ-100 Defined Risk ETF (QGRD) has a higher volatility of 5.01% compared to Global X NASDAQ 100 Tail Risk ETF (QTR) at 4.46%. This indicates that QGRD's price experiences larger fluctuations and is considered to be riskier than QTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QGRD	QTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.01%	4.46%	+0.55%
Volatility (6M) Calculated over the trailing 6-month period	11.98%	13.49%	-1.51%
Volatility (1Y) Calculated over the trailing 1-year period	15.15%	16.64%	-1.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.75%	18.30%	-3.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.75%	18.30%	-3.55%

QGRD vs. QTR - Expense Ratio Comparison

QGRD has a 0.85% expense ratio, which is higher than QTR's 0.60% expense ratio.

Dividends

QGRD vs. QTR - Dividend Comparison

QGRD's dividend yield for the trailing twelve months is around 1.45%, less than QTR's 17.10% yield.

Position	TTM	2025	2024	2023	2022	2021
QGRD Horizon NASDAQ-100 Defined Risk ETF	1.45%	1.57%	0.00%	0.00%	0.00%	0.00%
QTR Global X NASDAQ 100 Tail Risk ETF	17.10%	18.77%	0.50%	0.53%	0.36%	1.90%

Frequently Asked Questions

Can I hold both QGRD and QTR in my portfolio?

With a correlation of 0.98, QGRD and QTR move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, QGRD or QTR?

QGRD has higher volatility (5.01%) compared to QTR (4.46%). In terms of maximum drawdown, QGRD dropped -9.41% vs QTR's -31.72%.

Which ETF is better, QGRD or QTR?

On 1-year performance, QTR leads with 19.33% vs 17.17% for QGRD. On fees, QTR is cheaper at 0.60% per year. On volatility, QTR has been the lower-risk option at 4.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QGRD or QTR?

Over the 1-year period, QTR has performed better with a 19.33% return vs 17.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QGRD or QTR?

QTR is cheaper with a 0.60% expense ratio, compared with 0.85% for QGRD.

Which ETF pays a higher dividend yield, QGRD or QTR?

QTR has the higher dividend yield at 17.10%, compared with 1.45% for QGRD.

What is the main difference between QGRD and QTR?

QGRD is categorized as Equity Hedged, while QTR is Nasdaq-100. They also come from different issuers: Horizon and Global X. Their fees differ too: 0.85% for QGRD and 0.60% for QTR.

Which has better risk-adjusted returns?

QTR currently has the higher Sharpe Ratio (1.04 vs 1.01), 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.