QGRD vs. SPYA

Last updated Jul 17, 2026

QGRD (Horizon NASDAQ-100 Defined Risk ETF) and SPYA (Twin Oak Endure ETF) are both Equity Hedged funds. Both are actively managed. Over the past year, QGRD returned 19.20% vs 15.81% for SPYA. Their correlation of 0.87 suggests significant overlap in exposure. QGRD charges 0.85%/yr vs 0.49%/yr for SPYA.

Performance

QGRD vs. SPYA - Performance Comparison

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

Returns By Period

In the year-to-date period, QGRD achieves a 10.23% return, which is significantly higher than SPYA's 7.44% return.

QGRD

• 1D: -1.30%
• 1M: -2.77%
• 6M: 9.01%
• YTD: 10.23%
• 1Y: 19.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPYA

• 1D: -0.54%
• 1M: 0.05%
• 6M: 6.73%
• YTD: 7.44%
• 1Y: 15.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QGRD vs. SPYA - Yearly Performance Comparison

	2026 (YTD)	2025
QGRD Horizon NASDAQ-100 Defined Risk ETF	10.23%	8.15%
SPYA Twin Oak Endure ETF	7.44%	7.51%

Correlation

The correlation between QGRD and SPYA is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	0.87

The correlation between QGRD and SPYA has been stable across timeframes, ranging from 0.87 to 0.87 - a consistent structural relationship.

Return for Risk

QGRD vs. SPYA — Risk / Return Rank

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

QGRD

QGRD Risk / Return Rank: 45
QGRD Sharpe Ratio Rank: 45
QGRD Sortino Ratio Rank: 42
QGRD Omega Ratio Rank: 43
QGRD Calmar Ratio Rank: 50
QGRD Martin Ratio Rank: 47

SPYA

SPYA Risk / Return Rank: 44
SPYA Sharpe Ratio Rank: 47
SPYA Sortino Ratio Rank: 45
SPYA Omega Ratio Rank: 44
SPYA Calmar Ratio Rank: 39
SPYA Martin Ratio Rank: 47

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.

QGRD vs. SPYA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon NASDAQ-100 Defined Risk ETF (QGRD) and Twin Oak Endure ETF (SPYA). 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	SPYA	Difference
Sharpe ratio: Return per unit of total volatility	1.31	1.33	-0.02
Sortino ratio: Return per unit of downside risk	1.79	1.88	-0.09
Omega ratio: Gain probability vs. loss probability	1.23	1.24	0.00
Calmar ratio: Return relative to maximum drawdown	2.05	1.67	+0.38
Martin ratio: Return relative to average drawdown	6.18	6.28	-0.10

QGRD vs. SPYA - Sharpe Ratio Comparison

The current QGRD Sharpe Ratio is 1.31, which is comparable to the SPYA Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of QGRD and SPYA, 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. SPYA - Drawdown Comparison

The maximum QGRD drawdown since its inception was -9.41%, roughly equal to the maximum SPYA drawdown of -9.51%. Use the drawdown chart below to compare losses from any high point for QGRD and SPYA.

Drawdown Indicators

	QGRD	SPYA	Difference
Max Drawdown Largest peak-to-trough decline	-9.41%	-9.51%	+0.10%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	-9.51%	+0.10%
Current Drawdown Current decline from peak	-4.34%	-1.22%	-3.12%
Average Drawdown Average peak-to-trough decline	-2.25%	-1.50%	-0.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.11%	2.52%	+0.59%

Volatility

QGRD vs. SPYA - Volatility Comparison

Horizon NASDAQ-100 Defined Risk ETF (QGRD) has a higher volatility of 5.86% compared to Twin Oak Endure ETF (SPYA) at 3.18%. This indicates that QGRD's price experiences larger fluctuations and is considered to be riskier than SPYA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	QGRD	SPYA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.86%	3.18%	+2.68%
Volatility (6M) Calculated over the trailing 6-month period	11.69%	9.35%	+2.34%
Volatility (1Y) Calculated over the trailing 1-year period	14.72%	11.92%	+2.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.61%	11.49%	+3.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.61%	11.49%	+3.12%

QGRD vs. SPYA - Expense Ratio Comparison

QGRD has a 0.85% expense ratio, which is higher than SPYA's 0.49% expense ratio.

Dividends

QGRD vs. SPYA - Dividend Comparison

QGRD's dividend yield for the trailing twelve months is around 1.42%, more than SPYA's 0.35% yield.

Position	TTM	2025
QGRD Horizon NASDAQ-100 Defined Risk ETF	1.42%	1.57%
SPYA Twin Oak Endure ETF	0.35%	0.37%

Frequently Asked Questions

Can I hold both QGRD and SPYA in my portfolio?

QGRD and SPYA have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QGRD or SPYA?

QGRD has higher volatility (5.86%) compared to SPYA (3.18%). In terms of maximum drawdown, QGRD dropped -9.41% vs SPYA's -9.51%.

Which ETF is better, QGRD or SPYA?

On 1-year performance, QGRD leads with 19.20% vs 15.81% for SPYA. On fees, SPYA is cheaper at 0.49% per year. On volatility, SPYA has been the lower-risk option at 3.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QGRD or SPYA?

Over the 1-year period, QGRD has performed better with a 19.20% return vs 15.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QGRD or SPYA?

SPYA is cheaper with a 0.49% expense ratio, compared with 0.85% for QGRD.

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

QGRD has the higher dividend yield at 1.42%, compared with 0.35% for SPYA.

What is the main difference between QGRD and SPYA?

They also come from different issuers: Horizon and Twin Oak. Their fees differ too: 0.85% for QGRD and 0.49% for SPYA.

Which has better risk-adjusted returns?

SPYA currently has the higher Sharpe Ratio (1.33 vs 1.31), 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.